MILQ: 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.
MILQ
Largest movements
- Tangible fixed assets +€3.8m
up €3.8m (+1,589%), from €236,183 to €4.0m
of which Other tangible fixed assets: +€3.2m
- Stocks and contracts -€2.4m
down €2.4m (-95.2%), from €2.6m to €122,291
- Cash +€169,246
up €169,246 (+283%), from €59,808 to €229,055
mainly Stocks and contracts (+€2.4m) and Debts after one year (+€1.2m)
- Other debts -€1.3m
down €1.3m (-99.5%), from €1.3m to €6,749
- Debts after one year +€1.2m
up €1.2m (+105%), from €1.2m to €2.4m
- Reserves +€893,150
up €893,150 (+1,594%), from €56,041 to €949,191
- Tax, wage and social debts +€255,264
up €255,264 (+330%), from €77,438 to €332,702
of which Taxes: +€259,537
- Trade debts +€127,724
up €127,724 (+6.7%), from €1.9m to €2.0m
- Gross operating margin +€1.6m
up €1.6m (+223%), from €737,830 to €2.4m
- Depreciation +€505,202
up €505,202 (+632%), from €79,997 to €585,199
- Taxes +€259,537
up €259,537 (+1,069%), from €24,275 to €283,811
- Financial charges +€39,182
up €39,182 (+82.2%), from €47,655 to €86,837
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 | €4,499,903 | €5,890,886 | +€1.4m | +30.9% |
| Fixed assets | 21/28 | €651,383 | €4,358,935 | +€3.7m | +569% |
| Intangible fixed assets | 21 | €415,200 | €369,450 | -€45,750 | -11.0% |
| Tangible fixed assets | 22/27 | €236,183 | €3,989,486 | +€3.8m | +1,589% |
| Land and buildings | 22 | - | €23,440 | +€23,440 | |
| Plant, machinery and equipment | 23 | €226,345 | €311,123 | +€84,777 | +37.5% |
| Furniture and vehicles | 24 | €9,838 | €16,981 | +€7,144 | +72.6% |
| Leasing and similar rights | 25 | - | €460,222 | +€460,222 | |
| Other tangible fixed assets | 26 | - | €3,177,720 | +€3.2m | |
| Current assets | 29/58 | €3,848,520 | €1,531,950 | -€2.3m | -60.2% |
| Stocks and contracts in progress | 3 | €2,560,797 | €122,291 | -€2.4m | -95.2% |
| Stocks | 30/36 | €2,560,797 | €122,291 | -€2.4m | -95.2% |
| Amounts receivable within one year | 40/41 | €1,227,914 | €1,180,605 | -€47,310 | -3.9% |
| Trade receivables | 40 | €1,106,112 | €980,054 | -€126,058 | -11.4% |
| Other amounts receivable | 41 | €121,803 | €200,551 | +€78,748 | +64.7% |
| Cash at bank and in hand | 54/58 | €59,808 | €229,055 | +€169,246 | +283% |
| Total equity and liabilities | 10/49 | €4,499,903 | €5,890,886 | +€1.4m | +30.9% |
| Equity | 10/15 | €66,041 | €959,191 | +€893,150 | +1,352% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €56,041 | €949,191 | +€893,150 | +1,594% |
| Distributable reserves | 133 | €56,041 | €949,191 | +€893,150 | +1,594% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €4,433,862 | €4,931,695 | +€497,833 | +11.2% |
| Amounts payable after more than one year | 17 | €1,153,960 | €2,370,302 | +€1.2m | +105% |
| Financial debts | 170/4 | €1,153,960 | €2,370,302 | +€1.2m | +105% |
| Amounts payable within one year | 42/48 | €3,275,620 | €2,444,870 | -€830,750 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | - | €59,294 | +€59,294 | |
| Trade debts | 44 | €1,918,402 | €2,046,126 | +€127,724 | +6.7% |
| Suppliers | 440/4 | €1,918,402 | €2,046,126 | +€127,724 | +6.7% |
| Taxes, remuneration and social security | 45 | €77,438 | €332,702 | +€255,264 | +330% |
| Taxes | 450/3 | €24,269 | €283,806 | +€259,537 | +1,069% |
| Remuneration and social security | 454/9 | €53,169 | €48,896 | -€4,273 | -8.0% |
| Other amounts payable | 47/48 | €1,279,780 | €6,749 | -€1.3m | -99.5% |
| Accrued charges and deferred income | 492/3 | €4,282 | €116,523 | +€112,241 | +2,621% |
| Remuneration, social security and pensions | 62 | €515,605 | €528,572 | +€12,968 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,997 | €585,199 | +€505,202 | +632% |
| Other operating charges | 640/8 | €3,492 | €2,457 | -€1,034 | -29.6% |
| Gross operating margin | 9900 | €737,830 | €2,380,026 | +€1.6m | +223% |
| Operating profit (loss) | 9901 | €138,737 | €1,263,798 | +€1.1m | +811% |
| Financial income | 75/76B | €0 | €1 | +€1 | +3,533% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +3,533% |
| Financial charges | 65/66B | €47,655 | €86,837 | +€39,182 | +82.2% |
| Recurring financial charges | 65 | €47,655 | €86,837 | +€39,182 | +82.2% |
| Profit (loss) for the period before taxes | 9903 | €91,082 | €1,176,961 | +€1.1m | +1,192% |
| Income taxes | 67/77 | €24,275 | €283,811 | +€259,537 | +1,069% |
| Profit (loss) for the period | 9904 | €66,807 | €893,150 | +€826,343 | +1,237% |
| Profit (loss) for the period to be appropriated | 9905 | €66,807 | €893,150 | +€826,343 | +1,237% |
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 14 October 2026 via checked.be.