MAERTENS: 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.
MAERTENS
Largest movements
- Current investments +€25,019
new in 2026: €25,019
- Tangible fixed assets -€7,933
down €7,933 (-33.5%), from €23,711 to €15,779
- Cash +€6,091
up €6,091 (+199%), from €3,067 to €9,158
mainly Net result for the year (+€22,909) and Depreciation (+€7,933)
- Receivables within one year -€5,972
down €5,972 (-17.1%), from €35,012 to €29,040
of which Other amounts receivable: -€5,972
- Reserves +€22,500
up €22,500 (+88.6%), from €25,403 to €47,903
- Tax, wage and social debts -€11,359
down €11,359 (-66.4%), from €17,114 to €5,755
- Other debts +€5,080
new in 2026: €5,080
- Gross operating margin -€5,034
down €5,034 (-10.5%), from €47,862 to €42,828
- Taxes -€2,153
down €2,153 (-16.5%), from €13,048 to €10,895
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €153,008 | €168,911 | +€15,903 | +10.4% |
| Fixed assets | 21/28 | €113,626 | €105,694 | -€7,933 | -7.0% |
| Tangible fixed assets | 22/27 | €23,711 | €15,779 | -€7,933 | -33.5% |
| Furniture and vehicles | 24 | €23,711 | €15,779 | -€7,933 | -33.5% |
| Financial fixed assets | 28 | €89,915 | €89,915 | = | 0.0% |
| Current assets | 29/58 | €39,382 | €63,217 | +€23,835 | +60.5% |
| Amounts receivable within one year | 40/41 | €35,012 | €29,040 | -€5,972 | -17.1% |
| Trade receivables | 40 | €29,040 | €29,040 | = | 0.0% |
| Other amounts receivable | 41 | €5,972 | - | -€5,972 | |
| Current investments | 50/53 | - | €25,019 | +€25,019 | |
| Cash at bank and in hand | 54/58 | €3,067 | €9,158 | +€6,091 | +199% |
| Deferred charges and accrued income | 490/1 | €1,303 | - | -€1,303 | |
| Total equity and liabilities | 10/49 | €153,008 | €168,911 | +€15,903 | +10.4% |
| Equity | 10/15 | €134,397 | €157,306 | +€22,909 | +17.0% |
| Contributions | 10/11 | €108,515 | €108,515 | = | 0.0% |
| Reserves | 13 | €25,403 | €47,903 | +€22,500 | +88.6% |
| Distributable reserves | 133 | €25,403 | €47,903 | +€22,500 | +88.6% |
| Profit (loss) carried forward | 14 | €479 | €888 | +€409 | +85.2% |
| Amounts payable | 17/49 | €18,611 | €11,605 | -€7,006 | -37.6% |
| Amounts payable within one year | 42/48 | €18,611 | €11,605 | -€7,006 | -37.6% |
| Trade debts | 44 | €1,497 | €770 | -€727 | -48.5% |
| Suppliers | 440/4 | €1,497 | €770 | -€727 | -48.5% |
| Taxes, remuneration and social security | 45 | €17,114 | €5,755 | -€11,359 | -66.4% |
| Taxes | 450/3 | €17,114 | €5,755 | -€11,359 | -66.4% |
| Other amounts payable | 47/48 | - | €5,080 | +€5,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,933 | €7,933 | +€0 | 0.0% |
| Other operating charges | 640/8 | €706 | €639 | -€68 | -9.6% |
| Gross operating margin | 9900 | €47,862 | €42,828 | -€5,034 | -10.5% |
| Operating profit (loss) | 9901 | €39,223 | €34,256 | -€4,967 | -12.7% |
| Financial income | 75/76B | €88 | €27 | -€60 | -68.9% |
| Recurring financial income | 75 | €88 | €27 | -€60 | -68.9% |
| Financial charges | 65/66B | €65 | €480 | +€414 | +634% |
| Recurring financial charges | 65 | €65 | €480 | +€414 | +634% |
| Profit (loss) for the period before taxes | 9903 | €39,245 | €33,804 | -€5,441 | -13.9% |
| Income taxes | 67/77 | €13,048 | €10,895 | -€2,153 | -16.5% |
| Profit (loss) for the period | 9904 | €26,197 | €22,909 | -€3,289 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,197 | €22,909 | -€3,289 | -12.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.