THE MILESTONE: 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.
THE MILESTONE
Largest movements
- Receivables within one year +€137,890
up €137,890 (+424.7%), from €32,470 to €170,360
- Cash -€52,760
down €52,760 (-91.5%), from €57,681 to €4,921
mainly Receivables within one year (-€137,890) and Other debts (-€34,214)
- Tangible fixed assets -€33,008
down €33,008 (-4.5%), from €727,312 to €694,304
of which Land and buildings: -€41,526
- Trade debts +€101,538
up €101,538 (+53.5%), from €189,859 to €291,397
- Other debts -€34,214
down €34,214 (-17.4%), from €196,740 to €162,526
- Debts after one year -€17,455
down €17,455 (-4.6%), from €377,497 to €360,042
- Write-downs -€18,017
no longer reported in 2025 (was €18,017)
- Gross operating margin -€17,100
down €17,100 (-16.6%), from €102,770 to €85,670
- Financial charges -€4,318
down €4,318 (-17.4%), from €24,813 to €20,495
- Depreciation +€2,238
up €2,238 (+4.8%), from €46,802 to €49,040
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 | €820,343 | €873,925 | +€53,582 | +6.5% |
| Fixed assets | 21/28 | €727,312 | €694,304 | -€33,008 | -4.5% |
| Tangible fixed assets | 22/27 | €727,312 | €694,304 | -€33,008 | -4.5% |
| Land and buildings | 22 | €724,810 | €683,284 | -€41,526 | -5.7% |
| Furniture and vehicles | 24 | €2,502 | €11,020 | +€8,518 | +340.4% |
| Current assets | 29/58 | €93,031 | €179,621 | +€86,591 | +93.1% |
| Amounts receivable within one year | 40/41 | €32,470 | €170,360 | +€137,890 | +424.7% |
| Trade receivables | 40 | €32,470 | €170,360 | +€137,890 | +424.7% |
| Cash at bank and in hand | 54/58 | €57,681 | €4,921 | -€52,760 | -91.5% |
| Deferred charges and accrued income | 490/1 | €2,880 | €4,340 | +€1,460 | +50.7% |
| Total equity and liabilities | 10/49 | €820,343 | €873,925 | +€53,582 | +6.5% |
| Equity | 10/15 | €10,260 | €14,295 | +€4,035 | +39.3% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,940 | €2,095 | +€4,035 | |
| Amounts payable | 17/49 | €810,083 | €859,630 | +€49,547 | +6.1% |
| Amounts payable after more than one year | 17 | €377,497 | €360,042 | -€17,455 | -4.6% |
| Financial debts | 170/4 | €377,497 | €360,042 | -€17,455 | -4.6% |
| Amounts payable within one year | 42/48 | €425,852 | €491,926 | +€66,075 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €18,534 | €19,019 | +€485 | +2.6% |
| Trade debts | 44 | €189,859 | €291,397 | +€101,538 | +53.5% |
| Suppliers | 440/4 | €189,859 | €291,397 | +€101,538 | +53.5% |
| Taxes, remuneration and social security | 45 | €20,718 | €18,984 | -€1,734 | -8.4% |
| Taxes | 450/3 | €20,718 | €18,984 | -€1,734 | -8.4% |
| Other amounts payable | 47/48 | €196,740 | €162,526 | -€34,214 | -17.4% |
| Accrued charges and deferred income | 492/3 | €6,734 | €7,662 | +€927 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,802 | €49,040 | +€2,238 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,017 | - | -€18,017 | |
| Other operating charges | 640/8 | €11,088 | €10,920 | -€168 | -1.5% |
| Gross operating margin | 9900 | €102,770 | €85,670 | -€17,100 | -16.6% |
| Operating profit (loss) | 9901 | €26,863 | €25,710 | -€1,153 | -4.3% |
| Financial charges | 65/66B | €24,813 | €20,495 | -€4,318 | -17.4% |
| Recurring financial charges | 65 | €24,813 | €20,495 | -€4,318 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €2,050 | €5,215 | +€3,165 | +154.4% |
| Income taxes | 67/77 | €1,474 | €1,180 | -€295 | -20.0% |
| Profit (loss) for the period | 9904 | €575 | €4,035 | +€3,460 | +601.4% |
| Profit (loss) for the period to be appropriated | 9905 | €575 | €4,035 | +€3,460 | +601.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.