M3 Adco: 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.
M3 Adco
Largest movements
- Cash +€36,009
up €36,009 (+76.3%), from €47,195 to €83,203
mainly Net result for the year (+€37,434) and Depreciation (+€24,488)
- Tangible fixed assets -€24,488
down €24,488 (-6.1%), from €398,909 to €374,421
of which Land and buildings: -€14,700
- Receivables within one year +€10,194
up €10,194 (+46.1%), from €22,111 to €32,305
of which Trade receivables: +€12,100
- Reserves +€37,434
up €37,434 (+34.3%), from €109,193 to €146,628
- Debts after one year -€13,390
down €13,390 (-4.0%), from €332,539 to €319,150
- Gross operating margin +€20,087
up €20,087 (+28.8%), from €69,820 to €89,907
- Taxes +€4,090
up €4,090 (+76.0%), from €5,379 to €9,469
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 | €469,123 | €490,888 | +€21,764 | +4.6% |
| Fixed assets | 21/28 | €398,909 | €374,421 | -€24,488 | -6.1% |
| Tangible fixed assets | 22/27 | €398,909 | €374,421 | -€24,488 | -6.1% |
| Land and buildings | 22 | €338,462 | €323,762 | -€14,700 | -4.3% |
| Plant, machinery and equipment | 23 | €30,732 | €24,617 | -€6,115 | -19.9% |
| Furniture and vehicles | 24 | €29,715 | €26,042 | -€3,673 | -12.4% |
| Current assets | 29/58 | €70,214 | €116,466 | +€46,252 | +65.9% |
| Amounts receivable within one year | 40/41 | €22,111 | €32,305 | +€10,194 | +46.1% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €22,111 | €20,205 | -€1,906 | -8.6% |
| Cash at bank and in hand | 54/58 | €47,195 | €83,203 | +€36,009 | +76.3% |
| Deferred charges and accrued income | 490/1 | €908 | €958 | +€50 | +5.5% |
| Total equity and liabilities | 10/49 | €469,123 | €490,888 | +€21,764 | +4.6% |
| Equity | 10/15 | €119,193 | €156,628 | +€37,434 | +31.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €109,193 | €146,628 | +€37,434 | +34.3% |
| Distributable reserves | 133 | €109,193 | €146,628 | +€37,434 | +34.3% |
| Amounts payable | 17/49 | €349,930 | €334,260 | -€15,670 | -4.5% |
| Amounts payable after more than one year | 17 | €332,539 | €319,150 | -€13,390 | -4.0% |
| Financial debts | 170/4 | €332,539 | €319,150 | -€13,390 | -4.0% |
| Amounts payable within one year | 42/48 | €17,391 | €15,111 | -€2,280 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €12,827 | €13,390 | +€562 | +4.4% |
| Trade debts | 44 | €4,563 | €1,707 | -€2,857 | -62.6% |
| Suppliers | 440/4 | €4,563 | €1,707 | -€2,857 | -62.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €14 | +€14 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,303 | €24,488 | +€185 | +0.8% |
| Other operating charges | 640/8 | €3,645 | €3,853 | +€209 | +5.7% |
| Gross operating margin | 9900 | €69,820 | €89,907 | +€20,087 | +28.8% |
| Operating profit (loss) | 9901 | €41,872 | €61,565 | +€19,694 | +47.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €15,253 | €14,663 | -€591 | -3.9% |
| Recurring financial charges | 65 | €15,253 | €14,663 | -€591 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €26,618 | €46,903 | +€20,284 | +76.2% |
| Income taxes | 67/77 | €5,379 | €9,469 | +€4,090 | +76.0% |
| Profit (loss) for the period | 9904 | €21,240 | €37,434 | +€16,195 | +76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,240 | €37,434 | +€16,195 | +76.2% |
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 22 October 2026 via checked.be.