MILVUS: 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.
MILVUS
Largest movements
- Tangible fixed assets +€119,902
up €119,902 (+1006.7%), from €11,910 to €131,812
of which Furniture and vehicles: +€122,036
- Cash -€87,673
down €87,673 (-57.8%), from €151,674 to €64,001
mainly Investment in fixed assets (net) (-€132,888) and Receivables within one year (-€37,805)
- Receivables within one year +€37,805
up €37,805 (+147.4%), from €25,647 to €63,453
of which Trade receivables: +€38,787
- Other debts +€29,918
up €29,918 (+248.4%), from €12,047 to €41,964
- Trade debts +€27,483
up €27,483 (+4190.7%), from €656 to €28,139
- Reserves +€14,628
up €14,628 (+7.4%), from €198,521 to €213,149
- Gross operating margin +€41,044
up €41,044 (+77.4%), from €53,003 to €94,047
- Financial income -€10,537
down €10,537 (-100.0%), from €10,537 to €0
- Taxes +€7,654
up €7,654 (+42.2%), from €18,140 to €25,794
- Depreciation +€5,760
up €5,760 (+79.7%), from €7,226 to €12,986
- Financial charges +€4,427
up €4,427 (+1928.8%), from €230 to €4,657
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 | €225,794 | €297,037 | +€71,242 | +31.6% |
| Fixed assets | 21/28 | €11,910 | €131,812 | +€119,902 | +1006.7% |
| Tangible fixed assets | 22/27 | €11,910 | €131,812 | +€119,902 | +1006.7% |
| Land and buildings | 22 | €10,274 | €8,140 | -€2,134 | -20.8% |
| Furniture and vehicles | 24 | €1,636 | €123,672 | +€122,036 | +7459.4% |
| Current assets | 29/58 | €213,884 | €165,225 | -€48,659 | -22.8% |
| Amounts receivable within one year | 40/41 | €25,647 | €63,453 | +€37,805 | +147.4% |
| Trade receivables | 40 | €19,647 | €58,435 | +€38,787 | +197.4% |
| Other amounts receivable | 41 | €6,000 | €5,018 | -€982 | -16.4% |
| Current investments | 50/53 | €30,315 | €30,315 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €151,674 | €64,001 | -€87,673 | -57.8% |
| Deferred charges and accrued income | 490/1 | €6,248 | €7,456 | +€1,208 | +19.3% |
| Total equity and liabilities | 10/49 | €225,794 | €297,037 | +€71,242 | +31.6% |
| Equity | 10/15 | €203,613 | €218,241 | +€14,628 | +7.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €198,521 | €213,149 | +€14,628 | +7.4% |
| Distributable reserves | 133 | €198,521 | €213,149 | +€14,628 | +7.4% |
| Profit (loss) carried forward | 14 | -€13,508 | -€13,508 | = | 0.0% |
| Amounts payable | 17/49 | €22,181 | €78,796 | +€56,615 | +255.2% |
| Amounts payable within one year | 42/48 | €22,181 | €78,796 | +€56,615 | +255.2% |
| Financial debts | 43 | €13 | €49 | +€36 | +278.1% |
| Credit institutions | 430/8 | €13 | €49 | +€36 | +278.1% |
| Trade debts | 44 | €656 | €28,139 | +€27,483 | +4190.7% |
| Suppliers | 440/4 | €656 | €28,139 | +€27,483 | +4190.7% |
| Taxes, remuneration and social security | 45 | €9,466 | €8,644 | -€822 | -8.7% |
| Taxes | 450/3 | €9,466 | €8,644 | -€822 | -8.7% |
| Other amounts payable | 47/48 | €12,047 | €41,964 | +€29,918 | +248.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €4,525 | €2,715 | -€1,810 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,226 | €12,986 | +€5,760 | +79.7% |
| Other operating charges | 640/8 | €1,415 | €1,517 | +€101 | +7.2% |
| Gross operating margin | 9900 | €53,003 | €94,047 | +€41,044 | +77.4% |
| Operating profit (loss) | 9901 | €44,362 | €79,544 | +€35,182 | +79.3% |
| Financial income | 75/76B | €10,537 | €0 | -€10,537 | -100.0% |
| Recurring financial income | 75 | €10,537 | €0 | -€10,537 | -100.0% |
| Financial charges | 65/66B | €230 | €4,657 | +€4,427 | +1928.8% |
| Recurring financial charges | 65 | €230 | €4,657 | +€4,427 | +1928.8% |
| Profit (loss) for the period before taxes | 9903 | €54,669 | €74,887 | +€20,218 | +37.0% |
| Income taxes | 67/77 | €18,140 | €25,794 | +€7,654 | +42.2% |
| Profit (loss) for the period | 9904 | €36,529 | €49,093 | +€12,564 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,529 | €49,093 | +€12,564 | +34.4% |
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 11 October 2026 via checked.be.