MAERTENS: what changed
Two fiscal 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.
MAERTENS
Largest movements
- Cash -€11,652
down €11,652 (-90.4%), from €12,884 to €1,232
mainly Net result for the year (-€20,896) and Investment in fixed assets (net) (-€14,542)
- Tangible fixed assets +€10,726
up €10,726 (+221.6%), from €4,841 to €15,567
of which Furniture and vehicles: +€10,909
- Receivables within one year +€387
up €387 (+2.1%), from €18,467 to €18,854
of which Trade receivables: +€510
- Profit (loss) carried forward -€20,896
down €20,896 (-495.0%), from -€4,222 to -€25,118
- Other debts +€19,296
up €19,296 (+125.8%), from €15,345 to €34,641
- Trade debts +€2,902
up €2,902 (+156.6%), from €1,853 to €4,755
- Tax, wage and social debts -€1,831
down €1,831 (-83.0%), from €2,205 to €374
of which Remuneration and social security: -€1,290
- Gross operating margin -€12,707
down €12,707 (-449.0%), from -€2,830 to -€15,537
- Depreciation +€3,007
up €3,007 (+371.8%), from €809 to €3,816
- Other operating charges +€672
up €672 (+273.4%), from €246 to €917
- Taxes -€577
down €577 (-59.4%), from €973 to €395
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.
Cash bridge derived
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 | €36,192 | €35,652 | -€539 | -1.5% |
| Fixed assets | 21/28 | €4,841 | €15,567 | +€10,726 | +221.6% |
| Tangible fixed assets | 22/27 | €4,841 | €15,567 | +€10,726 | +221.6% |
| Furniture and vehicles | 24 | €3,042 | €13,950 | +€10,909 | +358.7% |
| Other tangible fixed assets | 26 | €1,799 | €1,617 | -€183 | -10.2% |
| Current assets | 29/58 | €31,351 | €20,086 | -€11,265 | -35.9% |
| Amounts receivable within one year | 40/41 | €18,467 | €18,854 | +€387 | +2.1% |
| Trade receivables | 40 | €18,150 | €18,660 | +€510 | +2.8% |
| Other amounts receivable | 41 | €317 | €193 | -€124 | -39.0% |
| Cash at bank and in hand | 54/58 | €12,884 | €1,232 | -€11,652 | -90.4% |
| Total equity and liabilities | 10/49 | €36,192 | €35,652 | -€539 | -1.5% |
| Equity | 10/15 | €16,778 | -€4,118 | -€20,896 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,222 | -€25,118 | -€20,896 | -495.0% |
| Amounts payable | 17/49 | €19,413 | €39,770 | +€20,357 | +104.9% |
| Amounts payable within one year | 42/48 | €19,413 | €39,770 | +€20,357 | +104.9% |
| Financial debts | 43 | €10 | - | -€10 | |
| Credit institutions | 430/8 | €10 | - | -€10 | |
| Trade debts | 44 | €1,853 | €4,755 | +€2,902 | +156.6% |
| Suppliers | 440/4 | €1,853 | €4,755 | +€2,902 | +156.6% |
| Taxes, remuneration and social security | 45 | €2,205 | €374 | -€1,831 | -83.0% |
| Taxes | 450/3 | €915 | €374 | -€541 | -59.1% |
| Remuneration and social security | 454/9 | €1,290 | - | -€1,290 | |
| Other amounts payable | 47/48 | €15,345 | €34,641 | +€19,296 | +125.8% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | €3,816 | +€3,007 | +371.8% |
| Other operating charges | 640/8 | €246 | €917 | +€672 | +273.4% |
| Gross operating margin | 9900 | -€2,830 | -€15,537 | -€12,707 | -449.0% |
| Operating profit (loss) | 9901 | -€3,885 | -€20,270 | -€16,386 | -421.8% |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.8% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.8% |
| Financial charges | 65/66B | €118 | €231 | +€113 | +95.7% |
| Recurring financial charges | 65 | €118 | €231 | +€113 | +95.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,997 | -€20,501 | -€16,504 | -412.9% |
| Income taxes | 67/77 | €973 | €395 | -€577 | -59.4% |
| Profit (loss) for the period | 9904 | -€4,970 | -€20,896 | -€15,926 | -320.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,970 | -€20,896 | -€15,926 | -320.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.