M3B: 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.
M3B
Largest movements
- Tangible fixed assets -€375,551
down €375,551 (-31.1%), from €1.2m to €832,807
of which Land and buildings: -€339,960
- Cash -€206,515
down €206,515 (-85.0%), from €242,896 to €36,381
mainly Short-term financial debts (-€276,663) and Stocks and contracts (-€189,904)
- Stocks and contracts +€189,904
new in 2025: €189,904
- Financial fixed assets +€60,000
up €60,000 (+11.0%), from €543,200 to €603,200
- Receivables within one year +€50,385
new in 2025: €50,385
- Short-term financial debts -€276,663
down €276,663 (-58.0%), from €476,663 to €200,000
- Other debts +€54,240
up €54,240 (+15.4%), from €351,403 to €405,643
- Current portion of long-term debt -€25,780
down €25,780 (-73.5%), from €35,089 to €9,309
- Gross operating margin -€137,456
down €137,456 (-62.0%), from €221,582 to €84,126
- Taxes -€109,186
down €109,186 (-84.1%), from €129,799 to €20,613
- Financial income +€75,012
up €75,012 (+53,579,771%), from €0 to €75,012
- Depreciation -€24,043
down €24,043 (-35.3%), from €68,199 to €44,156
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 | €1,994,493 | €1,712,677 | -€281,815 | -14.1% |
| Fixed assets | 21/28 | €1,751,558 | €1,436,007 | -€315,551 | -18.0% |
| Tangible fixed assets | 22/27 | €1,208,358 | €832,807 | -€375,551 | -31.1% |
| Land and buildings | 22 | €1,150,191 | €810,231 | -€339,960 | -29.6% |
| Plant, machinery and equipment | 23 | €34,830 | - | -€34,830 | |
| Furniture and vehicles | 24 | €23,337 | €22,576 | -€761 | -3.3% |
| Financial fixed assets | 28 | €543,200 | €603,200 | +€60,000 | +11.0% |
| Current assets | 29/58 | €242,935 | €276,670 | +€33,736 | +13.9% |
| Stocks and contracts in progress | 3 | - | €189,904 | +€189,904 | |
| Stocks | 30/36 | - | €189,904 | +€189,904 | |
| Amounts receivable within one year | 40/41 | - | €50,385 | +€50,385 | |
| Other amounts receivable | 41 | - | €50,385 | +€50,385 | |
| Cash at bank and in hand | 54/58 | €242,896 | €36,381 | -€206,515 | -85.0% |
| Deferred charges and accrued income | 490/1 | €39 | - | -€39 | |
| Total equity and liabilities | 10/49 | €1,994,493 | €1,712,677 | -€281,815 | -14.1% |
| Equity | 10/15 | €822,874 | €817,559 | -€5,315 | -0.6% |
| Contributions | 10/11 | €44,210 | €44,210 | = | 0.0% |
| Reserves | 13 | €778,664 | €773,349 | -€5,315 | -0.7% |
| Tax-exempt reserves | 132 | €398,756 | €380,938 | -€17,818 | -4.5% |
| Distributable reserves | 133 | €379,908 | €392,411 | +€12,503 | +3.3% |
| Provisions and deferred taxes | 16 | €132,919 | €126,980 | -€5,939 | -4.5% |
| Deferred taxes | 168 | €132,919 | €126,980 | -€5,939 | -4.5% |
| Amounts payable | 17/49 | €1,038,700 | €768,138 | -€270,561 | -26.0% |
| Amounts payable after more than one year | 17 | €25,131 | €13,237 | -€11,894 | -47.3% |
| Financial debts | 170/4 | €25,131 | €13,237 | -€11,894 | -47.3% |
| Amounts payable within one year | 42/48 | €979,116 | €726,185 | -€252,930 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €35,089 | €9,309 | -€25,780 | -73.5% |
| Financial debts | 43 | €476,663 | €200,000 | -€276,663 | -58.0% |
| Credit institutions | 430/8 | €476,663 | €200,000 | -€276,663 | -58.0% |
| Trade debts | 44 | €75,829 | €66,074 | -€9,755 | -12.9% |
| Suppliers | 440/4 | €75,829 | €66,074 | -€9,755 | -12.9% |
| Taxes, remuneration and social security | 45 | €40,132 | €45,160 | +€5,028 | +12.5% |
| Taxes | 450/3 | €40,132 | €45,160 | +€5,028 | +12.5% |
| Other amounts payable | 47/48 | €351,403 | €405,643 | +€54,240 | +15.4% |
| Accrued charges and deferred income | 492/3 | €34,452 | €28,716 | -€5,736 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,199 | €44,156 | -€24,043 | -35.3% |
| Other operating charges | 640/8 | €5,023 | €3,782 | -€1,241 | -24.7% |
| Non-recurring operating charges | 66A | - | €860 | +€860 | |
| Gross operating margin | 9900 | €221,582 | €84,126 | -€137,456 | -62.0% |
| Operating profit (loss) | 9901 | €148,359 | €35,327 | -€113,032 | -76.2% |
| Financial income | 75/76B | €0 | €75,012 | +€75,012 | +53,579,771% |
| Recurring financial income | 75 | €0 | €75,012 | +€75,012 | +53,579,771% |
| Financial charges | 65/66B | €20,905 | €20,370 | -€536 | -2.6% |
| Recurring financial charges | 65 | €20,905 | €20,370 | -€536 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €127,454 | €89,969 | -€37,485 | -29.4% |
| Transfer from deferred taxes | 780 | €70,587 | €5,939 | -€64,648 | -91.6% |
| Income taxes | 67/77 | €129,799 | €20,613 | -€109,186 | -84.1% |
| Profit (loss) for the period | 9904 | €68,242 | €75,295 | +€7,053 | +10.3% |
| Transfer from tax-exempt reserves | 789 | €211,761 | €17,818 | -€193,943 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €280,002 | €93,113 | -€186,889 | -66.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.