A3M: 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.
A3M
Largest movements
- Tangible fixed assets +€3.9m
up €3.9m (+225%), from €1.7m to €5.7m
of which Land and buildings: +€3.8m
- Current investments -€2.3m
down €2.3m (-57.8%), from €4.0m to €1.7m
- Cash +€955,416
up €955,416 (+614%), from €155,683 to €1.1m
mainly Current investments (+€2.3m) and Debts after one year (+€1.9m)
- Financial fixed assets -€435,336
down €435,336 (-11.0%), from €3.9m to €3.5m
- Receivables within one year -€137,665
down €137,665 (-10.9%), from €1.3m to €1.1m
of which Trade receivables: -€83,583
- Debts after one year +€1.9m
up €1.9m (+156%), from €1.2m to €3.1m
- Profit (loss) carried forward +€415,860
up €415,860 (+4.5%), from €9.2m to €9.6m
- Other debts -€250,000
down €250,000 (-41.7%), from €600,000 to €350,000
- Gross operating margin -€2.7m
down €2.7m (-81.4%), from €3.3m to €617,069
- Financial income -€1.3m
down €1.3m (-59.2%), from €2.1m to €876,587
- Taxes -€1.2m
down €1.2m (-87.2%), from €1.4m to €177,345
- Financial charges +€189,090
up €189,090 (+173%), from €109,569 to €298,659
- Other operating charges -€39,543
down €39,543 (-86.4%), from €45,793 to €6,250
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 | €11,213,655 | €13,203,918 | +€2.0m | +17.7% |
| Fixed assets | 21/28 | €5,686,475 | €9,178,585 | +€3.5m | +61.4% |
| Tangible fixed assets | 22/27 | €1,745,501 | €5,672,947 | +€3.9m | +225% |
| Land and buildings | 22 | €1,602,729 | €5,436,371 | +€3.8m | +239% |
| Furniture and vehicles | 24 | €66,735 | €171,729 | +€104,994 | +157% |
| Leasing and similar rights | 25 | €45,037 | €33,847 | -€11,190 | -24.8% |
| Other tangible fixed assets | 26 | €31,000 | €31,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,940,974 | €3,505,638 | -€435,336 | -11.0% |
| Current assets | 29/58 | €5,527,180 | €4,025,333 | -€1.5m | -27.2% |
| Amounts receivable after more than one year | 29 | €5,000 | €5,000 | = | 0.0% |
| Other amounts receivable | 291 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,260,175 | €1,122,510 | -€137,665 | -10.9% |
| Trade receivables | 40 | €287,629 | €204,046 | -€83,583 | -29.1% |
| Other amounts receivable | 41 | €972,546 | €918,464 | -€54,081 | -5.6% |
| Current investments | 50/53 | €4,000,000 | €1,686,961 | -€2.3m | -57.8% |
| Cash at bank and in hand | 54/58 | €155,683 | €1,111,099 | +€955,416 | +614% |
| Deferred charges and accrued income | 490/1 | €106,322 | €99,763 | -€6,559 | -6.2% |
| Total equity and liabilities | 10/49 | €11,213,655 | €13,203,918 | +€2.0m | +17.7% |
| Equity | 10/15 | €9,173,369 | €9,589,229 | +€415,860 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,152,909 | €9,568,769 | +€415,860 | +4.5% |
| Amounts payable | 17/49 | €2,040,286 | €3,614,689 | +€1.6m | +77.2% |
| Amounts payable after more than one year | 17 | €1,199,503 | €3,075,640 | +€1.9m | +156% |
| Financial debts | 170/4 | €1,199,503 | €3,075,640 | +€1.9m | +156% |
| Amounts payable within one year | 42/48 | €840,784 | €539,049 | -€301,734 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €123,399 | €123,863 | +€464 | +0.4% |
| Financial debts | 43 | €7,757 | €1,928 | -€5,829 | -75.1% |
| Credit institutions | 430/8 | €7,757 | €1,928 | -€5,829 | -75.1% |
| Trade debts | 44 | €2,144 | €2,338 | +€194 | +9.1% |
| Suppliers | 440/4 | €2,144 | €2,338 | +€194 | +9.1% |
| Taxes, remuneration and social security | 45 | €107,483 | €60,920 | -€46,563 | -43.3% |
| Taxes | 450/3 | €98,125 | €54,488 | -€43,637 | -44.5% |
| Remuneration and social security | 454/9 | €9,358 | €6,432 | -€2,926 | -31.3% |
| Other amounts payable | 47/48 | €600,000 | €350,000 | -€250,000 | -41.7% |
| Non-recurring operating income | 76A | €8,004 | €3,000 | -€5,004 | -62.5% |
| Remuneration, social security and pensions | 62 | €68,179 | €68,184 | +€5 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,388 | €177,358 | +€31,969 | +22.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,500 | €0 | -€22,500 | -100% |
| Other operating charges | 640/8 | €45,793 | €6,250 | -€39,543 | -86.4% |
| Gross operating margin | 9900 | €3,315,192 | €617,069 | -€2.7m | -81.4% |
| Operating profit (loss) | 9901 | €3,033,332 | €365,277 | -€2.7m | -88.0% |
| Financial income | 75/76B | €2,147,200 | €876,587 | -€1.3m | -59.2% |
| Recurring financial income | 75 | €2,147,200 | €876,587 | -€1.3m | -59.2% |
| Financial charges | 65/66B | €109,569 | €298,659 | +€189,090 | +173% |
| Recurring financial charges | 65 | €109,569 | €298,659 | +€189,090 | +173% |
| Profit (loss) for the period before taxes | 9903 | €5,070,963 | €943,205 | -€4.1m | -81.4% |
| Income taxes | 67/77 | €1,383,237 | €177,345 | -€1.2m | -87.2% |
| Profit (loss) for the period | 9904 | €3,687,726 | €765,860 | -€2.9m | -79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,687,726 | €765,860 | -€2.9m | -79.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.