MARTEC: 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.
MARTEC
Largest movements
- Stocks and contracts -€67,336
down €67,336 (-55.5%), from €121,258 to €53,922
- Cash -€28,986
down €28,986 (-36.1%), from €80,214 to €51,228
mainly Net result for the year (-€55,005) and Tax, wage and social debts (-€22,182)
- Tangible fixed assets +€3,270
new in 2025: €3,270
- Profit (loss) carried forward -€55,005
down €55,005 (-90.7%), from €60,638 to €5,632
- Tax, wage and social debts -€22,182
down €22,182 (-80.7%), from €27,484 to €5,302
- Advances received -€15,850
no longer reported in 2025 (was €15,850)
- Other debts +€8,917
up €8,917 (+12.8%), from €69,749 to €78,665
- Short-term financial debts -€7,800
no longer reported in 2025 (was €7,800)
- Gross operating margin -€94,358
down €94,358, from €42,492 to -€51,866
- Taxes -€10,387
down €10,387 (-94.4%), from €11,000 to €613
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 | €208,640 | €116,032 | -€92,608 | -44.4% |
| Fixed assets | 21/28 | - | €3,270 | +€3,270 | |
| Tangible fixed assets | 22/27 | - | €3,270 | +€3,270 | |
| Furniture and vehicles | 24 | - | €3,270 | +€3,270 | |
| Current assets | 29/58 | €208,640 | €112,762 | -€95,878 | -46.0% |
| Stocks and contracts in progress | 3 | €121,258 | €53,922 | -€67,336 | -55.5% |
| Stocks | 30/36 | €121,258 | €53,922 | -€67,336 | -55.5% |
| Amounts receivable within one year | 40/41 | €3,042 | €2,800 | -€242 | -8.0% |
| Trade receivables | 40 | €3,042 | €2,800 | -€242 | -8.0% |
| Cash at bank and in hand | 54/58 | €80,214 | €51,228 | -€28,986 | -36.1% |
| Deferred charges and accrued income | 490/1 | €4,126 | €4,812 | +€686 | +16.6% |
| Total equity and liabilities | 10/49 | €208,640 | €116,032 | -€92,608 | -44.4% |
| Equity | 10/15 | €81,144 | €26,138 | -€55,005 | -67.8% |
| Contributions | 10/11 | €18,642 | €18,642 | = | 0.0% |
| Reserves | 13 | €1,864 | €1,864 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,864 | €1,864 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,864 | €1,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,638 | €5,632 | -€55,005 | -90.7% |
| Amounts payable | 17/49 | €127,496 | €89,893 | -€37,603 | -29.5% |
| Amounts payable after more than one year | 17 | €3,600 | €3,600 | = | 0.0% |
| Financial debts | 170/4 | €3,600 | €3,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €123,896 | €86,293 | -€37,603 | -30.4% |
| Financial debts | 43 | €7,800 | - | -€7,800 | |
| Other loans | 439 | €7,800 | - | -€7,800 | |
| Trade debts | 44 | €3,013 | €2,327 | -€687 | -22.8% |
| Suppliers | 440/4 | €3,013 | €2,327 | -€687 | -22.8% |
| Advances received on contracts in progress | 46 | €15,850 | - | -€15,850 | |
| Taxes, remuneration and social security | 45 | €27,484 | €5,302 | -€22,182 | -80.7% |
| Taxes | 450/3 | €27,484 | €5,302 | -€22,182 | -80.7% |
| Other amounts payable | 47/48 | €69,749 | €78,665 | +€8,917 | +12.8% |
| Non-recurring operating income | 76A | €6,626 | - | -€6,626 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €36 | +€36 | |
| Other operating charges | 640/8 | €1,129 | €1,472 | +€343 | +30.4% |
| Gross operating margin | 9900 | €42,492 | -€51,866 | -€94,358 | |
| Operating profit (loss) | 9901 | €41,363 | -€53,374 | -€94,737 | |
| Financial income | 75/76B | €40 | - | -€40 | |
| Recurring financial income | 75 | €40 | - | -€40 | |
| Financial charges | 65/66B | €1,343 | €1,018 | -€325 | -24.2% |
| Recurring financial charges | 65 | €1,343 | €1,018 | -€325 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €40,060 | -€54,392 | -€94,452 | |
| Income taxes | 67/77 | €11,000 | €613 | -€10,387 | -94.4% |
| Profit (loss) for the period | 9904 | €29,060 | -€55,005 | -€84,066 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,060 | -€55,005 | -€84,066 |
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 5 October 2026 via checked.be.