KEVIN MARTEL: 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.
KEVIN MARTEL
Largest movements
- Cash +€44,570
up €44,570 (+57.8%), from €77,080 to €121,650
mainly Net result for the year (+€55,351) and Other debts (+€35,353)
- Deferred charges and accrued income +€9,181
up €9,181 (+2,264%), from €406 to €9,586
- Receivables within one year +€3,603
up €3,603 (+16.2%), from €22,276 to €25,879
of which Other amounts receivable: +€3,646
- Other debts +€35,353
up €35,353 (+3,061%), from €1,155 to €36,508
- Profit (loss) carried forward +€20,351
up €20,351 (+38.7%), from €52,551 to €72,902
- Gross operating margin +€12,511
up €12,511 (+20.0%), from €62,501 to €75,012
- Taxes +€2,410
up €2,410 (+19.5%), from €12,359 to €14,769
- Depreciation -€1,636
down €1,636 (-46.8%), from €3,493 to €1,857
- Other operating charges +€1,622
up €1,622 (+388%), from €418 to €2,041
- Financial charges +€840
up €840 (+542%), from €155 to €994
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 | €107,589 | €163,894 | +€56,304 | +52.3% |
| Fixed assets | 21/28 | €7,828 | €6,778 | -€1,050 | -13.4% |
| Tangible fixed assets | 22/27 | €7,828 | €6,778 | -€1,050 | -13.4% |
| Plant, machinery and equipment | 23 | - | €1,869 | +€1,869 | |
| Furniture and vehicles | 24 | €7,828 | €4,908 | -€2,919 | -37.3% |
| Current assets | 29/58 | €99,762 | €157,116 | +€57,354 | +57.5% |
| Amounts receivable within one year | 40/41 | €22,276 | €25,879 | +€3,603 | +16.2% |
| Trade receivables | 40 | €16,550 | €16,506 | -€43 | -0.3% |
| Other amounts receivable | 41 | €5,727 | €9,373 | +€3,646 | +63.7% |
| Cash at bank and in hand | 54/58 | €77,080 | €121,650 | +€44,570 | +57.8% |
| Deferred charges and accrued income | 490/1 | €406 | €9,586 | +€9,181 | +2,264% |
| Total equity and liabilities | 10/49 | €107,589 | €163,894 | +€56,304 | +52.3% |
| Equity | 10/15 | €99,051 | €119,402 | +€20,351 | +20.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €44,500 | €44,500 | = | 0.0% |
| Distributable reserves | 133 | €44,500 | €44,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,551 | €72,902 | +€20,351 | +38.7% |
| Amounts payable | 17/49 | €8,538 | €44,491 | +€35,953 | +421% |
| Amounts payable within one year | 42/48 | €8,538 | €44,491 | +€35,953 | +421% |
| Financial debts | 43 | €1,417 | €1,627 | +€210 | +14.9% |
| Credit institutions | 430/8 | €1,417 | €1,627 | +€210 | +14.9% |
| Trade debts | 44 | €1,200 | €2,551 | +€1,351 | +113% |
| Suppliers | 440/4 | €1,200 | €2,551 | +€1,351 | +113% |
| Taxes, remuneration and social security | 45 | €4,767 | €3,805 | -€961 | -20.2% |
| Taxes | 450/3 | €2,400 | €1,412 | -€988 | -41.2% |
| Remuneration and social security | 454/9 | €2,367 | €2,393 | +€26 | +1.1% |
| Other amounts payable | 47/48 | €1,155 | €36,508 | +€35,353 | +3,061% |
| Non-recurring operating income | 76A | - | €8,246 | +€8,246 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,493 | €1,857 | -€1,636 | -46.8% |
| Other operating charges | 640/8 | €418 | €2,041 | +€1,622 | +388% |
| Gross operating margin | 9900 | €62,501 | €75,012 | +€12,511 | +20.0% |
| Operating profit (loss) | 9901 | €58,590 | €71,114 | +€12,524 | +21.4% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €155 | €994 | +€840 | +542% |
| Recurring financial charges | 65 | €155 | €994 | +€840 | +542% |
| Profit (loss) for the period before taxes | 9903 | €58,440 | €70,120 | +€11,680 | +20.0% |
| Income taxes | 67/77 | €12,359 | €14,769 | +€2,410 | +19.5% |
| Profit (loss) for the period | 9904 | €46,081 | €55,351 | +€9,270 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,081 | €55,351 | +€9,270 | +20.1% |
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 23 October 2026 via checked.be.