DAVID 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.
DAVID MARTIN
Largest movements
- Cash -€13,746
down €13,746 (-16.7%), from €82,340 to €68,595
mainly Other debts (-€21,942) and Tax, wage and social debts (-€572)
- Other debts -€21,942
down €21,942 (-85.8%), from €25,565 to €3,623
- Reserves +€7,877
up €7,877 (+41.1%), from €19,178 to €27,055
- Gross operating margin +€4,984
up €4,984 (+68.4%), from €7,283 to €12,267
- Taxes +€1,494
up €1,494 (+64.6%), from €2,313 to €3,807
- Depreciation -€195
down €195 (-33.6%), from €581 to €385
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 | €87,542 | €72,888 | -€14,654 | -16.7% |
| Fixed assets | 21/28 | €513 | €127 | -€385 | -75.2% |
| Tangible fixed assets | 22/27 | €385 | €0 | -€385 | -100% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €385 | €0 | -€385 | -100% |
| Financial fixed assets | 28 | €127 | €127 | = | 0.0% |
| Current assets | 29/58 | €87,029 | €72,761 | -€14,268 | -16.4% |
| Amounts receivable within one year | 40/41 | €3,940 | €3,486 | -€454 | -11.5% |
| Trade receivables | 40 | €3,940 | €3,486 | -€454 | -11.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €82,340 | €68,595 | -€13,746 | -16.7% |
| Deferred charges and accrued income | 490/1 | €749 | €681 | -€69 | -9.2% |
| Total equity and liabilities | 10/49 | €87,542 | €72,888 | -€14,654 | -16.7% |
| Equity | 10/15 | €52,631 | €60,508 | +€7,877 | +15.0% |
| Contributions | 10/11 | €27,012 | €27,012 | = | 0.0% |
| Reserves | 13 | €19,178 | €27,055 | +€7,877 | +41.1% |
| Distributable reserves | 133 | €19,178 | €27,055 | +€7,877 | +41.1% |
| Profit (loss) carried forward | 14 | €6,441 | €6,441 | = | 0.0% |
| Amounts payable | 17/49 | €34,911 | €12,380 | -€22,531 | -64.5% |
| Amounts payable within one year | 42/48 | €34,911 | €12,380 | -€22,531 | -64.5% |
| Trade debts | 44 | €6,208 | €6,192 | -€16 | -0.3% |
| Suppliers | 440/4 | €6,208 | €6,192 | -€16 | -0.3% |
| Taxes, remuneration and social security | 45 | €3,138 | €2,565 | -€572 | -18.2% |
| Taxes | 450/3 | €3,138 | €2,565 | -€572 | -18.2% |
| Other amounts payable | 47/48 | €25,565 | €3,623 | -€21,942 | -85.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €581 | €385 | -€195 | -33.6% |
| Other operating charges | 640/8 | €430 | €430 | +€0 | +0.1% |
| Gross operating margin | 9900 | €7,283 | €12,267 | +€4,984 | +68.4% |
| Operating profit (loss) | 9901 | €6,272 | €11,451 | +€5,179 | +82.6% |
| Financial income | 75/76B | €294 | €371 | +€77 | +26.2% |
| Recurring financial income | 75 | €294 | €371 | +€77 | +26.2% |
| Financial charges | 65/66B | €138 | €139 | +€0 | +0.2% |
| Recurring financial charges | 65 | €138 | €139 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €6,428 | €11,684 | +€5,256 | +81.8% |
| Income taxes | 67/77 | €2,313 | €3,807 | +€1,494 | +64.6% |
| Profit (loss) for the period | 9904 | €4,115 | €7,877 | +€3,762 | +91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,115 | €7,877 | +€3,762 | +91.4% |
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 18 October 2026 via checked.be.