Milotima: 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.
Milotima
Largest movements
- Cash -€133,289
down €133,289 (-59.8%), from €223,068 to €89,779
mainly Net result for the year (-€87,658) and Receivables within one year (-€48,942)
- Receivables within one year +€48,942
up €48,942 (+36.0%), from €136,096 to €185,038
of which Trade receivables: +€25,129
- Stocks and contracts -€15,804
no longer reported in 2025 (was €15,804)
- Tangible fixed assets -€5,621
down €5,621 (-16.9%), from €33,308 to €27,687
- Profit (loss) carried forward -€87,658
down €87,658 (-322.9%), from -€27,143 to -€114,801
- Trade debts +€44,563
up €44,563 (+144.5%), from €30,829 to €75,392
- Other debts -€30,641
down €30,641 (-25.9%), from €118,117 to €87,476
- Advances received -€24,200
down €24,200 (-55.3%), from €43,773 to €19,573
- Tax, wage and social debts -€11,840
down €11,840 (-98.8%), from €11,979 to €140
- Gross operating margin -€307,563
down €307,563, from €228,514 to -€79,049
- Staff costs -€58,570
no longer reported in 2025 (was €58,570)
- Taxes -€11,292
down €11,292 (-98.8%), from €11,432 to €140
- Financial income +€7,914
up €7,914 (+410047.2%), from €2 to €7,916
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 | €428,455 | €318,679 | -€109,776 | -25.6% |
| Fixed assets | 21/28 | €33,341 | €27,687 | -€5,654 | -17.0% |
| Tangible fixed assets | 22/27 | €33,308 | €27,687 | -€5,621 | -16.9% |
| Land and buildings | 22 | €33,308 | €27,687 | -€5,621 | -16.9% |
| Financial fixed assets | 28 | €33 | - | -€33 | |
| Current assets | 29/58 | €395,114 | €290,993 | -€104,122 | -26.4% |
| Stocks and contracts in progress | 3 | €15,804 | - | -€15,804 | |
| Stocks | 30/36 | €15,804 | - | -€15,804 | |
| Amounts receivable within one year | 40/41 | €136,096 | €185,038 | +€48,942 | +36.0% |
| Trade receivables | 40 | €101,262 | €126,391 | +€25,129 | +24.8% |
| Other amounts receivable | 41 | €34,834 | €58,647 | +€23,813 | +68.4% |
| Cash at bank and in hand | 54/58 | €223,068 | €89,779 | -€133,289 | -59.8% |
| Deferred charges and accrued income | 490/1 | €20,146 | €16,176 | -€3,971 | -19.7% |
| Total equity and liabilities | 10/49 | €428,455 | €318,679 | -€109,776 | -25.6% |
| Equity | 10/15 | €194,031 | €106,373 | -€87,658 | -45.2% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €102,574 | €102,574 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,860 | - | -€11,860 | |
| Reserves not available under the articles | 1311 | €11,860 | - | -€11,860 | |
| Tax-exempt reserves | 132 | €89,181 | €89,181 | = | 0.0% |
| Distributable reserves | 133 | €1,533 | €13,393 | +€11,860 | +773.6% |
| Profit (loss) carried forward | 14 | -€27,143 | -€114,801 | -€87,658 | -322.9% |
| Provisions and deferred taxes | 16 | €29,727 | €29,727 | = | 0.0% |
| Deferred taxes | 168 | €29,727 | €29,727 | = | 0.0% |
| Amounts payable | 17/49 | €204,697 | €182,579 | -€22,118 | -10.8% |
| Amounts payable within one year | 42/48 | €204,697 | €182,579 | -€22,118 | -10.8% |
| Trade debts | 44 | €30,829 | €75,392 | +€44,563 | +144.5% |
| Suppliers | 440/4 | €30,829 | €75,392 | +€44,563 | +144.5% |
| Advances received on contracts in progress | 46 | €43,773 | €19,573 | -€24,200 | -55.3% |
| Taxes, remuneration and social security | 45 | €11,979 | €140 | -€11,840 | -98.8% |
| Taxes | 450/3 | €11,979 | €140 | -€11,840 | -98.8% |
| Other amounts payable | 47/48 | €118,117 | €87,476 | -€30,641 | -25.9% |
| Non-recurring operating income | 76A | €118,908 | - | -€118,908 | |
| Remuneration, social security and pensions | 62 | €58,570 | - | -€58,570 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,521 | €7,867 | +€347 | +4.6% |
| Other operating charges | 640/8 | €1,424 | €1,711 | +€287 | +20.1% |
| Non-recurring operating charges | 66A | - | €6,003 | +€6,003 | |
| Gross operating margin | 9900 | €228,514 | -€79,049 | -€307,563 | |
| Operating profit (loss) | 9901 | €160,999 | -€94,630 | -€255,629 | |
| Financial income | 75/76B | €2 | €7,916 | +€7,914 | +410047.2% |
| Recurring financial income | 75 | €2 | €7,916 | +€7,914 | +410047.2% |
| Financial charges | 65/66B | €863 | €805 | -€59 | -6.8% |
| Recurring financial charges | 65 | €863 | €805 | -€59 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €160,138 | -€87,518 | -€247,656 | |
| Transfer to deferred taxes | 680 | €29,727 | - | -€29,727 | |
| Income taxes | 67/77 | €11,432 | €140 | -€11,292 | -98.8% |
| Profit (loss) for the period | 9904 | €118,979 | -€87,658 | -€206,637 | |
| Transfer to tax-exempt reserves | 689 | €89,181 | - | -€89,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,798 | -€87,658 | -€117,456 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.