M3L: 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.
M3L
Largest movements
- Current investments +€270,000
up €270,000 (+207.7%), from €130,000 to €400,000
- Receivables within one year -€152,696
down €152,696 (-93.8%), from €162,809 to €10,114
of which Other amounts receivable: -€99,536
- Cash -€80,595
down €80,595 (-63.5%), from €126,860 to €46,265
mainly Current investments (-€270,000) and Tax, wage and social debts (-€5,923)
- Reserves +€36,172
up €36,172 (+6.6%), from €549,149 to €585,321
- Financial income -€60,777
down €60,777 (-88.1%), from €68,957 to €8,180
- Gross operating margin -€21,958
down €21,958 (-31.8%), from €69,151 to €47,193
- Taxes -€6,587
down €6,587 (-27.6%), from €23,896 to €17,310
- Other operating charges -€2,118
down €2,118 (-83.4%), from €2,539 to €421
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 | €582,445 | €616,634 | +€34,189 | +5.9% |
| Fixed assets | 21/28 | €160,952 | €159,992 | -€959 | -0.6% |
| Tangible fixed assets | 22/27 | €2,612 | €1,652 | -€959 | -36.7% |
| Plant, machinery and equipment | 23 | €229 | €0 | -€229 | -100.0% |
| Furniture and vehicles | 24 | €2,382 | €1,652 | -€730 | -30.6% |
| Financial fixed assets | 28 | €158,340 | €158,340 | = | 0.0% |
| Current assets | 29/58 | €421,494 | €456,642 | +€35,149 | +8.3% |
| Amounts receivable within one year | 40/41 | €162,809 | €10,114 | -€152,696 | -93.8% |
| Trade receivables | 40 | €60,660 | €7,500 | -€53,160 | -87.6% |
| Other amounts receivable | 41 | €102,149 | €2,614 | -€99,536 | -97.4% |
| Current investments | 50/53 | €130,000 | €400,000 | +€270,000 | +207.7% |
| Cash at bank and in hand | 54/58 | €126,860 | €46,265 | -€80,595 | -63.5% |
| Deferred charges and accrued income | 490/1 | €1,824 | €264 | -€1,561 | -85.6% |
| Total equity and liabilities | 10/49 | €582,445 | €616,634 | +€34,189 | +5.9% |
| Equity | 10/15 | €567,749 | €603,921 | +€36,172 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €549,149 | €585,321 | +€36,172 | +6.6% |
| Distributable reserves | 133 | €549,149 | €585,321 | +€36,172 | +6.6% |
| Amounts payable | 17/49 | €14,696 | €12,714 | -€1,983 | -13.5% |
| Amounts payable within one year | 42/48 | €14,668 | €12,295 | -€2,373 | -16.2% |
| Trade debts | 44 | €1,962 | €194 | -€1,769 | -90.1% |
| Suppliers | 440/4 | €1,962 | €194 | -€1,769 | -90.1% |
| Taxes, remuneration and social security | 45 | €10,707 | €4,784 | -€5,923 | -55.3% |
| Taxes | 450/3 | €10,707 | €4,784 | -€5,923 | -55.3% |
| Other amounts payable | 47/48 | €1,999 | €7,318 | +€5,319 | +266.1% |
| Accrued charges and deferred income | 492/3 | €28 | €418 | +€390 | +1381.1% |
| Non-recurring operating income | 76A | €22,500 | €0 | -€22,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,044 | €959 | -€84 | -8.1% |
| Other operating charges | 640/8 | €2,539 | €421 | -€2,118 | -83.4% |
| Gross operating margin | 9900 | €69,151 | €47,193 | -€21,958 | -31.8% |
| Operating profit (loss) | 9901 | €65,569 | €45,812 | -€19,756 | -30.1% |
| Financial income | 75/76B | €68,957 | €8,180 | -€60,777 | -88.1% |
| Recurring financial income | 75 | €68,957 | €8,180 | -€60,777 | -88.1% |
| Financial charges | 65/66B | €117 | €510 | +€394 | +337.6% |
| Recurring financial charges | 65 | €117 | €510 | +€394 | +337.6% |
| Profit (loss) for the period before taxes | 9903 | €134,408 | €53,482 | -€80,927 | -60.2% |
| Income taxes | 67/77 | €23,896 | €17,310 | -€6,587 | -27.6% |
| Profit (loss) for the period | 9904 | €110,512 | €36,172 | -€74,340 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,512 | €36,172 | -€74,340 | -67.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.