MILK: 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.
MILK
Largest movements
- Stocks and contracts -€62,294
down €62,294 (-23.3%), from €267,769 to €205,475
- Tangible fixed assets -€35,427
down €35,427 (-27.1%), from €130,904 to €95,477
of which Plant, machinery and equipment: -€19,690
- Profit (loss) carried forward -€175,265
down €175,265 (-29.3%), from -€599,094 to -€774,359
- Other debts +€116,197
up €116,197 (+14.4%), from €805,401 to €921,598
- Trade debts -€58,255
down €58,255 (-43.7%), from €133,337 to €75,082
- Tax, wage and social debts +€23,697
up €23,697 (+37.7%), from €62,861 to €86,558
of which Remuneration and social security: +€29,032
- Short-term financial debts +€15,575
up €15,575 (+90.9%), from €17,134 to €32,709
- Gross operating margin -€39,418
down €39,418 (-43.5%), from €90,571 to €51,153
- Staff costs -€8,705
down €8,705 (-4.8%), from €182,248 to €173,542
- Other operating charges -€8,268
down €8,268 (-72.5%), from €11,409 to €3,141
- Financial charges +€7,118
up €7,118 (+116%), from €6,128 to €13,246
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 | €677,745 | €582,101 | -€95,643 | -14.1% |
| Fixed assets | 21/28 | €211,414 | €180,261 | -€31,153 | -14.7% |
| Intangible fixed assets | 21 | - | €4,274 | +€4,274 | |
| Tangible fixed assets | 22/27 | €130,904 | €95,477 | -€35,427 | -27.1% |
| Plant, machinery and equipment | 23 | €57,916 | €38,226 | -€19,690 | -34.0% |
| Furniture and vehicles | 24 | €593 | - | -€593 | |
| Other tangible fixed assets | 26 | €72,395 | €57,251 | -€15,144 | -20.9% |
| Financial fixed assets | 28 | €80,510 | €80,510 | = | 0.0% |
| Current assets | 29/58 | €466,331 | €401,840 | -€64,490 | -13.8% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €267,769 | €205,475 | -€62,294 | -23.3% |
| Stocks | 30/36 | €267,769 | €205,475 | -€62,294 | -23.3% |
| Amounts receivable within one year | 40/41 | €148,454 | €141,961 | -€6,494 | -4.4% |
| Trade receivables | 40 | €135,043 | €126,142 | -€8,901 | -6.6% |
| Other amounts receivable | 41 | €13,412 | €15,819 | +€2,408 | +18.0% |
| Cash at bank and in hand | 54/58 | €4,793 | €9,073 | +€4,280 | +89.3% |
| Deferred charges and accrued income | 490/1 | €315 | €332 | +€17 | +5.4% |
| Total equity and liabilities | 10/49 | €677,745 | €582,101 | -€95,643 | -14.1% |
| Equity | 10/15 | -€359,884 | -€535,149 | -€175,265 | -48.7% |
| Contributions | 10/11 | €220,460 | €220,460 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€599,094 | -€774,359 | -€175,265 | -29.3% |
| Amounts payable | 17/49 | €1,037,629 | €1,117,251 | +€79,622 | +7.7% |
| Amounts payable after more than one year | 17 | €4,018 | - | -€4,018 | |
| Financial debts | 170/4 | €4,018 | - | -€4,018 | |
| Amounts payable within one year | 42/48 | €1,033,611 | €1,117,251 | +€83,640 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €14,877 | €1,303 | -€13,574 | -91.2% |
| Financial debts | 43 | €17,134 | €32,709 | +€15,575 | +90.9% |
| Credit institutions | 430/8 | €17,134 | €32,709 | +€15,575 | +90.9% |
| Trade debts | 44 | €133,337 | €75,082 | -€58,255 | -43.7% |
| Suppliers | 440/4 | €133,337 | €75,082 | -€58,255 | -43.7% |
| Taxes, remuneration and social security | 45 | €62,861 | €86,558 | +€23,697 | +37.7% |
| Taxes | 450/3 | €49,332 | €43,997 | -€5,335 | -10.8% |
| Remuneration and social security | 454/9 | €13,530 | €42,561 | +€29,032 | +215% |
| Other amounts payable | 47/48 | €805,401 | €921,598 | +€116,197 | +14.4% |
| Remuneration, social security and pensions | 62 | €182,248 | €173,542 | -€8,705 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,595 | €37,262 | +€667 | +1.8% |
| Other operating charges | 640/8 | €11,409 | €3,141 | -€8,268 | -72.5% |
| Gross operating margin | 9900 | €90,571 | €51,153 | -€39,418 | -43.5% |
| Operating profit (loss) | 9901 | -€139,681 | -€162,793 | -€23,112 | -16.5% |
| Financial income | 75/76B | €268 | €11 | -€257 | -95.8% |
| Recurring financial income | 75 | €268 | €11 | -€257 | -95.8% |
| Financial charges | 65/66B | €6,128 | €13,246 | +€7,118 | +116% |
| Recurring financial charges | 65 | €6,128 | €13,246 | +€7,118 | +116% |
| Profit (loss) for the period before taxes | 9903 | -€145,540 | -€176,028 | -€30,488 | -20.9% |
| Income taxes | 67/77 | €132 | -€758 | -€889 | |
| Profit (loss) for the period | 9904 | -€145,672 | -€175,270 | -€29,598 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€145,672 | -€175,270 | -€29,598 | -20.3% |
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 29 October 2026 via checked.be.