M. Martens: 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.
M. Martens
Largest movements
- Receivables within one year -€46,943
down €46,943 (-86.4%), from €54,325 to €7,382
of which Trade receivables: -€42,718
- Cash +€32,624
up €32,624 (+89.5%), from €36,435 to €69,058
mainly Receivables within one year (+€46,943) and Depreciation (+€34,560)
- Tangible fixed assets -€20,135
down €20,135 (-12.3%), from €164,065 to €143,930
of which Leasing and similar rights: -€23,200
- Deferred charges and accrued income -€3,000
down €3,000 (-100%), from €3,000 to €0
- Trade debts -€45,000
down €45,000 (-96.0%), from €46,880 to €1,880
- Profit (loss) carried forward +€14,127
up €14,127, from -€14,101 to €26
- Reserves +€5,850
up €5,850 (+334%), from €1,749 to €7,599
- Current portion of long-term debt -€5,645
down €5,645 (-15.5%), from €36,407 to €30,762
- Tax, wage and social debts -€3,322
down €3,322 (-41.8%), from €7,950 to €4,628
of which Taxes: -€4,322
- Financial charges -€7,698
down €7,698 (-57.1%), from €13,475 to €5,777
- Other operating charges -€4,127
down €4,127 (-58.5%), from €7,058 to €2,931
- Taxes +€2,363
up €2,363 (+461%), from €513 to €2,875
- Staff costs -€2,209
down €2,209 (-100%), from €2,209 to €0
- Depreciation +€1,944
up €1,944 (+6.0%), from €32,616 to €34,560
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 | €262,859 | €227,372 | -€35,487 | -13.5% |
| Fixed assets | 21/28 | €164,100 | €143,965 | -€20,135 | -12.3% |
| Tangible fixed assets | 22/27 | €164,065 | €143,930 | -€20,135 | -12.3% |
| Plant, machinery and equipment | 23 | €9,710 | €7,962 | -€1,748 | -18.0% |
| Furniture and vehicles | 24 | €5,488 | €10,301 | +€4,813 | +87.7% |
| Leasing and similar rights | 25 | €148,867 | €125,667 | -€23,200 | -15.6% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €98,759 | €83,408 | -€15,352 | -15.5% |
| Stocks and contracts in progress | 3 | €5,000 | €6,967 | +€1,967 | +39.3% |
| Stocks | 30/36 | €5,000 | €6,967 | +€1,967 | +39.3% |
| Amounts receivable within one year | 40/41 | €54,325 | €7,382 | -€46,943 | -86.4% |
| Trade receivables | 40 | €45,544 | €2,827 | -€42,718 | -93.8% |
| Other amounts receivable | 41 | €8,780 | €4,555 | -€4,225 | -48.1% |
| Cash at bank and in hand | 54/58 | €36,435 | €69,058 | +€32,624 | +89.5% |
| Deferred charges and accrued income | 490/1 | €3,000 | €0 | -€3,000 | -100% |
| Total equity and liabilities | 10/49 | €262,859 | €227,372 | -€35,487 | -13.5% |
| Equity | 10/15 | €6,248 | €26,225 | +€19,977 | +320% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,749 | €7,599 | +€5,850 | +334% |
| Distributable reserves | 133 | €1,749 | €7,599 | +€5,850 | +334% |
| Profit (loss) carried forward | 14 | -€14,101 | €26 | +€14,127 | |
| Amounts payable | 17/49 | €256,611 | €201,147 | -€55,464 | -21.6% |
| Amounts payable after more than one year | 17 | €133,720 | €135,683 | +€1,963 | +1.5% |
| Financial debts | 170/4 | €133,720 | €135,683 | +€1,963 | +1.5% |
| Amounts payable within one year | 42/48 | €122,091 | €65,464 | -€56,626 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €36,407 | €30,762 | -€5,645 | -15.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €46,880 | €1,880 | -€45,000 | -96.0% |
| Suppliers | 440/4 | €46,880 | €1,880 | -€45,000 | -96.0% |
| Taxes, remuneration and social security | 45 | €7,950 | €4,628 | -€3,322 | -41.8% |
| Taxes | 450/3 | €7,950 | €3,628 | -€4,322 | -54.4% |
| Remuneration and social security | 454/9 | €0 | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €30,854 | €28,194 | -€2,660 | -8.6% |
| Accrued charges and deferred income | 492/3 | €800 | €0 | -€800 | -100% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Remuneration, social security and pensions | 62 | €2,209 | €0 | -€2,209 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,616 | €34,560 | +€1,944 | +6.0% |
| Other operating charges | 640/8 | €7,058 | €2,931 | -€4,127 | -58.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €67,129 | €66,120 | -€1,009 | -1.5% |
| Operating profit (loss) | 9901 | €25,246 | €28,629 | +€3,383 | +13.4% |
| Financial income | 75/76B | €35 | €0 | -€35 | -99.5% |
| Recurring financial income | 75 | €35 | €0 | -€35 | -99.5% |
| Financial charges | 65/66B | €13,475 | €5,777 | -€7,698 | -57.1% |
| Recurring financial charges | 65 | €13,475 | €5,777 | -€7,698 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | €11,806 | €22,852 | +€11,046 | +93.6% |
| Income taxes | 67/77 | €513 | €2,875 | +€2,363 | +461% |
| Profit (loss) for the period | 9904 | €11,294 | €19,977 | +€8,683 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,294 | €19,977 | +€8,683 | +76.9% |
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 25 October 2026 via checked.be.