C3M3: what changed
Two fiscal 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.
C3M3
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+75.2%), from €2.9m to €5.0m
of which Land and buildings: +€2.2m
- Cash +€580,968
up €580,968 (+10724.0%), from €5,417 to €586,385
mainly Contributions, distributions and other (+€2.5m) and Other debts (+€842,142)
- Receivables within one year +€90,171
new in 2025: €90,171
of which Trade receivables: +€89,680
- Contributions +€2.5m
up €2.5m (+250.0%), from €1.0m to €3.5m
- Other debts +€842,142
up €842,142 (+47.4%), from €1.8m to €2.6m
- Profit (loss) carried forward -€513,266
down €513,266 (-80.1%), from -€641,176 to -€1.2m
- Trade debts +€100,347
up €100,347 (+1946.4%), from €5,156 to €105,502
- Debts after one year -€99,159
down €99,159 (-15.6%), from €637,412 to €538,253
- Depreciation +€340,361
up €340,361 (+307.6%), from €110,653 to €451,013
- Gross operating margin -€48,215
down €48,215, from €5,633 to -€42,582
- Financial charges -€30,819
down €30,819 (-79.6%), from €38,699 to €7,880
- Other operating charges +€2,636
up €2,636 (+29.2%), from €9,014 to €11,651
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 | €2,875,483 | €5,706,502 | +€2.8m | +98.5% |
| Fixed assets | 21/28 | €2,869,466 | €5,026,951 | +€2.2m | +75.2% |
| Tangible fixed assets | 22/27 | €2,869,466 | €5,026,951 | +€2.2m | +75.2% |
| Land and buildings | 22 | €2,601,016 | €4,842,209 | +€2.2m | +86.2% |
| Furniture and vehicles | 24 | €34,834 | €21,914 | -€12,920 | -37.1% |
| Other tangible fixed assets | 26 | €74,116 | €162,828 | +€88,712 | +119.7% |
| Assets under construction and advance payments | 27 | €159,500 | - | -€159,500 | |
| Current assets | 29/58 | €6,017 | €679,551 | +€673,534 | +11193.0% |
| Amounts receivable within one year | 40/41 | - | €90,171 | +€90,171 | |
| Trade receivables | 40 | - | €89,680 | +€89,680 | |
| Other amounts receivable | 41 | - | €491 | +€491 | |
| Cash at bank and in hand | 54/58 | €5,417 | €586,385 | +€580,968 | +10724.0% |
| Deferred charges and accrued income | 490/1 | €600 | €2,995 | +€2,395 | +399.2% |
| Total equity and liabilities | 10/49 | €2,875,483 | €5,706,502 | +€2.8m | +98.5% |
| Equity | 10/15 | €358,824 | €2,345,558 | +€2.0m | +553.7% |
| Contributions | 10/11 | €1,000,000 | €3,500,000 | +€2.5m | +250.0% |
| Profit (loss) carried forward | 14 | -€641,176 | -€1,154,442 | -€513,266 | -80.1% |
| Amounts payable | 17/49 | €2,516,659 | €3,360,944 | +€844,285 | +33.5% |
| Amounts payable after more than one year | 17 | €637,412 | €538,253 | -€99,159 | -15.6% |
| Financial debts | 170/4 | €637,412 | €538,253 | -€99,159 | -15.6% |
| Amounts payable within one year | 42/48 | €1,879,140 | €2,822,691 | +€943,551 | +50.2% |
| Current portion of amounts payable after more than one year | 42 | €98,109 | €99,159 | +€1,050 | +1.1% |
| Trade debts | 44 | €5,156 | €105,502 | +€100,347 | +1946.4% |
| Suppliers | 440/4 | €5,156 | €105,502 | +€100,347 | +1946.4% |
| Taxes, remuneration and social security | 45 | €128 | €141 | +€13 | +10.1% |
| Taxes | 450/3 | €128 | €141 | +€13 | +10.1% |
| Other amounts payable | 47/48 | €1,775,747 | €2,617,889 | +€842,142 | +47.4% |
| Accrued charges and deferred income | 492/3 | €107 | - | -€107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,653 | €451,013 | +€340,361 | +307.6% |
| Other operating charges | 640/8 | €9,014 | €11,651 | +€2,636 | +29.2% |
| Gross operating margin | 9900 | €5,633 | -€42,582 | -€48,215 | |
| Operating profit (loss) | 9901 | -€114,034 | -€505,246 | -€391,212 | -343.1% |
| Financial charges | 65/66B | €38,699 | €7,880 | -€30,819 | -79.6% |
| Recurring financial charges | 65 | €38,699 | €7,880 | -€30,819 | -79.6% |
| Profit (loss) for the period before taxes | 9903 | -€152,732 | -€513,125 | -€360,393 | -236.0% |
| Income taxes | 67/77 | €105 | €141 | +€36 | +34.3% |
| Profit (loss) for the period | 9904 | -€152,837 | -€513,266 | -€360,429 | -235.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€152,837 | -€513,266 | -€360,429 | -235.8% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.