M3: 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.
M3
Largest movements
- Tangible fixed assets -€20,659
down €20,659 (-11.1%), from €186,074 to €165,415
of which Land and buildings: -€18,292
- Debts after one year -€20,490
down €20,490 (-14.4%), from €142,618 to €122,129
- Profit (loss) carried forward -€3,636
down €3,636 (-9.9%), from €36,602 to €32,966
- Gross operating margin -€3,671
down €3,671 (-10.9%), from €33,535 to €29,865
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 | €223,296 | €199,976 | -€23,320 | -10.4% |
| Fixed assets | 21/28 | €186,074 | €165,415 | -€20,659 | -11.1% |
| Tangible fixed assets | 22/27 | €186,074 | €165,415 | -€20,659 | -11.1% |
| Land and buildings | 22 | €178,270 | €159,978 | -€18,292 | -10.3% |
| Plant, machinery and equipment | 23 | €7,804 | €5,437 | -€2,367 | -30.3% |
| Current assets | 29/58 | €37,222 | €34,561 | -€2,661 | -7.1% |
| Cash at bank and in hand | 54/58 | €36,662 | €34,561 | -€2,101 | -5.7% |
| Deferred charges and accrued income | 490/1 | €560 | - | -€560 | |
| Total equity and liabilities | 10/49 | €223,296 | €199,976 | -€23,320 | -10.4% |
| Equity | 10/15 | €57,062 | €53,426 | -€3,636 | -6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,602 | €32,966 | -€3,636 | -9.9% |
| Amounts payable | 17/49 | €166,235 | €146,550 | -€19,685 | -11.8% |
| Amounts payable after more than one year | 17 | €142,618 | €122,129 | -€20,490 | -14.4% |
| Financial debts | 170/4 | €142,618 | €122,129 | -€20,490 | -14.4% |
| Amounts payable within one year | 42/48 | €23,617 | €24,422 | +€805 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €19,685 | €20,490 | +€805 | +4.1% |
| Other amounts payable | 47/48 | €3,932 | €3,932 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,651 | €24,729 | +€78 | +0.3% |
| Other operating charges | 640/8 | €2,477 | €2,490 | +€13 | +0.5% |
| Gross operating margin | 9900 | €33,535 | €29,865 | -€3,671 | -10.9% |
| Operating profit (loss) | 9901 | €6,407 | €2,646 | -€3,761 | -58.7% |
| Financial charges | 65/66B | €6,429 | €6,282 | -€148 | -2.3% |
| Recurring financial charges | 65 | €6,429 | €6,282 | -€148 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | -€22 | -€3,636 | -€3,614 | -16562.4% |
| Profit (loss) for the period | 9904 | -€22 | -€3,636 | -€3,614 | -16562.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€22 | -€3,636 | -€3,614 | -16562.4% |
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 28 September 2026 via checked.be.