TAL MILSTEIN STABLES: 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.
TAL MILSTEIN STABLES
Largest movements
- Receivables within one year +€557,934
up €557,934 (+37.2%), from €1.5m to €2.1m
of which Trade receivables: +€585,438
- Deferred charges and accrued income -€283,036
down €283,036 (-56.1%), from €504,076 to €221,040
- Cash -€169,896
down €169,896 (-55.9%), from €303,971 to €134,075
mainly Receivables within one year (-€557,934) and Trade debts (-€121,286)
- Tangible fixed assets -€83,911
down €83,911 (-24.3%), from €345,318 to €261,407
of which Leasing and similar rights: -€47,910
- Stocks and contracts -€78,219
down €78,219 (-6.7%), from €1.2m to €1.1m
- Other debts +€126,051
up €126,051 (+7.2%), from €1.8m to €1.9m
- Trade debts -€121,286
down €121,286 (-18.3%), from €661,659 to €540,373
- Debts after one year -€48,847
down €48,847 (-33.4%), from €146,214 to €97,367
- Write-downs -€37,000
new in 2025: -€37,000
- Financial charges +€30,997
up €30,997 (+82.5%), from €37,590 to €68,586
- Staff costs -€24,915
down €24,915 (-7.6%), from €326,177 to €301,262
- Gross operating margin -€15,665
down €15,665 (-3.2%), from €485,008 to €469,343
- Depreciation +€11,699
up €11,699 (+13.4%), from €87,452 to €99,151
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 | €3,820,715 | €3,763,058 | -€57,657 | -1.5% |
| Fixed assets | 21/28 | €351,668 | €267,228 | -€84,440 | -24.0% |
| Tangible fixed assets | 22/27 | €345,318 | €261,407 | -€83,911 | -24.3% |
| Land and buildings | 22 | €18,868 | €19,676 | +€808 | +4.3% |
| Plant, machinery and equipment | 23 | €3,492 | €6,465 | +€2,973 | +85.1% |
| Furniture and vehicles | 24 | €150,975 | €111,194 | -€39,781 | -26.3% |
| Leasing and similar rights | 25 | €171,982 | €124,072 | -€47,910 | -27.9% |
| Financial fixed assets | 28 | €6,350 | €5,821 | -€529 | -8.3% |
| Current assets | 29/58 | €3,469,047 | €3,495,830 | +€26,784 | +0.8% |
| Stocks and contracts in progress | 3 | €1,159,314 | €1,081,095 | -€78,219 | -6.7% |
| Stocks | 30/36 | €1,159,314 | €1,081,095 | -€78,219 | -6.7% |
| Amounts receivable within one year | 40/41 | €1,501,687 | €2,059,621 | +€557,934 | +37.2% |
| Trade receivables | 40 | €274,409 | €859,847 | +€585,438 | +213% |
| Other amounts receivable | 41 | €1,227,278 | €1,199,774 | -€27,504 | -2.2% |
| Cash at bank and in hand | 54/58 | €303,971 | €134,075 | -€169,896 | -55.9% |
| Deferred charges and accrued income | 490/1 | €504,076 | €221,040 | -€283,036 | -56.1% |
| Total equity and liabilities | 10/49 | €3,820,715 | €3,763,058 | -€57,657 | -1.5% |
| Equity | 10/15 | €1,120,687 | €1,135,623 | +€14,936 | +1.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,114,487 | €1,129,423 | +€14,936 | +1.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,112,632 | €1,127,568 | +€14,936 | +1.3% |
| Amounts payable | 17/49 | €2,700,028 | €2,627,436 | -€72,593 | -2.7% |
| Amounts payable after more than one year | 17 | €146,214 | €97,367 | -€48,847 | -33.4% |
| Financial debts | 170/4 | €146,214 | €97,367 | -€48,847 | -33.4% |
| Amounts payable within one year | 42/48 | €2,553,814 | €2,530,069 | -€23,745 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €77,317 | €49,222 | -€28,095 | -36.3% |
| Trade debts | 44 | €661,659 | €540,373 | -€121,286 | -18.3% |
| Suppliers | 440/4 | €661,659 | €540,373 | -€121,286 | -18.3% |
| Taxes, remuneration and social security | 45 | €59,898 | €59,484 | -€415 | -0.7% |
| Taxes | 450/3 | €51,064 | €28,366 | -€22,697 | -44.4% |
| Remuneration and social security | 454/9 | €8,834 | €31,117 | +€22,283 | +252% |
| Other amounts payable | 47/48 | €1,754,940 | €1,880,990 | +€126,051 | +7.2% |
| Non-recurring operating income | 76A | €212,517 | €13,575 | -€198,942 | -93.6% |
| Remuneration, social security and pensions | 62 | €326,177 | €301,262 | -€24,915 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,452 | €99,151 | +€11,699 | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€37,000 | -€37,000 | |
| Other operating charges | 640/8 | €20,362 | €16,271 | -€4,092 | -20.1% |
| Gross operating margin | 9900 | €485,008 | €469,343 | -€15,665 | -3.2% |
| Operating profit (loss) | 9901 | €51,017 | €89,659 | +€38,643 | +75.7% |
| Financial income | 75/76B | €9,677 | €4,033 | -€5,645 | -58.3% |
| Recurring financial income | 75 | €9,677 | €4,033 | -€5,645 | -58.3% |
| Financial charges | 65/66B | €37,590 | €68,586 | +€30,997 | +82.5% |
| Recurring financial charges | 65 | €37,590 | €68,586 | +€30,997 | +82.5% |
| Profit (loss) for the period before taxes | 9903 | €23,104 | €25,106 | +€2,001 | +8.7% |
| Income taxes | 67/77 | €18,368 | €10,170 | -€8,198 | -44.6% |
| Profit (loss) for the period | 9904 | €4,737 | €14,936 | +€10,199 | +215% |
| Profit (loss) for the period to be appropriated | 9905 | €4,737 | €14,936 | +€10,199 | +215% |
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 28 October 2026 via checked.be.