MILVEST: 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.
MILVEST
Largest movements
- Tangible fixed assets -€168,313
down €168,313 (-8.8%), from €1.9m to €1.7m
of which Land and buildings: -€170,758
- Profit (loss) carried forward -€145,191
down €145,191 (-5.0%), from -€2.9m to -€3.0m
- Debts after one year -€55,551
down €55,551 (-24.2%), from €229,224 to €173,674
- Other debts +€26,406
up €26,406 (+1.0%), from €2.6m to €2.7m
- Gross operating margin +€41,780
up €41,780 (+214.1%), from €19,518 to €61,298
- Other operating charges +€10,186
up €10,186 (+105.7%), from €9,640 to €19,826
- Depreciation -€6,113
down €6,113 (-3.3%), from €184,928 to €178,815
- Financial charges -€5,535
down €5,535 (-32.6%), from €16,998 to €11,463
- Financial income +€3,615
new in 2025: €3,615
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 | €2,057,109 | €1,875,980 | -€181,129 | -8.8% |
| Fixed assets | 21/28 | €1,904,354 | €1,736,041 | -€168,313 | -8.8% |
| Tangible fixed assets | 22/27 | €1,904,354 | €1,736,041 | -€168,313 | -8.8% |
| Land and buildings | 22 | €1,857,142 | €1,686,384 | -€170,758 | -9.2% |
| Plant, machinery and equipment | 23 | €47,212 | €49,657 | +€2,445 | +5.2% |
| Current assets | 29/58 | €152,755 | €139,939 | -€12,816 | -8.4% |
| Amounts receivable within one year | 40/41 | €12,968 | - | -€12,968 | |
| Trade receivables | 40 | €12,968 | - | -€12,968 | |
| Cash at bank and in hand | 54/58 | €5,520 | €16,182 | +€10,662 | +193.1% |
| Deferred charges and accrued income | 490/1 | €134,267 | €123,757 | -€10,510 | -7.8% |
| Total equity and liabilities | 10/49 | €2,057,109 | €1,875,980 | -€181,129 | -8.8% |
| Equity | 10/15 | -€865,701 | -€1,010,893 | -€145,191 | -16.8% |
| Contributions | 10/11 | €2,012,400 | €2,012,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,878,101 | -€3,023,293 | -€145,191 | -5.0% |
| Amounts payable | 17/49 | €2,922,810 | €2,886,872 | -€35,938 | -1.2% |
| Amounts payable after more than one year | 17 | €229,224 | €173,674 | -€55,551 | -24.2% |
| Financial debts | 170/4 | €229,224 | €173,674 | -€55,551 | -24.2% |
| Amounts payable within one year | 42/48 | €2,693,585 | €2,713,199 | +€19,613 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €52,857 | €55,504 | +€2,647 | +5.0% |
| Trade debts | 44 | €10,851 | €4,824 | -€6,028 | -55.5% |
| Suppliers | 440/4 | €10,851 | €4,824 | -€6,028 | -55.5% |
| Taxes, remuneration and social security | 45 | €3,413 | - | -€3,413 | |
| Taxes | 450/3 | €3,413 | - | -€3,413 | |
| Other amounts payable | 47/48 | €2,626,465 | €2,652,871 | +€26,406 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,928 | €178,815 | -€6,113 | -3.3% |
| Other operating charges | 640/8 | €9,640 | €19,826 | +€10,186 | +105.7% |
| Gross operating margin | 9900 | €19,518 | €61,298 | +€41,780 | +214.1% |
| Operating profit (loss) | 9901 | -€175,049 | -€137,343 | +€37,707 | +21.5% |
| Financial income | 75/76B | - | €3,615 | +€3,615 | |
| Recurring financial income | 75 | - | €3,615 | +€3,615 | |
| Financial charges | 65/66B | €16,998 | €11,463 | -€5,535 | -32.6% |
| Recurring financial charges | 65 | €16,998 | €11,463 | -€5,535 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | -€192,047 | -€145,191 | +€46,856 | +24.4% |
| Profit (loss) for the period | 9904 | -€192,047 | -€145,191 | +€46,856 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,047 | -€145,191 | +€46,856 | +24.4% |
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 9 October 2026 via checked.be.