MAERTINVEST: 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.
MAERTINVEST
Largest movements
- Tangible fixed assets -€11,764
down €11,764 (-9.7%), from €120,924 to €109,160
of which Land and buildings: -€11,637
- Cash -€4,765
down €4,765 (-12.2%), from €38,991 to €34,226
mainly Net result for the year (-€15,669) and Trade debts (-€1,798)
- Profit (loss) carried forward -€15,669
down €15,669 (-12.2%), from -€128,942 to -€144,610
- Trade debts -€1,798
down €1,798 (-40.9%), from €4,394 to €2,596
- Gross operating margin -€1,467
down €1,467 (-46.8%), from €3,134 to €1,667
- Depreciation -€1,206
down €1,206 (-8.2%), from €14,750 to €13,544
- Financial income +€391
up €391 (+236%), from €166 to €557
- Financial charges +€266
up €266 (+57.6%), from €462 to €729
- Other operating charges +€237
up €237 (+7.3%), from €3,266 to €3,503
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 | €161,028 | €144,029 | -€16,999 | -10.6% |
| Fixed assets | 21/28 | €120,924 | €109,160 | -€11,764 | -9.7% |
| Tangible fixed assets | 22/27 | €120,924 | €109,160 | -€11,764 | -9.7% |
| Land and buildings | 22 | €120,797 | €109,160 | -€11,637 | -9.6% |
| Plant, machinery and equipment | 23 | €127 | €0 | -€127 | -100% |
| Current assets | 29/58 | €40,105 | €34,869 | -€5,235 | -13.1% |
| Cash at bank and in hand | 54/58 | €38,991 | €34,226 | -€4,765 | -12.2% |
| Deferred charges and accrued income | 490/1 | €1,114 | €643 | -€470 | -42.2% |
| Total equity and liabilities | 10/49 | €161,028 | €144,029 | -€16,999 | -10.6% |
| Equity | 10/15 | €153,317 | €137,648 | -€15,669 | -10.2% |
| Contributions | 10/11 | €233,450 | €233,450 | = | 0.0% |
| Reserves | 13 | €48,809 | €48,809 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €23,859 | €23,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,942 | -€144,610 | -€15,669 | -12.2% |
| Amounts payable | 17/49 | €7,711 | €6,381 | -€1,330 | -17.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €7,245 | €5,639 | -€1,605 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €4,394 | €2,596 | -€1,798 | -40.9% |
| Suppliers | 440/4 | €4,394 | €2,596 | -€1,798 | -40.9% |
| Other amounts payable | 47/48 | €2,851 | €3,043 | +€192 | +6.7% |
| Accrued charges and deferred income | 492/3 | €467 | €742 | +€275 | +58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,750 | €13,544 | -€1,206 | -8.2% |
| Other operating charges | 640/8 | €3,266 | €3,503 | +€237 | +7.3% |
| Gross operating margin | 9900 | €3,134 | €1,667 | -€1,467 | -46.8% |
| Operating profit (loss) | 9901 | -€14,883 | -€15,380 | -€498 | -3.3% |
| Financial income | 75/76B | €166 | €557 | +€391 | +236% |
| Recurring financial income | 75 | €166 | €557 | +€391 | +236% |
| Financial charges | 65/66B | €462 | €729 | +€266 | +57.6% |
| Recurring financial charges | 65 | €462 | €729 | +€266 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,179 | -€15,552 | -€373 | -2.5% |
| Income taxes | 67/77 | €50 | €117 | +€67 | +135% |
| Profit (loss) for the period | 9904 | -€15,229 | -€15,669 | -€440 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,229 | -€15,669 | -€440 | -2.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.