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
- Receivables within one year +€65,960
up €65,960 (+30.1%), from €219,101 to €285,061
of which Other amounts receivable: +€41,183
- Cash +€15,833
up €15,833 (+43.9%), from €36,095 to €51,928
mainly Net result for the year (+€91,030) and Accrued charges and deferred income (+€34,400)
- Deferred charges and accrued income +€15,432
up €15,432 (+229.4%), from €6,727 to €22,160
- Profit (loss) carried forward +€57,030
up €57,030 (+20.2%), from €281,719 to €338,748
- Accrued charges and deferred income +€34,400
up €34,400 (+641.9%), from €5,359 to €39,759
- Gross operating margin +€34,737
up €34,737 (+59.0%), from €58,891 to €93,628
- Financial income +€11,343
up €11,343 (+359.5%), from €3,155 to €14,498
- Taxes +€7,219
new in 2025: €7,219
- Other operating charges -€3,982
down €3,982 (-99.6%), from €3,996 to €14
- Depreciation -€2,423
down €2,423 (-20.0%), from €12,118 to €9,695
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 | €297,911 | €391,605 | +€93,695 | +31.5% |
| Fixed assets | 21/28 | €35,987 | €32,456 | -€3,531 | -9.8% |
| Tangible fixed assets | 22/27 | €35,787 | €32,256 | -€3,531 | -9.9% |
| Furniture and vehicles | 24 | €35,787 | €32,256 | -€3,531 | -9.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €261,924 | €359,149 | +€97,225 | +37.1% |
| Amounts receivable within one year | 40/41 | €219,101 | €285,061 | +€65,960 | +30.1% |
| Trade receivables | 40 | - | €24,777 | +€24,777 | |
| Other amounts receivable | 41 | €219,101 | €260,284 | +€41,183 | +18.8% |
| Cash at bank and in hand | 54/58 | €36,095 | €51,928 | +€15,833 | +43.9% |
| Deferred charges and accrued income | 490/1 | €6,727 | €22,160 | +€15,432 | +229.4% |
| Total equity and liabilities | 10/49 | €297,911 | €391,605 | +€93,695 | +31.5% |
| Equity | 10/15 | €287,919 | €344,948 | +€57,030 | +19.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €281,719 | €338,748 | +€57,030 | +20.2% |
| Amounts payable | 17/49 | €9,992 | €46,657 | +€36,665 | +367.0% |
| Amounts payable within one year | 42/48 | €4,633 | €6,898 | +€2,265 | +48.9% |
| Trade debts | 44 | €631 | €935 | +€304 | +48.2% |
| Suppliers | 440/4 | €631 | €935 | +€304 | +48.2% |
| Taxes, remuneration and social security | 45 | €4,002 | €5,963 | +€1,961 | +49.0% |
| Taxes | 450/3 | €4,002 | €5,963 | +€1,961 | +49.0% |
| Accrued charges and deferred income | 492/3 | €5,359 | €39,759 | +€34,400 | +641.9% |
| Non-recurring operating income | 76A | €1,000 | €3,131 | +€2,131 | +213.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,118 | €9,695 | -€2,423 | -20.0% |
| Other operating charges | 640/8 | €3,996 | €14 | -€3,982 | -99.6% |
| Gross operating margin | 9900 | €58,891 | €93,628 | +€34,737 | +59.0% |
| Operating profit (loss) | 9901 | €42,777 | €83,919 | +€41,142 | +96.2% |
| Financial income | 75/76B | €3,155 | €14,498 | +€11,343 | +359.5% |
| Recurring financial income | 75 | €3,155 | €14,498 | +€11,343 | +359.5% |
| Financial charges | 65/66B | €168 | €168 | +€0 | +0.2% |
| Recurring financial charges | 65 | €168 | €168 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €45,764 | €98,249 | +€52,485 | +114.7% |
| Income taxes | 67/77 | - | €7,219 | +€7,219 | |
| Profit (loss) for the period | 9904 | €45,764 | €91,030 | +€45,265 | +98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,764 | €91,030 | +€45,265 | +98.9% |
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 30 September 2026 via checked.be.