AS Maertens: 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.
AS Maertens
Largest movements
- Cash +€85,594
up €85,594 (+17.6%), from €486,871 to €572,465
mainly Net result for the year (+€144,217) and Other debts (+€100,000)
- Current investments +€55,653
up €55,653 (+22.1%), from €251,740 to €307,393
- Other debts +€100,000
new in 2025: €100,000
- Reserves +€39,217
up €39,217 (+5.4%), from €731,569 to €770,786
- Gross operating margin -€17,968
down €17,968 (-8.9%), from €202,880 to €184,912
- Financial charges -€16,507
down €16,507 (-98.2%), from €16,812 to €305
- Taxes -€11,128
down €11,128 (-14.9%), from €74,865 to €63,737
- Financial income +€4,041
up €4,041 (+20.3%), from €19,890 to €23,931
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 | €767,494 | €916,046 | +€148,552 | +19.4% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €767,494 | €916,046 | +€148,552 | +19.4% |
| Amounts receivable within one year | 40/41 | €24,939 | €32,165 | +€7,226 | +29.0% |
| Trade receivables | 40 | €11,157 | €5,890 | -€5,267 | -47.2% |
| Other amounts receivable | 41 | €13,782 | €26,275 | +€12,493 | +90.6% |
| Current investments | 50/53 | €251,740 | €307,393 | +€55,653 | +22.1% |
| Cash at bank and in hand | 54/58 | €486,871 | €572,465 | +€85,594 | +17.6% |
| Deferred charges and accrued income | 490/1 | €3,944 | €4,023 | +€79 | +2.0% |
| Total equity and liabilities | 10/49 | €767,494 | €916,046 | +€148,552 | +19.4% |
| Equity | 10/15 | €743,969 | €783,186 | +€39,217 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €731,569 | €770,786 | +€39,217 | +5.4% |
| Distributable reserves | 133 | €731,569 | €770,786 | +€39,217 | +5.4% |
| Amounts payable | 17/49 | €23,525 | €132,860 | +€109,335 | +465% |
| Amounts payable within one year | 42/48 | €23,525 | €130,970 | +€107,445 | +457% |
| Trade debts | 44 | €4,496 | €5,120 | +€624 | +13.9% |
| Suppliers | 440/4 | €4,496 | €5,120 | +€624 | +13.9% |
| Taxes, remuneration and social security | 45 | €19,029 | €25,850 | +€6,821 | +35.8% |
| Taxes | 450/3 | €19,029 | €25,850 | +€6,821 | +35.8% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,890 | +€1,890 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €366 | - | -€366 | |
| Other operating charges | 640/8 | €411 | €584 | +€173 | +42.1% |
| Gross operating margin | 9900 | €202,880 | €184,912 | -€17,968 | -8.9% |
| Operating profit (loss) | 9901 | €202,103 | €184,328 | -€17,775 | -8.8% |
| Financial income | 75/76B | €19,890 | €23,931 | +€4,041 | +20.3% |
| Recurring financial income | 75 | €19,890 | €23,931 | +€4,041 | +20.3% |
| Financial charges | 65/66B | €16,812 | €305 | -€16,507 | -98.2% |
| Recurring financial charges | 65 | €16,812 | €305 | -€16,507 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | €205,181 | €207,954 | +€2,773 | +1.4% |
| Income taxes | 67/77 | €74,865 | €63,737 | -€11,128 | -14.9% |
| Profit (loss) for the period | 9904 | €130,316 | €144,217 | +€13,901 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €130,316 | €144,217 | +€13,901 | +10.7% |
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 21 October 2026 via checked.be.