MILSMO: 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.
MILSMO
Largest movements
- Financial fixed assets +€7.7m
new in 2025: €7.7m
- Cash +€330,803
up €330,803 (+1,409%), from €23,483 to €354,286
mainly Debts after one year (+€7.5m) and Contributions, distributions and other (+€200,000)
- Debts after one year +€7.5m
new in 2025: €7.5m
- Contributions +€200,000
up €200,000 (+2,000%), from €10,000 to €210,000
- Current portion of long-term debt +€196,375
up €196,375, from €0 to €196,375
- Financial charges +€61,910
up €61,910 (+26,404%), from €234 to €62,145
- Gross operating margin -€31,100
down €31,100 (-21.8%), from €142,723 to €111,622
- Taxes -€21,346
down €21,346 (-62.4%), from €34,205 to €12,859
- Depreciation -€9,954
down €9,954 (-81.7%), from €12,184 to €2,230
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 | €110,302 | €8,117,480 | +€8.0m | +7,259% |
| Fixed assets | 21/28 | €6,191 | €7,730,961 | +€7.7m | +124,765% |
| Tangible fixed assets | 22/27 | €6,191 | €3,961 | -€2,230 | -36.0% |
| Furniture and vehicles | 24 | €6,191 | €3,961 | -€2,230 | -36.0% |
| Financial fixed assets | 28 | - | €7,727,000 | +€7.7m | |
| Current assets | 29/58 | €104,110 | €386,519 | +€282,408 | +271% |
| Amounts receivable within one year | 40/41 | €80,627 | €32,233 | -€48,394 | -60.0% |
| Trade receivables | 40 | €80,627 | €15,092 | -€65,535 | -81.3% |
| Other amounts receivable | 41 | €0 | €17,141 | +€17,141 | |
| Cash at bank and in hand | 54/58 | €23,483 | €354,286 | +€330,803 | +1,409% |
| Total equity and liabilities | 10/49 | €110,302 | €8,117,480 | +€8.0m | +7,259% |
| Equity | 10/15 | €85,688 | €318,869 | +€233,181 | +272% |
| Contributions | 10/11 | €10,000 | €210,000 | +€200,000 | +2,000% |
| Profit (loss) carried forward | 14 | €75,688 | €108,869 | +€33,181 | +43.8% |
| Amounts payable | 17/49 | €24,614 | €7,798,611 | +€7.8m | +31,584% |
| Amounts payable after more than one year | 17 | - | €7,530,625 | +€7.5m | |
| Financial debts | 170/4 | - | €7,530,625 | +€7.5m | |
| Amounts payable within one year | 42/48 | €24,614 | €250,922 | +€226,308 | +919% |
| Current portion of amounts payable after more than one year | 42 | €0 | €196,375 | +€196,375 | |
| Trade debts | 44 | €181 | €4,812 | +€4,631 | +2,557% |
| Suppliers | 440/4 | €181 | €4,812 | +€4,631 | +2,557% |
| Taxes, remuneration and social security | 45 | €18,800 | €6,485 | -€12,315 | -65.5% |
| Taxes | 450/3 | €18,800 | €6,485 | -€12,315 | -65.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,632 | €43,250 | +€37,617 | +668% |
| Accrued charges and deferred income | 492/3 | - | €17,064 | +€17,064 | |
| Non-recurring operating income | 76A | - | €864 | +€864 | |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,184 | €2,230 | -€9,954 | -81.7% |
| Other operating charges | 640/8 | €682 | €957 | +€275 | +40.4% |
| Gross operating margin | 9900 | €142,723 | €111,622 | -€31,100 | -21.8% |
| Operating profit (loss) | 9901 | €129,607 | €108,185 | -€21,422 | -16.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €234 | €62,145 | +€61,910 | +26,404% |
| Recurring financial charges | 65 | €234 | €62,145 | +€61,910 | +26,404% |
| Profit (loss) for the period before taxes | 9903 | €129,373 | €46,041 | -€83,332 | -64.4% |
| Income taxes | 67/77 | €34,205 | €12,859 | -€21,346 | -62.4% |
| Profit (loss) for the period | 9904 | €95,167 | €33,181 | -€61,986 | -65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €95,167 | €33,181 | -€61,986 | -65.1% |
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 31 October 2026 via checked.be.