M3S: 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.
M3S
Largest movements
- Receivables within one year +€65,822
up €65,822 (+265.5%), from €24,793 to €90,615
of which Other amounts receivable: +€53,341
- Tangible fixed assets +€22,151
up €22,151 (+142.7%), from €15,525 to €37,676
- Cash +€9,373
new in 2025: €9,373
mainly Net result for the year (+€45,250) and Tax, wage and social debts (+€24,374)
- Deferred charges and accrued income +€1,620
up €1,620 (+2210.9%), from €73 to €1,693
- Reserves +€42,452
new in 2025: €42,452
- Tax, wage and social debts +€24,374
up €24,374 (+359.6%), from €6,777 to €31,151
of which Taxes: +€23,176
- Trade debts +€19,239
up €19,239 (+1435.6%), from €1,340 to €20,579
- Debts after one year +€18,160
new in 2025: €18,160
- Short-term financial debts -€7,092
no longer reported in 2025 (was €7,092)
- Gross operating margin +€81,031
up €81,031 (+356650.9%), from €23 to €81,054
- Taxes +€13,624
up €13,624 (+2407.3%), from €566 to €14,190
- Staff costs +€10,374
new in 2025: €10,374
- Depreciation +€7,956
up €7,956 (+476.5%), from €1,670 to €9,625
- Financial income +€1,694
up €1,694 (+518.2%), from €327 to €2,021
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 | €40,391 | €139,357 | +€98,965 | +245.0% |
| Fixed assets | 21/28 | €15,525 | €37,676 | +€22,151 | +142.7% |
| Tangible fixed assets | 22/27 | €15,525 | €37,676 | +€22,151 | +142.7% |
| Land and buildings | 22 | €2,071 | €8,842 | +€6,771 | +326.9% |
| Plant, machinery and equipment | 23 | - | €10,277 | +€10,277 | |
| Furniture and vehicles | 24 | €13,454 | €18,557 | +€5,103 | +37.9% |
| Current assets | 29/58 | €24,866 | €101,681 | +€76,814 | +308.9% |
| Amounts receivable within one year | 40/41 | €24,793 | €90,615 | +€65,822 | +265.5% |
| Trade receivables | 40 | €14,004 | €26,485 | +€12,481 | +89.1% |
| Other amounts receivable | 41 | €10,789 | €64,129 | +€53,341 | +494.4% |
| Cash at bank and in hand | 54/58 | - | €9,373 | +€9,373 | |
| Deferred charges and accrued income | 490/1 | €73 | €1,693 | +€1,620 | +2210.9% |
| Total equity and liabilities | 10/49 | €40,391 | €139,357 | +€98,965 | +245.0% |
| Equity | 10/15 | -€298 | €44,952 | +€45,250 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €42,452 | +€42,452 | |
| Distributable reserves | 133 | - | €42,452 | +€42,452 | |
| Profit (loss) carried forward | 14 | -€2,798 | - | +€2,798 | |
| Amounts payable | 17/49 | €40,689 | €94,405 | +€53,715 | +132.0% |
| Amounts payable after more than one year | 17 | - | €18,160 | +€18,160 | |
| Financial debts | 170/4 | - | €18,160 | +€18,160 | |
| Amounts payable within one year | 42/48 | €40,209 | €76,138 | +€35,929 | +89.4% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €24,407 | -€593 | -2.4% |
| Financial debts | 43 | €7,092 | - | -€7,092 | |
| Credit institutions | 430/8 | €7,092 | - | -€7,092 | |
| Trade debts | 44 | €1,340 | €20,579 | +€19,239 | +1435.6% |
| Suppliers | 440/4 | €1,340 | €20,579 | +€19,239 | +1435.6% |
| Taxes, remuneration and social security | 45 | €6,777 | €31,151 | +€24,374 | +359.6% |
| Taxes | 450/3 | €6,777 | €29,953 | +€23,176 | +342.0% |
| Remuneration and social security | 454/9 | - | €1,198 | +€1,198 | |
| Accrued charges and deferred income | 492/3 | €480 | €107 | -€373 | -77.7% |
| Remuneration, social security and pensions | 62 | - | €10,374 | +€10,374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,670 | €9,625 | +€7,956 | +476.5% |
| Other operating charges | 640/8 | €150 | €1,595 | +€1,445 | +963.2% |
| Gross operating margin | 9900 | €23 | €81,054 | +€81,031 | +356650.9% |
| Operating profit (loss) | 9901 | -€1,797 | €59,459 | +€61,256 | |
| Financial income | 75/76B | €327 | €2,021 | +€1,694 | +518.2% |
| Recurring financial income | 75 | €327 | €2,021 | +€1,694 | +518.2% |
| Financial charges | 65/66B | €762 | €2,040 | +€1,278 | +167.6% |
| Recurring financial charges | 65 | €762 | €2,040 | +€1,278 | +167.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,232 | €59,440 | +€61,672 | |
| Income taxes | 67/77 | €566 | €14,190 | +€13,624 | +2407.3% |
| Profit (loss) for the period | 9904 | -€2,798 | €45,250 | +€48,048 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,798 | €45,250 | +€48,048 |
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 11 October 2026 via checked.be.