MARTEAUX: 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.
MARTEAUX
Largest movements
- Cash +€28,841
up €28,841 (+67.0%), from €43,019 to €71,860
mainly Other debts (+€40,000) and Net result for the year (+€20,264)
- Receivables within one year -€10,229
down €10,229 (-41.1%), from €24,913 to €14,684
of which Trade receivables: -€9,548
- Tangible fixed assets -€2,336
down €2,336 (-4.0%), from €59,012 to €56,676
of which Furniture and vehicles: -€7,808
- Deferred charges and accrued income -€1,520
down €1,520 (-26.1%), from €5,817 to €4,297
- Other debts +€40,000
new in 2025: €40,000
- Reserves -€25,650
down €25,650 (-19.8%), from €129,499 to €103,849
of which Distributable reserves: -€25,650
- Debts after one year -€7,183
down €7,183 (-25.8%), from €27,819 to €20,636
- Tax, wage and social debts +€4,028
up €4,028 (+2,166%), from €186 to €4,214
- Trade debts +€3,277
up €3,277 (+690%), from €475 to €3,752
- Gross operating margin +€8,935
up €8,935 (+29.2%), from €30,650 to €39,585
- Financial income +€6,161
up €6,161 (+481%), from €1,281 to €7,442
of which Non-recurring financial income: +€6,200
- Depreciation +€6,146
up €6,146 (+58.9%), from €10,443 to €16,589
- Taxes +€4,028
up €4,028 (+126%), from €3,186 to €7,214
- Other operating charges -€1,316
down €1,316 (-65.3%), from €2,016 to €700
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 | €133,647 | €148,403 | +€14,756 | +11.0% |
| Fixed assets | 21/28 | €59,012 | €56,676 | -€2,336 | -4.0% |
| Tangible fixed assets | 22/27 | €59,012 | €56,676 | -€2,336 | -4.0% |
| Plant, machinery and equipment | 23 | €5,178 | €11,733 | +€6,555 | +127% |
| Furniture and vehicles | 24 | €50,239 | €42,431 | -€7,808 | -15.5% |
| Other tangible fixed assets | 26 | €3,595 | €2,512 | -€1,083 | -30.1% |
| Current assets | 29/58 | €74,635 | €91,727 | +€17,092 | +22.9% |
| Amounts receivable within one year | 40/41 | €24,913 | €14,684 | -€10,229 | -41.1% |
| Trade receivables | 40 | €17,159 | €7,611 | -€9,548 | -55.6% |
| Other amounts receivable | 41 | €7,754 | €7,073 | -€681 | -8.8% |
| Current investments | 50/53 | €886 | €886 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,019 | €71,860 | +€28,841 | +67.0% |
| Deferred charges and accrued income | 490/1 | €5,817 | €4,297 | -€1,520 | -26.1% |
| Total equity and liabilities | 10/49 | €133,647 | €148,403 | +€14,756 | +11.0% |
| Equity | 10/15 | €98,268 | €72,618 | -€25,650 | -26.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €129,499 | €103,849 | -€25,650 | -19.8% |
| Tax-exempt reserves | 132 | €6,245 | €6,245 | = | 0.0% |
| Distributable reserves | 133 | €123,254 | €97,604 | -€25,650 | -20.8% |
| Profit (loss) carried forward | 14 | -€49,831 | -€49,831 | = | 0.0% |
| Amounts payable | 17/49 | €35,379 | €75,785 | +€40,406 | +114% |
| Amounts payable after more than one year | 17 | €27,819 | €20,636 | -€7,183 | -25.8% |
| Financial debts | 170/4 | €27,819 | €20,636 | -€7,183 | -25.8% |
| Amounts payable within one year | 42/48 | €7,560 | €55,149 | +€47,589 | +629% |
| Current portion of amounts payable after more than one year | 42 | €6,899 | €7,183 | +€284 | +4.1% |
| Trade debts | 44 | €475 | €3,752 | +€3,277 | +690% |
| Suppliers | 440/4 | €475 | €3,752 | +€3,277 | +690% |
| Taxes, remuneration and social security | 45 | €186 | €4,214 | +€4,028 | +2,166% |
| Taxes | 450/3 | €186 | €4,214 | +€4,028 | +2,166% |
| Other amounts payable | 47/48 | - | €40,000 | +€40,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,443 | €16,589 | +€6,146 | +58.9% |
| Other operating charges | 640/8 | €2,016 | €700 | -€1,316 | -65.3% |
| Gross operating margin | 9900 | €30,650 | €39,585 | +€8,935 | +29.2% |
| Operating profit (loss) | 9901 | €18,191 | €22,296 | +€4,105 | +22.6% |
| Financial income | 75/76B | €1,281 | €7,442 | +€6,161 | +481% |
| Recurring financial income | 75 | €1,281 | €1,242 | -€39 | -3.0% |
| Non-recurring financial income | 76B | - | €6,200 | +€6,200 | |
| Financial charges | 65/66B | €1,614 | €2,260 | +€646 | +40.0% |
| Recurring financial charges | 65 | €1,614 | €2,260 | +€646 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €17,858 | €27,478 | +€9,620 | +53.9% |
| Income taxes | 67/77 | €3,186 | €7,214 | +€4,028 | +126% |
| Profit (loss) for the period | 9904 | €14,672 | €20,264 | +€5,592 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,672 | €20,264 | +€5,592 | +38.1% |
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.