M3-Projects: 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-Projects
Largest movements
- Receivables within one year +€14,928
up €14,928 (+5.4%), from €275,183 to €290,111
of which Trade receivables: +€81,511
- Trade debts -€60,117
down €60,117 (-100%), from €60,117 to €0
- Reserves +€47,834
up €47,834 (+23.8%), from €201,380 to €249,214
- Tax, wage and social debts +€18,169
up €18,169 (+309%), from €5,874 to €24,042
of which Taxes: +€18,169
- Other debts +€8,673
up €8,673 (+8.4%), from €103,340 to €112,013
- Gross operating margin +€64,594
up €64,594 (+573%), from €11,278 to €75,872
- Taxes +€18,136
up €18,136 (+492%), from €3,688 to €21,823
- Other operating charges +€1,329
up €1,329 (+45.5%), from €2,923 to €4,252
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 | €391,186 | €408,726 | +€17,540 | +4.5% |
| Fixed assets | 21/28 | €75,000 | €75,000 | = | 0.0% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €316,186 | €333,726 | +€17,540 | +5.5% |
| Amounts receivable within one year | 40/41 | €275,183 | €290,111 | +€14,928 | +5.4% |
| Trade receivables | 40 | €67,600 | €149,111 | +€81,511 | +121% |
| Other amounts receivable | 41 | €207,583 | €141,000 | -€66,583 | -32.1% |
| Cash at bank and in hand | 54/58 | €41,002 | €41,979 | +€977 | +2.4% |
| Deferred charges and accrued income | 490/1 | €0 | €1,635 | +€1,635 | |
| Total equity and liabilities | 10/49 | €391,186 | €408,726 | +€17,540 | +4.5% |
| Equity | 10/15 | €213,780 | €261,614 | +€47,834 | +22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €201,380 | €249,214 | +€47,834 | +23.8% |
| Distributable reserves | 133 | €201,380 | €249,214 | +€47,834 | +23.8% |
| Amounts payable | 17/49 | €177,406 | €147,112 | -€30,294 | -17.1% |
| Amounts payable within one year | 42/48 | €177,406 | €143,861 | -€33,545 | -18.9% |
| Financial debts | 43 | €8,076 | €7,807 | -€270 | -3.3% |
| Other loans | 439 | €8,076 | €7,807 | -€270 | -3.3% |
| Trade debts | 44 | €60,117 | €0 | -€60,117 | -100% |
| Suppliers | 440/4 | €60,117 | €0 | -€60,117 | -100% |
| Taxes, remuneration and social security | 45 | €5,874 | €24,042 | +€18,169 | +309% |
| Taxes | 450/3 | €5,874 | €24,042 | +€18,169 | +309% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €103,340 | €112,013 | +€8,673 | +8.4% |
| Accrued charges and deferred income | 492/3 | - | €3,251 | +€3,251 | |
| Other operating charges | 640/8 | €2,923 | €4,252 | +€1,329 | +45.5% |
| Gross operating margin | 9900 | €11,278 | €75,872 | +€64,594 | +573% |
| Operating profit (loss) | 9901 | €8,355 | €71,620 | +€63,265 | +757% |
| Financial income | 75/76B | €0 | €5 | +€5 | +48,900% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +48,900% |
| Financial charges | 65/66B | €2,591 | €1,967 | -€624 | -24.1% |
| Recurring financial charges | 65 | €2,591 | €1,967 | -€624 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €5,764 | €69,658 | +€63,894 | +1,109% |
| Income taxes | 67/77 | €3,688 | €21,823 | +€18,136 | +492% |
| Profit (loss) for the period | 9904 | €2,076 | €47,834 | +€45,758 | +2,204% |
| Profit (loss) for the period to be appropriated | 9905 | €2,076 | €47,834 | +€45,758 | +2,204% |
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 15 October 2026 via checked.be.