LE 3 MA: 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.
LE 3 MA
Largest movements
- Stocks and contracts +€30,964
up €30,964 (+25.9%), from €119,587 to €150,551
- Receivables within one year -€4,775
down €4,775 (-92.8%), from €5,148 to €373
of which Other amounts receivable: -€5,142
- Other debts +€14,290
up €14,290 (+37.6%), from €38,028 to €52,318
- Reserves +€5,670
up €5,670 (+16.3%), from €34,790 to €40,460
- Short-term financial debts +€4,272
up €4,272 (+12.9%), from €33,211 to €37,483
- Tax, wage and social debts +€3,494
up €3,494 (+26.9%), from €13,011 to €16,505
of which Taxes: +€3,347
- Write-downs -€55,039
new in 2025: -€55,039
- Gross operating margin -€51,251
down €51,251, from €42,721 to -€8,530
- Financial charges -€2,532
down €2,532 (-38.8%), from €6,533 to €4,001
- Depreciation -€2,496
down €2,496 (-35.3%), from €7,066 to €4,570
- Taxes +€2,451
up €2,451 (+367%), from €667 to €3,118
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 | €137,640 | €165,585 | +€27,945 | +20.3% |
| Fixed assets | 21/28 | €7,404 | €7,874 | +€470 | +6.3% |
| Tangible fixed assets | 22/27 | €7,404 | €7,874 | +€470 | +6.3% |
| Land and buildings | 22 | €6,275 | €4,047 | -€2,228 | -35.5% |
| Plant, machinery and equipment | 23 | €242 | €30 | -€212 | -87.6% |
| Furniture and vehicles | 24 | €887 | €3,797 | +€2,910 | +328% |
| Current assets | 29/58 | €130,236 | €157,711 | +€27,475 | +21.1% |
| Stocks and contracts in progress | 3 | €119,587 | €150,551 | +€30,964 | +25.9% |
| Stocks | 30/36 | €119,587 | €150,551 | +€30,964 | +25.9% |
| Amounts receivable within one year | 40/41 | €5,148 | €373 | -€4,775 | -92.8% |
| Trade receivables | 40 | €6 | €373 | +€367 | +6,117% |
| Other amounts receivable | 41 | €5,142 | - | -€5,142 | |
| Cash at bank and in hand | 54/58 | €1,323 | €2,603 | +€1,280 | +96.7% |
| Deferred charges and accrued income | 490/1 | €4,178 | €4,184 | +€6 | +0.1% |
| Total equity and liabilities | 10/49 | €137,640 | €165,585 | +€27,945 | +20.3% |
| Equity | 10/15 | €53,390 | €59,060 | +€5,670 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,790 | €40,460 | +€5,670 | +16.3% |
| Distributable reserves | 133 | €34,790 | €40,460 | +€5,670 | +16.3% |
| Amounts payable | 17/49 | €84,250 | €106,525 | +€22,275 | +26.4% |
| Amounts payable within one year | 42/48 | €84,250 | €106,525 | +€22,275 | +26.4% |
| Financial debts | 43 | €33,211 | €37,483 | +€4,272 | +12.9% |
| Credit institutions | 430/8 | €33,211 | €37,483 | +€4,272 | +12.9% |
| Trade debts | 44 | - | €219 | +€219 | |
| Suppliers | 440/4 | - | €219 | +€219 | |
| Taxes, remuneration and social security | 45 | €13,011 | €16,505 | +€3,494 | +26.9% |
| Taxes | 450/3 | €7,385 | €10,732 | +€3,347 | +45.3% |
| Remuneration and social security | 454/9 | €5,626 | €5,773 | +€147 | +2.6% |
| Other amounts payable | 47/48 | €38,028 | €52,318 | +€14,290 | +37.6% |
| Remuneration, social security and pensions | 62 | €24,930 | €26,188 | +€1,258 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,066 | €4,570 | -€2,496 | -35.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€55,039 | -€55,039 | |
| Other operating charges | 640/8 | €2,884 | €3,180 | +€296 | +10.3% |
| Gross operating margin | 9900 | €42,721 | -€8,530 | -€51,251 | |
| Operating profit (loss) | 9901 | €7,841 | €12,571 | +€4,730 | +60.3% |
| Financial income | 75/76B | €5 | €217 | +€212 | +4,240% |
| Recurring financial income | 75 | €5 | €217 | +€212 | +4,240% |
| Financial charges | 65/66B | €6,533 | €4,001 | -€2,532 | -38.8% |
| Recurring financial charges | 65 | €6,533 | €4,001 | -€2,532 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €1,313 | €8,787 | +€7,474 | +569% |
| Income taxes | 67/77 | €667 | €3,118 | +€2,451 | +367% |
| Profit (loss) for the period | 9904 | €646 | €5,669 | +€5,023 | +778% |
| Profit (loss) for the period to be appropriated | 9905 | €646 | €5,669 | +€5,023 | +778% |
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 21 October 2026 via checked.be.