MILTOTAX: 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.
MILTOTAX
Largest movements
- Tangible fixed assets +€19,635
new in 2025: €19,635
- Cash -€6,161
down €6,161 (-90.6%), from €6,802 to €641
mainly Investment in fixed assets (net) (-€25,375) and Trade debts (-€1,195)
- Deferred charges and accrued income +€477
new in 2025: €477
- Other debts +€14,598
up €14,598 (+241%), from €6,057 to €20,655
- Trade debts -€1,195
down €1,195 (-15.0%), from €7,990 to €6,794
- Profit (loss) carried forward +€603
up €603 (+63.5%), from -€950 to -€346
- Gross operating margin +€7,502
up €7,502 (+280%), from €2,680 to €10,183
- Depreciation +€3,933
up €3,933 (+218%), from €1,807 to €5,740
- Other operating charges +€2,965
up €2,965 (+766%), from €387 to €3,353
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 | €19,297 | €33,303 | +€14,006 | +72.6% |
| Fixed assets | 21/28 | €650 | €20,285 | +€19,635 | +3,021% |
| Tangible fixed assets | 22/27 | - | €19,635 | +€19,635 | |
| Furniture and vehicles | 24 | - | €19,635 | +€19,635 | |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €18,647 | €13,018 | -€5,629 | -30.2% |
| Amounts receivable within one year | 40/41 | €11,845 | €11,900 | +€55 | +0.5% |
| Trade receivables | 40 | €8,481 | €8,000 | -€481 | -5.7% |
| Other amounts receivable | 41 | €3,364 | €3,900 | +€536 | +15.9% |
| Cash at bank and in hand | 54/58 | €6,802 | €641 | -€6,161 | -90.6% |
| Deferred charges and accrued income | 490/1 | - | €477 | +€477 | |
| Total equity and liabilities | 10/49 | €19,297 | €33,303 | +€14,006 | +72.6% |
| Equity | 10/15 | €5,250 | €5,854 | +€603 | +11.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€950 | -€346 | +€603 | +63.5% |
| Amounts payable | 17/49 | €14,047 | €27,449 | +€13,403 | +95.4% |
| Amounts payable within one year | 42/48 | €14,047 | €27,449 | +€13,403 | +95.4% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Trade debts | 44 | €7,990 | €6,794 | -€1,195 | -15.0% |
| Suppliers | 440/4 | €7,990 | €6,794 | -€1,195 | -15.0% |
| Other amounts payable | 47/48 | €6,057 | €20,655 | +€14,598 | +241% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,807 | €5,740 | +€3,933 | +218% |
| Other operating charges | 640/8 | €387 | €3,353 | +€2,965 | +766% |
| Gross operating margin | 9900 | €2,680 | €10,183 | +€7,502 | +280% |
| Operating profit (loss) | 9901 | €486 | €1,090 | +€603 | +124% |
| Profit (loss) for the period before taxes | 9903 | €486 | €1,090 | +€603 | +124% |
| Profit (loss) for the period | 9904 | €486 | €1,090 | +€603 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €486 | €1,090 | +€603 | +124% |
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 21 October 2026 via checked.be.