MILLMASTER: 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.
MILLMASTER
Largest movements
- Current investments +€60,000
new in 2025: €60,000
- Tangible fixed assets -€7,120
down €7,120 (-18.7%), from €38,004 to €30,884
of which Furniture and vehicles: -€6,682
- Cash +€2,917
up €2,917 (+8.0%), from €36,405 to €39,321
mainly Net result for the year (+€49,322) and Depreciation (+€7,780)
- Receivables within one year +€1,936
up €1,936 (+22.0%), from €8,802 to €10,739
- Reserves +€49,322
up €49,322 (+117%), from €42,010 to €91,332
- Other debts +€4,259
up €4,259 (+80.0%), from €5,324 to €9,583
- Tax, wage and social debts +€3,626
up €3,626 (+11.7%), from €31,002 to €34,628
of which Taxes: +€16,606
- Gross operating margin +€19,930
up €19,930 (+35.5%), from €56,169 to €76,098
- Taxes +€7,654
up €7,654 (+70.1%), from €10,919 to €18,573
- Depreciation +€4,930
up €4,930 (+173%), from €2,850 to €7,780
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.
Derived cash bridge
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 | €83,593 | €141,678 | +€58,085 | +69.5% |
| Fixed assets | 21/28 | €38,004 | €30,884 | -€7,120 | -18.7% |
| Tangible fixed assets | 22/27 | €38,004 | €30,884 | -€7,120 | -18.7% |
| Furniture and vehicles | 24 | €33,689 | €27,007 | -€6,682 | -19.8% |
| Other tangible fixed assets | 26 | €4,315 | €3,877 | -€438 | -10.2% |
| Current assets | 29/58 | €45,590 | €110,794 | +€65,205 | +143% |
| Amounts receivable within one year | 40/41 | €8,802 | €10,739 | +€1,936 | +22.0% |
| Trade receivables | 40 | €8,802 | €10,739 | +€1,936 | +22.0% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €36,405 | €39,321 | +€2,917 | +8.0% |
| Deferred charges and accrued income | 490/1 | €382 | €734 | +€352 | +92.0% |
| Total equity and liabilities | 10/49 | €83,593 | €141,678 | +€58,085 | +69.5% |
| Equity | 10/15 | €47,010 | €96,332 | +€49,322 | +105% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €42,010 | €91,332 | +€49,322 | +117% |
| Distributable reserves | 133 | €42,010 | €91,332 | +€49,322 | +117% |
| Amounts payable | 17/49 | €36,583 | €45,346 | +€8,763 | +24.0% |
| Amounts payable within one year | 42/48 | €36,583 | €45,346 | +€8,763 | +24.0% |
| Trade debts | 44 | €257 | €1,135 | +€878 | +341% |
| Suppliers | 440/4 | €257 | €1,135 | +€878 | +341% |
| Taxes, remuneration and social security | 45 | €31,002 | €34,628 | +€3,626 | +11.7% |
| Taxes | 450/3 | €18,022 | €34,628 | +€16,606 | +92.1% |
| Remuneration and social security | 454/9 | €12,980 | - | -€12,980 | |
| Other amounts payable | 47/48 | €5,324 | €9,583 | +€4,259 | +80.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,850 | €7,780 | +€4,930 | +173% |
| Other operating charges | 640/8 | €387 | €516 | +€128 | +33.1% |
| Gross operating margin | 9900 | €56,169 | €76,098 | +€19,930 | +35.5% |
| Operating profit (loss) | 9901 | €52,931 | €67,803 | +€14,871 | +28.1% |
| Financial income | 75/76B | €0 | €164 | +€163 | +51,069% |
| Recurring financial income | 75 | €0 | €164 | +€163 | +51,069% |
| Financial charges | 65/66B | €3 | €72 | +€69 | +2,337% |
| Recurring financial charges | 65 | €3 | €72 | +€69 | +2,337% |
| Profit (loss) for the period before taxes | 9903 | €52,929 | €67,895 | +€14,966 | +28.3% |
| Income taxes | 67/77 | €10,919 | €18,573 | +€7,654 | +70.1% |
| Profit (loss) for the period | 9904 | €42,010 | €49,322 | +€7,312 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,010 | €49,322 | +€7,312 | +17.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.