MILOA: 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.
MILOA
Largest movements
- Receivables within one year +€189,100
up €189,100 (+105.2%), from €179,754 to €368,854
of which Other amounts receivable: +€111,972
- Tangible fixed assets -€92,787
down €92,787 (-9.8%), from €943,454 to €850,668
of which Land and buildings: -€86,978
- Stocks and contracts -€68,414
down €68,414 (-16.7%), from €409,269 to €340,855
- Deferred charges and accrued income -€20,602
down €20,602 (-69.9%), from €29,452 to €8,850
- Debts after one year -€54,993
down €54,993 (-8.7%), from €629,853 to €574,860
- Short-term financial debts +€51,000
up €51,000 (+39.2%), from €130,000 to €181,000
- Profit (loss) carried forward -€25,919
down €25,919 (-4.8%), from €543,702 to €517,784
- Trade debts +€20,440
up €20,440 (+18.3%), from €111,757 to €132,196
- Write-downs -€148,966
down €148,966 (-2596.6%), from -€5,737 to -€154,703
- Gross operating margin -€63,406
down €63,406 (-26.5%), from €239,416 to €176,010
- Depreciation -€34,738
down €34,738 (-24.0%), from €144,443 to €109,705
- Taxes +€27,951
up €27,951 (+173.8%), from €16,084 to €44,036
- Staff costs +€6,661
up €6,661 (+13.0%), from €51,374 to €58,035
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 | €1,650,184 | €1,648,173 | -€2,011 | -0.1% |
| Fixed assets | 21/28 | €946,841 | €853,894 | -€92,947 | -9.8% |
| Intangible fixed assets | 21 | €2,727 | €1,567 | -€1,160 | -42.5% |
| Tangible fixed assets | 22/27 | €943,454 | €850,668 | -€92,787 | -9.8% |
| Land and buildings | 22 | €805,797 | €718,820 | -€86,978 | -10.8% |
| Plant, machinery and equipment | 23 | €4,226 | €2,478 | -€1,749 | -41.4% |
| Furniture and vehicles | 24 | €126,791 | €124,343 | -€2,448 | -1.9% |
| Other tangible fixed assets | 26 | €6,639 | €5,027 | -€1,612 | -24.3% |
| Financial fixed assets | 28 | €660 | €1,660 | +€1,000 | +151.5% |
| Current assets | 29/58 | €703,343 | €794,279 | +€90,936 | +12.9% |
| Stocks and contracts in progress | 3 | €409,269 | €340,855 | -€68,414 | -16.7% |
| Stocks | 30/36 | €409,269 | €340,855 | -€68,414 | -16.7% |
| Amounts receivable within one year | 40/41 | €179,754 | €368,854 | +€189,100 | +105.2% |
| Trade receivables | 40 | €125,730 | €202,859 | +€77,128 | +61.3% |
| Other amounts receivable | 41 | €54,024 | €165,995 | +€111,972 | +207.3% |
| Current investments | 50/53 | €19 | €19 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,849 | €75,700 | -€9,149 | -10.8% |
| Deferred charges and accrued income | 490/1 | €29,452 | €8,850 | -€20,602 | -69.9% |
| Total equity and liabilities | 10/49 | €1,650,184 | €1,648,173 | -€2,011 | -0.1% |
| Equity | 10/15 | €669,609 | €643,690 | -€25,919 | -3.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €75,907 | €75,907 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €70,907 | €70,907 | = | 0.0% |
| Profit (loss) carried forward | 14 | €543,702 | €517,784 | -€25,919 | -4.8% |
| Amounts payable | 17/49 | €980,575 | €1,004,483 | +€23,908 | +2.4% |
| Amounts payable after more than one year | 17 | €629,853 | €574,860 | -€54,993 | -8.7% |
| Financial debts | 170/4 | €629,853 | €574,860 | -€54,993 | -8.7% |
| Amounts payable within one year | 42/48 | €336,506 | €425,137 | +€88,631 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €69,009 | €64,901 | -€4,108 | -6.0% |
| Financial debts | 43 | €130,000 | €181,000 | +€51,000 | +39.2% |
| Credit institutions | 430/8 | €130,000 | €181,000 | +€51,000 | +39.2% |
| Trade debts | 44 | €111,757 | €132,196 | +€20,440 | +18.3% |
| Suppliers | 440/4 | €111,757 | €132,196 | +€20,440 | +18.3% |
| Taxes, remuneration and social security | 45 | €21,226 | €37,605 | +€16,379 | +77.2% |
| Taxes | 450/3 | €20,394 | €34,267 | +€13,873 | +68.0% |
| Remuneration and social security | 454/9 | €832 | €3,338 | +€2,506 | +301.3% |
| Other amounts payable | 47/48 | €4,515 | €9,435 | +€4,920 | +109.0% |
| Accrued charges and deferred income | 492/3 | €14,216 | €4,486 | -€9,730 | -68.4% |
| Remuneration, social security and pensions | 62 | €51,374 | €58,035 | +€6,661 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,443 | €109,705 | -€34,738 | -24.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,737 | -€154,703 | -€148,966 | -2596.6% |
| Other operating charges | 640/8 | €6,340 | €6,939 | +€599 | +9.4% |
| Gross operating margin | 9900 | €239,416 | €176,010 | -€63,406 | -26.5% |
| Operating profit (loss) | 9901 | €42,995 | €156,033 | +€113,038 | +262.9% |
| Financial income | 75/76B | €2,924 | €7,426 | +€4,502 | +154.0% |
| Recurring financial income | 75 | €2,924 | €7,426 | +€4,502 | +154.0% |
| Financial charges | 65/66B | €29,226 | €34,343 | +€5,117 | +17.5% |
| Recurring financial charges | 65 | €29,226 | €34,343 | +€5,117 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €16,693 | €129,117 | +€112,424 | +673.5% |
| Income taxes | 67/77 | €16,084 | €44,036 | +€27,951 | +173.8% |
| Profit (loss) for the period | 9904 | €609 | €85,081 | +€84,473 | +13873.7% |
| Profit (loss) for the period to be appropriated | 9905 | €609 | €85,081 | +€84,473 | +13873.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.