MILOW: 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.
MILOW
Largest movements
- Cash +€34,230
up €34,230 (+79.4%), from €43,088 to €77,318
mainly Net result for the year (+€58,597) and Other debts (+€38,397)
- Receivables within one year +€16,322
up €16,322 (+363%), from €4,501 to €20,823
of which Other amounts receivable: +€8,699
- Deferred charges and accrued income -€14,932
down €14,932 (-66.7%), from €22,399 to €7,468
- Tangible fixed assets -€9,420
down €9,420 (-3.6%), from €260,540 to €251,120
of which Land and buildings: -€9,163
- Other debts +€38,397
up €38,397 (+35.7%), from €107,703 to €146,099
- Trade debts -€6,369
down €6,369 (-67.8%), from €9,390 to €3,021
- Debts after one year -€4,706
down €4,706 (-2.4%), from €196,093 to €191,387
of which Financial debts: -€4,706
- Gross operating margin +€36,975
up €36,975 (+65.2%), from €56,699 to €93,674
- Taxes +€12,483
up €12,483 (+145%), from €8,600 to €21,083
- Other operating charges -€6,409
down €6,409 (-81.7%), from €7,845 to €1,436
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 | €330,613 | €356,814 | +€26,200 | +7.9% |
| Fixed assets | 21/28 | €260,625 | €251,205 | -€9,420 | -3.6% |
| Tangible fixed assets | 22/27 | €260,540 | €251,120 | -€9,420 | -3.6% |
| Land and buildings | 22 | €260,283 | €251,120 | -€9,163 | -3.5% |
| Furniture and vehicles | 24 | €257 | €0 | -€257 | -100% |
| Financial fixed assets | 28 | €85 | €85 | = | 0.0% |
| Current assets | 29/58 | €69,989 | €105,609 | +€35,620 | +50.9% |
| Amounts receivable within one year | 40/41 | €4,501 | €20,823 | +€16,322 | +363% |
| Trade receivables | 40 | €0 | €7,623 | +€7,623 | |
| Other amounts receivable | 41 | €4,501 | €13,200 | +€8,699 | +193% |
| Cash at bank and in hand | 54/58 | €43,088 | €77,318 | +€34,230 | +79.4% |
| Deferred charges and accrued income | 490/1 | €22,399 | €7,468 | -€14,932 | -66.7% |
| Total equity and liabilities | 10/49 | €330,613 | €356,814 | +€26,200 | +7.9% |
| Equity | 10/15 | €3,606 | €2,204 | -€1,403 | -38.9% |
| Profit (loss) carried forward | 14 | €3,606 | €2,204 | -€1,403 | -38.9% |
| Amounts payable | 17/49 | €327,007 | €354,610 | +€27,603 | +8.4% |
| Amounts payable after more than one year | 17 | €196,093 | €191,387 | -€4,706 | -2.4% |
| Financial debts | 170/4 | €194,893 | €190,187 | -€4,706 | -2.4% |
| Other amounts payable | 178/9 | €1,200 | €1,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €130,314 | €162,496 | +€32,182 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €4,532 | €4,706 | +€174 | +3.8% |
| Trade debts | 44 | €9,390 | €3,021 | -€6,369 | -67.8% |
| Suppliers | 440/4 | €9,390 | €3,021 | -€6,369 | -67.8% |
| Taxes, remuneration and social security | 45 | €8,689 | €8,669 | -€19 | -0.2% |
| Taxes | 450/3 | €8,689 | €8,669 | -€19 | -0.2% |
| Other amounts payable | 47/48 | €107,703 | €146,099 | +€38,397 | +35.7% |
| Accrued charges and deferred income | 492/3 | €600 | €727 | +€127 | +21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,871 | €9,420 | -€451 | -4.6% |
| Other operating charges | 640/8 | €7,845 | €1,436 | -€6,409 | -81.7% |
| Gross operating margin | 9900 | €56,699 | €93,674 | +€36,975 | +65.2% |
| Operating profit (loss) | 9901 | €38,983 | €82,818 | +€43,835 | +112% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,017 | €3,138 | +€121 | +4.0% |
| Recurring financial charges | 65 | €3,017 | €3,138 | +€121 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €35,967 | €79,680 | +€43,713 | +122% |
| Income taxes | 67/77 | €8,600 | €21,083 | +€12,483 | +145% |
| Profit (loss) for the period | 9904 | €27,367 | €58,597 | +€31,230 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €27,367 | €58,597 | +€31,230 | +114% |
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 19 October 2026 via checked.be.