LE MARTINET: 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.
LE MARTINET
Largest movements
- Cash -€4,857
down €4,857 (-11.3%), from €43,160 to €38,303
mainly Contributions, distributions and other (-€23,700) and Investment in fixed assets (net) (-€14,939)
- Tangible fixed assets +€3,996
up €3,996 (+11.0%), from €36,219 to €40,214
of which Other tangible fixed assets: +€12,119
- Receivables within one year +€2,958
up €2,958 (+4.2%), from €70,558 to €73,516
of which Trade receivables: +€1,748
- Reserves -€21,293
down €21,293 (-100.0%), from €21,297 to €4
- Other debts +€16,590
new in 2025: €16,590
- Tax, wage and social debts +€10,124
up €10,124 (+86.3%), from €11,732 to €21,856
of which Taxes: +€8,973
- Trade debts -€7,007
down €7,007 (-32.9%), from €21,300 to €14,293
- Current portion of long-term debt +€5,803
up €5,803 (+68.7%), from €8,443 to €14,246
- Gross operating margin -€23,979
down €23,979 (-37.9%), from €63,274 to €39,296
- Staff costs -€13,604
down €13,604 (-38.9%), from €34,949 to €21,345
- Taxes -€3,630
down €3,630 (-51.2%), from €7,087 to €3,457
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 | €160,896 | €163,042 | +€2,146 | +1.3% |
| Fixed assets | 21/28 | €36,219 | €40,214 | +€3,996 | +11.0% |
| Tangible fixed assets | 22/27 | €36,219 | €40,214 | +€3,996 | +11.0% |
| Plant, machinery and equipment | 23 | €2,692 | €1,955 | -€737 | -27.4% |
| Furniture and vehicles | 24 | €29,118 | €21,733 | -€7,386 | -25.4% |
| Other tangible fixed assets | 26 | €4,408 | €16,527 | +€12,119 | +275% |
| Current assets | 29/58 | €124,677 | €122,827 | -€1,850 | -1.5% |
| Stocks and contracts in progress | 3 | €6,755 | €6,837 | +€82 | +1.2% |
| Stocks | 30/36 | €6,755 | €6,837 | +€82 | +1.2% |
| Amounts receivable within one year | 40/41 | €70,558 | €73,516 | +€2,958 | +4.2% |
| Trade receivables | 40 | €1,071 | €2,818 | +€1,748 | +163% |
| Other amounts receivable | 41 | €69,488 | €70,698 | +€1,210 | +1.7% |
| Cash at bank and in hand | 54/58 | €43,160 | €38,303 | -€4,857 | -11.3% |
| Deferred charges and accrued income | 490/1 | €4,204 | €4,172 | -€32 | -0.8% |
| Total equity and liabilities | 10/49 | €160,896 | €163,042 | +€2,146 | +1.3% |
| Equity | 10/15 | €95,665 | €74,372 | -€21,293 | -22.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €21,297 | €4 | -€21,293 | -100.0% |
| Distributable reserves | 133 | €21,297 | €4 | -€21,293 | -100.0% |
| Amounts payable | 17/49 | €65,231 | €88,669 | +€23,439 | +35.9% |
| Amounts payable after more than one year | 17 | €23,755 | €21,685 | -€2,071 | -8.7% |
| Financial debts | 170/4 | €23,755 | €21,685 | -€2,071 | -8.7% |
| Amounts payable within one year | 42/48 | €41,475 | €66,985 | +€25,510 | +61.5% |
| Current portion of amounts payable after more than one year | 42 | €8,443 | €14,246 | +€5,803 | +68.7% |
| Trade debts | 44 | €21,300 | €14,293 | -€7,007 | -32.9% |
| Suppliers | 440/4 | €21,300 | €14,293 | -€7,007 | -32.9% |
| Taxes, remuneration and social security | 45 | €11,732 | €21,856 | +€10,124 | +86.3% |
| Taxes | 450/3 | €9,658 | €18,631 | +€8,973 | +92.9% |
| Remuneration and social security | 454/9 | €2,075 | €3,226 | +€1,151 | +55.5% |
| Other amounts payable | 47/48 | - | €16,590 | +€16,590 | |
| Remuneration, social security and pensions | 62 | €34,949 | €21,345 | -€13,604 | -38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,311 | €10,944 | -€367 | -3.2% |
| Other operating charges | 640/8 | €2,671 | €2,695 | +€23 | +0.9% |
| Gross operating margin | 9900 | €63,274 | €39,296 | -€23,979 | -37.9% |
| Operating profit (loss) | 9901 | €14,344 | €4,313 | -€10,031 | -69.9% |
| Financial income | 75/76B | €4,187 | €3,846 | -€341 | -8.1% |
| Recurring financial income | 75 | €4,119 | €3,846 | -€273 | -6.6% |
| Non-recurring financial income | 76B | €68 | - | -€68 | |
| Financial charges | 65/66B | €2,211 | €2,295 | +€84 | +3.8% |
| Recurring financial charges | 65 | €2,135 | €2,295 | +€159 | +7.5% |
| Non-recurring financial charges | 66B | €76 | - | -€76 | |
| Profit (loss) for the period before taxes | 9903 | €16,320 | €5,864 | -€10,456 | -64.1% |
| Income taxes | 67/77 | €7,087 | €3,457 | -€3,630 | -51.2% |
| Profit (loss) for the period | 9904 | €9,233 | €2,407 | -€6,826 | -73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,233 | €2,407 | -€6,826 | -73.9% |
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.