MILVI: 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.
MILVI
Largest movements
- Receivables within one year +€46,602
up €46,602 (+27.4%), from €169,874 to €216,476
- Stocks and contracts -€19,459
no longer reported in 2025 (was €19,459)
- Cash -€16,986
down €16,986 (-33.4%), from €50,814 to €33,829
mainly Receivables within one year (-€46,602) and Other debts (-€4,000)
- Profit (loss) carried forward +€16,945
up €16,945 (+11.1%), from €151,978 to €168,923
- Other debts -€4,000
down €4,000 (-6.0%), from €66,446 to €62,446
- Gross operating margin -€150,003
down €150,003 (-86.5%), from €173,412 to €23,409
- Taxes +€4,458
up €4,458 (+348.1%), from €1,281 to €5,739
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 | €241,337 | €253,061 | +€11,724 | +4.9% |
| Fixed assets | 21/28 | €1,068 | €2,632 | +€1,565 | +146.6% |
| Tangible fixed assets | 22/27 | - | €500 | +€500 | |
| Land and buildings | 22 | - | €500 | +€500 | |
| Financial fixed assets | 28 | €1,068 | €2,132 | +€1,065 | +99.7% |
| Current assets | 29/58 | €240,270 | €250,429 | +€10,160 | +4.2% |
| Stocks and contracts in progress | 3 | €19,459 | - | -€19,459 | |
| Stocks | 30/36 | €19,459 | - | -€19,459 | |
| Amounts receivable within one year | 40/41 | €169,874 | €216,476 | +€46,602 | +27.4% |
| Other amounts receivable | 41 | €169,874 | €216,476 | +€46,602 | +27.4% |
| Cash at bank and in hand | 54/58 | €50,814 | €33,829 | -€16,986 | -33.4% |
| Deferred charges and accrued income | 490/1 | €122 | €125 | +€2 | +2.0% |
| Total equity and liabilities | 10/49 | €241,337 | €253,061 | +€11,724 | +4.9% |
| Equity | 10/15 | €170,538 | €187,483 | +€16,945 | +9.9% |
| Contributions | 10/11 | €16,699 | €16,699 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,978 | €168,923 | +€16,945 | +11.1% |
| Amounts payable | 17/49 | €70,799 | €65,579 | -€5,221 | -7.4% |
| Amounts payable within one year | 42/48 | €70,799 | €65,579 | -€5,221 | -7.4% |
| Trade debts | 44 | €3,073 | €1,852 | -€1,221 | -39.7% |
| Suppliers | 440/4 | €3,073 | €1,852 | -€1,221 | -39.7% |
| Taxes, remuneration and social security | 45 | €1,281 | €1,281 | = | 0.0% |
| Taxes | 450/3 | €1,281 | €1,281 | = | 0.0% |
| Other amounts payable | 47/48 | €66,446 | €62,446 | -€4,000 | -6.0% |
| Non-recurring operating income | 76A | €36,515 | - | -€36,515 | |
| Other operating charges | 640/8 | €425 | €400 | -€25 | -5.9% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €173,412 | €23,409 | -€150,003 | -86.5% |
| Operating profit (loss) | 9901 | €172,888 | €23,009 | -€149,879 | -86.7% |
| Financial charges | 65/66B | €270 | €325 | +€55 | +20.6% |
| Recurring financial charges | 65 | €270 | €325 | +€55 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €172,618 | €22,684 | -€149,934 | -86.9% |
| Income taxes | 67/77 | €1,281 | €5,739 | +€4,458 | +348.1% |
| Profit (loss) for the period | 9904 | €171,337 | €16,945 | -€154,392 | -90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €171,337 | €16,945 | -€154,392 | -90.1% |
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 10 October 2026 via checked.be.