Georges 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.
Georges Martin
Largest movements
- Stocks and contracts -€393,334
down €393,334 (-36.3%), from €1.1m to €690,866
- Receivables within one year -€63,217
down €63,217 (-80.2%), from €78,850 to €15,633
of which Other amounts receivable: -€73,730
- Cash +€31,012
up €31,012 (+1,471%), from €2,109 to €33,120
mainly Stocks and contracts (+€393,334) and Other debts (+€273,483)
- Short-term financial debts -€358,000
no longer reported in 2025 (was €358,000)
- Profit (loss) carried forward -€323,150
down €323,150, from €234 to -€322,916
- Other debts +€273,483
up €273,483 (+23.8%), from €1.1m to €1.4m
- Trade debts -€16,320
down €16,320 (-76.3%), from €21,395 to €5,076
- Other operating charges +€104,529
up €104,529 (+6,168%), from €1,695 to €106,224
- Gross operating margin -€37,871
down €37,871 (-37.3%), from -€101,540 to -€139,411
- Financial charges +€10,249
up €10,249 (+311%), from €3,296 to €13,545
- Staff costs -€8,543
down €8,543 (-12.7%), from €67,533 to €58,990
- Financial income +€2,885
up €2,885 (+207%), from €1,397 to €4,282
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 | €1,553,459 | €1,135,630 | -€417,829 | -26.9% |
| Fixed assets | 21/28 | €385,471 | €395,119 | +€9,648 | +2.5% |
| Intangible fixed assets | 21 | €2,024 | €416 | -€1,608 | -79.5% |
| Tangible fixed assets | 22/27 | €383,447 | €394,703 | +€11,256 | +2.9% |
| Land and buildings | 22 | €369,542 | €370,531 | +€989 | +0.3% |
| Plant, machinery and equipment | 23 | €963 | €13,395 | +€12,432 | +1,291% |
| Furniture and vehicles | 24 | €12,942 | €10,777 | -€2,165 | -16.7% |
| Current assets | 29/58 | €1,167,988 | €740,511 | -€427,477 | -36.6% |
| Stocks and contracts in progress | 3 | €1,084,201 | €690,866 | -€393,334 | -36.3% |
| Stocks | 30/36 | €1,084,201 | €690,866 | -€393,334 | -36.3% |
| Amounts receivable within one year | 40/41 | €78,850 | €15,633 | -€63,217 | -80.2% |
| Trade receivables | 40 | €1,737 | €12,250 | +€10,513 | +605% |
| Other amounts receivable | 41 | €77,113 | €3,383 | -€73,730 | -95.6% |
| Cash at bank and in hand | 54/58 | €2,109 | €33,120 | +€31,012 | +1,471% |
| Deferred charges and accrued income | 490/1 | €2,828 | €891 | -€1,937 | -68.5% |
| Total equity and liabilities | 10/49 | €1,553,459 | €1,135,630 | -€417,829 | -26.9% |
| Equity | 10/15 | €18,834 | -€304,316 | -€323,150 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €234 | -€322,916 | -€323,150 | |
| Amounts payable | 17/49 | €1,534,625 | €1,439,946 | -€94,678 | -6.2% |
| Amounts payable within one year | 42/48 | €1,533,849 | €1,439,105 | -€94,744 | -6.2% |
| Financial debts | 43 | €358,000 | - | -€358,000 | |
| Credit institutions | 430/8 | €358,000 | - | -€358,000 | |
| Trade debts | 44 | €21,395 | €5,076 | -€16,320 | -76.3% |
| Suppliers | 440/4 | €21,395 | €5,076 | -€16,320 | -76.3% |
| Taxes, remuneration and social security | 45 | €4,768 | €10,861 | +€6,093 | +128% |
| Taxes | 450/3 | - | €1,092 | +€1,092 | |
| Remuneration and social security | 454/9 | €4,768 | €9,769 | +€5,001 | +105% |
| Other amounts payable | 47/48 | €1,149,686 | €1,423,168 | +€273,483 | +23.8% |
| Accrued charges and deferred income | 492/3 | €775 | €841 | +€66 | +8.5% |
| Non-recurring operating income | 76A | - | €989 | +€989 | |
| Remuneration, social security and pensions | 62 | €67,533 | €58,990 | -€8,543 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,357 | €8,359 | +€2 | 0.0% |
| Other operating charges | 640/8 | €1,695 | €106,224 | +€104,529 | +6,168% |
| Gross operating margin | 9900 | -€101,540 | -€139,411 | -€37,871 | -37.3% |
| Operating profit (loss) | 9901 | -€179,124 | -€312,984 | -€133,859 | -74.7% |
| Financial income | 75/76B | €1,397 | €4,282 | +€2,885 | +207% |
| Recurring financial income | 75 | €1,397 | €4,282 | +€2,885 | +207% |
| Financial charges | 65/66B | €3,296 | €13,545 | +€10,249 | +311% |
| Recurring financial charges | 65 | €3,296 | €13,545 | +€10,249 | +311% |
| Profit (loss) for the period before taxes | 9903 | -€181,024 | -€322,246 | -€141,223 | -78.0% |
| Income taxes | 67/77 | €1,001 | €904 | -€97 | -9.7% |
| Profit (loss) for the period | 9904 | -€182,025 | -€323,150 | -€141,126 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€182,025 | -€323,150 | -€141,126 | -77.5% |
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 20 October 2026 via checked.be.