MARTENS-COPANEX: what changed
What changed
MARTENS-COPANEX
NACE 16.110, Sawmilling and planing of wood
filed annual accounts (NBB)
Net result for the year
€138,760
2024 · €86,195+€52,565
Equity
€2.2m
2024 · €2.1m+€138,760
Cash
€131,491
2024 · €66,933+€64,558
Balance sheet total
€9.3m
2024 · €8.3m+€1.0m
Largest movements
Assets
- Receivables within one year +€655,530
up €655,530 (+51.2%), from €1.3m to €1.9m
of which Trade receivables: +€689,769
- Receivables after one year +€238,592
up €238,592 (+31.7%), from €751,822 to €990,414
Equity and liabilities
- Trade debts +€1.0m
up €1.0m (+35.0%), from €2.9m to €3.9m
- Reserves +€138,760
up €138,760 (+9.3%), from €1.5m to €1.6m
- Debts after one year -€126,345
down €126,345 (-6.3%), from €2.0m to €1.9m
of which Financial debts: -€64,518
Income statement
- Depreciation -€45,460
down €45,460 (-7.6%), from €599,705 to €554,245
- Gross operating margin -€24,221
down €24,221 (-1.8%), from €1.4m to €1.3m
- Staff costs -€21,211
down €21,211 (-4.0%), from €528,324 to €507,113
- Financial charges -€16,688
down €16,688 (-11.2%), from €149,366 to €132,678
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€86,195
Gross operating margin
-€24,221
Staff costs
+€21,211
Depreciation
+€45,460
Other operating charges
-€3,290
Financial income
-€2,641
Financial charges
+€16,688
Taxes
-€642
Result 2025
€138,760
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€717,068
Investment
-€552,962
Financing
-€99,548
Cash 2024
€66,933
From operations (derived)
+€717,068
Net result for the year
+€138,760
Depreciation
+€554,245
Receivables after one year
-€238,592
Stocks and contracts
-€91,126
Receivables within one year
-€655,530
Deferred charges and accrued income
+€8,282
Trade debts
+€1.0m
Tax, wage and social debts
-€12,065
Accrued charges and deferred income
-€9,884
Investment (derived)
-€552,962
Investment in fixed assets (net)
-€552,962
Financing
-€99,548
Debts after one year
-€126,345
Current portion of long-term debt
+€26,797
Cash 2025
€131,491
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,256,241 | €9,296,482 | +€1.0m | +12.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,901,192 | €2,899,909 | -€1,283 | 0.0% |
| Intangible fixed assets | 21 | €186,892 | €140,392 | -€46,500 | -24.9% |
| Tangible fixed assets | 22/27 | €2,714,300 | €2,759,517 | +€45,217 | +1.7% |
| Plant, machinery and equipment | 23 | €1,194,729 | €1,316,045 | +€121,317 | +10.2% |
| Furniture and vehicles | 24 | €136,745 | €88,721 | -€48,024 | -35.1% |
| Leasing and similar rights | 25 | €1,235,511 | €1,235,668 | +€157 | 0.0% |
| Other tangible fixed assets | 26 | €147,316 | €119,083 | -€28,233 | -19.2% |
| Current assets | 29/58 | €5,355,049 | €6,396,573 | +€1.0m | +19.4% |
| Amounts receivable after more than one year | 29 | €751,822 | €990,414 | +€238,592 | +31.7% |
| Other amounts receivable | 291 | €751,822 | €990,414 | +€238,592 | +31.7% |
| Stocks and contracts in progress | 3 | €2,751,956 | €2,843,082 | +€91,126 | +3.3% |
| Stocks | 30/36 | €2,751,956 | €2,843,082 | +€91,126 | +3.3% |
| Amounts receivable within one year | 40/41 | €1,280,925 | €1,936,455 | +€655,530 | +51.2% |
| Trade receivables | 40 | €1,187,672 | €1,877,442 | +€689,769 | +58.1% |
| Other amounts receivable | 41 | €93,252 | €59,013 | -€34,239 | -36.7% |
| Cash at bank and in hand | 54/58 | €66,933 | €131,491 | +€64,558 | +96.5% |
| Deferred charges and accrued income | 490/1 | €503,413 | €495,131 | -€8,282 | -1.6% |
| Total equity and liabilities | 10/49 | €8,256,241 | €9,296,482 | +€1.0m | +12.6% |
| Equity | 10/15 | €2,094,158 | €2,232,918 | +€138,760 | +6.6% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €1,494,158 | €1,632,918 | +€138,760 | +9.3% |
| Distributable reserves | 133 | €1,494,158 | €1,632,918 | +€138,760 | +9.3% |
| Amounts payable | 17/49 | €6,162,083 | €7,063,564 | +€901,481 | +14.6% |
| Amounts payable after more than one year | 17 | €2,002,450 | €1,876,105 | -€126,345 | -6.3% |
| Financial debts | 170/4 | €1,616,813 | €1,552,295 | -€64,518 | -4.0% |
| Other amounts payable | 178/9 | €385,637 | €323,810 | -€61,827 | -16.0% |
| Amounts payable within one year | 42/48 | €4,113,858 | €5,151,568 | +€1.0m | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €507,161 | €533,958 | +€26,797 | +5.3% |
| Financial debts | 43 | €600,000 | €600,000 | = | 0.0% |
| Credit institutions | 430/8 | €600,000 | €600,000 | = | 0.0% |
| Trade debts | 44 | €2,920,381 | €3,943,360 | +€1.0m | +35.0% |
| Suppliers | 440/4 | €2,920,381 | €3,943,360 | +€1.0m | +35.0% |
| Taxes, remuneration and social security | 45 | €86,316 | €74,251 | -€12,065 | -14.0% |
| Taxes | 450/3 | €15,329 | €17,806 | +€2,477 | +16.2% |
| Remuneration and social security | 454/9 | €70,987 | €56,445 | -€14,542 | -20.5% |
| Accrued charges and deferred income | 492/3 | €45,774 | €35,890 | -€9,884 | -21.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €528,324 | €507,113 | -€21,211 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €599,705 | €554,245 | -€45,460 | -7.6% |
| Other operating charges | 640/8 | €4,401 | €7,691 | +€3,290 | +74.8% |
| Gross operating margin | 9900 | €1,366,903 | €1,342,682 | -€24,221 | -1.8% |
| Operating profit (loss) | 9901 | €234,473 | €273,632 | +€39,160 | +16.7% |
| Financial income | 75/76B | €32,814 | €30,173 | -€2,641 | -8.0% |
| Recurring financial income | 75 | €32,814 | €30,173 | -€2,641 | -8.0% |
| Financial charges | 65/66B | €149,366 | €132,678 | -€16,688 | -11.2% |
| Recurring financial charges | 65 | €149,366 | €132,678 | -€16,688 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €117,921 | €171,127 | +€53,207 | +45.1% |
| Income taxes | 67/77 | €31,725 | €32,367 | +€642 | +2.0% |
| Profit (loss) for the period | 9904 | €86,195 | €138,760 | +€52,565 | +61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,195 | €138,760 | +€52,565 | +61.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.