MILVAMAN: 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.
MILVAMAN
Largest movements
- Cash +€29,969
up €29,969 (+53.6%), from €55,943 to €85,913
mainly Net result for the year (+€49,459) and Tax, wage and social debts (+€12,876)
- Current investments +€27,000
new in 2025: €27,000
- Tangible fixed assets +€6,703
new in 2025: €6,703
- Receivables within one year +€1,747
new in 2025: €1,747
- Reserves +€49,459
up €49,459 (+203%), from €24,317 to €73,776
- Tax, wage and social debts +€12,876
up €12,876 (+138%), from €9,334 to €22,210
of which Taxes: +€12,176
- Other debts +€3,571
up €3,571 (+33.4%), from €10,693 to €14,264
- Gross operating margin +€28,718
up €28,718 (+83.7%), from €34,328 to €63,046
- Taxes +€2,096
up €2,096 (+24.0%), from €8,734 to €10,829
- Financial charges +€708
new in 2025: €708
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 | €57,443 | €123,031 | +€65,587 | +114% |
| Fixed assets | 21/28 | €882 | €7,585 | +€6,703 | +760% |
| Tangible fixed assets | 22/27 | - | €6,703 | +€6,703 | |
| Furniture and vehicles | 24 | - | €6,703 | +€6,703 | |
| Financial fixed assets | 28 | €882 | €882 | = | 0.0% |
| Current assets | 29/58 | €56,561 | €115,446 | +€58,884 | +104% |
| Amounts receivable within one year | 40/41 | - | €1,747 | +€1,747 | |
| Other amounts receivable | 41 | - | €1,747 | +€1,747 | |
| Current investments | 50/53 | - | €27,000 | +€27,000 | |
| Cash at bank and in hand | 54/58 | €55,943 | €85,913 | +€29,969 | +53.6% |
| Deferred charges and accrued income | 490/1 | €618 | €786 | +€169 | +27.3% |
| Total equity and liabilities | 10/49 | €57,443 | €123,031 | +€65,587 | +114% |
| Equity | 10/15 | €28,817 | €78,276 | +€49,459 | +172% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €24,317 | €73,776 | +€49,459 | +203% |
| Distributable reserves | 133 | €24,317 | €73,776 | +€49,459 | +203% |
| Amounts payable | 17/49 | €28,626 | €44,755 | +€16,129 | +56.3% |
| Amounts payable within one year | 42/48 | €26,666 | €42,686 | +€16,020 | +60.1% |
| Trade debts | 44 | €6,639 | €6,213 | -€426 | -6.4% |
| Suppliers | 440/4 | €6,639 | €6,213 | -€426 | -6.4% |
| Taxes, remuneration and social security | 45 | €9,334 | €22,210 | +€12,876 | +138% |
| Taxes | 450/3 | €9,334 | €21,510 | +€12,176 | +130% |
| Remuneration and social security | 454/9 | - | €700 | +€700 | |
| Other amounts payable | 47/48 | €10,693 | €14,264 | +€3,571 | +33.4% |
| Accrued charges and deferred income | 492/3 | €1,960 | €2,068 | +€108 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €497 | +€497 | |
| Other operating charges | 640/8 | €1,277 | €1,553 | +€275 | +21.5% |
| Gross operating margin | 9900 | €34,328 | €63,046 | +€28,718 | +83.7% |
| Operating profit (loss) | 9901 | €33,051 | €60,996 | +€27,945 | +84.6% |
| Financial charges | 65/66B | - | €708 | +€708 | |
| Recurring financial charges | 65 | - | €708 | +€708 | |
| Profit (loss) for the period before taxes | 9903 | €33,051 | €60,288 | +€27,237 | +82.4% |
| Income taxes | 67/77 | €8,734 | €10,829 | +€2,096 | +24.0% |
| Profit (loss) for the period | 9904 | €24,317 | €49,459 | +€25,141 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €24,317 | €49,459 | +€25,141 | +103% |
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 20 October 2026 via checked.be.