MILOR: 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.
MILOR
Largest movements
- Receivables within one year +€72,484
up €72,484 (+97.3%), from €74,523 to €147,007
of which Trade receivables: +€77,057
- Cash +€17,243
up €17,243 (+46.5%), from €37,086 to €54,329
mainly Trade debts (+€53,968) and Net result for the year (+€19,809)
- Tangible fixed assets -€10,397
down €10,397 (-26.7%), from €38,994 to €28,597
of which Plant, machinery and equipment: -€7,833
- Deferred charges and accrued income -€6,122
no longer reported in 2025 (was €6,122)
- Stocks and contracts -€4,610
down €4,610 (-33.4%), from €13,810 to €9,200
- Trade debts +€53,968
up €53,968 (+82.4%), from €65,491 to €119,459
- Reserves +€19,809
up €19,809 (+63.9%), from €30,995 to €50,804
of which Distributable reserves: +€19,809
- Debts after one year -€6,078
down €6,078 (-39.2%), from €15,514 to €9,436
- Gross operating margin +€50,568
up €50,568 (+55.1%), from €91,790 to €142,358
- Staff costs +€11,724
up €11,724 (+12.6%), from €92,959 to €104,683
- Depreciation -€4,968
down €4,968 (-25.5%), from €19,468 to €14,500
- Taxes +€2,757
new in 2025: €2,757
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 | €172,675 | €241,109 | +€68,434 | +39.6% |
| Fixed assets | 21/28 | €41,134 | €30,573 | -€10,561 | -25.7% |
| Tangible fixed assets | 22/27 | €38,994 | €28,597 | -€10,397 | -26.7% |
| Plant, machinery and equipment | 23 | €31,924 | €24,091 | -€7,833 | -24.5% |
| Furniture and vehicles | 24 | €5,077 | €3,016 | -€2,061 | -40.6% |
| Other tangible fixed assets | 26 | €1,993 | €1,490 | -€503 | -25.2% |
| Financial fixed assets | 28 | €2,140 | €1,976 | -€164 | -7.7% |
| Current assets | 29/58 | €131,541 | €210,536 | +€78,995 | +60.1% |
| Stocks and contracts in progress | 3 | €13,810 | €9,200 | -€4,610 | -33.4% |
| Stocks | 30/36 | €13,810 | €9,200 | -€4,610 | -33.4% |
| Amounts receivable within one year | 40/41 | €74,523 | €147,007 | +€72,484 | +97.3% |
| Trade receivables | 40 | €62,044 | €139,101 | +€77,057 | +124.2% |
| Other amounts receivable | 41 | €12,479 | €7,906 | -€4,573 | -36.6% |
| Cash at bank and in hand | 54/58 | €37,086 | €54,329 | +€17,243 | +46.5% |
| Deferred charges and accrued income | 490/1 | €6,122 | - | -€6,122 | |
| Total equity and liabilities | 10/49 | €172,675 | €241,109 | +€68,434 | +39.6% |
| Equity | 10/15 | €84,851 | €104,661 | +€19,810 | +23.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,995 | €50,804 | +€19,809 | +63.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €29,135 | €48,944 | +€19,809 | +68.0% |
| Profit (loss) carried forward | 14 | €35,256 | €35,257 | +€1 | 0.0% |
| Amounts payable | 17/49 | €87,824 | €136,448 | +€48,624 | +55.4% |
| Amounts payable after more than one year | 17 | €15,514 | €9,436 | -€6,078 | -39.2% |
| Financial debts | 170/4 | €15,514 | €9,436 | -€6,078 | -39.2% |
| Amounts payable within one year | 42/48 | €72,310 | €127,012 | +€54,702 | +75.6% |
| Current portion of amounts payable after more than one year | 42 | €5,913 | €6,078 | +€165 | +2.8% |
| Trade debts | 44 | €65,491 | €119,459 | +€53,968 | +82.4% |
| Suppliers | 440/4 | €65,491 | €119,459 | +€53,968 | +82.4% |
| Taxes, remuneration and social security | 45 | €906 | €1,475 | +€569 | +62.8% |
| Taxes | 450/3 | - | €112 | +€112 | |
| Remuneration and social security | 454/9 | €906 | €1,363 | +€457 | +50.4% |
| Remuneration, social security and pensions | 62 | €92,959 | €104,683 | +€11,724 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,468 | €14,500 | -€4,968 | -25.5% |
| Gross operating margin | 9900 | €91,790 | €142,358 | +€50,568 | +55.1% |
| Operating profit (loss) | 9901 | -€20,637 | €23,175 | +€43,812 | |
| Financial income | 75/76B | €33 | €2 | -€31 | -93.9% |
| Recurring financial income | 75 | €33 | €2 | -€31 | -93.9% |
| Financial charges | 65/66B | €750 | €611 | -€139 | -18.5% |
| Recurring financial charges | 65 | €750 | €611 | -€139 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | -€21,354 | €22,566 | +€43,920 | |
| Income taxes | 67/77 | - | €2,757 | +€2,757 | |
| Profit (loss) for the period | 9904 | -€21,354 | €19,809 | +€41,163 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,354 | €19,809 | +€41,163 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.