MILOU: 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.
MILOU
Largest movements
- Tangible fixed assets -€33,869
down €33,869 (-3.0%), from €1.1m to €1.1m
of which Land and buildings: -€32,785
- Receivables within one year -€15,783
down €15,783 (-44.9%), from €35,186 to €19,403
of which Other amounts receivable: -€17,738
- Other debts -€69,880
down €69,880 (-96.8%), from €72,216 to €2,337
- Financial income -€83,073
down €83,073 (-95.0%), from €87,418 to €4,345
of which Non-recurring financial income: -€75,000
- Gross operating margin +€28,239
up €28,239 (+19.7%), from €143,708 to €171,947
- Staff costs +€7,821
up €7,821 (+392.5%), from €1,993 to €9,814
- Depreciation +€5,284
up €5,284 (+5.2%), from €100,985 to €106,269
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 | €1,225,092 | €1,178,771 | -€46,320 | -3.8% |
| Fixed assets | 21/28 | €1,178,399 | €1,139,960 | -€38,439 | -3.3% |
| Intangible fixed assets | 21 | €34,944 | €30,374 | -€4,570 | -13.1% |
| Tangible fixed assets | 22/27 | €1,143,159 | €1,109,290 | -€33,869 | -3.0% |
| Land and buildings | 22 | €476,621 | €443,836 | -€32,785 | -6.9% |
| Plant, machinery and equipment | 23 | €655,878 | €657,375 | +€1,497 | +0.2% |
| Furniture and vehicles | 24 | €10,659 | €8,079 | -€2,580 | -24.2% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €46,693 | €38,811 | -€7,882 | -16.9% |
| Amounts receivable within one year | 40/41 | €35,186 | €19,403 | -€15,783 | -44.9% |
| Trade receivables | 40 | €15,662 | €17,617 | +€1,955 | +12.5% |
| Other amounts receivable | 41 | €19,524 | €1,786 | -€17,738 | -90.9% |
| Cash at bank and in hand | 54/58 | €9,026 | €15,472 | +€6,446 | +71.4% |
| Deferred charges and accrued income | 490/1 | €2,481 | €3,936 | +€1,456 | +58.7% |
| Total equity and liabilities | 10/49 | €1,225,092 | €1,178,771 | -€46,320 | -3.8% |
| Equity | 10/15 | €250,434 | €257,252 | +€6,818 | +2.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €124,485 | €134,485 | +€10,000 | +8.0% |
| Distributable reserves | 133 | €124,485 | €134,485 | +€10,000 | +8.0% |
| Profit (loss) carried forward | 14 | €7,949 | €7,475 | -€474 | -6.0% |
| Investment grants | 15 | €18,000 | €15,293 | -€2,707 | -15.0% |
| Amounts payable | 17/49 | €974,658 | €921,519 | -€53,139 | -5.5% |
| Amounts payable after more than one year | 17 | €808,118 | €809,573 | +€1,455 | +0.2% |
| Financial debts | 170/4 | €653,802 | €602,273 | -€51,528 | -7.9% |
| Other amounts payable | 178/9 | €154,317 | €207,300 | +€52,984 | +34.3% |
| Amounts payable within one year | 42/48 | €159,986 | €101,081 | -€58,906 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €49,571 | €51,528 | +€1,957 | +3.9% |
| Trade debts | 44 | €37,635 | €46,942 | +€9,308 | +24.7% |
| Suppliers | 440/4 | €37,635 | €46,942 | +€9,308 | +24.7% |
| Taxes, remuneration and social security | 45 | €564 | €273 | -€291 | -51.5% |
| Taxes | 450/3 | - | €273 | +€273 | |
| Remuneration and social security | 454/9 | €564 | - | -€564 | |
| Other amounts payable | 47/48 | €72,216 | €2,337 | -€69,880 | -96.8% |
| Accrued charges and deferred income | 492/3 | €6,553 | €10,865 | +€4,312 | +65.8% |
| Remuneration, social security and pensions | 62 | €1,993 | €9,814 | +€7,821 | +392.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,985 | €106,269 | +€5,284 | +5.2% |
| Other operating charges | 640/8 | €14,677 | €13,763 | -€915 | -6.2% |
| Gross operating margin | 9900 | €143,708 | €171,947 | +€28,239 | +19.7% |
| Operating profit (loss) | 9901 | €26,053 | €42,102 | +€16,049 | +61.6% |
| Financial income | 75/76B | €87,418 | €4,345 | -€83,073 | -95.0% |
| Recurring financial income | 75 | €12,418 | €4,345 | -€8,073 | -65.0% |
| Non-recurring financial income | 76B | €75,000 | - | -€75,000 | |
| Financial charges | 65/66B | €35,850 | €36,921 | +€1,071 | +3.0% |
| Recurring financial charges | 65 | €35,850 | €36,921 | +€1,071 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €77,621 | €9,526 | -€68,095 | -87.7% |
| Profit (loss) for the period | 9904 | €77,621 | €9,526 | -€68,095 | -87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,621 | €9,526 | -€68,095 | -87.7% |
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.