MARTENS EDWIN: 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 EDWIN
Largest movements
- Stocks and contracts +€113,437
up €113,437 (+36.5%), from €310,858 to €424,295
- Receivables within one year -€20,513
down €20,513 (-42.3%), from €48,548 to €28,035
of which Trade receivables: -€21,704
- Tangible fixed assets -€13,840
down €13,840 (-12.3%), from €112,566 to €98,726
- Cash +€9,505
up €9,505 (+58.0%), from €16,391 to €25,896
mainly Debts after one year (+€110,547) and Receivables within one year (+€20,513)
- Debts after one year +€110,547
up €110,547 (+47.6%), from €232,216 to €342,763
- Trade debts -€19,360
down €19,360 (-54.0%), from €35,827 to €16,467
- Reserves +€15,543
up €15,543 (+9.4%), from €164,716 to €180,258
- Current portion of long-term debt -€9,865
down €9,865 (-100%), from €9,865 to €0
- Other debts -€6,368
down €6,368 (-69.2%), from €9,203 to €2,835
- Depreciation -€12,194
down €12,194 (-41.8%), from €29,205 to €17,012
- Financial charges +€9,686
up €9,686 (+221%), from €4,386 to €14,072
- Write-downs -€3,584
down €3,584 (-100%), from €3,584 to €0
- Gross operating margin +€996
up €996 (+1.8%), from €54,802 to €55,797
- Other operating charges +€648
up €648 (+36.6%), from €1,772 to €2,420
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 | €492,907 | €582,196 | +€89,289 | +18.1% |
| Fixed assets | 21/28 | €112,701 | €98,861 | -€13,840 | -12.3% |
| Tangible fixed assets | 22/27 | €112,566 | €98,726 | -€13,840 | -12.3% |
| Land and buildings | 22 | €67,054 | €60,983 | -€6,070 | -9.1% |
| Plant, machinery and equipment | 23 | €26,874 | €22,238 | -€4,636 | -17.2% |
| Furniture and vehicles | 24 | €5,931 | €4,329 | -€1,602 | -27.0% |
| Other tangible fixed assets | 26 | €12,707 | €11,175 | -€1,532 | -12.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €380,206 | €483,335 | +€103,129 | +27.1% |
| Stocks and contracts in progress | 3 | €310,858 | €424,295 | +€113,437 | +36.5% |
| Stocks | 30/36 | €310,858 | €424,295 | +€113,437 | +36.5% |
| Amounts receivable within one year | 40/41 | €48,548 | €28,035 | -€20,513 | -42.3% |
| Trade receivables | 40 | €39,455 | €17,751 | -€21,704 | -55.0% |
| Other amounts receivable | 41 | €9,093 | €10,284 | +€1,191 | +13.1% |
| Cash at bank and in hand | 54/58 | €16,391 | €25,896 | +€9,505 | +58.0% |
| Deferred charges and accrued income | 490/1 | €4,409 | €5,108 | +€700 | +15.9% |
| Total equity and liabilities | 10/49 | €492,907 | €582,196 | +€89,289 | +18.1% |
| Equity | 10/15 | €201,147 | €216,690 | +€15,543 | +7.7% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €164,716 | €180,258 | +€15,543 | +9.4% |
| Distributable reserves | 133 | €164,716 | €180,258 | +€15,543 | +9.4% |
| Profit (loss) carried forward | 14 | €431 | €431 | = | 0.0% |
| Amounts payable | 17/49 | €291,759 | €365,506 | +€73,747 | +25.3% |
| Amounts payable after more than one year | 17 | €232,216 | €342,763 | +€110,547 | +47.6% |
| Financial debts | 170/4 | €232,216 | €342,763 | +€110,547 | +47.6% |
| Amounts payable within one year | 42/48 | €59,465 | €22,450 | -€37,015 | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €9,865 | €0 | -€9,865 | -100% |
| Trade debts | 44 | €35,827 | €16,467 | -€19,360 | -54.0% |
| Suppliers | 440/4 | €35,827 | €16,467 | -€19,360 | -54.0% |
| Taxes, remuneration and social security | 45 | €4,570 | €3,149 | -€1,421 | -31.1% |
| Taxes | 450/3 | €2,070 | €3,149 | +€1,078 | +52.1% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100% |
| Other amounts payable | 47/48 | €9,203 | €2,835 | -€6,368 | -69.2% |
| Accrued charges and deferred income | 492/3 | €79 | €293 | +€214 | +272% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,205 | €17,012 | -€12,194 | -41.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,584 | €0 | -€3,584 | -100% |
| Other operating charges | 640/8 | €1,772 | €2,420 | +€648 | +36.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €54,802 | €55,797 | +€996 | +1.8% |
| Operating profit (loss) | 9901 | €20,241 | €36,366 | +€16,125 | +79.7% |
| Financial income | 75/76B | €25 | €80 | +€55 | +221% |
| Recurring financial income | 75 | €25 | €80 | +€55 | +221% |
| Financial charges | 65/66B | €4,386 | €14,072 | +€9,686 | +221% |
| Recurring financial charges | 65 | €4,386 | €14,072 | +€9,686 | +221% |
| Profit (loss) for the period before taxes | 9903 | €15,880 | €22,374 | +€6,494 | +40.9% |
| Income taxes | 67/77 | €6,216 | €6,831 | +€615 | +9.9% |
| Profit (loss) for the period | 9904 | €9,664 | €15,543 | +€5,879 | +60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,664 | €15,543 | +€5,879 | +60.8% |
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 16 October 2026 via checked.be.