Project M³: 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.
Project M³
Largest movements
- Receivables within one year +€14,334
up €14,334 (+25.5%), from €56,317 to €70,651
of which Other amounts receivable: +€16,305
- Tangible fixed assets -€9,641
down €9,641 (-35.5%), from €27,121 to €17,481
- Deferred charges and accrued income +€1,302
up €1,302 (+88.9%), from €1,464 to €2,766
- Other debts +€14,356
up €14,356 (+22.6%), from €63,632 to €77,988
- Debts after one year -€8,126
down €8,126 (-51.8%), from €15,679 to €7,554
- Gross operating margin +€11,283
up €11,283 (+12.4%), from €91,144 to €102,426
- Financial income +€5,419
new in 2025: €5,419
- Taxes +€3,579
up €3,579 (+22.2%), from €16,115 to €19,695
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 | €123,116 | €129,637 | +€6,521 | +5.3% |
| Fixed assets | 21/28 | €27,121 | €17,481 | -€9,641 | -35.5% |
| Tangible fixed assets | 22/27 | €27,121 | €17,481 | -€9,641 | -35.5% |
| Furniture and vehicles | 24 | €27,121 | €17,481 | -€9,641 | -35.5% |
| Current assets | 29/58 | €95,994 | €112,156 | +€16,162 | +16.8% |
| Amounts receivable within one year | 40/41 | €56,317 | €70,651 | +€14,334 | +25.5% |
| Trade receivables | 40 | €21,317 | €19,346 | -€1,971 | -9.2% |
| Other amounts receivable | 41 | €35,000 | €51,305 | +€16,305 | +46.6% |
| Cash at bank and in hand | 54/58 | €38,213 | €38,739 | +€526 | +1.4% |
| Deferred charges and accrued income | 490/1 | €1,464 | €2,766 | +€1,302 | +88.9% |
| Total equity and liabilities | 10/49 | €123,116 | €129,637 | +€6,521 | +5.3% |
| Equity | 10/15 | €20,790 | €20,790 | = | 0.0% |
| Contributions | 10/11 | €20,790 | €20,790 | = | 0.0% |
| Amounts payable | 17/49 | €102,326 | €108,847 | +€6,521 | +6.4% |
| Amounts payable after more than one year | 17 | €15,679 | €7,554 | -€8,126 | -51.8% |
| Financial debts | 170/4 | €15,679 | €7,554 | -€8,126 | -51.8% |
| Amounts payable within one year | 42/48 | €86,646 | €101,293 | +€14,647 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €8,008 | €8,126 | +€118 | +1.5% |
| Trade debts | 44 | €748 | €1,032 | +€284 | +38.0% |
| Suppliers | 440/4 | €748 | €1,032 | +€284 | +38.0% |
| Taxes, remuneration and social security | 45 | €14,258 | €14,147 | -€111 | -0.8% |
| Taxes | 450/3 | €14,258 | €14,147 | -€111 | -0.8% |
| Other amounts payable | 47/48 | €63,632 | €77,988 | +€14,356 | +22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,866 | €9,641 | -€226 | -2.3% |
| Other operating charges | 640/8 | €1,012 | €120 | -€892 | -88.1% |
| Gross operating margin | 9900 | €91,144 | €102,426 | +€11,283 | +12.4% |
| Operating profit (loss) | 9901 | €80,266 | €92,666 | +€12,400 | +15.4% |
| Financial income | 75/76B | - | €5,419 | +€5,419 | |
| Recurring financial income | 75 | - | €5,419 | +€5,419 | |
| Financial charges | 65/66B | €518 | €402 | -€116 | -22.4% |
| Recurring financial charges | 65 | €518 | €402 | -€116 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €79,748 | €97,683 | +€17,935 | +22.5% |
| Income taxes | 67/77 | €16,115 | €19,695 | +€3,579 | +22.2% |
| Profit (loss) for the period | 9904 | €63,632 | €77,988 | +€14,356 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €63,632 | €77,988 | +€14,356 | +22.6% |
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 10 October 2026 via checked.be.