MILUNIMAX: 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.
What changed
MILUNIMAX
NACE 86.220, Specialist medical practice
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€462,110
2024 · €374,170+€87,940
Equity
€3.5m
2024 · €3.0m+€462,110
Cash
€17,264
2024 · €13,910+€3,354
Balance sheet total
€7.0m
2024 · €6.4m+€530,306
Largest movements
Assets
- Receivables within one year +€1.0m
up €1.0m (+131%), from €793,247 to €1.8m
- Receivables after one year -€650,000
down €650,000 (-50.0%), from €1.3m to €650,000
- Tangible fixed assets +€146,355
up €146,355 (+3.5%), from €4.2m to €4.3m
of which Land and buildings: +€182,773
Equity and liabilities
- Reserves +€462,110
up €462,110 (+15.4%), from €3.0m to €3.5m
Income statement
- Gross operating margin +€59,048
up €59,048 (+6.0%), from €978,654 to €1.0m
- Financial income +€37,457
up €37,457 (+54.1%), from €69,211 to €106,668
- Taxes +€23,531
up €23,531 (+9.1%), from €259,309 to €282,839
- Depreciation -€22,990
down €22,990 (-7.4%), from €311,460 to €288,469
- Financial charges +€12,365
up €12,365 (+21.2%), from €58,250 to €70,614
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.
Result 2024
€374,170
Gross operating margin
+€59,048
Staff costs
+€4,285
Depreciation
+€22,990
Other operating charges
+€56
Financial income
+€37,457
Financial charges
-€12,365
Taxes
-€23,531
Result 2025
€462,110
raises the resultlowers the result
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.
From operations
+€357,600
Investment
-€434,825
Financing
+€80,579
Cash 2024
€13,910
From operations (derived)
+€357,600
Net result for the year
+€462,110
Depreciation
+€288,469
Receivables after one year
+€650,000
Receivables within one year
-€1.0m
Deferred charges and accrued income
+€10,339
Smaller working-capital items
-€1,141
Tax, wage and social debts
-€17,166
Other debts
+€5,923
Investment (derived)
-€434,825
Investment in fixed assets (net)
-€434,825
Financing
+€80,579
Debts after one year
+€21,264
Current portion of long-term debt
+€59,490
Short-term financial debts
-€175
Cash 2025
€17,264
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,436,057 | €6,966,362 | +€530,306 | +8.2% |
| Fixed assets | 21/28 | €4,170,219 | €4,316,574 | +€146,355 | +3.5% |
| Tangible fixed assets | 22/27 | €4,170,219 | €4,316,574 | +€146,355 | +3.5% |
| Land and buildings | 22 | €3,949,509 | €4,132,282 | +€182,773 | +4.6% |
| Plant, machinery and equipment | 23 | €101,188 | €85,944 | -€15,244 | -15.1% |
| Furniture and vehicles | 24 | €119,522 | €98,349 | -€21,174 | -17.7% |
| Current assets | 29/58 | €2,265,838 | €2,649,788 | +€383,951 | +16.9% |
| Amounts receivable after more than one year | 29 | €1,300,000 | €650,000 | -€650,000 | -50.0% |
| Other amounts receivable | 291 | €1,300,000 | €650,000 | -€650,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €793,247 | €1,834,183 | +€1.0m | +131% |
| Other amounts receivable | 41 | €793,247 | €1,834,183 | +€1.0m | +131% |
| Cash at bank and in hand | 54/58 | €13,910 | €17,264 | +€3,354 | +24.1% |
| Deferred charges and accrued income | 490/1 | €158,681 | €148,342 | -€10,339 | -6.5% |
| Total equity and liabilities | 10/49 | €6,436,057 | €6,966,362 | +€530,306 | +8.2% |
| Equity | 10/15 | €3,004,962 | €3,467,072 | +€462,110 | +15.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,992,562 | €3,454,672 | +€462,110 | +15.4% |
| Distributable reserves | 133 | €2,992,562 | €3,454,672 | +€462,110 | +15.4% |
| Amounts payable | 17/49 | €3,431,095 | €3,499,290 | +€68,195 | +2.0% |
| Amounts payable after more than one year | 17 | €2,514,518 | €2,535,781 | +€21,264 | +0.8% |
| Financial debts | 170/4 | €2,514,518 | €2,535,781 | +€21,264 | +0.8% |
| Amounts payable within one year | 42/48 | €904,683 | €953,000 | +€48,317 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €392,732 | €452,222 | +€59,490 | +15.1% |
| Financial debts | 43 | €34,124 | €33,948 | -€175 | -0.5% |
| Credit institutions | 430/8 | €34,124 | €33,948 | -€175 | -0.5% |
| Trade debts | 44 | €18,682 | €18,927 | +€245 | +1.3% |
| Suppliers | 440/4 | €18,682 | €18,927 | +€245 | +1.3% |
| Taxes, remuneration and social security | 45 | €305,257 | €288,091 | -€17,166 | -5.6% |
| Taxes | 450/3 | €305,257 | €288,091 | -€17,166 | -5.6% |
| Other amounts payable | 47/48 | €153,889 | €159,812 | +€5,923 | +3.8% |
| Accrued charges and deferred income | 492/3 | €11,894 | €10,508 | -€1,386 | -11.6% |
| Remuneration, social security and pensions | 62 | €26,535 | €22,251 | -€4,285 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,460 | €288,469 | -€22,990 | -7.4% |
| Other operating charges | 640/8 | €18,142 | €18,086 | -€56 | -0.3% |
| Gross operating margin | 9900 | €978,654 | €1,037,702 | +€59,048 | +6.0% |
| Operating profit (loss) | 9901 | €622,517 | €708,896 | +€86,379 | +13.9% |
| Financial income | 75/76B | €69,211 | €106,668 | +€37,457 | +54.1% |
| Recurring financial income | 75 | €69,211 | €106,668 | +€37,457 | +54.1% |
| Financial charges | 65/66B | €58,250 | €70,614 | +€12,365 | +21.2% |
| Recurring financial charges | 65 | €58,250 | €70,614 | +€12,365 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | €633,479 | €744,950 | +€111,471 | +17.6% |
| Income taxes | 67/77 | €259,309 | €282,839 | +€23,531 | +9.1% |
| Profit (loss) for the period | 9904 | €374,170 | €462,110 | +€87,940 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €374,170 | €462,110 | +€87,940 | +23.5% |
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 26 October 2026 via checked.be.