M3-M: 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-M
Largest movements
- Current investments +€60,000
new in 2025: €60,000
- Cash -€53,111
down €53,111 (-89.7%), from €59,197 to €6,087
mainly Current investments (-€60,000) and Receivables within one year (-€19,339)
- Receivables within one year +€19,339
up €19,339 (+146%), from €13,209 to €32,548
of which Other amounts receivable: +€18,231
- Tangible fixed assets +€13,162
new in 2025: €13,162
of which Other tangible fixed assets: +€12,388
- Deferred charges and accrued income +€1,591
up €1,591 (+1,569%), from €101 to €1,692
- Reserves +€32,157
up €32,157 (+93.8%), from €34,284 to €66,441
- Short-term financial debts +€12,500
new in 2025: €12,500
- Other debts -€5,499
down €5,499 (-74.4%), from €7,396 to €1,897
- Accrued charges and deferred income -€2,689
down €2,689 (-82.7%), from €3,250 to €561
- Trade debts +€2,418
up €2,418 (+85.6%), from €2,826 to €5,244
- Gross operating margin -€6,841
down €6,841 (-12.9%), from €53,027 to €46,186
- Depreciation -€2,434
down €2,434 (-83.3%), from €2,921 to €487
- Financial income +€1,691
new in 2025: €1,691
- Taxes -€1,260
down €1,260 (-8.8%), from €14,395 to €13,135
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 | €72,508 | €113,489 | +€40,981 | +56.5% |
| Fixed assets | 21/28 | - | €13,162 | +€13,162 | |
| Tangible fixed assets | 22/27 | - | €13,162 | +€13,162 | |
| Furniture and vehicles | 24 | - | €773 | +€773 | |
| Other tangible fixed assets | 26 | - | €12,388 | +€12,388 | |
| Current assets | 29/58 | €72,508 | €100,328 | +€27,820 | +38.4% |
| Amounts receivable within one year | 40/41 | €13,209 | €32,548 | +€19,339 | +146% |
| Trade receivables | 40 | €13,209 | €14,317 | +€1,108 | +8.4% |
| Other amounts receivable | 41 | - | €18,231 | +€18,231 | |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €59,197 | €6,087 | -€53,111 | -89.7% |
| Deferred charges and accrued income | 490/1 | €101 | €1,692 | +€1,591 | +1,569% |
| Total equity and liabilities | 10/49 | €72,508 | €113,489 | +€40,981 | +56.5% |
| Equity | 10/15 | €41,784 | €73,941 | +€32,157 | +77.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €34,284 | €66,441 | +€32,157 | +93.8% |
| Distributable reserves | 133 | €34,284 | €66,441 | +€32,157 | +93.8% |
| Amounts payable | 17/49 | €30,724 | €39,548 | +€8,824 | +28.7% |
| Amounts payable within one year | 42/48 | €27,474 | €38,987 | +€11,513 | +41.9% |
| Financial debts | 43 | - | €12,500 | +€12,500 | |
| Other loans | 439 | - | €12,500 | +€12,500 | |
| Trade debts | 44 | €2,826 | €5,244 | +€2,418 | +85.6% |
| Suppliers | 440/4 | €2,826 | €5,244 | +€2,418 | +85.6% |
| Taxes, remuneration and social security | 45 | €17,252 | €19,346 | +€2,094 | +12.1% |
| Taxes | 450/3 | €17,252 | €19,346 | +€2,094 | +12.1% |
| Other amounts payable | 47/48 | €7,396 | €1,897 | -€5,499 | -74.4% |
| Accrued charges and deferred income | 492/3 | €3,250 | €561 | -€2,689 | -82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,921 | €487 | -€2,434 | -83.3% |
| Other operating charges | 640/8 | - | €71 | +€71 | |
| Gross operating margin | 9900 | €53,027 | €46,186 | -€6,841 | -12.9% |
| Operating profit (loss) | 9901 | €50,106 | €45,628 | -€4,478 | -8.9% |
| Financial income | 75/76B | - | €1,691 | +€1,691 | |
| Recurring financial income | 75 | - | €1,691 | +€1,691 | |
| Financial charges | 65/66B | €594 | €360 | -€234 | -39.4% |
| Recurring financial charges | 65 | €594 | €360 | -€234 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €49,512 | €46,958 | -€2,554 | -5.2% |
| Income taxes | 67/77 | €14,395 | €13,135 | -€1,260 | -8.8% |
| Profit (loss) for the period | 9904 | €35,117 | €33,823 | -€1,294 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,117 | €33,823 | -€1,294 | -3.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.