DR. J. MARTENS: 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.
DR. J. MARTENS
Largest movements
- Current investments -€76,915
down €76,915 (-72.2%), from €106,461 to €29,547
- Tangible fixed assets -€67,267
down €67,267 (-30.0%), from €223,924 to €156,656
of which Other tangible fixed assets: -€41,000
- Cash +€12,667
up €12,667 (+20.7%), from €61,176 to €73,843
mainly Current investments (+€76,915) and Net result for the year (+€67,230)
- Receivables within one year +€12,343
up €12,343 (+7.9%), from €156,579 to €168,922
of which Trade receivables: +€12,215
- Other debts -€190,122
down €190,122 (-59.7%), from €318,480 to €128,358
- Profit (loss) carried forward +€67,230
up €67,230 (+21.1%), from -€319,144 to -€251,915
- Provisions -€107,280
no longer reported in 2025 (was €107,280)
- Other operating charges +€25,757
up €25,757 (+471%), from €5,473 to €31,230
- Taxes +€22,031
up €22,031 (+1,094%), from €2,015 to €24,046
- Gross operating margin +€21,004
up €21,004 (+20.1%), from €104,712 to €125,716
- Financial income -€19,786
down €19,786 (-46.0%), from €43,025 to €23,240
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 | €548,335 | €429,550 | -€118,785 | -21.7% |
| Fixed assets | 21/28 | €223,961 | €156,693 | -€67,267 | -30.0% |
| Tangible fixed assets | 22/27 | €223,924 | €156,656 | -€67,267 | -30.0% |
| Land and buildings | 22 | €124,774 | €100,494 | -€24,280 | -19.5% |
| Plant, machinery and equipment | 23 | €2,213 | €1,364 | -€848 | -38.3% |
| Furniture and vehicles | 24 | €31,678 | €30,538 | -€1,139 | -3.6% |
| Other tangible fixed assets | 26 | €65,259 | €24,259 | -€41,000 | -62.8% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €324,374 | €272,856 | -€51,517 | -15.9% |
| Amounts receivable within one year | 40/41 | €156,579 | €168,922 | +€12,343 | +7.9% |
| Trade receivables | 40 | €30,584 | €42,800 | +€12,215 | +39.9% |
| Other amounts receivable | 41 | €125,995 | €126,122 | +€128 | +0.1% |
| Current investments | 50/53 | €106,461 | €29,547 | -€76,915 | -72.2% |
| Cash at bank and in hand | 54/58 | €61,176 | €73,843 | +€12,667 | +20.7% |
| Deferred charges and accrued income | 490/1 | €157 | €545 | +€388 | +247% |
| Total equity and liabilities | 10/49 | €548,335 | €429,550 | -€118,785 | -21.7% |
| Equity | 10/15 | €113,833 | €181,063 | +€67,230 | +59.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €414,377 | €414,377 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,170 | €23,170 | = | 0.0% |
| Distributable reserves | 133 | €389,347 | €389,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€319,144 | -€251,915 | +€67,230 | +21.1% |
| Provisions and deferred taxes | 16 | €107,280 | €107,280 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €107,280 | €107,280 | = | 0.0% |
| Other liabilities and charges | 164/5 | €107,280 | €107,280 | = | 0.0% |
| Amounts payable | 17/49 | €327,222 | €141,207 | -€186,015 | -56.8% |
| Amounts payable within one year | 42/48 | €327,222 | €140,117 | -€187,105 | -57.2% |
| Trade debts | 44 | €189 | - | -€189 | |
| Suppliers | 440/4 | €189 | - | -€189 | |
| Taxes, remuneration and social security | 45 | €8,553 | €11,759 | +€3,206 | +37.5% |
| Taxes | 450/3 | €8,553 | €11,759 | +€3,206 | +37.5% |
| Other amounts payable | 47/48 | €318,480 | €128,358 | -€190,122 | -59.7% |
| Accrued charges and deferred income | 492/3 | - | €1,091 | +€1,091 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,747 | €26,267 | -€5,479 | -17.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €107,280 | - | -€107,280 | |
| Other operating charges | 640/8 | €5,473 | €31,230 | +€25,757 | +471% |
| Gross operating margin | 9900 | €104,712 | €125,716 | +€21,004 | +20.1% |
| Operating profit (loss) | 9901 | -€39,788 | €68,218 | +€108,006 | |
| Financial income | 75/76B | €43,025 | €23,240 | -€19,786 | -46.0% |
| Recurring financial income | 75 | €43,025 | €23,240 | -€19,786 | -46.0% |
| Financial charges | 65/66B | €67 | €182 | +€115 | +173% |
| Recurring financial charges | 65 | €67 | €182 | +€115 | +173% |
| Profit (loss) for the period before taxes | 9903 | €3,171 | €91,276 | +€88,105 | +2,779% |
| Income taxes | 67/77 | €2,015 | €24,046 | +€22,031 | +1,094% |
| Profit (loss) for the period | 9904 | €1,156 | €67,230 | +€66,074 | +5,715% |
| Profit (loss) for the period to be appropriated | 9905 | €1,156 | €67,230 | +€66,074 | +5,715% |
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 22 October 2026 via checked.be.