MARTENS: 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.
MARTENS
Largest movements
- Tangible fixed assets -€342,785
down €342,785 (-55.1%), from €622,632 to €279,846
- Receivables within one year +€331,725
up €331,725 (+39.4%), from €841,577 to €1.2m
of which Other amounts receivable: +€1.2m
- Stocks and contracts +€281,210
new in 2025: €281,210
- Tax, wage and social debts +€143,483
up €143,483 (+1,228%), from €11,688 to €155,171
- Reserves +€123,617
up €123,617 (+26.5%), from €466,879 to €590,497
of which Distributable reserves: +€123,617
- Accrued charges and deferred income +€29,147
up €29,147, from €0 to €29,147
- Trade debts -€18,225
down €18,225 (-91.2%), from €19,988 to €1,763
- Gross operating margin +€174,190
up €174,190 (+266%), from €65,573 to €239,763
- Taxes +€52,274
up €52,274 (+1,045%), from €5,000 to €57,274
- Financial charges +€27,604
up €27,604 (+665%), from €4,152 to €31,755
- Depreciation -€6,291
down €6,291 (-23.0%), from €27,323 to €21,031
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 | €1,478,977 | €1,750,940 | +€271,963 | +18.4% |
| Fixed assets | 21/28 | €623,127 | €280,342 | -€342,785 | -55.0% |
| Tangible fixed assets | 22/27 | €622,632 | €279,846 | -€342,785 | -55.1% |
| Land and buildings | 22 | €622,632 | €279,846 | -€342,785 | -55.1% |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €855,850 | €1,470,598 | +€614,748 | +71.8% |
| Stocks and contracts in progress | 3 | - | €281,210 | +€281,210 | |
| Stocks | 30/36 | - | €281,210 | +€281,210 | |
| Amounts receivable within one year | 40/41 | €841,577 | €1,173,302 | +€331,725 | +39.4% |
| Trade receivables | 40 | €841,577 | €4,924 | -€836,653 | -99.4% |
| Other amounts receivable | 41 | €0 | €1,168,378 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €14,272 | €15,995 | +€1,723 | +12.1% |
| Deferred charges and accrued income | 490/1 | - | €91 | +€91 | |
| Total equity and liabilities | 10/49 | €1,478,977 | €1,750,940 | +€271,963 | +18.4% |
| Equity | 10/15 | €485,429 | €609,047 | +€123,617 | +25.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €466,879 | €590,497 | +€123,617 | +26.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €465,024 | €588,642 | +€123,617 | +26.6% |
| Amounts payable | 17/49 | €993,548 | €1,141,894 | +€148,346 | +14.9% |
| Amounts payable after more than one year | 17 | €24,408 | €16,466 | -€7,943 | -32.5% |
| Financial debts | 170/4 | €24,408 | €16,466 | -€7,943 | -32.5% |
| Amounts payable within one year | 42/48 | €969,140 | €1,096,281 | +€127,141 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €7,755 | €7,943 | +€187 | +2.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €19,988 | €1,763 | -€18,225 | -91.2% |
| Suppliers | 440/4 | €19,988 | €1,763 | -€18,225 | -91.2% |
| Taxes, remuneration and social security | 45 | €11,688 | €155,171 | +€143,483 | +1,228% |
| Taxes | 450/3 | €11,688 | €155,171 | +€143,483 | +1,228% |
| Other amounts payable | 47/48 | €929,708 | €931,405 | +€1,697 | +0.2% |
| Accrued charges and deferred income | 492/3 | €0 | €29,147 | +€29,147 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,323 | €21,031 | -€6,291 | -23.0% |
| Other operating charges | 640/8 | €7,334 | €6,121 | -€1,213 | -16.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €65,573 | €239,763 | +€174,190 | +266% |
| Operating profit (loss) | 9901 | €30,916 | €212,611 | +€181,694 | +588% |
| Financial income | 75/76B | €42 | €36 | -€6 | -14.3% |
| Recurring financial income | 75 | €42 | €36 | -€6 | -14.3% |
| Financial charges | 65/66B | €4,152 | €31,755 | +€27,604 | +665% |
| Recurring financial charges | 65 | €4,152 | €31,755 | +€27,604 | +665% |
| Profit (loss) for the period before taxes | 9903 | €26,806 | €180,891 | +€154,085 | +575% |
| Income taxes | 67/77 | €5,000 | €57,274 | +€52,274 | +1,045% |
| Profit (loss) for the period | 9904 | €21,806 | €123,617 | +€101,811 | +467% |
| Profit (loss) for the period to be appropriated | 9905 | €21,806 | €123,617 | +€101,811 | +467% |
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 29 October 2026 via checked.be.