LUC MARTENS: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
LUC MARTENS
Largest movements
- Deferred charges and accrued income +€407,476
up €407,476 (+3,397%), from €11,995 to €419,471
- Current investments +€232,211
up €232,211 (+15.0%), from €1.5m to €1.8m
- Cash -€215,332
down €215,332 (-25.7%), from €838,504 to €623,172
mainly Deferred charges and accrued income (-€407,476) and Current investments (-€232,211)
- Receivables within one year -€54,844
down €54,844 (-48.0%), from €114,317 to €59,473
of which Trade receivables: -€84,789
- Reserves +€353,721
up €353,721 (+15.4%), from €2.3m to €2.6m
of which Distributable reserves: +€353,721
- Financial income +€378,812
up €378,812 (+1,355%), from €27,950 to €406,762
- Taxes +€107,301
up €107,301 (+179%), from €60,051 to €167,352
- Gross operating margin -€23,998
down €23,998 (-13.6%), from €176,283 to €152,285
- Financial charges +€17,244
up €17,244 (+2,525%), from €683 to €17,927
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,555,169 | €2,905,829 | +€350,660 | +13.7% |
| Fixed assets | 21/28 | €42,254 | €23,403 | -€18,851 | -44.6% |
| Tangible fixed assets | 22/27 | €42,254 | €23,403 | -€18,851 | -44.6% |
| Furniture and vehicles | 24 | €42,254 | €23,403 | -€18,851 | -44.6% |
| Current assets | 29/58 | €2,512,915 | €2,882,426 | +€369,511 | +14.7% |
| Amounts receivable within one year | 40/41 | €114,317 | €59,473 | -€54,844 | -48.0% |
| Trade receivables | 40 | €104,149 | €19,360 | -€84,789 | -81.4% |
| Other amounts receivable | 41 | €10,168 | €40,113 | +€29,945 | +295% |
| Current investments | 50/53 | €1,548,099 | €1,780,310 | +€232,211 | +15.0% |
| Cash at bank and in hand | 54/58 | €838,504 | €623,172 | -€215,332 | -25.7% |
| Deferred charges and accrued income | 490/1 | €11,995 | €419,471 | +€407,476 | +3,397% |
| Total equity and liabilities | 10/49 | €2,555,169 | €2,905,829 | +€350,660 | +13.7% |
| Equity | 10/15 | €2,544,204 | €2,897,925 | +€353,721 | +13.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,292,981 | €2,646,702 | +€353,721 | +15.4% |
| Non-distributable reserves | 130/1 | €3,700 | €3,700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,700 | €3,700 | = | 0.0% |
| Distributable reserves | 133 | €2,289,281 | €2,643,002 | +€353,721 | +15.5% |
| Profit (loss) carried forward | 14 | €238,823 | €238,823 | = | 0.0% |
| Amounts payable | 17/49 | €10,965 | €7,904 | -€3,061 | -27.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €10,965 | €7,904 | -€3,061 | -27.9% |
| Trade debts | 44 | €3,775 | €7,904 | +€4,129 | +109% |
| Suppliers | 440/4 | €3,775 | €7,904 | +€4,129 | +109% |
| Other amounts payable | 47/48 | €7,190 | - | -€7,190 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,237 | €18,851 | -€386 | -2.0% |
| Other operating charges | 640/8 | €1,829 | €1,196 | -€633 | -34.6% |
| Gross operating margin | 9900 | €176,283 | €152,285 | -€23,998 | -13.6% |
| Operating profit (loss) | 9901 | €155,217 | €132,238 | -€22,979 | -14.8% |
| Financial income | 75/76B | €27,950 | €406,762 | +€378,812 | +1,355% |
| Recurring financial income | 75 | €27,950 | €406,762 | +€378,812 | +1,355% |
| Financial charges | 65/66B | €683 | €17,927 | +€17,244 | +2,525% |
| Recurring financial charges | 65 | €683 | €17,927 | +€17,244 | +2,525% |
| Profit (loss) for the period before taxes | 9903 | €182,484 | €521,073 | +€338,589 | +186% |
| Income taxes | 67/77 | €60,051 | €167,352 | +€107,301 | +179% |
| Profit (loss) for the period | 9904 | €122,433 | €353,721 | +€231,288 | +189% |
| Profit (loss) for the period to be appropriated | 9905 | €122,433 | €353,721 | +€231,288 | +189% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.