M3 MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€24,169
down €24,169 (-71.4%), from €33,863 to €9,694
mainly Receivables within one year (-€20,465) and Tax, wage and social debts (-€7,319)
- Receivables within one year +€20,465
up €20,465 (+574%), from €3,563 to €24,028
of which Trade receivables: +€19,387
- Tangible fixed assets +€5,144
new in 2025: €5,144
of which Plant, machinery and equipment: +€3,056
- Reserves +€8,000
new in 2025: €8,000
- Tax, wage and social debts -€7,319
down €7,319 (-54.5%), from €13,436 to €6,116
- Gross operating margin -€14,036
down €14,036 (-45.0%), from €31,168 to €17,132
- Taxes -€5,019
down €5,019 (-50.5%), from €9,941 to €4,922
- Depreciation +€682
new in 2025: €682
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 | €148,446 | €149,886 | +€1,440 | +1.0% |
| Fixed assets | 21/28 | €111,020 | €116,164 | +€5,144 | +4.6% |
| Tangible fixed assets | 22/27 | - | €5,144 | +€5,144 | |
| Plant, machinery and equipment | 23 | - | €3,056 | +€3,056 | |
| Furniture and vehicles | 24 | - | €2,088 | +€2,088 | |
| Financial fixed assets | 28 | €111,020 | €111,020 | = | 0.0% |
| Current assets | 29/58 | €37,426 | €33,722 | -€3,704 | -9.9% |
| Amounts receivable within one year | 40/41 | €3,563 | €24,028 | +€20,465 | +574% |
| Trade receivables | 40 | €3,563 | €22,950 | +€19,387 | +544% |
| Other amounts receivable | 41 | - | €1,078 | +€1,078 | |
| Cash at bank and in hand | 54/58 | €33,863 | €9,694 | -€24,169 | -71.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €148,446 | €149,886 | +€1,440 | +1.0% |
| Equity | 10/15 | €21,149 | €30,492 | +€9,343 | +44.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | - | €8,000 | +€8,000 | |
| Distributable reserves | 133 | - | €8,000 | +€8,000 | |
| Profit (loss) carried forward | 14 | €19,649 | €20,992 | +€1,343 | +6.8% |
| Amounts payable | 17/49 | €127,297 | €119,394 | -€7,903 | -6.2% |
| Amounts payable within one year | 42/48 | €127,297 | €119,394 | -€7,903 | -6.2% |
| Trade debts | 44 | €1,622 | €423 | -€1,199 | -73.9% |
| Suppliers | 440/4 | €1,622 | €423 | -€1,199 | -73.9% |
| Taxes, remuneration and social security | 45 | €13,436 | €6,116 | -€7,319 | -54.5% |
| Taxes | 450/3 | €13,436 | €6,116 | -€7,319 | -54.5% |
| Other amounts payable | 47/48 | €112,239 | €112,854 | +€615 | +0.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €682 | +€682 | |
| Other operating charges | 640/8 | €1,620 | €1,652 | +€32 | +2.0% |
| Gross operating margin | 9900 | €31,168 | €17,132 | -€14,036 | -45.0% |
| Operating profit (loss) | 9901 | €29,547 | €14,798 | -€14,750 | -49.9% |
| Financial income | 75/76B | €115 | €0 | -€115 | -99.8% |
| Recurring financial income | 75 | €115 | €0 | -€115 | -99.8% |
| Financial charges | 65/66B | €398 | €533 | +€135 | +33.9% |
| Recurring financial charges | 65 | €398 | €533 | +€135 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €29,265 | €14,265 | -€15,000 | -51.3% |
| Income taxes | 67/77 | €9,941 | €4,922 | -€5,019 | -50.5% |
| Profit (loss) for the period | 9904 | €19,324 | €9,343 | -€9,980 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,324 | €9,343 | -€9,980 | -51.6% |
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 23 October 2026 via checked.be.