FIRMA 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.
FIRMA MARTIN
Largest movements
- Receivables within one year -€29,047
down €29,047 (-18.6%), from €155,769 to €126,722
of which Other amounts receivable: -€24,651
- Cash +€21,477
up €21,477 (+36.5%), from €58,775 to €80,252
mainly Debts after one year (+€349,959) and Receivables within one year (+€29,047)
- Intangible fixed assets +€10,494
new in 2025: €10,494
- Tangible fixed assets -€9,752
down €9,752 (-2.3%), from €420,128 to €410,376
of which Land and buildings: -€9,686
- Debts after one year +€349,959
new in 2025: €349,959
- Other debts -€329,297
down €329,297 (-98.9%), from €332,948 to €3,651
- Profit (loss) carried forward -€21,328
down €21,328 (-28.1%), from €75,909 to €54,582
- Tax, wage and social debts -€9,752
down €9,752 (-92.5%), from €10,545 to €794
- Gross operating margin +€25,232
up €25,232, from -€18,724 to €6,508
- Financial charges +€3,195
up €3,195 (+17.7%), from €18,041 to €21,236
- Depreciation -€858
down €858 (-7.6%), from €11,276 to €10,418
- Financial income +€381
up €381 (+6.2%), from €6,130 to €6,511
- Other operating charges -€274
down €274 (-10.7%), from €2,566 to €2,292
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 | €639,287 | €633,659 | -€5,628 | -0.9% |
| Fixed assets | 21/28 | €420,164 | €420,907 | +€742 | +0.2% |
| Intangible fixed assets | 21 | - | €10,494 | +€10,494 | |
| Tangible fixed assets | 22/27 | €420,128 | €410,376 | -€9,752 | -2.3% |
| Land and buildings | 22 | €417,762 | €408,076 | -€9,686 | -2.3% |
| Plant, machinery and equipment | 23 | €360 | €299 | -€62 | -17.2% |
| Furniture and vehicles | 24 | €2,006 | €2,002 | -€4 | -0.2% |
| Financial fixed assets | 28 | €36 | €36 | = | 0.0% |
| Current assets | 29/58 | €219,123 | €212,753 | -€6,370 | -2.9% |
| Stocks and contracts in progress | 3 | €4,308 | €5,525 | +€1,217 | +28.3% |
| Stocks | 30/36 | €4,308 | €5,525 | +€1,217 | +28.3% |
| Amounts receivable within one year | 40/41 | €155,769 | €126,722 | -€29,047 | -18.6% |
| Trade receivables | 40 | €6,794 | €2,398 | -€4,396 | -64.7% |
| Other amounts receivable | 41 | €148,975 | €124,324 | -€24,651 | -16.5% |
| Cash at bank and in hand | 54/58 | €58,775 | €80,252 | +€21,477 | +36.5% |
| Deferred charges and accrued income | 490/1 | €271 | €254 | -€17 | -6.2% |
| Total equity and liabilities | 10/49 | €639,287 | €633,659 | -€5,628 | -0.9% |
| Equity | 10/15 | €264,217 | €242,889 | -€21,328 | -8.1% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €63,308 | €63,308 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €50,808 | €50,808 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,909 | €54,582 | -€21,328 | -28.1% |
| Amounts payable | 17/49 | €375,070 | €390,770 | +€15,700 | +4.2% |
| Amounts payable after more than one year | 17 | - | €349,959 | +€349,959 | |
| Other amounts payable | 178/9 | - | €349,959 | +€349,959 | |
| Amounts payable within one year | 42/48 | €375,070 | €40,811 | -€334,259 | -89.1% |
| Trade debts | 44 | €31,577 | €36,366 | +€4,789 | +15.2% |
| Suppliers | 440/4 | €31,577 | €36,366 | +€4,789 | +15.2% |
| Taxes, remuneration and social security | 45 | €10,545 | €794 | -€9,752 | -92.5% |
| Taxes | 450/3 | €10,545 | €794 | -€9,752 | -92.5% |
| Other amounts payable | 47/48 | €332,948 | €3,651 | -€329,297 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,276 | €10,418 | -€858 | -7.6% |
| Other operating charges | 640/8 | €2,566 | €2,292 | -€274 | -10.7% |
| Non-recurring operating charges | 66A | €318 | - | -€318 | |
| Gross operating margin | 9900 | -€18,724 | €6,508 | +€25,232 | |
| Operating profit (loss) | 9901 | -€32,884 | -€6,202 | +€26,682 | +81.1% |
| Financial income | 75/76B | €6,130 | €6,511 | +€381 | +6.2% |
| Recurring financial income | 75 | €6,130 | €6,511 | +€381 | +6.2% |
| Financial charges | 65/66B | €18,041 | €21,236 | +€3,195 | +17.7% |
| Recurring financial charges | 65 | €18,041 | €21,236 | +€3,195 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | -€44,795 | -€20,927 | +€23,868 | +53.3% |
| Income taxes | 67/77 | €393 | €401 | +€8 | +2.0% |
| Profit (loss) for the period | 9904 | -€45,188 | -€21,328 | +€23,860 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,188 | -€21,328 | +€23,860 | +52.8% |
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 25 October 2026 via checked.be.