E. MARTENS: what changed
Two fiscal 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.
What changed
E. MARTENS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€35,777
2024 · €172,075-€136,298
Equity
€4.8m
2024 · €4.8m+€35,777
Cash
€5,322
2024 · €3,691+€1,631
Balance sheet total
€11.0m
2024 · €11.3m-€291,345
Largest movements
Assets
- Receivables within one year -€220,000
no longer reported in 2025 (was €220,000)
Equity and liabilities
- Debts after one year -€836,275
down €836,275 (-15.9%), from €5.3m to €4.4m
- Other debts +€661,647
up €661,647 (+866.5%), from €76,357 to €738,005
- Trade debts -€288,425
down €288,425 (-79.3%), from €363,594 to €75,169
- Current portion of long-term debt +€173,434
up €173,434 (+26.2%), from €662,841 to €836,275
Income statement
- Depreciation +€239,488
up €239,488 (+44.4%), from €539,062 to €778,550
- Gross operating margin +€100,958
up €100,958 (+11.1%), from €913,421 to €1.0m
- Taxes -€60,465
down €60,465 (-75.6%), from €80,000 to €19,535
- Financial charges +€55,509
up €55,509 (+103.7%), from €53,553 to €109,062
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.
Result 2024
€172,075
Gross operating margin
+€100,958
Depreciation
-€239,488
Other operating charges
-€2,723
Financial charges
-€55,509
Taxes
+€60,465
Result 2025
€35,777
Cash bridge derived
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.
From operations
+€1.4m
Investment
-€705,574
Financing
-€662,841
Cash 2024
€3,691
From operations (derived)
+€1.4m
Net result for the year
+€35,777
Depreciation
+€778,550
Receivables within one year
+€220,000
Provisions
-€16,476
Trade debts
-€288,425
Tax, wage and social debts
-€22,000
Other debts
+€661,647
Accrued charges and deferred income
+€974
Investment (derived)
-€705,574
Investment in fixed assets (net)
-€705,574
Financing
-€662,841
Debts after one year
-€836,275
Current portion of long-term debt
+€173,434
Cash 2025
€5,322
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,281,244 | €10,989,900 | -€291,345 | -2.6% |
| Fixed assets | 21/28 | €11,057,553 | €10,984,577 | -€72,976 | -0.7% |
| Tangible fixed assets | 22/27 | €11,057,553 | €10,984,577 | -€72,976 | -0.7% |
| Land and buildings | 22 | €10,484,762 | €10,984,577 | +€499,815 | +4.8% |
| Assets under construction and advance payments | 27 | €572,791 | - | -€572,791 | |
| Current assets | 29/58 | €223,691 | €5,322 | -€218,369 | -97.6% |
| Amounts receivable within one year | 40/41 | €220,000 | - | -€220,000 | |
| Other amounts receivable | 41 | €220,000 | - | -€220,000 | |
| Cash at bank and in hand | 54/58 | €3,691 | €5,322 | +€1,631 | +44.2% |
| Total equity and liabilities | 10/49 | €11,281,244 | €10,989,900 | -€291,345 | -2.6% |
| Equity | 10/15 | €4,756,035 | €4,791,812 | +€35,777 | +0.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €382,441 | €333,014 | -€49,427 | -12.9% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €372,441 | €323,014 | -€49,427 | -13.3% |
| Profit (loss) carried forward | 14 | €4,273,594 | €4,358,797 | +€85,203 | +2.0% |
| Provisions and deferred taxes | 16 | €124,147 | €107,671 | -€16,476 | -13.3% |
| Deferred taxes | 168 | €124,147 | €107,671 | -€16,476 | -13.3% |
| Amounts payable | 17/49 | €6,401,062 | €6,090,416 | -€310,645 | -4.9% |
| Amounts payable after more than one year | 17 | €5,252,473 | €4,416,198 | -€836,275 | -15.9% |
| Financial debts | 170/4 | €5,252,473 | €4,416,198 | -€836,275 | -15.9% |
| Amounts payable within one year | 42/48 | €1,124,792 | €1,649,449 | +€524,656 | +46.6% |
| Current portion of amounts payable after more than one year | 42 | €662,841 | €836,275 | +€173,434 | +26.2% |
| Trade debts | 44 | €363,594 | €75,169 | -€288,425 | -79.3% |
| Suppliers | 440/4 | €363,594 | €75,169 | -€288,425 | -79.3% |
| Taxes, remuneration and social security | 45 | €22,000 | - | -€22,000 | |
| Taxes | 450/3 | €22,000 | - | -€22,000 | |
| Other amounts payable | 47/48 | €76,357 | €738,005 | +€661,647 | +866.5% |
| Accrued charges and deferred income | 492/3 | €23,796 | €24,770 | +€974 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €539,062 | €778,550 | +€239,488 | +44.4% |
| Other operating charges | 640/8 | €85,207 | €87,930 | +€2,723 | +3.2% |
| Gross operating margin | 9900 | €913,421 | €1,014,379 | +€100,958 | +11.1% |
| Operating profit (loss) | 9901 | €289,152 | €147,899 | -€141,254 | -48.9% |
| Financial charges | 65/66B | €53,553 | €109,062 | +€55,509 | +103.7% |
| Recurring financial charges | 65 | €53,553 | €109,062 | +€55,509 | +103.7% |
| Profit (loss) for the period before taxes | 9903 | €235,599 | €38,836 | -€196,763 | -83.5% |
| Transfer from deferred taxes | 780 | €16,476 | €16,476 | = | 0.0% |
| Income taxes | 67/77 | €80,000 | €19,535 | -€60,465 | -75.6% |
| Profit (loss) for the period | 9904 | €172,075 | €35,777 | -€136,298 | -79.2% |
| Transfer from tax-exempt reserves | 789 | €49,427 | €49,427 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €221,502 | €85,203 | -€136,298 | -61.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.