MAR-TEX: 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.
MAR-TEX
Largest movements
- Tangible fixed assets +€45,413
up €45,413 (+52.9%), from €85,826 to €131,239
of which Furniture and vehicles: +€27,295
- Cash +€33,053
up €33,053 (+160.8%), from €20,561 to €53,614
mainly Net result for the year (+€55,383) and Trade debts (+€34,540)
- Receivables within one year +€12,303
up €12,303 (+17.3%), from €71,149 to €83,452
of which Trade receivables: +€10,438
- Deferred charges and accrued income +€5,727
up €5,727 (+226.4%), from €2,530 to €8,256
- Reserves +€55,000
up €55,000 (+85.9%), from €64,000 to €119,000
- Trade debts +€34,540
up €34,540 (+121.2%), from €28,498 to €63,038
- Current portion of long-term debt +€10,257
up €10,257 (+46.3%), from €22,139 to €32,395
- Debts after one year -€4,374
down €4,374 (-14.6%), from €29,872 to €25,498
- Staff costs +€50,560
new in 2025: €50,560
- Gross operating margin +€41,584
up €41,584 (+35.2%), from €118,179 to €159,763
- Depreciation +€5,718
up €5,718 (+29.3%), from €19,515 to €25,233
- Taxes -€5,013
down €5,013 (-19.0%), from €26,400 to €21,387
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 | €180,066 | €276,561 | +€96,495 | +53.6% |
| Fixed assets | 21/28 | €85,826 | €131,239 | +€45,413 | +52.9% |
| Tangible fixed assets | 22/27 | €85,826 | €131,239 | +€45,413 | +52.9% |
| Plant, machinery and equipment | 23 | €5,365 | €6,147 | +€782 | +14.6% |
| Furniture and vehicles | 24 | €13,203 | €40,498 | +€27,295 | +206.7% |
| Leasing and similar rights | 25 | €67,257 | €84,593 | +€17,336 | +25.8% |
| Current assets | 29/58 | €94,240 | €145,322 | +€51,082 | +54.2% |
| Amounts receivable within one year | 40/41 | €71,149 | €83,452 | +€12,303 | +17.3% |
| Trade receivables | 40 | €61,974 | €72,412 | +€10,438 | +16.8% |
| Other amounts receivable | 41 | €9,176 | €11,040 | +€1,865 | +20.3% |
| Cash at bank and in hand | 54/58 | €20,561 | €53,614 | +€33,053 | +160.8% |
| Deferred charges and accrued income | 490/1 | €2,530 | €8,256 | +€5,727 | +226.4% |
| Total equity and liabilities | 10/49 | €180,066 | €276,561 | +€96,495 | +53.6% |
| Equity | 10/15 | €72,256 | €127,639 | +€55,383 | +76.6% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €64,000 | €119,000 | +€55,000 | +85.9% |
| Distributable reserves | 133 | €64,000 | €119,000 | +€55,000 | +85.9% |
| Profit (loss) carried forward | 14 | €256 | €639 | +€383 | +149.4% |
| Amounts payable | 17/49 | €107,810 | €148,922 | +€41,112 | +38.1% |
| Amounts payable after more than one year | 17 | €29,872 | €25,498 | -€4,374 | -14.6% |
| Financial debts | 170/4 | €29,872 | €25,498 | -€4,374 | -14.6% |
| Amounts payable within one year | 42/48 | €77,938 | €123,424 | +€45,486 | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €22,139 | €32,395 | +€10,257 | +46.3% |
| Trade debts | 44 | €28,498 | €63,038 | +€34,540 | +121.2% |
| Suppliers | 440/4 | €28,498 | €63,038 | +€34,540 | +121.2% |
| Taxes, remuneration and social security | 45 | €26,400 | €27,556 | +€1,156 | +4.4% |
| Taxes | 450/3 | €26,400 | €21,425 | -€4,975 | -18.8% |
| Remuneration and social security | 454/9 | - | €6,131 | +€6,131 | |
| Other amounts payable | 47/48 | €901 | €435 | -€466 | -51.8% |
| Remuneration, social security and pensions | 62 | - | €50,560 | +€50,560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,515 | €25,233 | +€5,718 | +29.3% |
| Other operating charges | 640/8 | €3,675 | €3,705 | +€29 | +0.8% |
| Gross operating margin | 9900 | €118,179 | €159,763 | +€41,584 | +35.2% |
| Operating profit (loss) | 9901 | €94,989 | €80,266 | -€14,723 | -15.5% |
| Financial charges | 65/66B | €4,332 | €3,496 | -€837 | -19.3% |
| Recurring financial charges | 65 | €4,332 | €3,496 | -€837 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €90,656 | €76,770 | -€13,886 | -15.3% |
| Income taxes | 67/77 | €26,400 | €21,387 | -€5,013 | -19.0% |
| Profit (loss) for the period | 9904 | €64,256 | €55,383 | -€8,874 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,256 | €55,383 | -€8,874 | -13.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.