MILPO: 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.
MILPO
Largest movements
- Receivables within one year +€30,374
up €30,374 (+419.6%), from €7,238 to €37,611
of which Other amounts receivable: +€31,427
- Tangible fixed assets -€5,870
down €5,870 (-43.3%), from €13,571 to €7,700
of which Furniture and vehicles: -€5,130
- Stocks and contracts -€1,954
down €1,954 (-45.3%), from €4,311 to €2,356
- Reserves +€18,250
up €18,250 (+30.7%), from €59,460 to €77,710
of which Distributable reserves: +€18,250
- Trade debts +€8,786
up €8,786 (+179.0%), from €4,908 to €13,693
- Other debts -€4,120
no longer reported in 2025 (was €4,120)
- Debts after one year -€3,838
down €3,838 (-62.4%), from €6,150 to €2,312
- Tax, wage and social debts +€1,562
up €1,562 (+48.7%), from €3,204 to €4,766
of which Remuneration and social security: +€961
- Gross operating margin +€6,334
up €6,334 (+8.2%), from €76,817 to €83,151
- Staff costs +€5,332
up €5,332 (+13.3%), from €40,132 to €45,463
- Financial charges -€3,070
down €3,070 (-63.7%), from €4,815 to €1,746
- Taxes +€973
up €973 (+12.7%), from €7,645 to €8,618
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 | €127,918 | €149,772 | +€21,854 | +17.1% |
| Fixed assets | 21/28 | €13,934 | €8,063 | -€5,870 | -42.1% |
| Tangible fixed assets | 22/27 | €13,571 | €7,700 | -€5,870 | -43.3% |
| Land and buildings | 22 | €1,521 | €1,294 | -€227 | -14.9% |
| Plant, machinery and equipment | 23 | €2,216 | €1,702 | -€513 | -23.2% |
| Furniture and vehicles | 24 | €9,834 | €4,704 | -€5,130 | -52.2% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €113,984 | €141,709 | +€27,724 | +24.3% |
| Stocks and contracts in progress | 3 | €4,311 | €2,356 | -€1,954 | -45.3% |
| Stocks | 30/36 | €4,311 | €2,356 | -€1,954 | -45.3% |
| Amounts receivable within one year | 40/41 | €7,238 | €37,611 | +€30,374 | +419.6% |
| Trade receivables | 40 | €2,015 | €962 | -€1,053 | -52.3% |
| Other amounts receivable | 41 | €5,223 | €36,650 | +€31,427 | +601.7% |
| Cash at bank and in hand | 54/58 | €101,602 | €100,851 | -€750 | -0.7% |
| Deferred charges and accrued income | 490/1 | €834 | €889 | +€55 | +6.6% |
| Total equity and liabilities | 10/49 | €127,918 | €149,772 | +€21,854 | +17.1% |
| Equity | 10/15 | €95,675 | €113,936 | +€18,261 | +19.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,460 | €77,710 | +€18,250 | +30.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,600 | €75,850 | +€18,250 | +31.7% |
| Profit (loss) carried forward | 14 | €17,615 | €17,626 | +€11 | +0.1% |
| Amounts payable | 17/49 | €32,243 | €35,835 | +€3,592 | +11.1% |
| Amounts payable after more than one year | 17 | €6,150 | €2,312 | -€3,838 | -62.4% |
| Financial debts | 170/4 | €6,150 | €2,312 | -€3,838 | -62.4% |
| Amounts payable within one year | 42/48 | €26,093 | €33,523 | +€7,430 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €11,190 | €12,171 | +€981 | +8.8% |
| Trade debts | 44 | €4,908 | €13,693 | +€8,786 | +179.0% |
| Suppliers | 440/4 | €4,908 | €13,693 | +€8,786 | +179.0% |
| Advances received on contracts in progress | 46 | €2,671 | €2,893 | +€222 | +8.3% |
| Taxes, remuneration and social security | 45 | €3,204 | €4,766 | +€1,562 | +48.7% |
| Taxes | 450/3 | €936 | €1,536 | +€600 | +64.1% |
| Remuneration and social security | 454/9 | €2,268 | €3,230 | +€961 | +42.4% |
| Other amounts payable | 47/48 | €4,120 | - | -€4,120 | |
| Remuneration, social security and pensions | 62 | €40,132 | €45,463 | +€5,332 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,040 | €7,464 | +€424 | +6.0% |
| Other operating charges | 640/8 | €1,411 | €1,599 | +€188 | +13.3% |
| Gross operating margin | 9900 | €76,817 | €83,151 | +€6,334 | +8.2% |
| Operating profit (loss) | 9901 | €28,235 | €28,625 | +€390 | +1.4% |
| Financial income | 75/76B | €182 | €1 | -€181 | -99.6% |
| Recurring financial income | 75 | €182 | €1 | -€181 | -99.6% |
| Financial charges | 65/66B | €4,815 | €1,746 | -€3,070 | -63.7% |
| Recurring financial charges | 65 | €4,815 | €1,746 | -€3,070 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €23,602 | €26,880 | +€3,278 | +13.9% |
| Income taxes | 67/77 | €7,645 | €8,618 | +€973 | +12.7% |
| Profit (loss) for the period | 9904 | €15,957 | €18,261 | +€2,305 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,957 | €18,261 | +€2,305 | +14.4% |
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 10 October 2026 via checked.be.