Millefeuille: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Millefeuille
Largest movements
- Cash -€9,923
down €9,923 (-77.0%), from €12,894 to €2,972
mainly Debts after one year (-€38,201) and Other debts (-€14,923)
- Reserves +€39,557
up €39,557 (+109.6%), from €36,090 to €75,647
- Debts after one year -€38,201
down €38,201 (-9.0%), from €425,805 to €387,604
- Other debts -€14,923
down €14,923 (-57.1%), from €26,148 to €11,225
- Gross operating margin +€4,085
up €4,085 (+5.8%), from €70,987 to €75,072
- Taxes +€1,618
up €1,618 (+9.6%), from €16,842 to €18,460
- Financial charges -€1,004
down €1,004 (-5.7%), from €17,671 to €16,667
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €560,070 | €547,590 | -€12,480 | -2.2% |
| Fixed assets | 21/28 | €531,441 | €531,441 | = | 0.0% |
| Financial fixed assets | 28 | €531,441 | €531,441 | = | 0.0% |
| Current assets | 29/58 | €28,629 | €16,148 | -€12,480 | -43.6% |
| Amounts receivable within one year | 40/41 | €15,734 | €13,177 | -€2,558 | -16.3% |
| Trade receivables | 40 | €15,730 | - | -€15,730 | |
| Other amounts receivable | 41 | €4 | €13,177 | +€13,172 | +310666.7% |
| Cash at bank and in hand | 54/58 | €12,894 | €2,972 | -€9,923 | -77.0% |
| Total equity and liabilities | 10/49 | €560,070 | €547,590 | -€12,480 | -2.2% |
| Equity | 10/15 | €46,090 | €85,647 | +€39,557 | +85.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €36,090 | €75,647 | +€39,557 | +109.6% |
| Distributable reserves | 133 | €36,090 | €75,647 | +€39,557 | +109.6% |
| Amounts payable | 17/49 | €513,980 | €461,943 | -€52,037 | -10.1% |
| Amounts payable after more than one year | 17 | €425,805 | €387,604 | -€38,201 | -9.0% |
| Financial debts | 170/4 | €425,805 | €387,604 | -€38,201 | -9.0% |
| Amounts payable within one year | 42/48 | €86,951 | €73,115 | -€13,836 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €36,745 | €38,201 | +€1,456 | +4.0% |
| Trade debts | 44 | €553 | €645 | +€92 | +16.5% |
| Suppliers | 440/4 | €553 | €645 | +€92 | +16.5% |
| Taxes, remuneration and social security | 45 | €23,504 | €23,043 | -€461 | -2.0% |
| Taxes | 450/3 | €23,504 | €23,043 | -€461 | -2.0% |
| Other amounts payable | 47/48 | €26,148 | €11,225 | -€14,923 | -57.1% |
| Accrued charges and deferred income | 492/3 | €1,225 | €1,225 | = | 0.0% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €70,987 | €75,072 | +€4,085 | +5.8% |
| Operating profit (loss) | 9901 | €70,603 | €74,684 | +€4,082 | +5.8% |
| Financial charges | 65/66B | €17,671 | €16,667 | -€1,004 | -5.7% |
| Recurring financial charges | 65 | €17,671 | €16,667 | -€1,004 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €52,932 | €58,017 | +€5,085 | +9.6% |
| Income taxes | 67/77 | €16,842 | €18,460 | +€1,618 | +9.6% |
| Profit (loss) for the period | 9904 | €36,090 | €39,557 | +€3,467 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,090 | €39,557 | +€3,467 | +9.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.