Martius
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-08-2025 PDF all 3 filings
Turnover
≈ €520,000
Estimated: probably between €440,000 and €600,000
Total assets
€703,289▲ 41.1%
2024 · €498,482
Net result
€234,011▼ 16.0%
2024 · €278,657
Working capital
€567,099▲ 70.4%
2024 · €332,759
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€305,348
▼ 16.5%
2025
20232025
Net result
€234,011
▼ 16.0%
2025
highest quarter of the sector
20232025
Equity
€556,578
▲ 72.5%
2025
highest quarter of the sector
20232025
Total assets
€703,289
▲ 41.1%
2025
highest quarter of the sector
20232025
Debt
€146,710
▼ 16.6%
2025
20232025
Working capital
€567,099
▲ 70.4%
2025
highest quarter of the sector
20232025
Solvency
79.1%
▲ 14.4pp
2025
highest quarter of the sector
20232025
Current ratio
5.21
▲ 2.18
2025
highest quarter of the sector
20232025
Return on assets (ROA)
33.3%
▼ 22.6pp
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€54,761-€365,599▲ 568%€305,348▼ 16.5%
Net result€40,910within the sector's middle half-€278,657above the sector's middle half▲ 581%€234,011above the sector's middle half▼ 16.0%
Equity€43,910within the sector's middle half-€322,567above the sector's middle half▲ 635%€556,578above the sector's middle half▲ 72.5%
Total assets€83,971below the sector's middle half-€498,482above the sector's middle half▲ 494%€703,289above the sector's middle half▲ 41.1%
Debt€40,061-€175,915▲ 339%€146,710▼ 16.6%
Working capital€54,871within the sector's middle half-€332,759above the sector's middle half▲ 506%€567,099above the sector's middle half▲ 70.4%
Solvency52.3%within the sector's middle half-64.7%within the sector's middle half▲ 12.4pp79.1%above the sector's middle half▲ 14.4pp
Current ratio2.96within the sector's middle half-3.03within the sector's middle half▲ 0.075.21above the sector's middle half▲ 2.18
Return on assets (ROA)48.7%above the sector's middle half-55.9%above the sector's middle half▲ 7.2pp33.3%within the sector's middle half▼ 22.6pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 16% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €703,289
Fixed assets
€1,479 ▼ 18.2%
Current assets
€701,810 ▲ 41.3%
Equity and liabilities €703,289
Equity
€556,578 ▲ 72.5%
Debt
€146,710 ▼ 16.6%
Debt's share of the balance-sheet total falls from 35.3% to 20.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€305,678▼
2024 · €365,747
Cash flow
€234,341▼
2024 · €278,806
Debt to equity
0.26▼
2024 · 0.55
ROE
42.0%▼
2024 · 86.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€134,710▼
2024 · €163,915
Income taxes
€72,390▼
2024 · €87,171
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €1,063 | €669 | - |
| Financial fixed assets | - | €250 | - |
| Depreciation and write-downs of the year | €25 | €149 | €329 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25 | €149 | €329 | ▲ 121% |
| Other operating charges640/8 | €504 | €448 | €453 | ▲ 1.1% |
| Gross operating margin9900 | €55,290 | €366,196 | €306,131 | ▼ 16.4% |
| Operating profit (loss)9901 | €54,761 | €365,599 | €305,348 | ▼ 16.5% |
| Financial income75/76B | €70 | €396 | €1,384 | ▲ 249% |
| Recurring financial income75 | €70 | €396 | €1,384 | ▲ 249% |
| Financial charges65/66B | €58 | €166 | €331 | ▲ 99.5% |
| Recurring financial charges65 | €58 | €166 | €331 | ▲ 99.5% |
| Profit (loss) for the period before taxes9903 | €54,773 | €365,829 | €306,402 | ▼ 16.2% |
| Income taxes67/77 | €13,863 | €87,171 | €72,390 | ▼ 17.0% |
| Profit (loss) for the period9904 | €40,910 | €278,657 | €234,011 | ▼ 16.0% |
| Profit (loss) for the period to be appropriated9905 | €40,910 | €278,657 | €234,011 | ▼ 16.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €83,971 | €498,482 | €703,289 | ▲ 41.1% |
| Fixed assets21/28 | €1,038 | €1,808 | €1,479 | ▼ 18.2% |
| Tangible fixed assets22/27 | €1,038 | €1,558 | €1,229 | ▼ 21.1% |
| Furniture and vehicles24 | - | €626 | €403 | ▼ 35.6% |
| Other tangible fixed assets26 | €1,038 | €932 | €826 | ▼ 11.4% |
| Financial fixed assets28 | - | €250 | €250 | = |
| Current assets29/58 | €82,933 | €496,674 | €701,810 | ▲ 41.3% |
| Amounts receivable within one year40/41 | €37 | €295,351 | €286,181 | ▼ 3.1% |
| Trade receivables40 | - | €295,250 | €272,911 | ▼ 7.6% |
| Other amounts receivable41 | €37 | €100 | €13,270 | ▲ 132× |
| Current investments50/53 | €39,783 | €114,681 | €351,650 | ▲ 207% |
| Cash at bank and in hand54/58 | €43,113 | €83,840 | €61,121 | ▼ 27.1% |
| Deferred charges and accrued income490/1 | - | €2,803 | €2,859 | ▲ 2.0% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €83,971 | €498,482 | €703,289 | ▲ 41.1% |
| Equity10/15 | €43,910 | €322,567 | €556,578 | ▲ 72.5% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €40,910 | €319,567 | €553,578 | ▲ 73.2% |
| Distributable reserves133 | €40,910 | €319,567 | €553,578 | ▲ 73.2% |
| Amounts payable17/49 | €40,061 | €175,915 | €146,710 | ▼ 16.6% |
| Amounts payable within one year42/48 | €28,061 | €163,915 | €134,710 | ▼ 17.8% |
| Financial debts43 | €425 | €308 | €682 | ▲ 121% |
| Credit institutions430/8 | €425 | €308 | €682 | ▲ 121% |
| Trade debts44 | €2,677 | €1,062 | €2,303 | ▲ 117% |
| Suppliers440/4 | €2,677 | €1,062 | €2,303 | ▲ 117% |
| Taxes, remuneration and social security45 | €23,250 | €158,523 | €131,726 | ▼ 16.9% |
| Taxes450/3 | €23,250 | €158,523 | €131,726 | ▼ 16.9% |
| Other amounts payable47/48 | €1,709 | €4,022 | - | - |
| Accrued charges and deferred income492/3 | €12,000 | €12,000 | €12,000 | = |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,910 | €278,657 | €234,011 | ▼ 16.0% |
| + Depreciation and write-downs630 | €25 | €149 | €329 | ▲ 121% |
| Operating cash flow (approximation) | €40,934 | €278,806 | €234,341 | ▼ 15.9% |
| Investment in fixed assets (approximation) | - | -€919 | €0 | - |
| Change in cash | - | €40,727 | -€22,719 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,127 companies had the same profile as Martius has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of Martius itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,127 companies, not a prediction for Martius. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.