MARTCO: 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.
MARTCO
Largest movements
- Tangible fixed assets -€296,021
down €296,021 (-74.7%), from €396,443 to €100,422
of which Land and buildings: -€293,093
- Cash +€206,633
up €206,633 (+1903.0%), from €10,859 to €217,491
mainly Investment in fixed assets (net) (+€295,186) and Net result for the year (+€93,959)
- Receivables within one year -€17,187
down €17,187 (-36.3%), from €47,346 to €30,159
of which Other amounts receivable: -€37,143
- Debts after one year -€122,738
no longer reported in 2025 (was €122,738)
- Profit (loss) carried forward +€93,959
up €93,959 (+21.5%), from €436,709 to €530,668
- Other debts -€50,000
no longer reported in 2025 (was €50,000)
- Current portion of long-term debt -€24,506
down €24,506 (-49.5%), from €49,506 to €25,000
- Tax, wage and social debts -€13,350
down €13,350 (-57.1%), from €23,389 to €10,039
of which Taxes: -€10,430
- Gross operating margin +€54,037
up €54,037 (+69.6%), from €77,668 to €131,705
- Taxes +€17,102
up €17,102 (+106.6%), from €16,039 to €33,141
- Depreciation -€11,411
down €11,411 (-93.2%), from €12,246 to €835
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 | €704,647 | €598,072 | -€106,575 | -15.1% |
| Fixed assets | 21/28 | €646,443 | €350,422 | -€296,021 | -45.8% |
| Tangible fixed assets | 22/27 | €396,443 | €100,422 | -€296,021 | -74.7% |
| Land and buildings | 22 | €393,515 | €100,422 | -€293,093 | -74.5% |
| Plant, machinery and equipment | 23 | €1,488 | - | -€1,488 | |
| Furniture and vehicles | 24 | €1,440 | - | -€1,440 | |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €58,204 | €247,650 | +€189,446 | +325.5% |
| Amounts receivable within one year | 40/41 | €47,346 | €30,159 | -€17,187 | -36.3% |
| Trade receivables | 40 | €3,763 | €23,720 | +€19,957 | +530.3% |
| Other amounts receivable | 41 | €43,583 | €6,439 | -€37,143 | -85.2% |
| Cash at bank and in hand | 54/58 | €10,859 | €217,491 | +€206,633 | +1903.0% |
| Total equity and liabilities | 10/49 | €704,647 | €598,072 | -€106,575 | -15.1% |
| Equity | 10/15 | €457,169 | €551,128 | +€93,959 | +20.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €436,709 | €530,668 | +€93,959 | +21.5% |
| Amounts payable | 17/49 | €247,478 | €46,944 | -€200,534 | -81.0% |
| Amounts payable after more than one year | 17 | €122,738 | - | -€122,738 | |
| Financial debts | 170/4 | €122,738 | - | -€122,738 | |
| Amounts payable within one year | 42/48 | €124,740 | €46,944 | -€77,796 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €49,506 | €25,000 | -€24,506 | -49.5% |
| Trade debts | 44 | €1,846 | €11,905 | +€10,060 | +545.0% |
| Suppliers | 440/4 | €1,846 | €11,905 | +€10,060 | +545.0% |
| Taxes, remuneration and social security | 45 | €23,389 | €10,039 | -€13,350 | -57.1% |
| Taxes | 450/3 | €20,469 | €10,039 | -€10,430 | -51.0% |
| Remuneration and social security | 454/9 | €2,920 | - | -€2,920 | |
| Other amounts payable | 47/48 | €50,000 | - | -€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,246 | €835 | -€11,411 | -93.2% |
| Other operating charges | 640/8 | €1,218 | €811 | -€407 | -33.4% |
| Gross operating margin | 9900 | €77,668 | €131,705 | +€54,037 | +69.6% |
| Operating profit (loss) | 9901 | €64,204 | €130,059 | +€65,855 | +102.6% |
| Financial charges | 65/66B | €4,196 | €2,959 | -€1,237 | -29.5% |
| Recurring financial charges | 65 | €4,196 | €2,959 | -€1,237 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €60,008 | €127,100 | +€67,092 | +111.8% |
| Income taxes | 67/77 | €16,039 | €33,141 | +€17,102 | +106.6% |
| Profit (loss) for the period | 9904 | €43,968 | €93,959 | +€49,990 | +113.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,968 | €93,959 | +€49,990 | +113.7% |
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 12 October 2026 via checked.be.