M3G: what changed
Two fiscal 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.
M3G
Largest movements
- Cash -€14,000
down €14,000 (-35.8%), from €39,161 to €25,161
mainly Contributions, distributions and other (-€25,000) and Other debts (-€10,000)
- Receivables within one year -€12,332
down €12,332 (-33.9%), from €36,335 to €24,003
of which Other amounts receivable: -€11,765
- Tangible fixed assets -€3,927
down €3,927 (-37.8%), from €10,391 to €6,465
of which Furniture and vehicles: -€3,119
- Deferred charges and accrued income +€1,625
new in 2025: €1,625
- Other debts -€10,000
down €10,000 (-28.6%), from €35,000 to €25,000
- Reserves -€9,522
down €9,522 (-42.4%), from €22,476 to €12,954
- Tax, wage and social debts -€6,068
down €6,068 (-28.4%), from €21,367 to €15,299
- Trade debts -€3,044
no longer reported in 2025 (was €3,044)
- Gross operating margin -€30,615
down €30,615 (-49.4%), from €61,937 to €31,323
- Taxes -€9,861
down €9,861 (-59.3%), from €16,634 to €6,773
- Depreciation -€2,142
down €2,142 (-48.3%), from €4,435 to €2,294
- Financial income +€1,331
up €1,331 (+296.3%), from €449 to €1,780
- Other operating charges +€1,202
up €1,202 (+67.7%), from €1,777 to €2,979
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.
Cash bridge derived
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 | €85,887 | €57,253 | -€28,634 | -33.3% |
| Fixed assets | 21/28 | €10,391 | €6,465 | -€3,927 | -37.8% |
| Tangible fixed assets | 22/27 | €10,391 | €6,465 | -€3,927 | -37.8% |
| Plant, machinery and equipment | 23 | €807 | - | -€807 | |
| Furniture and vehicles | 24 | €9,584 | €6,465 | -€3,119 | -32.5% |
| Current assets | 29/58 | €75,496 | €50,788 | -€24,707 | -32.7% |
| Amounts receivable within one year | 40/41 | €36,335 | €24,003 | -€12,332 | -33.9% |
| Trade receivables | 40 | €2,413 | €1,846 | -€566 | -23.5% |
| Other amounts receivable | 41 | €33,922 | €22,157 | -€11,765 | -34.7% |
| Cash at bank and in hand | 54/58 | €39,161 | €25,161 | -€14,000 | -35.8% |
| Deferred charges and accrued income | 490/1 | - | €1,625 | +€1,625 | |
| Total equity and liabilities | 10/49 | €85,887 | €57,253 | -€28,634 | -33.3% |
| Equity | 10/15 | €26,476 | €16,954 | -€9,522 | -36.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €22,476 | €12,954 | -€9,522 | -42.4% |
| Distributable reserves | 133 | €22,476 | €12,954 | -€9,522 | -42.4% |
| Amounts payable | 17/49 | €59,411 | €40,299 | -€19,112 | -32.2% |
| Amounts payable within one year | 42/48 | €59,411 | €40,299 | -€19,112 | -32.2% |
| Trade debts | 44 | €3,044 | - | -€3,044 | |
| Suppliers | 440/4 | €3,044 | - | -€3,044 | |
| Taxes, remuneration and social security | 45 | €21,367 | €15,299 | -€6,068 | -28.4% |
| Taxes | 450/3 | €21,367 | €15,299 | -€6,068 | -28.4% |
| Other amounts payable | 47/48 | €35,000 | €25,000 | -€10,000 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,435 | €2,294 | -€2,142 | -48.3% |
| Other operating charges | 640/8 | €1,777 | €2,979 | +€1,202 | +67.7% |
| Non-recurring operating charges | 66A | - | €5,448 | +€5,448 | |
| Gross operating margin | 9900 | €61,937 | €31,323 | -€30,615 | -49.4% |
| Operating profit (loss) | 9901 | €55,725 | €20,602 | -€35,123 | -63.0% |
| Financial income | 75/76B | €449 | €1,780 | +€1,331 | +296.3% |
| Recurring financial income | 75 | €449 | €1,780 | +€1,331 | +296.3% |
| Financial charges | 65/66B | €357 | €130 | -€226 | -63.5% |
| Recurring financial charges | 65 | €357 | €130 | -€226 | -63.5% |
| Profit (loss) for the period before taxes | 9903 | €55,818 | €22,251 | -€33,566 | -60.1% |
| Income taxes | 67/77 | €16,634 | €6,773 | -€9,861 | -59.3% |
| Profit (loss) for the period | 9904 | €39,184 | €15,478 | -€23,706 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,184 | €15,478 | -€23,706 | -60.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.