MAERTENS TECH: what changed
What changed
MAERTENS TECH
NACE 43.221, Plumbing work
filed annual accounts (NBB)
Net result for the year
€46,228
2024 · €52,206-€5,979
Equity
€198,963
2024 · €152,735+€46,228
Cash
€108,733
2024 · €88,457+€20,276
Balance sheet total
€355,958
2024 · €279,184+€76,775
Largest movements
Assets
- Tangible fixed assets +€30,747
up €30,747 (+32.2%), from €95,597 to €126,344
of which Leasing and similar rights: +€44,501
- Cash +€20,276
up €20,276 (+22.9%), from €88,457 to €108,733
mainly Net result for the year (+€46,228) and Depreciation (+€42,473)
- Receivables within one year +€18,148
up €18,148 (+32.1%), from €56,517 to €74,665
of which Trade receivables: +€33,521
- Stocks and contracts +€5,207
up €5,207 (+15.5%), from €33,684 to €38,891
Equity and liabilities
- Reserves +€46,228
up €46,228 (+32.4%), from €142,735 to €188,963
- Trade debts -€44,351
down €44,351 (-58.8%), from €75,378 to €31,027
- Debts after one year +€35,001
new in 2025: €35,001
- Other debts +€31,070
up €31,070 (+680%), from €4,569 to €35,638
- Current portion of long-term debt +€10,021
new in 2025: €10,021
Income statement
- Depreciation +€10,782
up €10,782 (+34.0%), from €31,691 to €42,473
- Gross operating margin +€4,957
up €4,957 (+4.8%), from €103,524 to €108,481
- Taxes -€4,108
down €4,108 (-20.7%), from €19,864 to €15,755
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.
Result 2024
€52,206
Gross operating margin
+€4,957
Staff costs
+€145
Depreciation
-€10,782
Other operating charges
-€375
Other operating items
-€3,400
Financial income
-€71
Financial charges
-€561
Taxes
+€4,108
Result 2025
€46,228
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€48,339
Investment
-€73,085
Financing
+€45,023
Cash 2024
€88,457
From operations (derived)
+€48,339
Net result for the year
+€46,228
Depreciation
+€42,473
Stocks and contracts
-€5,207
Receivables within one year
-€18,148
Deferred charges and accrued income
-€2,531
Trade debts
-€44,351
Tax, wage and social debts
-€4,651
Other debts
+€31,070
Accrued charges and deferred income
+€3,457
Investment (derived)
-€73,085
Investment in fixed assets (net)
-€73,085
Financing
+€45,023
Debts after one year
+€35,001
Current portion of long-term debt
+€10,021
Cash 2025
€108,733
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €279,184 | €355,958 | +€76,775 | +27.5% |
| Fixed assets | 21/28 | €95,867 | €126,479 | +€30,612 | +31.9% |
| Tangible fixed assets | 22/27 | €95,597 | €126,344 | +€30,747 | +32.2% |
| Plant, machinery and equipment | 23 | €70,395 | €46,930 | -€23,465 | -33.3% |
| Furniture and vehicles | 24 | €25,202 | €34,913 | +€9,711 | +38.5% |
| Leasing and similar rights | 25 | - | €44,501 | +€44,501 | |
| Financial fixed assets | 28 | €270 | €135 | -€135 | -50.0% |
| Current assets | 29/58 | €183,316 | €229,480 | +€46,163 | +25.2% |
| Stocks and contracts in progress | 3 | €33,684 | €38,891 | +€5,207 | +15.5% |
| Stocks | 30/36 | €33,684 | €38,891 | +€5,207 | +15.5% |
| Amounts receivable within one year | 40/41 | €56,517 | €74,665 | +€18,148 | +32.1% |
| Trade receivables | 40 | €41,144 | €74,665 | +€33,521 | +81.5% |
| Other amounts receivable | 41 | €15,373 | €0 | -€15,373 | -100% |
| Cash at bank and in hand | 54/58 | €88,457 | €108,733 | +€20,276 | +22.9% |
| Deferred charges and accrued income | 490/1 | €4,658 | €7,190 | +€2,531 | +54.3% |
| Total equity and liabilities | 10/49 | €279,184 | €355,958 | +€76,775 | +27.5% |
| Equity | 10/15 | €152,735 | €198,963 | +€46,228 | +30.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €142,735 | €188,963 | +€46,228 | +32.4% |
| Distributable reserves | 133 | €142,735 | €188,963 | +€46,228 | +32.4% |
| Amounts payable | 17/49 | €126,449 | €156,996 | +€30,547 | +24.2% |
| Amounts payable after more than one year | 17 | - | €35,001 | +€35,001 | |
| Financial debts | 170/4 | - | €35,001 | +€35,001 | |
| Amounts payable within one year | 42/48 | €102,449 | €94,537 | -€7,911 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | - | €10,021 | +€10,021 | |
| Trade debts | 44 | €75,378 | €31,027 | -€44,351 | -58.8% |
| Suppliers | 440/4 | €75,378 | €31,027 | -€44,351 | -58.8% |
| Taxes, remuneration and social security | 45 | €22,502 | €17,851 | -€4,651 | -20.7% |
| Taxes | 450/3 | €22,502 | €17,851 | -€4,651 | -20.7% |
| Other amounts payable | 47/48 | €4,569 | €35,638 | +€31,070 | +680% |
| Accrued charges and deferred income | 492/3 | €24,000 | €27,457 | +€3,457 | +14.4% |
| Remuneration, social security and pensions | 62 | €145 | €0 | -€145 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,691 | €42,473 | +€10,782 | +34.0% |
| Other operating charges | 640/8 | €1,553 | €1,929 | +€375 | +24.2% |
| Non-recurring operating charges | 66A | - | €3,400 | +€3,400 | |
| Gross operating margin | 9900 | €103,524 | €108,481 | +€4,957 | +4.8% |
| Operating profit (loss) | 9901 | €70,134 | €60,679 | -€9,455 | -13.5% |
| Financial income | 75/76B | €3,248 | €3,177 | -€71 | -2.2% |
| Recurring financial income | 75 | €3,248 | €3,177 | -€71 | -2.2% |
| Financial charges | 65/66B | €1,312 | €1,873 | +€561 | +42.8% |
| Recurring financial charges | 65 | €1,312 | €1,873 | +€561 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €72,070 | €61,983 | -€10,087 | -14.0% |
| Income taxes | 67/77 | €19,864 | €15,755 | -€4,108 | -20.7% |
| Profit (loss) for the period | 9904 | €52,206 | €46,228 | -€5,979 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,206 | €46,228 | -€5,979 | -11.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.