MILTON: what changed
Two fiscal 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.
MILTON
Largest movements
- Cash +€40,307
up €40,307 (+7171.5%), from €562 to €40,869
mainly Net result for the year (+€30,474) and Receivables within one year (+€18,877)
- Receivables within one year -€18,877
down €18,877 (-28.8%), from €65,499 to €46,621
of which Trade receivables: -€35,731
- Stocks and contracts -€8,103
down €8,103 (-13.3%), from €61,119 to €53,017
- Deferred charges and accrued income -€3,000
no longer reported in 2025 (was €3,000)
- Reserves +€30,000
up €30,000 (+227.3%), from €13,196 to €43,196
of which Distributable reserves: +€30,000
- Other debts -€9,500
no longer reported in 2025 (was €9,500)
- Short-term financial debts -€7,604
no longer reported in 2025 (was €7,604)
- Tax, wage and social debts +€7,366
up €7,366 (+27.3%), from €26,996 to €34,363
- Debts after one year -€4,229
down €4,229 (-62.4%), from €6,775 to €2,547
- Depreciation -€5,918
down €5,918 (-38.4%), from €15,411 to €9,493
- Gross operating margin +€4,829
up €4,829 (+7.9%), from €61,227 to €66,056
- Write-downs -€4,649
down €4,649 (-92.2%), from €5,040 to €391
- Financial income -€4,564
down €4,564 (-56.2%), from €8,119 to €3,554
- Taxes +€2,755
up €2,755 (+21.2%), from €12,966 to €15,721
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 | €159,697 | €168,692 | +€8,995 | +5.6% |
| Fixed assets | 21/28 | €29,517 | €28,185 | -€1,332 | -4.5% |
| Tangible fixed assets | 22/27 | €29,517 | €28,185 | -€1,332 | -4.5% |
| Plant, machinery and equipment | 23 | €24,974 | €28,185 | +€3,211 | +12.9% |
| Furniture and vehicles | 24 | €4,542 | - | -€4,542 | |
| Current assets | 29/58 | €130,180 | €140,507 | +€10,327 | +7.9% |
| Stocks and contracts in progress | 3 | €61,119 | €53,017 | -€8,103 | -13.3% |
| Stocks | 30/36 | €61,119 | €53,017 | -€8,103 | -13.3% |
| Amounts receivable within one year | 40/41 | €65,499 | €46,621 | -€18,877 | -28.8% |
| Trade receivables | 40 | €55,622 | €19,891 | -€35,731 | -64.2% |
| Other amounts receivable | 41 | €9,877 | €26,730 | +€16,854 | +170.6% |
| Cash at bank and in hand | 54/58 | €562 | €40,869 | +€40,307 | +7171.5% |
| Deferred charges and accrued income | 490/1 | €3,000 | - | -€3,000 | |
| Total equity and liabilities | 10/49 | €159,697 | €168,692 | +€8,995 | +5.6% |
| Equity | 10/15 | €86,886 | €117,361 | +€30,474 | +35.1% |
| Contributions | 10/11 | €12,404 | €12,404 | = | 0.0% |
| Reserves | 13 | €13,196 | €43,196 | +€30,000 | +227.3% |
| Tax-exempt reserves | 132 | €1,336 | €1,336 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €41,860 | +€30,000 | +253.0% |
| Profit (loss) carried forward | 14 | €61,286 | €61,760 | +€474 | +0.8% |
| Amounts payable | 17/49 | €72,810 | €51,331 | -€21,479 | -29.5% |
| Amounts payable after more than one year | 17 | €6,775 | €2,547 | -€4,229 | -62.4% |
| Financial debts | 170/4 | €6,775 | €2,547 | -€4,229 | -62.4% |
| Amounts payable within one year | 42/48 | €62,297 | €48,784 | -€13,513 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €5,708 | €4,229 | -€1,479 | -25.9% |
| Financial debts | 43 | €7,604 | - | -€7,604 | |
| Credit institutions | 430/8 | €7,604 | - | -€7,604 | |
| Trade debts | 44 | €12,489 | €10,193 | -€2,296 | -18.4% |
| Suppliers | 440/4 | €12,489 | €10,193 | -€2,296 | -18.4% |
| Taxes, remuneration and social security | 45 | €26,996 | €34,363 | +€7,366 | +27.3% |
| Taxes | 450/3 | €26,996 | €34,363 | +€7,366 | +27.3% |
| Other amounts payable | 47/48 | €9,500 | - | -€9,500 | |
| Accrued charges and deferred income | 492/3 | €3,738 | - | -€3,738 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,411 | €9,493 | -€5,918 | -38.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,040 | €391 | -€4,649 | -92.2% |
| Other operating charges | 640/8 | €1,553 | €1,652 | +€99 | +6.4% |
| Non-recurring operating charges | 66A | - | €1,509 | +€1,509 | |
| Gross operating margin | 9900 | €61,227 | €66,056 | +€4,829 | +7.9% |
| Operating profit (loss) | 9901 | €39,223 | €53,010 | +€13,787 | +35.1% |
| Financial income | 75/76B | €8,119 | €3,554 | -€4,564 | -56.2% |
| Recurring financial income | 75 | €8,119 | €3,554 | -€4,564 | -56.2% |
| Financial charges | 65/66B | €8,219 | €10,369 | +€2,150 | +26.2% |
| Recurring financial charges | 65 | €8,219 | €10,369 | +€2,150 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €39,123 | €46,195 | +€7,073 | +18.1% |
| Income taxes | 67/77 | €12,966 | €15,721 | +€2,755 | +21.2% |
| Profit (loss) for the period | 9904 | €26,157 | €30,474 | +€4,318 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,157 | €30,474 | +€4,318 | +16.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.