MARTENS: 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.
MARTENS
Largest movements
- Cash -€192,406
down €192,406 (-57.7%), from €333,648 to €141,242
mainly Contributions, distributions and other (-€182,377) and Trade debts (-€182,031)
- Receivables within one year -€155,850
down €155,850 (-89.6%), from €173,957 to €18,106
of which Other amounts receivable: -€120,068
- Stocks and contracts +€128,689
up €128,689 (+12.0%), from €1.1m to €1.2m
- Trade debts -€182,031
down €182,031 (-57.1%), from €318,816 to €136,786
- Reserves -€96,193
down €96,193 (-12.0%), from €801,914 to €705,721
- Tax, wage and social debts +€26,164
up €26,164 (+219.5%), from €11,923 to €38,087
of which Taxes: +€28,404
- Gross operating margin +€145,408
up €145,408 (+146.9%), from €98,999 to €244,407
- Depreciation +€40,971
up €40,971 (+240.2%), from €17,054 to €58,025
- Taxes +€31,089
up €31,089 (+1536.3%), from €2,024 to €33,112
- Financial charges +€4,152
up €4,152 (+70.8%), from €5,866 to €10,018
- Staff costs +€3,763
up €3,763 (+7.4%), from €50,945 to €54,707
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 | €2,023,850 | €1,798,634 | -€225,216 | -11.1% |
| Fixed assets | 21/28 | €408,106 | €400,893 | -€7,213 | -1.8% |
| Tangible fixed assets | 22/27 | €408,106 | €400,893 | -€7,213 | -1.8% |
| Plant, machinery and equipment | 23 | €8,902 | €5,935 | -€2,967 | -33.3% |
| Furniture and vehicles | 24 | €10,735 | €13,167 | +€2,432 | +22.7% |
| Other tangible fixed assets | 26 | €388,468 | €381,790 | -€6,678 | -1.7% |
| Current assets | 29/58 | €1,615,744 | €1,397,741 | -€218,003 | -13.5% |
| Stocks and contracts in progress | 3 | €1,070,733 | €1,199,421 | +€128,689 | +12.0% |
| Stocks | 30/36 | €1,070,733 | €1,199,421 | +€128,689 | +12.0% |
| Amounts receivable within one year | 40/41 | €173,957 | €18,106 | -€155,850 | -89.6% |
| Trade receivables | 40 | €37,113 | €1,331 | -€35,783 | -96.4% |
| Other amounts receivable | 41 | €136,843 | €16,776 | -€120,068 | -87.7% |
| Current investments | 50/53 | €31,774 | €32,454 | +€680 | +2.1% |
| Cash at bank and in hand | 54/58 | €333,648 | €141,242 | -€192,406 | -57.7% |
| Deferred charges and accrued income | 490/1 | €5,632 | €6,517 | +€884 | +15.7% |
| Total equity and liabilities | 10/49 | €2,023,850 | €1,798,634 | -€225,216 | -11.1% |
| Equity | 10/15 | €1,524,061 | €1,428,491 | -€95,570 | -6.3% |
| Contributions | 10/11 | €720,000 | €720,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,147 | €2,770 | +€623 | +29.0% |
| Reserves | 13 | €801,914 | €705,721 | -€96,193 | -12.0% |
| Distributable reserves | 133 | €801,914 | €705,721 | -€96,193 | -12.0% |
| Amounts payable | 17/49 | €499,789 | €370,143 | -€129,646 | -25.9% |
| Amounts payable after more than one year | 17 | €152,369 | €171,233 | +€18,864 | +12.4% |
| Financial debts | 170/4 | €152,369 | €171,233 | +€18,864 | +12.4% |
| Amounts payable within one year | 42/48 | €347,294 | €198,645 | -€148,650 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €11,310 | €17,457 | +€6,146 | +54.3% |
| Financial debts | 43 | €5,052 | €5,052 | = | 0.0% |
| Credit institutions | 430/8 | €5,052 | €5,052 | = | 0.0% |
| Trade debts | 44 | €318,816 | €136,786 | -€182,031 | -57.1% |
| Suppliers | 440/4 | €318,816 | €136,786 | -€182,031 | -57.1% |
| Taxes, remuneration and social security | 45 | €11,923 | €38,087 | +€26,164 | +219.5% |
| Taxes | 450/3 | €6,475 | €34,879 | +€28,404 | +438.7% |
| Remuneration and social security | 454/9 | €5,448 | €3,208 | -€2,240 | -41.1% |
| Other amounts payable | 47/48 | €193 | €1,264 | +€1,070 | +553.9% |
| Accrued charges and deferred income | 492/3 | €126 | €265 | +€139 | +111.0% |
| Remuneration, social security and pensions | 62 | €50,945 | €54,707 | +€3,763 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,054 | €58,025 | +€40,971 | +240.2% |
| Other operating charges | 640/8 | €3,294 | €3,058 | -€236 | -7.2% |
| Gross operating margin | 9900 | €98,999 | €244,407 | +€145,408 | +146.9% |
| Operating profit (loss) | 9901 | €27,706 | €128,617 | +€100,910 | +364.2% |
| Financial income | 75/76B | €420 | €1,321 | +€902 | +214.7% |
| Recurring financial income | 75 | €420 | €1,321 | +€902 | +214.7% |
| Financial charges | 65/66B | €5,866 | €10,018 | +€4,152 | +70.8% |
| Recurring financial charges | 65 | €5,866 | €10,018 | +€4,152 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | €22,260 | €119,920 | +€97,659 | +438.7% |
| Income taxes | 67/77 | €2,024 | €33,112 | +€31,089 | +1536.3% |
| Profit (loss) for the period | 9904 | €20,237 | €86,807 | +€66,571 | +329.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,237 | €86,807 | +€66,571 | +329.0% |
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 29 September 2026 via checked.be.