M3S: 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.
M3S
Largest movements
- Tangible fixed assets -€590,655
down €590,655 (-21.5%), from €2.7m to €2.2m
of which Land and buildings: -€584,576
- Cash +€129,660
up €129,660 (+446.0%), from €29,073 to €158,733
mainly Investment in fixed assets (net) (+€449,247) and Net result for the year (+€299,425)
- Deferred charges and accrued income +€53,126
up €53,126 (+72.1%), from €73,677 to €126,802
- Receivables within one year +€46,034
up €46,034 (+48.6%), from €94,668 to €140,702
of which Trade receivables: +€41,009
- Short-term financial debts -€598,290
down €598,290 (-46.0%), from €1.3m to €701,710
- Profit (loss) carried forward +€299,425
up €299,425, from -€290,088 to €9,337
- Debts after one year -€60,262
down €60,262 (-4.3%), from €1.4m to €1.3m
- Gross operating margin +€289,970
up €289,970 (+71.5%), from €405,619 to €695,589
- Staff costs -€110,227
down €110,227 (-90.6%), from €121,707 to €11,481
- Other operating charges -€88,379
down €88,379 (-40.4%), from €218,913 to €130,534
- Financial charges -€54,094
down €54,094 (-32.9%), from €164,517 to €110,423
- Depreciation -€49,162
down €49,162 (-25.8%), from €190,570 to €141,408
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 | €2,944,130 | €2,582,295 | -€361,835 | -12.3% |
| Fixed assets | 21/28 | €2,746,712 | €2,156,057 | -€590,655 | -21.5% |
| Tangible fixed assets | 22/27 | €2,746,712 | €2,156,057 | -€590,655 | -21.5% |
| Land and buildings | 22 | €2,498,796 | €1,914,220 | -€584,576 | -23.4% |
| Plant, machinery and equipment | 23 | €225,526 | €224,854 | -€673 | -0.3% |
| Furniture and vehicles | 24 | €22,390 | €16,984 | -€5,406 | -24.1% |
| Current assets | 29/58 | €197,418 | €426,238 | +€228,821 | +115.9% |
| Amounts receivable within one year | 40/41 | €94,668 | €140,702 | +€46,034 | +48.6% |
| Trade receivables | 40 | €91,020 | €132,029 | +€41,009 | +45.1% |
| Other amounts receivable | 41 | €3,648 | €8,674 | +€5,026 | +137.8% |
| Cash at bank and in hand | 54/58 | €29,073 | €158,733 | +€129,660 | +446.0% |
| Deferred charges and accrued income | 490/1 | €73,677 | €126,802 | +€53,126 | +72.1% |
| Total equity and liabilities | 10/49 | €2,944,130 | €2,582,295 | -€361,835 | -12.3% |
| Equity | 10/15 | €9,912 | €309,337 | +€299,425 | +3020.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€290,088 | €9,337 | +€299,425 | |
| Amounts payable | 17/49 | €2,934,218 | €2,272,958 | -€661,260 | -22.5% |
| Amounts payable after more than one year | 17 | €1,390,181 | €1,329,919 | -€60,262 | -4.3% |
| Financial debts | 170/4 | €1,390,181 | €1,329,919 | -€60,262 | -4.3% |
| Amounts payable within one year | 42/48 | €1,544,037 | €943,039 | -€600,999 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €72,266 | €65,645 | -€6,622 | -9.2% |
| Financial debts | 43 | €1,300,000 | €701,710 | -€598,290 | -46.0% |
| Credit institutions | 430/8 | €1,300,000 | €701,710 | -€598,290 | -46.0% |
| Trade debts | 44 | €163,033 | €173,169 | +€10,136 | +6.2% |
| Suppliers | 440/4 | €163,033 | €173,169 | +€10,136 | +6.2% |
| Taxes, remuneration and social security | 45 | €8,573 | €2,350 | -€6,223 | -72.6% |
| Taxes | 450/3 | - | €2,350 | +€2,350 | |
| Remuneration and social security | 454/9 | €8,573 | - | -€8,573 | |
| Other amounts payable | 47/48 | €165 | €165 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €121,707 | €11,481 | -€110,227 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,570 | €141,408 | -€49,162 | -25.8% |
| Other operating charges | 640/8 | €218,913 | €130,534 | -€88,379 | -40.4% |
| Gross operating margin | 9900 | €405,619 | €695,589 | +€289,970 | +71.5% |
| Operating profit (loss) | 9901 | -€125,572 | €412,166 | +€537,738 | |
| Financial income | 75/76B | €1 | €47 | +€46 | +4620.0% |
| Recurring financial income | 75 | €1 | €47 | +€46 | +4620.0% |
| Financial charges | 65/66B | €164,517 | €110,423 | -€54,094 | -32.9% |
| Recurring financial charges | 65 | €164,517 | €110,423 | -€54,094 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | -€290,088 | €301,790 | +€591,878 | |
| Income taxes | 67/77 | - | €2,364 | +€2,364 | |
| Profit (loss) for the period | 9904 | -€290,088 | €299,425 | +€589,514 | |
| Profit (loss) for the period to be appropriated | 9905 | -€290,088 | €299,425 | +€589,514 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.