Three Bays: 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.
Three Bays
Largest movements
- Cash +€120,541
up €120,541 (+563.2%), from €21,402 to €141,943
mainly Net result for the year (+€86,019) and Receivables within one year (+€55,618)
- Receivables within one year -€55,618
down €55,618 (-36.5%), from €152,370 to €96,751
of which Trade receivables: -€52,623
- Stocks and contracts +€19,536
up €19,536 (+114.5%), from €17,067 to €36,603
- Tangible fixed assets +€3,832
up €3,832 (+143.9%), from €2,663 to €6,495
of which Land and buildings: +€3,106
- Reserves +€86,019
up €86,019 (+64.9%), from €132,564 to €218,583
- Other debts +€5,202
up €5,202 (+108.5%), from €4,793 to €9,996
- Tax, wage and social debts -€3,390
down €3,390 (-7.3%), from €46,316 to €42,926
of which Taxes: -€3,546
- Trade debts -€3,376
down €3,376 (-50.1%), from €6,731 to €3,356
- Gross operating margin -€58,838
down €58,838 (-34.2%), from €171,938 to €113,100
- Taxes -€13,982
down €13,982 (-35.9%), from €38,951 to €24,969
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 | €195,405 | €284,033 | +€88,627 | +45.4% |
| Fixed assets | 21/28 | €2,663 | €6,495 | +€3,832 | +143.9% |
| Tangible fixed assets | 22/27 | €2,663 | €6,495 | +€3,832 | +143.9% |
| Land and buildings | 22 | - | €3,106 | +€3,106 | |
| Plant, machinery and equipment | 23 | €2,663 | €2,390 | -€273 | -10.2% |
| Furniture and vehicles | 24 | - | €998 | +€998 | |
| Current assets | 29/58 | €192,742 | €277,538 | +€84,795 | +44.0% |
| Stocks and contracts in progress | 3 | €17,067 | €36,603 | +€19,536 | +114.5% |
| Stocks | 30/36 | €17,067 | €36,603 | +€19,536 | +114.5% |
| Amounts receivable within one year | 40/41 | €152,370 | €96,751 | -€55,618 | -36.5% |
| Trade receivables | 40 | €149,315 | €96,692 | -€52,623 | -35.2% |
| Other amounts receivable | 41 | €3,055 | €59 | -€2,996 | -98.1% |
| Cash at bank and in hand | 54/58 | €21,402 | €141,943 | +€120,541 | +563.2% |
| Deferred charges and accrued income | 490/1 | €1,904 | €2,241 | +€337 | +17.7% |
| Total equity and liabilities | 10/49 | €195,405 | €284,033 | +€88,627 | +45.4% |
| Equity | 10/15 | €137,564 | €223,583 | +€86,019 | +62.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €132,564 | €218,583 | +€86,019 | +64.9% |
| Distributable reserves | 133 | €132,564 | €218,583 | +€86,019 | +64.9% |
| Amounts payable | 17/49 | €57,841 | €60,449 | +€2,608 | +4.5% |
| Amounts payable within one year | 42/48 | €57,841 | €57,689 | -€152 | -0.3% |
| Financial debts | 43 | - | €1,411 | +€1,411 | |
| Credit institutions | 430/8 | - | €1,411 | +€1,411 | |
| Trade debts | 44 | €6,731 | €3,356 | -€3,376 | -50.1% |
| Suppliers | 440/4 | €6,731 | €3,356 | -€3,376 | -50.1% |
| Taxes, remuneration and social security | 45 | €46,316 | €42,926 | -€3,390 | -7.3% |
| Taxes | 450/3 | €46,316 | €42,770 | -€3,546 | -7.7% |
| Remuneration and social security | 454/9 | - | €157 | +€157 | |
| Other amounts payable | 47/48 | €4,793 | €9,996 | +€5,202 | +108.5% |
| Accrued charges and deferred income | 492/3 | - | €2,760 | +€2,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64 | €513 | +€449 | +698.7% |
| Other operating charges | 640/8 | €150 | €1,023 | +€873 | +582.2% |
| Gross operating margin | 9900 | €171,938 | €113,100 | -€58,838 | -34.2% |
| Operating profit (loss) | 9901 | €171,724 | €111,564 | -€60,160 | -35.0% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €208 | €576 | +€368 | +176.6% |
| Recurring financial charges | 65 | €208 | €576 | +€368 | +176.6% |
| Profit (loss) for the period before taxes | 9903 | €171,516 | €110,988 | -€60,528 | -35.3% |
| Income taxes | 67/77 | €38,951 | €24,969 | -€13,982 | -35.9% |
| Profit (loss) for the period | 9904 | €132,564 | €86,019 | -€46,545 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €132,564 | €86,019 | -€46,545 | -35.1% |
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.