MARTELLO: 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.
MARTELLO
Largest movements
- Receivables within one year -€26,785
down €26,785 (-60.3%), from €44,425 to €17,640
of which Trade receivables: -€22,384
- Current investments +€19,835
up €19,835 (+10.3%), from €192,342 to €212,177
- Cash +€7,807
up €7,807 (+13.0%), from €60,110 to €67,918
mainly Net result for the year (+€52,553) and Receivables within one year (+€26,785)
- Receivables after one year -€4,000
down €4,000 (-100.0%), from €4,000 to €0
- Reserves +€31,878
up €31,878 (+13.5%), from €236,608 to €268,486
- Other debts -€22,764
down €22,764 (-52.4%), from €43,439 to €20,675
- Tax, wage and social debts -€10,032
down €10,032 (-50.0%), from €20,045 to €10,013
of which Taxes: -€10,112
- Contributions -€6,200
down €6,200 (-100.0%), from €6,200 to €0
- Gross operating margin -€12,245
down €12,245 (-14.0%), from €87,490 to €75,245
- Financial income -€10,413
down €10,413 (-55.0%), from €18,941 to €8,528
- Taxes -€5,478
down €5,478 (-17.0%), from €32,161 to €26,683
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 | €310,433 | €305,827 | -€4,605 | -1.5% |
| Fixed assets | 21/28 | €7,923 | €6,256 | -€1,667 | -21.0% |
| Tangible fixed assets | 22/27 | €7,923 | €6,256 | -€1,667 | -21.0% |
| Furniture and vehicles | 24 | €4,168 | €3,622 | -€547 | -13.1% |
| Other tangible fixed assets | 26 | €3,755 | €2,635 | -€1,120 | -29.8% |
| Current assets | 29/58 | €302,510 | €299,571 | -€2,939 | -1.0% |
| Amounts receivable after more than one year | 29 | €4,000 | €0 | -€4,000 | -100.0% |
| Other amounts receivable | 291 | €4,000 | €0 | -€4,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €44,425 | €17,640 | -€26,785 | -60.3% |
| Trade receivables | 40 | €36,784 | €14,400 | -€22,384 | -60.9% |
| Other amounts receivable | 41 | €7,641 | €3,240 | -€4,401 | -57.6% |
| Current investments | 50/53 | €192,342 | €212,177 | +€19,835 | +10.3% |
| Cash at bank and in hand | 54/58 | €60,110 | €67,918 | +€7,807 | +13.0% |
| Deferred charges and accrued income | 490/1 | €1,633 | €1,837 | +€204 | +12.5% |
| Total equity and liabilities | 10/49 | €310,433 | €305,827 | -€4,605 | -1.5% |
| Equity | 10/15 | €242,808 | €268,486 | +€25,678 | +10.6% |
| Contributions | 10/11 | €6,200 | €0 | -€6,200 | -100.0% |
| Reserves | 13 | €236,608 | €268,486 | +€31,878 | +13.5% |
| Distributable reserves | 133 | €236,608 | €268,486 | +€31,878 | +13.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,625 | €37,341 | -€30,284 | -44.8% |
| Amounts payable within one year | 42/48 | €67,431 | €37,141 | -€30,290 | -44.9% |
| Trade debts | 44 | €3,947 | €6,453 | +€2,507 | +63.5% |
| Suppliers | 440/4 | €3,947 | €6,453 | +€2,507 | +63.5% |
| Taxes, remuneration and social security | 45 | €20,045 | €10,013 | -€10,032 | -50.0% |
| Taxes | 450/3 | €16,545 | €6,434 | -€10,112 | -61.1% |
| Remuneration and social security | 454/9 | €3,500 | €3,579 | +€79 | +2.3% |
| Other amounts payable | 47/48 | €43,439 | €20,675 | -€22,764 | -52.4% |
| Accrued charges and deferred income | 492/3 | €194 | €200 | +€6 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,308 | €2,753 | +€444 | +19.3% |
| Other operating charges | 640/8 | €1,459 | €1,610 | +€151 | +10.4% |
| Gross operating margin | 9900 | €87,490 | €75,245 | -€12,245 | -14.0% |
| Operating profit (loss) | 9901 | €83,723 | €70,882 | -€12,841 | -15.3% |
| Financial income | 75/76B | €18,941 | €8,528 | -€10,413 | -55.0% |
| Recurring financial income | 75 | €18,941 | €8,528 | -€10,413 | -55.0% |
| Financial charges | 65/66B | €156 | €174 | +€18 | +11.6% |
| Recurring financial charges | 65 | €156 | €174 | +€18 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €102,508 | €79,236 | -€23,273 | -22.7% |
| Income taxes | 67/77 | €32,161 | €26,683 | -€5,478 | -17.0% |
| Profit (loss) for the period | 9904 | €70,347 | €52,553 | -€17,794 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,347 | €52,553 | -€17,794 | -25.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.