MILTEG: 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.
MILTEG
Largest movements
- Tangible fixed assets +€59,768
up €59,768 (+46.9%), from €127,556 to €187,324
of which Land and buildings: +€81,257
- Cash -€18,534
down €18,534 (-67.7%), from €27,361 to €8,827
mainly Investment in fixed assets (net) (-€89,581) and Trade debts (-€10,856)
- Receivables within one year -€6,924
down €6,924 (-53.8%), from €12,876 to €5,952
of which Trade receivables: -€4,840
- Stocks and contracts -€4,694
down €4,694 (-17.2%), from €27,274 to €22,580
of which Contracts in progress: -€4,820
- Other debts +€33,701
up €33,701 (+119%), from €28,245 to €61,946
- Trade debts -€10,856
down €10,856 (-84.4%), from €12,862 to €2,006
- Reserves +€5,005
up €5,005 (+16.2%), from €30,849 to €35,854
of which Distributable reserves: +€5,005
- Gross operating margin +€7,607
up €7,607 (+20.2%), from €37,704 to €45,311
- Depreciation -€3,705
down €3,705 (-11.1%), from €33,518 to €29,813
- Taxes +€2,673
up €2,673 (+747%), from €358 to €3,030
- Financial charges +€1,928
up €1,928 (+49.6%), from €3,885 to €5,813
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 | €200,280 | €230,308 | +€30,028 | +15.0% |
| Fixed assets | 21/28 | €128,587 | €188,355 | +€59,768 | +46.5% |
| Tangible fixed assets | 22/27 | €127,556 | €187,324 | +€59,768 | +46.9% |
| Land and buildings | 22 | €90,604 | €171,861 | +€81,257 | +89.7% |
| Plant, machinery and equipment | 23 | €50 | €93 | +€43 | +85.3% |
| Furniture and vehicles | 24 | €28,979 | €11,569 | -€17,410 | -60.1% |
| Leasing and similar rights | 25 | €6,946 | €3,329 | -€3,617 | -52.1% |
| Other tangible fixed assets | 26 | €977 | €471 | -€506 | -51.8% |
| Financial fixed assets | 28 | €1,031 | €1,031 | = | 0.0% |
| Current assets | 29/58 | €71,693 | €41,953 | -€29,740 | -41.5% |
| Stocks and contracts in progress | 3 | €27,274 | €22,580 | -€4,694 | -17.2% |
| Stocks | 30/36 | €1,674 | €1,800 | +€126 | +7.5% |
| Contracts in progress | 37 | €25,600 | €20,780 | -€4,820 | -18.8% |
| Amounts receivable within one year | 40/41 | €12,876 | €5,952 | -€6,924 | -53.8% |
| Trade receivables | 40 | €8,218 | €3,378 | -€4,840 | -58.9% |
| Other amounts receivable | 41 | €4,658 | €2,574 | -€2,084 | -44.7% |
| Cash at bank and in hand | 54/58 | €27,361 | €8,827 | -€18,534 | -67.7% |
| Deferred charges and accrued income | 490/1 | €4,183 | €4,594 | +€411 | +9.8% |
| Total equity and liabilities | 10/49 | €200,280 | €230,308 | +€30,028 | +15.0% |
| Equity | 10/15 | €49,449 | €54,454 | +€5,005 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,849 | €35,854 | +€5,005 | +16.2% |
| 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 | €28,989 | €33,994 | +€5,005 | +17.3% |
| Amounts payable | 17/49 | €150,831 | €175,854 | +€25,022 | +16.6% |
| Amounts payable after more than one year | 17 | €91,372 | €90,845 | -€527 | -0.6% |
| Financial debts | 170/4 | €91,372 | €90,845 | -€527 | -0.6% |
| Amounts payable within one year | 42/48 | €58,340 | €83,446 | +€25,106 | +43.0% |
| Current portion of amounts payable after more than one year | 42 | €17,233 | €19,495 | +€2,261 | +13.1% |
| Trade debts | 44 | €12,862 | €2,006 | -€10,856 | -84.4% |
| Suppliers | 440/4 | €12,862 | €2,006 | -€10,856 | -84.4% |
| Other amounts payable | 47/48 | €28,245 | €61,946 | +€33,701 | +119% |
| Accrued charges and deferred income | 492/3 | €1,120 | €1,563 | +€443 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,518 | €29,813 | -€3,705 | -11.1% |
| Other operating charges | 640/8 | €1,455 | €1,654 | +€198 | +13.6% |
| Gross operating margin | 9900 | €37,704 | €45,311 | +€7,607 | +20.2% |
| Operating profit (loss) | 9901 | €2,731 | €13,844 | +€11,113 | +407% |
| Financial income | 75/76B | €110 | €4 | -€106 | -96.2% |
| Recurring financial income | 75 | €110 | €4 | -€106 | -96.2% |
| Financial charges | 65/66B | €3,885 | €5,813 | +€1,928 | +49.6% |
| Recurring financial charges | 65 | €3,885 | €5,813 | +€1,928 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,045 | €8,035 | +€9,080 | |
| Income taxes | 67/77 | €358 | €3,030 | +€2,673 | +747% |
| Profit (loss) for the period | 9904 | -€1,402 | €5,005 | +€6,407 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,402 | €5,005 | +€6,407 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.