MILMAS: what changed
Two fiscal 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.
What changed
MILMAS
NACE 47.811, Retail sale of cars and light vans (up to 3.5 tonnes)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€171,755
2024 · -€49,139+€220,894
Equity
€739,528
2024 · €687,773+€51,755
Cash
€174,890
2024 · €165,933+€8,957
Balance sheet total
€5.2m
2024 · €4.8m+€402,342
Largest movements
Assets
- Receivables within one year +€417,002
up €417,002 (+48.2%), from €866,044 to €1.3m
of which Trade receivables: +€430,644
- Deferred charges and accrued income -€159,608
down €159,608 (-57.4%), from €278,003 to €118,395
- Stocks and contracts +€122,552
up €122,552 (+131.4%), from €93,256 to €215,808
- Financial fixed assets +€60,788
up €60,788 (+125.3%), from €48,529 to €109,317
Equity and liabilities
- Trade debts +€585,329
up €585,329 (+601.3%), from €97,336 to €682,664
- Tax, wage and social debts -€421,154
down €421,154 (-44.8%), from €940,206 to €519,052
of which Remuneration and social security: -€332,980
- Current portion of long-term debt +€240,000
up €240,000 (+29.5%), from €813,017 to €1.1m
- Debts after one year -€119,858
down €119,858 (-5.4%), from €2.2m to €2.1m
- Short-term financial debts +€70,000
new in 2025: €70,000
Income statement
- Gross operating margin +€604,910
up €604,910 (+14.2%), from €4.3m to €4.9m
- Depreciation +€259,350
up €259,350 (+28.3%), from €917,716 to €1.2m
- Other operating charges +€131,197
up €131,197 (+26.1%), from €501,764 to €632,961
- Financial charges +€90,905
up €90,905 (+49.3%), from €184,570 to €275,475
- Staff costs -€66,048
down €66,048 (-2.5%), from €2.7m to €2.6m
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.
Result 2024
-€49,139
Gross operating margin
+€604,910
Staff costs
+€66,048
Depreciation
-€259,350
Write-downs
+€45,655
Other operating charges
-€131,197
Other operating items
-€11,797
Financial income
+€744
Financial charges
-€90,905
Taxes
-€3,215
Result 2025
€171,755
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.
From operations
+€1.1m
Investment
-€1.2m
Financing
+€70,142
Cash 2024
€165,933
From operations (derived)
+€1.1m
Net result for the year
+€171,755
Depreciation
+€1.2m
Receivables after one year
+€7,788
Stocks and contracts
-€122,552
Receivables within one year
-€417,002
Deferred charges and accrued income
+€159,608
Trade debts
+€585,329
Tax, wage and social debts
-€421,154
Accrued charges and deferred income
-€3,730
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€70,142
Debts after one year
-€119,858
Current portion of long-term debt
+€240,000
Short-term financial debts
+€70,000
Contributions, distributions and other
-€120,000
Cash 2025
€174,890
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,779,410 | €5,181,752 | +€402,342 | +8.4% |
| Fixed assets | 21/28 | €3,368,386 | €3,389,613 | +€21,228 | +0.6% |
| Tangible fixed assets | 22/27 | €3,319,857 | €3,280,297 | -€39,560 | -1.2% |
| Plant, machinery and equipment | 23 | €25,138 | €27,485 | +€2,347 | +9.3% |
| Furniture and vehicles | 24 | €112,188 | €151,876 | +€39,688 | +35.4% |
| Leasing and similar rights | 25 | €3,098,402 | €2,995,587 | -€102,815 | -3.3% |
| Other tangible fixed assets | 26 | €84,130 | €105,349 | +€21,219 | +25.2% |
| Financial fixed assets | 28 | €48,529 | €109,317 | +€60,788 | +125.3% |
| Current assets | 29/58 | €1,411,024 | €1,792,139 | +€381,114 | +27.0% |
| Amounts receivable after more than one year | 29 | €7,788 | €0 | -€7,788 | -100.0% |
| Other amounts receivable | 291 | €7,788 | €0 | -€7,788 | -100.0% |
| Stocks and contracts in progress | 3 | €93,256 | €215,808 | +€122,552 | +131.4% |
| Stocks | 30/36 | €93,256 | €215,808 | +€122,552 | +131.4% |
| Amounts receivable within one year | 40/41 | €866,044 | €1,283,046 | +€417,002 | +48.2% |
| Trade receivables | 40 | €592,168 | €1,022,812 | +€430,644 | +72.7% |
| Other amounts receivable | 41 | €273,876 | €260,234 | -€13,642 | -5.0% |
| Cash at bank and in hand | 54/58 | €165,933 | €174,890 | +€8,957 | +5.4% |
| Deferred charges and accrued income | 490/1 | €278,003 | €118,395 | -€159,608 | -57.4% |
| Total equity and liabilities | 10/49 | €4,779,410 | €5,181,752 | +€402,342 | +8.4% |
| Equity | 10/15 | €687,773 | €739,528 | +€51,755 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,690 | €233,445 | +€51,755 | +28.5% |
| Non-distributable reserves | 130/1 | €1,713 | €1,713 | = | 0.0% |
| Other | 1319 | €1,713 | €1,713 | = | 0.0% |
| Distributable reserves | 133 | €179,977 | €231,732 | +€51,755 | +28.8% |
| Profit (loss) carried forward | 14 | €487,482 | €487,482 | -€0 | 0.0% |
| Amounts payable | 17/49 | €4,091,637 | €4,442,224 | +€350,587 | +8.6% |
| Amounts payable after more than one year | 17 | €2,219,437 | €2,099,580 | -€119,858 | -5.4% |
| Financial debts | 170/4 | €2,219,437 | €2,099,580 | -€119,858 | -5.4% |
| Amounts payable within one year | 42/48 | €1,850,559 | €2,324,733 | +€474,174 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €813,017 | €1,053,017 | +€240,000 | +29.5% |
| Financial debts | 43 | - | €70,000 | +€70,000 | |
| Credit institutions | 430/8 | - | €70,000 | +€70,000 | |
| Trade debts | 44 | €97,336 | €682,664 | +€585,329 | +601.3% |
| Suppliers | 440/4 | €97,336 | €682,664 | +€585,329 | +601.3% |
| Taxes, remuneration and social security | 45 | €940,206 | €519,052 | -€421,154 | -44.8% |
| Taxes | 450/3 | €283,198 | €195,024 | -€88,174 | -31.1% |
| Remuneration and social security | 454/9 | €657,008 | €324,028 | -€332,980 | -50.7% |
| Accrued charges and deferred income | 492/3 | €21,641 | €17,911 | -€3,730 | -17.2% |
| Non-recurring operating income | 76A | - | €233,670 | +€233,670 | |
| Remuneration, social security and pensions | 62 | €2,661,003 | €2,594,955 | -€66,048 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €917,716 | €1,177,066 | +€259,350 | +28.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €45,655 | - | -€45,655 | |
| Other operating charges | 640/8 | €501,764 | €632,961 | +€131,197 | +26.1% |
| Non-recurring operating charges | 66A | €0 | €11,797 | +€11,797 | |
| Gross operating margin | 9900 | €4,268,314 | €4,873,224 | +€604,910 | +14.2% |
| Operating profit (loss) | 9901 | €142,175 | €456,445 | +€314,270 | +221.0% |
| Financial income | 75/76B | €15,977 | €16,721 | +€744 | +4.7% |
| Recurring financial income | 75 | €15,977 | €16,721 | +€744 | +4.7% |
| Financial charges | 65/66B | €184,570 | €275,475 | +€90,905 | +49.3% |
| Recurring financial charges | 65 | €184,570 | €275,475 | +€90,905 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | -€26,418 | €197,691 | +€224,109 | |
| Income taxes | 67/77 | €22,720 | €25,936 | +€3,215 | +14.2% |
| Profit (loss) for the period | 9904 | -€49,139 | €171,755 | +€220,894 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,139 | €171,755 | +€220,894 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.