A.Martin: 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.
A.Martin
Largest movements
- Stocks and contracts -€26,468
down €26,468 (-20.0%), from €132,339 to €105,871
- Receivables within one year -€13,636
no longer reported in 2025 (was €13,636)
- Tangible fixed assets -€3,772
down €3,772 (-17.9%), from €21,069 to €17,296
of which Furniture and vehicles: -€7,017
- Profit (loss) carried forward -€61,898
down €61,898 (-103%), from -€59,922 to -€121,820
- Other debts +€15,177
up €15,177 (+10.4%), from €145,312 to €160,489
- Tax, wage and social debts +€3,201
up €3,201 (+44.6%), from €7,175 to €10,377
- Accrued charges and deferred income +€2,200
up €2,200 (+44.7%), from €4,920 to €7,120
- Trade debts -€2,009
down €2,009 (-96.7%), from €2,077 to €68
- Turnover +€48,924
up €48,924 (+78.0%), from €62,722 to €111,647
- Gross operating margin +€37,090
up €37,090, from -€4,047 to €33,043
- Write-downs +€26,468
new in 2025: €26,468
- Staff costs +€24,850
up €24,850 (+77.9%), from €31,920 to €56,770
- Purchases and services +€11,834
up €11,834 (+17.7%), from €66,770 to €78,604
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.
Derived cash bridge
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 | €167,762 | €124,433 | -€43,329 | -25.8% |
| Fixed assets | 21/28 | €21,432 | €17,659 | -€3,772 | -17.6% |
| Tangible fixed assets | 22/27 | €21,069 | €17,296 | -€3,772 | -17.9% |
| Plant, machinery and equipment | 23 | €4,863 | €8,108 | +€3,245 | +66.7% |
| Furniture and vehicles | 24 | €16,206 | €9,189 | -€7,017 | -43.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €146,330 | €106,773 | -€39,556 | -27.0% |
| Stocks and contracts in progress | 3 | €132,339 | €105,871 | -€26,468 | -20.0% |
| Stocks | 30/36 | €132,339 | €105,871 | -€26,468 | -20.0% |
| Amounts receivable within one year | 40/41 | €13,636 | - | -€13,636 | |
| Other amounts receivable | 41 | €13,636 | - | -€13,636 | |
| Cash at bank and in hand | 54/58 | €259 | €731 | +€472 | +182% |
| Deferred charges and accrued income | 490/1 | €96 | €171 | +€76 | +79.2% |
| Total equity and liabilities | 10/49 | €167,762 | €124,433 | -€43,329 | -25.8% |
| Equity | 10/15 | €8,277 | -€53,620 | -€61,898 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,922 | -€121,820 | -€61,898 | -103% |
| Amounts payable | 17/49 | €159,484 | €178,053 | +€18,569 | +11.6% |
| Amounts payable within one year | 42/48 | €154,564 | €170,933 | +€16,369 | +10.6% |
| Trade debts | 44 | €2,077 | €68 | -€2,009 | -96.7% |
| Suppliers | 440/4 | €2,077 | €68 | -€2,009 | -96.7% |
| Taxes, remuneration and social security | 45 | €7,175 | €10,377 | +€3,201 | +44.6% |
| Remuneration and social security | 454/9 | €7,175 | €10,377 | +€3,201 | +44.6% |
| Other amounts payable | 47/48 | €145,312 | €160,489 | +€15,177 | +10.4% |
| Accrued charges and deferred income | 492/3 | €4,920 | €7,120 | +€2,200 | +44.7% |
| Turnover | 70 | €62,722 | €111,647 | +€48,924 | +78.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €66,770 | €78,604 | +€11,834 | +17.7% |
| Remuneration, social security and pensions | 62 | €31,920 | €56,770 | +€24,850 | +77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,976 | €8,316 | -€5,660 | -40.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €26,468 | +€26,468 | |
| Other operating charges | 640/8 | €5,665 | €4,032 | -€1,634 | -28.8% |
| Gross operating margin | 9900 | -€4,047 | €33,043 | +€37,090 | |
| Operating profit (loss) | 9901 | -€55,609 | -€62,543 | -€6,934 | -12.5% |
| Financial income | 75/76B | - | €704 | +€704 | |
| Recurring financial income | 75 | - | €704 | +€704 | |
| Financial charges | 65/66B | €62 | €59 | -€2 | -3.8% |
| Recurring financial charges | 65 | €62 | €59 | -€2 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€55,670 | -€61,898 | -€6,228 | -11.2% |
| Profit (loss) for the period | 9904 | -€55,670 | -€61,898 | -€6,228 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,670 | -€61,898 | -€6,228 | -11.2% |
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 14 October 2026 via checked.be.