MILPOSH: 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.
MILPOSH
Largest movements
- Tangible fixed assets +€135,026
up €135,026 (+14.0%), from €962,793 to €1.1m
of which Land and buildings: +€151,079
- Stocks and contracts -€100,841
down €100,841 (-28.3%), from €356,599 to €255,757
- Cash +€68,464
up €68,464 (+22.5%), from €304,319 to €372,783
mainly Net result for the year (+€271,601) and Stocks and contracts (+€100,841)
- Receivables within one year -€52,462
down €52,462 (-63.7%), from €82,386 to €29,924
of which Trade receivables: -€52,662
- Other debts +€49,155
up €49,155 (+562.0%), from €8,746 to €57,900
- Profit (loss) carried forward +€36,307
up €36,307 (+2.7%), from €1.3m to €1.4m
- Debts after one year -€27,929
down €27,929 (-10.6%), from €263,802 to €235,874
- Gross operating margin -€45,552
down €45,552 (-8.6%), from €527,256 to €481,704
- Depreciation +€20,912
up €20,912 (+49.1%), from €42,559 to €63,472
- Financial charges -€9,736
down €9,736 (-40.9%), from €23,829 to €14,093
- Other operating charges -€8,622
down €8,622 (-21.7%), from €39,803 to €31,181
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 | €1,806,849 | €1,856,936 | +€50,087 | +2.8% |
| Fixed assets | 21/28 | €962,793 | €1,097,819 | +€135,026 | +14.0% |
| Tangible fixed assets | 22/27 | €962,793 | €1,097,819 | +€135,026 | +14.0% |
| Land and buildings | 22 | €832,417 | €983,496 | +€151,079 | +18.1% |
| Furniture and vehicles | 24 | €128,985 | €113,326 | -€15,659 | -12.1% |
| Leasing and similar rights | 25 | €1,391 | €997 | -€394 | -28.3% |
| Current assets | 29/58 | €844,056 | €759,117 | -€84,939 | -10.1% |
| Stocks and contracts in progress | 3 | €356,599 | €255,757 | -€100,841 | -28.3% |
| Stocks | 30/36 | €356,599 | €255,757 | -€100,841 | -28.3% |
| Amounts receivable within one year | 40/41 | €82,386 | €29,924 | -€52,462 | -63.7% |
| Trade receivables | 40 | €82,386 | €29,724 | -€52,662 | -63.9% |
| Other amounts receivable | 41 | - | €200 | +€200 | |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €304,319 | €372,783 | +€68,464 | +22.5% |
| Deferred charges and accrued income | 490/1 | €754 | €653 | -€100 | -13.3% |
| Total equity and liabilities | 10/49 | €1,806,849 | €1,856,936 | +€50,087 | +2.8% |
| Equity | 10/15 | €1,337,324 | €1,373,631 | +€36,307 | +2.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,336,824 | €1,373,131 | +€36,307 | +2.7% |
| Amounts payable | 17/49 | €469,525 | €483,305 | +€13,779 | +2.9% |
| Amounts payable after more than one year | 17 | €263,802 | €235,874 | -€27,929 | -10.6% |
| Financial debts | 170/4 | €263,802 | €235,874 | -€27,929 | -10.6% |
| Amounts payable within one year | 42/48 | €205,723 | €247,431 | +€41,708 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €26,772 | €27,929 | +€1,157 | +4.3% |
| Trade debts | 44 | €5,519 | €1,995 | -€3,524 | -63.8% |
| Suppliers | 440/4 | €5,519 | €1,995 | -€3,524 | -63.8% |
| Taxes, remuneration and social security | 45 | €164,687 | €159,607 | -€5,080 | -3.1% |
| Taxes | 450/3 | €164,687 | €159,607 | -€5,080 | -3.1% |
| Other amounts payable | 47/48 | €8,746 | €57,900 | +€49,155 | +562.0% |
| Non-recurring operating income | 76A | - | €3,745 | +€3,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,559 | €63,472 | +€20,912 | +49.1% |
| Other operating charges | 640/8 | €39,803 | €31,181 | -€8,622 | -21.7% |
| Gross operating margin | 9900 | €527,256 | €481,704 | -€45,552 | -8.6% |
| Operating profit (loss) | 9901 | €444,894 | €387,052 | -€57,842 | -13.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +400.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400.0% |
| Financial charges | 65/66B | €23,829 | €14,093 | -€9,736 | -40.9% |
| Recurring financial charges | 65 | €23,829 | €14,093 | -€9,736 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €421,065 | €372,959 | -€48,106 | -11.4% |
| Income taxes | 67/77 | €104,027 | €101,358 | -€2,670 | -2.6% |
| Profit (loss) for the period | 9904 | €317,038 | €271,601 | -€45,436 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €317,038 | €271,601 | -€45,436 | -14.3% |
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.