IMMO MARTEL: 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.
IMMO MARTEL
Largest movements
- Tangible fixed assets -€25,936
down €25,936 (-4.4%), from €585,982 to €560,046
- Reserves -€15,897
down €15,897 (-7.9%), from €201,104 to €185,207
of which Tax-exempt reserves: -€15,068
- Provisions -€7,657
down €7,657 (-13.2%), from €57,935 to €50,277
- Gross operating margin -€7,556
down €7,556 (-18.3%), from €41,351 to €33,795
- Depreciation -€7,340
down €7,340 (-13.6%), from €54,134 to €46,794
- Other operating charges -€1,067
down €1,067 (-17.9%), from €5,950 to €4,883
- Financial charges -€820
down €820 (-50.7%), from €1,615 to €796
- Taxes -€620
down €620 (-11.3%), from €5,497 to €4,878
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €592,227 | €570,059 | -€22,168 | -3.7% |
| Fixed assets | 21/28 | €585,982 | €560,046 | -€25,936 | -4.4% |
| Tangible fixed assets | 22/27 | €585,982 | €560,046 | -€25,936 | -4.4% |
| Land and buildings | 22 | €585,982 | €560,046 | -€25,936 | -4.4% |
| Current assets | 29/58 | €6,245 | €10,013 | +€3,768 | +60.3% |
| Cash at bank and in hand | 54/58 | €5,033 | €8,757 | +€3,724 | +74.0% |
| Deferred charges and accrued income | 490/1 | €1,212 | €1,256 | +€44 | +3.6% |
| Total equity and liabilities | 10/49 | €592,227 | €570,059 | -€22,168 | -3.7% |
| Equity | 10/15 | €369,704 | €353,807 | -€15,897 | -4.3% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Capital | 10 | €168,600 | €168,600 | = | 0.0% |
| Issued capital | 100 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €201,104 | €185,207 | -€15,897 | -7.9% |
| Non-distributable reserves | 130/1 | €16,860 | €16,860 | = | 0.0% |
| Legal reserve | 130 | €16,860 | €16,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €110,225 | €95,157 | -€15,068 | -13.7% |
| Distributable reserves | 133 | €74,019 | €73,190 | -€830 | -1.1% |
| Provisions and deferred taxes | 16 | €57,935 | €50,277 | -€7,657 | -13.2% |
| Deferred taxes | 168 | €57,935 | €50,277 | -€7,657 | -13.2% |
| Amounts payable | 17/49 | €164,588 | €165,975 | +€1,387 | +0.8% |
| Amounts payable within one year | 42/48 | €164,588 | €165,975 | +€1,387 | +0.8% |
| Trade debts | 44 | €3,465 | €8,317 | +€4,853 | +140.1% |
| Suppliers | 440/4 | €3,465 | €8,317 | +€4,853 | +140.1% |
| Taxes, remuneration and social security | 45 | €5,497 | €1,878 | -€3,620 | -65.8% |
| Taxes | 450/3 | €5,497 | €1,878 | -€3,620 | -65.8% |
| Other amounts payable | 47/48 | €155,626 | €155,780 | +€154 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,134 | €46,794 | -€7,340 | -13.6% |
| Other operating charges | 640/8 | €5,950 | €4,883 | -€1,067 | -17.9% |
| Gross operating margin | 9900 | €41,351 | €33,795 | -€7,556 | -18.3% |
| Operating profit (loss) | 9901 | -€18,733 | -€17,882 | +€851 | +4.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -25.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -25.0% |
| Financial charges | 65/66B | €1,615 | €796 | -€820 | -50.7% |
| Recurring financial charges | 65 | €1,615 | €796 | -€820 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,348 | -€18,677 | +€1,671 | +8.2% |
| Transfer from deferred taxes | 780 | €9,241 | €7,657 | -€1,583 | -17.1% |
| Income taxes | 67/77 | €5,497 | €4,878 | -€620 | -11.3% |
| Profit (loss) for the period | 9904 | -€16,605 | -€15,897 | +€707 | +4.3% |
| Transfer from tax-exempt reserves | 789 | €18,795 | €15,068 | -€3,728 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,191 | -€830 | -€3,020 |
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 6 October 2026 via checked.be.