MARTEM: 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.
MARTEM
Largest movements
- Tangible fixed assets -€6,965
down €6,965 (-13.7%), from €50,777 to €43,812
of which Other tangible fixed assets: -€7,008
- Stocks and contracts +€6,341
up €6,341 (+5.3%), from €119,133 to €125,474
- Cash -€5,786
down €5,786 (-19.7%), from €29,351 to €23,565
mainly Short-term financial debts (-€8,649) and Tax, wage and social debts (-€7,742)
- Advances received +€9,116
up €9,116 (+428.0%), from €2,130 to €11,246
- Short-term financial debts -€8,649
down €8,649 (-33.3%), from €25,978 to €17,329
- Tax, wage and social debts -€7,742
down €7,742 (-15.8%), from €48,950 to €41,208
of which Remuneration and social security: -€9,348
- Other debts +€3,095
up €3,095 (+4.2%), from €73,629 to €76,724
- Staff costs -€29,841
down €29,841 (-29.1%), from €102,551 to €72,710
- Gross operating margin -€10,062
down €10,062 (-8.3%), from €121,737 to €111,676
- Other operating charges +€5,504
up €5,504 (+42.8%), from €12,863 to €18,368
- Taxes +€3,597
up €3,597 (+541.5%), from €664 to €4,261
- Financial charges +€2,184
up €2,184 (+47.6%), from €4,587 to €6,771
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 | €206,491 | €201,597 | -€4,894 | -2.4% |
| Fixed assets | 21/28 | €54,188 | €47,224 | -€6,965 | -12.9% |
| Tangible fixed assets | 22/27 | €50,777 | €43,812 | -€6,965 | -13.7% |
| Furniture and vehicles | 24 | €3,024 | €3,068 | +€43 | +1.4% |
| Other tangible fixed assets | 26 | €47,753 | €40,745 | -€7,008 | -14.7% |
| Financial fixed assets | 28 | €3,412 | €3,412 | = | 0.0% |
| Current assets | 29/58 | €152,303 | €154,373 | +€2,071 | +1.4% |
| Stocks and contracts in progress | 3 | €119,133 | €125,474 | +€6,341 | +5.3% |
| Stocks | 30/36 | €119,133 | €125,474 | +€6,341 | +5.3% |
| Amounts receivable within one year | 40/41 | €1,055 | €2,762 | +€1,706 | +161.7% |
| Trade receivables | 40 | €1,053 | €2,762 | +€1,709 | +162.3% |
| Other amounts receivable | 41 | €2 | - | -€2 | |
| Cash at bank and in hand | 54/58 | €29,351 | €23,565 | -€5,786 | -19.7% |
| Deferred charges and accrued income | 490/1 | €2,764 | €2,573 | -€190 | -6.9% |
| Total equity and liabilities | 10/49 | €206,491 | €201,597 | -€4,894 | -2.4% |
| Equity | 10/15 | €12,260 | €13,669 | +€1,409 | +11.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,332 | -€4,923 | +€1,409 | +22.3% |
| Amounts payable | 17/49 | €194,231 | €187,928 | -€6,303 | -3.2% |
| Amounts payable within one year | 42/48 | €186,731 | €181,786 | -€4,945 | -2.6% |
| Financial debts | 43 | €25,978 | €17,329 | -€8,649 | -33.3% |
| Credit institutions | 430/8 | €25,978 | €17,329 | -€8,649 | -33.3% |
| Trade debts | 44 | €36,044 | €35,279 | -€765 | -2.1% |
| Suppliers | 440/4 | €36,044 | €35,279 | -€765 | -2.1% |
| Advances received on contracts in progress | 46 | €2,130 | €11,246 | +€9,116 | +428.0% |
| Taxes, remuneration and social security | 45 | €48,950 | €41,208 | -€7,742 | -15.8% |
| Taxes | 450/3 | €19,366 | €20,972 | +€1,606 | +8.3% |
| Remuneration and social security | 454/9 | €29,584 | €20,235 | -€9,348 | -31.6% |
| Other amounts payable | 47/48 | €73,629 | €76,724 | +€3,095 | +4.2% |
| Accrued charges and deferred income | 492/3 | €7,500 | €6,142 | -€1,358 | -18.1% |
| Remuneration, social security and pensions | 62 | €102,551 | €72,710 | -€29,841 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,402 | €8,157 | +€756 | +10.2% |
| Other operating charges | 640/8 | €12,863 | €18,368 | +€5,504 | +42.8% |
| Gross operating margin | 9900 | €121,737 | €111,676 | -€10,062 | -8.3% |
| Operating profit (loss) | 9901 | -€1,079 | €12,441 | +€13,520 | |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €4,587 | €6,771 | +€2,184 | +47.6% |
| Recurring financial charges | 65 | €4,587 | €6,771 | +€2,184 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,656 | €5,670 | +€11,326 | |
| Income taxes | 67/77 | €664 | €4,261 | +€3,597 | +541.5% |
| Profit (loss) for the period | 9904 | -€6,320 | €1,409 | +€7,730 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,320 | €1,409 | +€7,730 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.