MARTAN: 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.
MARTAN
Largest movements
- Tangible fixed assets +€27,426
up €27,426 (+25.2%), from €108,791 to €136,217
of which Furniture and vehicles: +€31,880
- Cash +€6,974
up €6,974 (+1.7%), from €404,018 to €410,992
mainly Net result for the year (+€36,314) and Other debts (+€10,686)
- Reserves +€36,314
up €36,314 (+9.4%), from €384,602 to €420,916
- Other debts +€10,686
up €10,686 (+20.2%), from €52,896 to €63,582
- Trade debts -€10,303
down €10,303 (-90.8%), from €11,353 to €1,050
- Gross operating margin -€32,299
down €32,299 (-27.0%), from €119,650 to €87,351
- Taxes -€8,769
down €8,769 (-30.1%), from €29,162 to €20,393
- Financial charges +€5,851
up €5,851 (+53.1%), from €11,017 to €16,868
- Staff costs -€2,737
down €2,737 (-23.0%), from €11,908 to €9,171
- Financial income +€2,583
up €2,583 (+72.1%), from €3,584 to €6,167
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 | €580,131 | €616,617 | +€36,486 | +6.3% |
| Fixed assets | 21/28 | €109,291 | €136,717 | +€27,426 | +25.1% |
| Tangible fixed assets | 22/27 | €108,791 | €136,217 | +€27,426 | +25.2% |
| Land and buildings | 22 | €98,765 | €94,651 | -€4,114 | -4.2% |
| Plant, machinery and equipment | 23 | €406 | €66 | -€340 | -83.7% |
| Furniture and vehicles | 24 | €5,611 | €37,492 | +€31,880 | +568.1% |
| Other tangible fixed assets | 26 | €4,009 | €4,009 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €470,840 | €479,899 | +€9,059 | +1.9% |
| Amounts receivable within one year | 40/41 | €9,295 | €11,361 | +€2,066 | +22.2% |
| Trade receivables | 40 | €3,767 | €0 | -€3,767 | -100.0% |
| Other amounts receivable | 41 | €5,528 | €11,361 | +€5,833 | +105.5% |
| Current investments | 50/53 | €55,355 | €51,181 | -€4,174 | -7.5% |
| Cash at bank and in hand | 54/58 | €404,018 | €410,992 | +€6,974 | +1.7% |
| Deferred charges and accrued income | 490/1 | €2,171 | €6,364 | +€4,193 | +193.1% |
| Total equity and liabilities | 10/49 | €580,131 | €616,617 | +€36,486 | +6.3% |
| Equity | 10/15 | €397,602 | €433,916 | +€36,314 | +9.1% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €384,602 | €420,916 | +€36,314 | +9.4% |
| Distributable reserves | 133 | €384,602 | €420,916 | +€36,314 | +9.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €182,528 | €182,700 | +€172 | +0.1% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €82,528 | €82,548 | +€20 | 0.0% |
| Trade debts | 44 | €11,353 | €1,050 | -€10,303 | -90.8% |
| Suppliers | 440/4 | €11,353 | €1,050 | -€10,303 | -90.8% |
| Taxes, remuneration and social security | 45 | €18,280 | €17,916 | -€363 | -2.0% |
| Taxes | 450/3 | €16,483 | €16,538 | +€55 | +0.3% |
| Remuneration and social security | 454/9 | €1,796 | €1,378 | -€418 | -23.3% |
| Other amounts payable | 47/48 | €52,896 | €63,582 | +€10,686 | +20.2% |
| Accrued charges and deferred income | 492/3 | - | €152 | +€152 | |
| Non-recurring operating income | 76A | - | €2,250 | +€2,250 | |
| Remuneration, social security and pensions | 62 | €11,908 | €9,171 | -€2,737 | -23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,035 | €7,474 | +€1,439 | +23.8% |
| Other operating charges | 640/8 | €2,874 | €3,299 | +€424 | +14.8% |
| Gross operating margin | 9900 | €119,650 | €87,351 | -€32,299 | -27.0% |
| Operating profit (loss) | 9901 | €98,834 | €67,408 | -€31,426 | -31.8% |
| Financial income | 75/76B | €3,584 | €6,167 | +€2,583 | +72.1% |
| Recurring financial income | 75 | €3,584 | €6,167 | +€2,583 | +72.1% |
| Financial charges | 65/66B | €11,017 | €16,868 | +€5,851 | +53.1% |
| Recurring financial charges | 65 | €11,017 | €16,868 | +€5,851 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | €91,400 | €56,707 | -€34,693 | -38.0% |
| Income taxes | 67/77 | €29,162 | €20,393 | -€8,769 | -30.1% |
| Profit (loss) for the period | 9904 | €62,238 | €36,314 | -€25,924 | -41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,238 | €36,314 | -€25,924 | -41.7% |
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 9 October 2026 via checked.be.