MARTEAU & CO: 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.
MARTEAU & CO
Largest movements
- Receivables within one year +€44,046
up €44,046 (+118%), from €37,469 to €81,514
of which Trade receivables: +€44,400
- Stocks and contracts +€40,284
up €40,284 (+32.3%), from €124,562 to €164,845
- Tangible fixed assets -€22,925
down €22,925 (-24.3%), from €94,474 to €71,549
of which Furniture and vehicles: -€18,206
- Cash -€9,526
down €9,526 (-24.4%), from €39,010 to €29,483
mainly Receivables within one year (-€44,046) and Stocks and contracts (-€40,284)
- Intangible fixed assets +€5,824
up €5,824 (+138%), from €4,232 to €10,056
- Trade debts +€33,635
up €33,635 (+41.8%), from €80,515 to €114,150
- Tax, wage and social debts +€23,240
up €23,240 (+51.2%), from €45,349 to €68,589
of which Remuneration and social security: +€20,062
- Profit (loss) carried forward -€4,627
down €4,627 (-5.3%), from -€87,122 to -€91,749
- Staff costs +€48,590
up €48,590 (+38.4%), from €126,525 to €175,115
- Gross operating margin +€45,940
up €45,940 (+29.9%), from €153,876 to €199,816
- Depreciation +€7,026
up €7,026 (+35.2%), from €19,968 to €26,994
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 | €310,776 | €365,522 | +€54,746 | +17.6% |
| Fixed assets | 21/28 | €105,655 | €88,555 | -€17,100 | -16.2% |
| Intangible fixed assets | 21 | €4,232 | €10,056 | +€5,824 | +138% |
| Tangible fixed assets | 22/27 | €94,474 | €71,549 | -€22,925 | -24.3% |
| Land and buildings | 22 | €1,177 | - | -€1,177 | |
| Plant, machinery and equipment | 23 | €18,672 | €15,131 | -€3,541 | -19.0% |
| Furniture and vehicles | 24 | €74,624 | €56,418 | -€18,206 | -24.4% |
| Financial fixed assets | 28 | €6,950 | €6,950 | = | 0.0% |
| Current assets | 29/58 | €205,121 | €276,967 | +€71,846 | +35.0% |
| Stocks and contracts in progress | 3 | €124,562 | €164,845 | +€40,284 | +32.3% |
| Stocks | 30/36 | €124,562 | €164,845 | +€40,284 | +32.3% |
| Amounts receivable within one year | 40/41 | €37,469 | €81,514 | +€44,046 | +118% |
| Trade receivables | 40 | €37,114 | €81,514 | +€44,400 | +120% |
| Other amounts receivable | 41 | €354 | - | -€354 | |
| Cash at bank and in hand | 54/58 | €39,010 | €29,483 | -€9,526 | -24.4% |
| Deferred charges and accrued income | 490/1 | €4,081 | €1,124 | -€2,957 | -72.5% |
| Total equity and liabilities | 10/49 | €310,776 | €365,522 | +€54,746 | +17.6% |
| Equity | 10/15 | -€48,147 | -€52,775 | -€4,627 | -9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,375 | €20,375 | = | 0.0% |
| Distributable reserves | 133 | €20,375 | €20,375 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,122 | -€91,749 | -€4,627 | -5.3% |
| Amounts payable | 17/49 | €358,924 | €418,297 | +€59,373 | +16.5% |
| Amounts payable within one year | 42/48 | €358,924 | €418,297 | +€59,373 | +16.5% |
| Trade debts | 44 | €80,515 | €114,150 | +€33,635 | +41.8% |
| Suppliers | 440/4 | €80,515 | €114,150 | +€33,635 | +41.8% |
| Advances received on contracts in progress | 46 | €179 | - | -€179 | |
| Taxes, remuneration and social security | 45 | €45,349 | €68,589 | +€23,240 | +51.2% |
| Taxes | 450/3 | €48 | €3,226 | +€3,178 | +6,636% |
| Remuneration and social security | 454/9 | €45,301 | €65,362 | +€20,062 | +44.3% |
| Other amounts payable | 47/48 | €232,882 | €235,559 | +€2,677 | +1.1% |
| Remuneration, social security and pensions | 62 | €126,525 | €175,115 | +€48,590 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,968 | €26,994 | +€7,026 | +35.2% |
| Other operating charges | 640/8 | €2,563 | €2,013 | -€550 | -21.5% |
| Gross operating margin | 9900 | €153,876 | €199,816 | +€45,940 | +29.9% |
| Operating profit (loss) | 9901 | €4,820 | -€4,306 | -€9,126 | |
| Financial income | 75/76B | €0 | €353 | +€353 | +294,367% |
| Recurring financial income | 75 | €0 | €353 | +€353 | +294,367% |
| Financial charges | 65/66B | €615 | €675 | +€60 | +9.8% |
| Recurring financial charges | 65 | €615 | €675 | +€60 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €4,205 | -€4,627 | -€8,833 | |
| Profit (loss) for the period | 9904 | €4,205 | -€4,627 | -€8,833 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,205 | -€4,627 | -€8,833 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.