IVAN MARTIN: what changed
What changed
IVAN MARTIN
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€121,333
2024 · €111,654+€9,680
Equity
€736,971
2024 · €615,638+€121,333
Cash
€34,886
2024 · €101,877-€66,991
Balance sheet total
€2.3m
2024 · €1.9m+€370,282
Largest movements
Assets
- Receivables within one year +€492,581
up €492,581 (+90.4%), from €544,778 to €1.0m
of which Trade receivables: +€495,386
- Cash -€66,991
down €66,991 (-65.8%), from €101,877 to €34,886
mainly Receivables within one year (-€492,581) and Investment in fixed assets (net) (-€49,782)
- Tangible fixed assets -€63,669
down €63,669 (-6.4%), from €995,970 to €932,300
of which Land and buildings: -€52,354
Equity and liabilities
- Trade debts +€297,362
up €297,362 (+154%), from €193,350 to €490,712
- Profit (loss) carried forward +€121,333
up €121,333 (+20.4%), from €595,187 to €716,520
- Debts after one year -€43,197
down €43,197 (-6.4%), from €673,483 to €630,286
Income statement
- Gross operating margin +€185,151
up €185,151 (+25.0%), from €740,893 to €926,044
- Staff costs +€110,996
up €110,996 (+24.6%), from €451,595 to €562,590
- Other operating charges +€41,290
up €41,290 (+419%), from €9,851 to €51,140
- Depreciation +€10,223
up €10,223 (+10.9%), from €94,176 to €104,399
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€111,654
Gross operating margin
+€185,151
Staff costs
-€110,996
Depreciation
-€10,223
Other operating charges
-€41,290
Other operating items
-€1,956
Financial income
+€2,122
Financial charges
-€4,438
Taxes
-€8,691
Result 2025
€121,333
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€23,943
Investment
-€49,782
Financing
-€41,152
Cash 2024
€101,877
From operations (derived)
+€23,943
Net result for the year
+€121,333
Depreciation
+€104,399
Stocks and contracts
+€6,021
Receivables within one year
-€492,581
Deferred charges and accrued income
-€5,330
Trade debts
+€297,362
Tax, wage and social debts
-€7,832
Other debts
+€571
Investment (derived)
-€49,782
Investment in fixed assets (net)
-€49,782
Financing
-€41,152
Debts after one year
-€43,197
Current portion of long-term debt
+€2,045
Cash 2025
€34,886
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,927,172 | €2,297,454 | +€370,282 | +19.2% |
| Fixed assets | 21/28 | €1,017,087 | €962,470 | -€54,617 | -5.4% |
| Tangible fixed assets | 22/27 | €995,970 | €932,300 | -€63,669 | -6.4% |
| Land and buildings | 22 | €855,835 | €803,481 | -€52,354 | -6.1% |
| Plant, machinery and equipment | 23 | €41,881 | €31,129 | -€10,753 | -25.7% |
| Furniture and vehicles | 24 | €96,293 | €95,730 | -€562 | -0.6% |
| Assets under construction and advance payments | 27 | €1,960 | €1,960 | = | 0.0% |
| Financial fixed assets | 28 | €21,117 | €30,170 | +€9,053 | +42.9% |
| Current assets | 29/58 | €910,085 | €1,334,984 | +€424,899 | +46.7% |
| Stocks and contracts in progress | 3 | €257,776 | €251,756 | -€6,021 | -2.3% |
| Stocks | 30/36 | €257,776 | €251,756 | -€6,021 | -2.3% |
| Amounts receivable within one year | 40/41 | €544,778 | €1,037,359 | +€492,581 | +90.4% |
| Trade receivables | 40 | €444,924 | €940,311 | +€495,386 | +111% |
| Other amounts receivable | 41 | €99,853 | €97,048 | -€2,805 | -2.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €101,877 | €34,886 | -€66,991 | -65.8% |
| Deferred charges and accrued income | 490/1 | €5,654 | €10,984 | +€5,330 | +94.3% |
| Total equity and liabilities | 10/49 | €1,927,172 | €2,297,454 | +€370,282 | +19.2% |
| Equity | 10/15 | €615,638 | €736,971 | +€121,333 | +19.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €595,187 | €716,520 | +€121,333 | +20.4% |
| Amounts payable | 17/49 | €1,311,534 | €1,560,483 | +€248,949 | +19.0% |
| Amounts payable after more than one year | 17 | €673,483 | €630,286 | -€43,197 | -6.4% |
| Financial debts | 170/4 | €673,483 | €630,286 | -€43,197 | -6.4% |
| Amounts payable within one year | 42/48 | €638,051 | €930,197 | +€292,146 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €50,233 | €52,278 | +€2,045 | +4.1% |
| Financial debts | 43 | €360,000 | €360,000 | = | 0.0% |
| Credit institutions | 430/8 | €360,000 | €360,000 | = | 0.0% |
| Trade debts | 44 | €193,350 | €490,712 | +€297,362 | +154% |
| Suppliers | 440/4 | €193,350 | €490,712 | +€297,362 | +154% |
| Taxes, remuneration and social security | 45 | €32,769 | €24,937 | -€7,832 | -23.9% |
| Taxes | 450/3 | €3,550 | €3,200 | -€350 | -9.9% |
| Remuneration and social security | 454/9 | €29,219 | €21,737 | -€7,482 | -25.6% |
| Other amounts payable | 47/48 | €1,699 | €2,270 | +€571 | +33.6% |
| Non-recurring operating income | 76A | €3,256 | €4 | -€3,252 | -99.9% |
| Remuneration, social security and pensions | 62 | €451,595 | €562,590 | +€110,996 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,176 | €104,399 | +€10,223 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,851 | €51,140 | +€41,290 | +419% |
| Non-recurring operating charges | 66A | €3,748 | €5,704 | +€1,956 | +52.2% |
| Gross operating margin | 9900 | €740,893 | €926,044 | +€185,151 | +25.0% |
| Operating profit (loss) | 9901 | €181,523 | €202,210 | +€20,687 | +11.4% |
| Financial income | 75/76B | €1,381 | €3,503 | +€2,122 | +154% |
| Recurring financial income | 75 | €1,381 | €3,503 | +€2,122 | +154% |
| Financial charges | 65/66B | €38,661 | €43,099 | +€4,438 | +11.5% |
| Recurring financial charges | 65 | €38,661 | €43,099 | +€4,438 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €144,244 | €162,615 | +€18,371 | +12.7% |
| Income taxes | 67/77 | €32,590 | €41,282 | +€8,691 | +26.7% |
| Profit (loss) for the period | 9904 | €111,654 | €121,333 | +€9,680 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €111,654 | €121,333 | +€9,680 | +8.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.