M3 Debtco: 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 Debtco
Largest movements
- Receivables after one year +€8.9m
up €8.9m (+44.2%), from €20.1m to €29.0m
- Deferred charges and accrued income +€1.1m
up €1.1m (+119%), from €887,039 to €1.9m
- Debts after one year +€5.4m
up €5.4m (+32.4%), from €16.8m to €22.2m
- Contributions +€3.0m
up €3.0m (+75.0%), from €4.0m to €7.0m
- Accrued charges and deferred income +€1.2m
up €1.2m (+201%), from €588,800 to €1.8m
- Financial income +€326,636
up €326,636 (+28.2%), from €1.2m to €1.5m
- Financial charges +€197,971
up €197,971 (+20.1%), from €984,724 to €1.2m
- Taxes +€29,116
up €29,116 (+116%), from €25,169 to €54,285
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 | €21,528,928 | €31,370,687 | +€9.8m | +45.7% |
| Current assets | 29/58 | €21,528,928 | €31,370,687 | +€9.8m | +45.7% |
| Amounts receivable after more than one year | 29 | €20,106,864 | €28,996,945 | +€8.9m | +44.2% |
| Other amounts receivable | 291 | €20,106,864 | €28,996,945 | +€8.9m | +44.2% |
| Amounts receivable within one year | 40/41 | - | €3,614 | +€3,614 | |
| Trade receivables | 40 | - | €10 | +€10 | |
| Other amounts receivable | 41 | - | €3,604 | +€3,604 | |
| Cash at bank and in hand | 54/58 | €535,025 | €431,464 | -€103,561 | -19.4% |
| Deferred charges and accrued income | 490/1 | €887,039 | €1,938,664 | +€1.1m | +119% |
| Total equity and liabilities | 10/49 | €21,528,928 | €31,370,687 | +€9.8m | +45.7% |
| Equity | 10/15 | €4,110,830 | €7,288,103 | +€3.2m | +77.3% |
| Contributions | 10/11 | €4,000,000 | €7,000,000 | +€3.0m | +75.0% |
| Capital | 10 | €4,000,000 | - | -€4.0m | |
| Issued capital | 100 | €10,000,000 | - | -€10.0m | |
| Uncalled capital | 101 | €6,000,000 | - | -€6.0m | |
| Reserves | 13 | €5,542 | €5,542 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,542 | - | -€5,542 | |
| Legal reserve | 130 | €5,542 | - | -€5,542 | |
| Distributable reserves | 133 | - | €5,542 | +€5,542 | |
| Profit (loss) carried forward | 14 | €105,288 | €282,561 | +€177,273 | +168% |
| Amounts payable | 17/49 | €17,418,098 | €24,082,584 | +€6.7m | +38.3% |
| Amounts payable after more than one year | 17 | €16,800,000 | €22,238,218 | +€5.4m | +32.4% |
| Financial debts | 170/4 | €16,800,000 | €22,238,218 | +€5.4m | +32.4% |
| Amounts payable within one year | 42/48 | €29,298 | €73,076 | +€43,778 | +149% |
| Trade debts | 44 | €3,385 | €18,791 | +€15,406 | +455% |
| Suppliers | 440/4 | €3,385 | €18,791 | +€15,406 | +455% |
| Taxes, remuneration and social security | 45 | €25,913 | €54,285 | +€28,372 | +109% |
| Taxes | 450/3 | €25,913 | €54,285 | +€28,372 | +109% |
| Accrued charges and deferred income | 492/3 | €588,800 | €1,771,291 | +€1.2m | +201% |
| Other operating charges | 640/8 | €387 | €998 | +€611 | +158% |
| Gross operating margin | 9900 | -€71,007 | -€71,155 | -€148 | -0.2% |
| Operating profit (loss) | 9901 | -€71,394 | -€72,154 | -€760 | -1.1% |
| Financial income | 75/76B | €1,159,771 | €1,486,407 | +€326,636 | +28.2% |
| Recurring financial income | 75 | €1,159,771 | €1,486,407 | +€326,636 | +28.2% |
| Financial charges | 65/66B | €984,724 | €1,182,695 | +€197,971 | +20.1% |
| Recurring financial charges | 65 | €984,724 | €1,182,695 | +€197,971 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €103,653 | €231,558 | +€127,905 | +123% |
| Income taxes | 67/77 | €25,169 | €54,285 | +€29,116 | +116% |
| Profit (loss) for the period | 9904 | €78,484 | €177,273 | +€98,789 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €78,484 | €177,273 | +€98,789 | +126% |
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 19 October 2026 via checked.be.