MARTENS EXCLUSIVE: what changed
MARTENS EXCLUSIVE
Largest movements
- Tangible fixed assets +€12,894
up €12,894 (+57.3%), from €22,504 to €35,398
of which Plant, machinery and equipment: +€15,909
- Cash +€12,222
up €12,222 (+96.0%), from €12,726 to €24,949
mainly Short-term financial debts (+€91,060) and Depreciation (+€5,243)
- Receivables within one year +€8,919
up €8,919 (+792%), from €1,127 to €10,046
of which Trade receivables: +€7,967
- Financial fixed assets -€8,718
down €8,718 (-64.3%), from €13,566 to €4,848
- Short-term financial debts +€91,060
up €91,060 (+67.5%), from €135,000 to €226,060
- Current portion of long-term debt -€39,241
down €39,241 (-67.6%), from €58,052 to €18,811
- Debts after one year -€17,400
down €17,400 (-60.0%), from €28,988 to €11,588
- Other debts -€7,042
down €7,042 (-18.6%), from €37,924 to €30,882
- Depreciation +€3,686
up €3,686 (+237%), from €1,557 to €5,243
- Gross operating margin -€2,814
down €2,814 (-14.7%), from €19,193 to €16,379
- Other operating charges +€2,478
up €2,478 (+178%), from €1,391 to €3,869
- Taxes -€1,937
no longer reported in 2025 (was €1,937)
- Financial charges -€348
down €348 (-4.7%), from €7,414 to €7,066
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €290,567 | €317,603 | +€27,036 | +9.3% |
| Fixed assets | 21/28 | €36,069 | €40,246 | +€4,177 | +11.6% |
| Tangible fixed assets | 22/27 | €22,504 | €35,398 | +€12,894 | +57.3% |
| Plant, machinery and equipment | 23 | €1,068 | €16,977 | +€15,909 | +1,490% |
| Furniture and vehicles | 24 | €3,181 | €2,521 | -€660 | -20.7% |
| Other tangible fixed assets | 26 | €18,255 | €15,900 | -€2,355 | -12.9% |
| Financial fixed assets | 28 | €13,566 | €4,848 | -€8,718 | -64.3% |
| Current assets | 29/58 | €254,498 | €277,357 | +€22,859 | +9.0% |
| Stocks and contracts in progress | 3 | €240,240 | €241,930 | +€1,690 | +0.7% |
| Stocks | 30/36 | €240,240 | €241,930 | +€1,690 | +0.7% |
| Amounts receivable within one year | 40/41 | €1,127 | €10,046 | +€8,919 | +792% |
| Trade receivables | 40 | €1,064 | €9,031 | +€7,967 | +749% |
| Other amounts receivable | 41 | €63 | €1,015 | +€952 | +1,511% |
| Cash at bank and in hand | 54/58 | €12,726 | €24,949 | +€12,222 | +96.0% |
| Deferred charges and accrued income | 490/1 | €405 | €432 | +€27 | +6.7% |
| Total equity and liabilities | 10/49 | €290,567 | €317,603 | +€27,036 | +9.3% |
| Equity | 10/15 | €23,618 | €24,086 | +€468 | +2.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,218 | €11,686 | +€468 | +4.2% |
| Distributable reserves | 133 | €11,218 | €11,686 | +€468 | +4.2% |
| Amounts payable | 17/49 | €266,949 | €293,517 | +€26,568 | +10.0% |
| Amounts payable after more than one year | 17 | €28,988 | €11,588 | -€17,400 | -60.0% |
| Financial debts | 170/4 | €28,988 | €11,588 | -€17,400 | -60.0% |
| Amounts payable within one year | 42/48 | €237,962 | €281,930 | +€43,968 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €58,052 | €18,811 | -€39,241 | -67.6% |
| Financial debts | 43 | €135,000 | €226,060 | +€91,060 | +67.5% |
| Other loans | 439 | €135,000 | €226,060 | +€91,060 | +67.5% |
| Trade debts | 44 | €2,387 | €787 | -€1,601 | -67.0% |
| Suppliers | 440/4 | €2,387 | €787 | -€1,601 | -67.0% |
| Advances received on contracts in progress | 46 | €2,529 | €5,391 | +€2,862 | +113% |
| Taxes, remuneration and social security | 45 | €2,070 | - | -€2,070 | |
| Taxes | 450/3 | €2,070 | - | -€2,070 | |
| Other amounts payable | 47/48 | €37,924 | €30,882 | -€7,042 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,557 | €5,243 | +€3,686 | +237% |
| Other operating charges | 640/8 | €1,391 | €3,869 | +€2,478 | +178% |
| Gross operating margin | 9900 | €19,193 | €16,379 | -€2,814 | -14.7% |
| Operating profit (loss) | 9901 | €16,245 | €7,268 | -€8,978 | -55.3% |
| Financial income | 75/76B | €6 | €266 | +€260 | +4,594% |
| Recurring financial income | 75 | €6 | €266 | +€260 | +4,594% |
| Financial charges | 65/66B | €7,414 | €7,066 | -€348 | -4.7% |
| Recurring financial charges | 65 | €7,414 | €7,066 | -€348 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €8,837 | €468 | -€8,369 | -94.7% |
| Income taxes | 67/77 | €1,937 | - | -€1,937 | |
| Profit (loss) for the period | 9904 | €6,900 | €468 | -€6,432 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,900 | €468 | -€6,432 | -93.2% |
Next steps
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 5 November 2026 via checked.be.