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
- Receivables within one year -€48,473
down €48,473 (-77.2%), from €62,801 to €14,327
of which Trade receivables: -€48,707
- Other debts -€64,253
down €64,253 (-50.1%), from €128,189 to €63,936
- Current portion of long-term debt +€13,241
new in 2025: €13,241
- Gross operating margin -€48,576
down €48,576 (-93.3%), from €52,054 to €3,478
- Financial charges -€739
down €739 (-90.4%), from €817 to €78
- Other operating charges -€623
down €623 (-38.4%), from €1,622 to €999
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 | €325,757 | €278,544 | -€47,213 | -14.5% |
| Fixed assets | 21/28 | €184,274 | €185,201 | +€927 | +0.5% |
| Tangible fixed assets | 22/27 | €184,274 | €185,201 | +€927 | +0.5% |
| Land and buildings | 22 | €183,823 | €184,950 | +€1,127 | +0.6% |
| Plant, machinery and equipment | 23 | €451 | €251 | -€200 | -44.3% |
| Current assets | 29/58 | €141,482 | €93,343 | -€48,140 | -34.0% |
| Stocks and contracts in progress | 3 | €78,300 | €78,300 | = | 0.0% |
| Stocks | 30/36 | €78,300 | €78,300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €62,801 | €14,327 | -€48,473 | -77.2% |
| Trade receivables | 40 | €61,935 | €13,228 | -€48,707 | -78.6% |
| Other amounts receivable | 41 | €866 | €1,099 | +€233 | +26.9% |
| Cash at bank and in hand | 54/58 | €115 | €295 | +€181 | +157.5% |
| Deferred charges and accrued income | 490/1 | €267 | €420 | +€153 | +57.4% |
| Total equity and liabilities | 10/49 | €325,757 | €278,544 | -€47,213 | -14.5% |
| Equity | 10/15 | €150,930 | €153,072 | +€2,142 | +1.4% |
| Contributions | 10/11 | €131,000 | €131,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,930 | €22,072 | +€2,142 | +10.7% |
| Amounts payable | 17/49 | €174,827 | €125,472 | -€49,354 | -28.2% |
| Amounts payable within one year | 42/48 | €174,827 | €125,472 | -€49,354 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | - | €13,241 | +€13,241 | |
| Trade debts | 44 | €46,638 | €48,295 | +€1,657 | +3.6% |
| Suppliers | 440/4 | €46,638 | €48,295 | +€1,657 | +3.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €128,189 | €63,936 | -€64,253 | -50.1% |
| Non-recurring operating income | 76A | - | €750 | +€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200 | €266 | +€66 | +33.0% |
| Other operating charges | 640/8 | €1,622 | €999 | -€623 | -38.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €52,054 | €3,478 | -€48,576 | -93.3% |
| Operating profit (loss) | 9901 | €50,232 | €2,213 | -€48,019 | -95.6% |
| Financial income | 75/76B | €42 | €7 | -€35 | -82.8% |
| Recurring financial income | 75 | €42 | €7 | -€35 | -82.8% |
| Financial charges | 65/66B | €817 | €78 | -€739 | -90.4% |
| Recurring financial charges | 65 | €817 | €78 | -€739 | -90.4% |
| Profit (loss) for the period before taxes | 9903 | €49,457 | €2,142 | -€47,315 | -95.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €49,457 | €2,142 | -€47,315 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,457 | €2,142 | -€47,315 | -95.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.