M3 Construct: 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 Construct
Largest movements
- Cash +€33,021
up €33,021 (+421%), from €7,850 to €40,870
mainly Net result for the year (+€46,657) and Depreciation (+€27,853)
- Tangible fixed assets -€26,440
down €26,440 (-34.1%), from €77,445 to €51,004
of which Furniture and vehicles: -€26,884
- Current investments +€15,401
up €15,401 (+1,638,382%), from €1 to €15,402
- Receivables after one year -€4,800
down €4,800 (-48.0%), from €10,000 to €5,200
- Receivables within one year -€4,032
down €4,032 (-6.7%), from €60,238 to €56,206
of which Other amounts receivable: -€3,784
- Debts after one year -€32,544
down €32,544 (-81.3%), from €40,017 to €7,473
- Reserves +€26,040
up €26,040 (+30.9%), from €84,260 to €110,300
of which Distributable reserves: +€26,040
- Profit (loss) carried forward +€20,617
up €20,617, from -€16,983 to €3,634
- Trade debts -€3,380
down €3,380 (-47.9%), from €7,051 to €3,671
- Tax, wage and social debts +€1,779
up €1,779 (+20.5%), from €8,672 to €10,451
of which Taxes: +€4,815
- Gross operating margin +€92,475
up €92,475, from -€7,028 to €85,447
- Taxes +€5,906
up €5,906 (+6,735%), from €88 to €5,993
- Depreciation +€2,627
up €2,627 (+10.4%), from €25,225 to €27,853
- Financial charges -€1,567
down €1,567 (-31.8%), from €4,923 to €3,356
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 | €163,688 | €174,562 | +€10,874 | +6.6% |
| Fixed assets | 21/28 | €77,715 | €51,274 | -€26,440 | -34.0% |
| Tangible fixed assets | 22/27 | €77,445 | €51,004 | -€26,440 | -34.1% |
| Plant, machinery and equipment | 23 | - | €444 | +€444 | |
| Furniture and vehicles | 24 | €77,445 | €50,560 | -€26,884 | -34.7% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €85,973 | €123,287 | +€37,314 | +43.4% |
| Amounts receivable after more than one year | 29 | €10,000 | €5,200 | -€4,800 | -48.0% |
| Other amounts receivable | 291 | €10,000 | €5,200 | -€4,800 | -48.0% |
| Amounts receivable within one year | 40/41 | €60,238 | €56,206 | -€4,032 | -6.7% |
| Trade receivables | 40 | €46,557 | €46,309 | -€248 | -0.5% |
| Other amounts receivable | 41 | €13,681 | €9,897 | -€3,784 | -27.7% |
| Current investments | 50/53 | €1 | €15,402 | +€15,401 | +1,638,382% |
| Cash at bank and in hand | 54/58 | €7,850 | €40,870 | +€33,021 | +421% |
| Deferred charges and accrued income | 490/1 | €7,884 | €5,609 | -€2,275 | -28.9% |
| Total equity and liabilities | 10/49 | €163,688 | €174,562 | +€10,874 | +6.6% |
| Equity | 10/15 | €73,477 | €120,134 | +€46,657 | +63.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €84,260 | €110,300 | +€26,040 | +30.9% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €76,260 | €102,300 | +€26,040 | +34.1% |
| Profit (loss) carried forward | 14 | -€16,983 | €3,634 | +€20,617 | |
| Amounts payable | 17/49 | €90,210 | €54,427 | -€35,783 | -39.7% |
| Amounts payable after more than one year | 17 | €40,017 | €7,473 | -€32,544 | -81.3% |
| Financial debts | 170/4 | €40,017 | €7,473 | -€32,544 | -81.3% |
| Amounts payable within one year | 42/48 | €49,563 | €46,787 | -€2,776 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €32,544 | €32,544 | = | 0.0% |
| Financial debts | 43 | - | €1 | +€1 | |
| Credit institutions | 430/8 | - | €1 | +€1 | |
| Trade debts | 44 | €7,051 | €3,671 | -€3,380 | -47.9% |
| Suppliers | 440/4 | €7,051 | €3,671 | -€3,380 | -47.9% |
| Taxes, remuneration and social security | 45 | €8,672 | €10,451 | +€1,779 | +20.5% |
| Taxes | 450/3 | €5,636 | €10,451 | +€4,815 | +85.4% |
| Remuneration and social security | 454/9 | €3,036 | - | -€3,036 | |
| Other amounts payable | 47/48 | €1,296 | €120 | -€1,176 | -90.7% |
| Accrued charges and deferred income | 492/3 | €630 | €168 | -€463 | -73.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,225 | €27,853 | +€2,627 | +10.4% |
| Other operating charges | 640/8 | €1,652 | €1,592 | -€60 | -3.6% |
| Non-recurring operating charges | 66A | €1,675 | - | -€1,675 | |
| Gross operating margin | 9900 | -€7,028 | €85,447 | +€92,475 | |
| Operating profit (loss) | 9901 | -€35,581 | €56,002 | +€91,582 | |
| Financial income | 75/76B | €411 | €5 | -€406 | -98.7% |
| Recurring financial income | 75 | €411 | €5 | -€406 | -98.7% |
| Financial charges | 65/66B | €4,923 | €3,356 | -€1,567 | -31.8% |
| Recurring financial charges | 65 | €4,923 | €3,356 | -€1,567 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | -€40,093 | €52,650 | +€92,743 | |
| Income taxes | 67/77 | €88 | €5,993 | +€5,906 | +6,735% |
| Profit (loss) for the period | 9904 | -€40,180 | €46,657 | +€86,837 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,180 | €46,657 | +€86,837 |
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 16 October 2026 via checked.be.