MILPAK: 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.
MILPAK
Largest movements
- Cash +€188,255
up €188,255 (+102.4%), from €183,822 to €372,077
mainly Net result for the year (+€229,756) and Depreciation (+€147,007)
- Receivables within one year -€30,582
down €30,582 (-12.3%), from €248,333 to €217,752
of which Other amounts receivable: -€84,106
- Tangible fixed assets +€17,645
up €17,645 (+1.7%), from €1.0m to €1.1m
of which Furniture and vehicles: +€51,467
- Reserves +€94,539
up €94,539 (+12.5%), from €757,988 to €852,527
- Tax, wage and social debts +€71,039
up €71,039 (+109.3%), from €65,014 to €136,053
of which Taxes: +€69,513
- Debts after one year -€62,114
down €62,114 (-11.8%), from €527,720 to €465,606
- Other debts +€59,643
new in 2025: €59,643
- Current portion of long-term debt -€45,819
down €45,819 (-42.5%), from €107,934 to €62,114
- Gross operating margin +€80,797
up €80,797 (+12.3%), from €656,770 to €737,567
- Taxes +€40,485
up €40,485 (+60.4%), from €67,058 to €107,543
- Write-downs -€39,253
down €39,253 (-100.0%), from €39,253 to €0
- Depreciation -€25,953
down €25,953 (-15.0%), from €172,960 to €147,007
- Staff costs +€21,100
up €21,100 (+9.9%), from €213,269 to €234,369
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 | €1,540,722 | €1,700,697 | +€159,975 | +10.4% |
| Fixed assets | 21/28 | €1,042,907 | €1,060,552 | +€17,645 | +1.7% |
| Tangible fixed assets | 22/27 | €1,042,607 | €1,060,252 | +€17,645 | +1.7% |
| Land and buildings | 22 | €856,627 | €782,344 | -€74,283 | -8.7% |
| Plant, machinery and equipment | 23 | €119,202 | €159,663 | +€40,461 | +33.9% |
| Furniture and vehicles | 24 | €66,777 | €118,245 | +€51,467 | +77.1% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €497,815 | €640,145 | +€142,330 | +28.6% |
| Stocks and contracts in progress | 3 | €54,071 | €43,515 | -€10,556 | -19.5% |
| Stocks | 30/36 | €54,071 | €43,515 | -€10,556 | -19.5% |
| Amounts receivable within one year | 40/41 | €248,333 | €217,752 | -€30,582 | -12.3% |
| Trade receivables | 40 | €160,308 | €213,832 | +€53,524 | +33.4% |
| Other amounts receivable | 41 | €88,025 | €3,920 | -€84,106 | -95.5% |
| Cash at bank and in hand | 54/58 | €183,822 | €372,077 | +€188,255 | +102.4% |
| Deferred charges and accrued income | 490/1 | €11,589 | €6,801 | -€4,788 | -41.3% |
| Total equity and liabilities | 10/49 | €1,540,722 | €1,700,697 | +€159,975 | +10.4% |
| Equity | 10/15 | €776,588 | €871,127 | +€94,539 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €757,988 | €852,527 | +€94,539 | +12.5% |
| Distributable reserves | 133 | €757,988 | €852,527 | +€94,539 | +12.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €764,134 | €829,570 | +€65,436 | +8.6% |
| Amounts payable after more than one year | 17 | €527,720 | €465,606 | -€62,114 | -11.8% |
| Financial debts | 170/4 | €527,720 | €465,606 | -€62,114 | -11.8% |
| Amounts payable within one year | 42/48 | €236,413 | €359,002 | +€122,589 | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €107,934 | €62,114 | -€45,819 | -42.5% |
| Trade debts | 44 | €63,466 | €101,191 | +€37,725 | +59.4% |
| Suppliers | 440/4 | €63,466 | €101,191 | +€37,725 | +59.4% |
| Taxes, remuneration and social security | 45 | €65,014 | €136,053 | +€71,039 | +109.3% |
| Taxes | 450/3 | €32,369 | €101,882 | +€69,513 | +214.7% |
| Remuneration and social security | 454/9 | €32,644 | €34,170 | +€1,526 | +4.7% |
| Other amounts payable | 47/48 | - | €59,643 | +€59,643 | |
| Accrued charges and deferred income | 492/3 | - | €4,962 | +€4,962 | |
| Remuneration, social security and pensions | 62 | €213,269 | €234,369 | +€21,100 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,960 | €147,007 | -€25,953 | -15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €39,253 | €0 | -€39,253 | -100.0% |
| Other operating charges | 640/8 | €9,980 | €10,404 | +€424 | +4.2% |
| Gross operating margin | 9900 | €656,770 | €737,567 | +€80,797 | +12.3% |
| Operating profit (loss) | 9901 | €221,307 | €345,787 | +€124,479 | +56.2% |
| Financial income | 75/76B | €3,479 | €3,253 | -€226 | -6.5% |
| Recurring financial income | 75 | €3,479 | €3,253 | -€226 | -6.5% |
| Financial charges | 65/66B | €14,327 | €11,740 | -€2,587 | -18.1% |
| Recurring financial charges | 65 | €14,327 | €11,740 | -€2,587 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €210,459 | €337,299 | +€126,841 | +60.3% |
| Income taxes | 67/77 | €67,058 | €107,543 | +€40,485 | +60.4% |
| Profit (loss) for the period | 9904 | €143,400 | €229,756 | +€86,356 | +60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €143,400 | €229,756 | +€86,356 | +60.2% |
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 9 October 2026 via checked.be.