MILOT Construct: 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.
MILOT Construct
Largest movements
- Cash -€31,919
down €31,919 (-20.0%), from €159,876 to €127,957
mainly Net result for the year (-€24,957) and Debts after one year (-€17,460)
- Tangible fixed assets -€15,045
down €15,045 (-20.9%), from €71,836 to €56,791
of which Leasing and similar rights: -€9,310
- Receivables within one year -€3,965
down €3,965 (-19.9%), from €19,964 to €15,999
of which Other amounts receivable: -€4,069
- Deferred charges and accrued income -€3,873
down €3,873 (-34.1%), from €11,369 to €7,496
- Profit (loss) carried forward -€24,957
down €24,957, from €2,701 to -€22,257
- Debts after one year -€17,460
no longer reported in 2025 (was €17,460)
- Tax, wage and social debts -€7,570
down €7,570 (-32.4%), from €23,333 to €15,763
of which Taxes: -€4,314
- Other debts -€4,002
down €4,002 (-37.3%), from €10,725 to €6,723
- Gross operating margin -€55,366
down €55,366 (-31.3%), from €176,731 to €121,365
- Staff costs +€20,826
up €20,826 (+18.9%), from €110,467 to €131,293
- Taxes -€13,696
no longer reported in 2025 (was €13,696)
- Depreciation -€4,607
down €4,607 (-30.0%), from €15,363 to €10,756
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 | €263,363 | €208,561 | -€54,802 | -20.8% |
| Fixed assets | 21/28 | €72,154 | €57,108 | -€15,045 | -20.9% |
| Tangible fixed assets | 22/27 | €71,836 | €56,791 | -€15,045 | -20.9% |
| Plant, machinery and equipment | 23 | €2,022 | €886 | -€1,135 | -56.2% |
| Furniture and vehicles | 24 | €4,951 | €351 | -€4,600 | -92.9% |
| Leasing and similar rights | 25 | €64,864 | €55,554 | -€9,310 | -14.4% |
| Financial fixed assets | 28 | €317 | €317 | = | 0.0% |
| Current assets | 29/58 | €191,210 | €151,453 | -€39,757 | -20.8% |
| Amounts receivable within one year | 40/41 | €19,964 | €15,999 | -€3,965 | -19.9% |
| Trade receivables | 40 | €2,396 | €2,500 | +€104 | +4.3% |
| Other amounts receivable | 41 | €17,568 | €13,499 | -€4,069 | -23.2% |
| Cash at bank and in hand | 54/58 | €159,876 | €127,957 | -€31,919 | -20.0% |
| Deferred charges and accrued income | 490/1 | €11,369 | €7,496 | -€3,873 | -34.1% |
| Total equity and liabilities | 10/49 | €263,363 | €208,561 | -€54,802 | -20.8% |
| Equity | 10/15 | €174,761 | €149,803 | -€24,957 | -14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,860 | €165,860 | = | 0.0% |
| Distributable reserves | 133 | €165,860 | €165,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,701 | -€22,257 | -€24,957 | |
| Amounts payable | 17/49 | €88,603 | €58,758 | -€29,845 | -33.7% |
| Amounts payable after more than one year | 17 | €17,460 | - | -€17,460 | |
| Financial debts | 170/4 | €17,460 | - | -€17,460 | |
| Amounts payable within one year | 42/48 | €71,143 | €57,874 | -€13,268 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €18,844 | €17,460 | -€1,384 | -7.3% |
| Trade debts | 44 | €18,241 | €17,929 | -€312 | -1.7% |
| Suppliers | 440/4 | €18,241 | €17,929 | -€312 | -1.7% |
| Taxes, remuneration and social security | 45 | €23,333 | €15,763 | -€7,570 | -32.4% |
| Taxes | 450/3 | €12,013 | €7,700 | -€4,314 | -35.9% |
| Remuneration and social security | 454/9 | €11,319 | €8,063 | -€3,256 | -28.8% |
| Other amounts payable | 47/48 | €10,725 | €6,723 | -€4,002 | -37.3% |
| Accrued charges and deferred income | 492/3 | - | €883 | +€883 | |
| Remuneration, social security and pensions | 62 | €110,467 | €131,293 | +€20,826 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,363 | €10,756 | -€4,607 | -30.0% |
| Other operating charges | 640/8 | €499 | €1,166 | +€667 | +134% |
| Non-recurring operating charges | 66A | - | €1,810 | +€1,810 | |
| Gross operating margin | 9900 | €176,731 | €121,365 | -€55,366 | -31.3% |
| Operating profit (loss) | 9901 | €50,402 | -€23,660 | -€74,062 | |
| Financial income | 75/76B | €642 | €29 | -€613 | -95.4% |
| Recurring financial income | 75 | €642 | €29 | -€613 | -95.4% |
| Financial charges | 65/66B | €1,035 | €1,327 | +€291 | +28.1% |
| Recurring financial charges | 65 | €1,035 | €1,327 | +€291 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €50,009 | -€24,957 | -€74,966 | |
| Income taxes | 67/77 | €13,696 | - | -€13,696 | |
| Profit (loss) for the period | 9904 | €36,313 | -€24,957 | -€61,270 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,313 | -€24,957 | -€61,270 |
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 13 October 2026 via checked.be.