MARTENS IMMO: 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 IMMO
Largest movements
- Tangible fixed assets +€192,672
up €192,672 (+11.4%), from €1.7m to €1.9m
- Cash -€53,812
down €53,812 (-46.6%), from €115,504 to €61,692
mainly Investment in fixed assets (net) (-€265,932) and Receivables within one year (-€48,500)
- Receivables within one year +€48,500
new in 2025: €48,500
- Debts after one year +€157,819
up €157,819 (+11.5%), from €1.4m to €1.5m
- Gross operating margin +€18,156
up €18,156 (+19.5%), from €93,059 to €111,214
- Depreciation +€17,725
up €17,725 (+31.5%), from €56,242 to €73,967
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 | €1,814,481 | €2,001,278 | +€186,797 | +10.3% |
| Formation expenses | 20 | €707 | - | -€707 | |
| Fixed assets | 21/28 | €1,697,169 | €1,889,841 | +€192,672 | +11.4% |
| Tangible fixed assets | 22/27 | €1,697,169 | €1,889,841 | +€192,672 | +11.4% |
| Land and buildings | 22 | €1,697,169 | €1,889,841 | +€192,672 | +11.4% |
| Current assets | 29/58 | €116,606 | €111,438 | -€5,168 | -4.4% |
| Amounts receivable within one year | 40/41 | - | €48,500 | +€48,500 | |
| Trade receivables | 40 | - | €48,500 | +€48,500 | |
| Cash at bank and in hand | 54/58 | €115,504 | €61,692 | -€53,812 | -46.6% |
| Deferred charges and accrued income | 490/1 | €1,102 | €1,246 | +€144 | +13.1% |
| Total equity and liabilities | 10/49 | €1,814,481 | €2,001,278 | +€186,797 | +10.3% |
| Equity | 10/15 | €391,304 | €399,357 | +€8,054 | +2.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,696 | -€643 | +€8,054 | +92.6% |
| Amounts payable | 17/49 | €1,423,178 | €1,601,921 | +€178,743 | +12.6% |
| Amounts payable after more than one year | 17 | €1,367,100 | €1,524,919 | +€157,819 | +11.5% |
| Financial debts | 170/4 | €1,367,100 | €1,524,919 | +€157,819 | +11.5% |
| Amounts payable within one year | 42/48 | €49,577 | €62,782 | +€13,205 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €41,105 | €42,181 | +€1,075 | +2.6% |
| Trade debts | 44 | €6,815 | €18,742 | +€11,926 | +175.0% |
| Suppliers | 440/4 | €6,815 | €18,742 | +€11,926 | +175.0% |
| Other amounts payable | 47/48 | €1,657 | €1,860 | +€203 | +12.2% |
| Accrued charges and deferred income | 492/3 | €6,500 | €14,220 | +€7,720 | +118.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,242 | €73,967 | +€17,725 | +31.5% |
| Other operating charges | 640/8 | €5,343 | €6,058 | +€716 | +13.4% |
| Gross operating margin | 9900 | €93,059 | €111,214 | +€18,156 | +19.5% |
| Operating profit (loss) | 9901 | €31,474 | €31,189 | -€285 | -0.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +50.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +50.0% |
| Financial charges | 65/66B | €22,923 | €23,136 | +€212 | +0.9% |
| Recurring financial charges | 65 | €22,923 | €23,136 | +€212 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €8,551 | €8,054 | -€498 | -5.8% |
| Profit (loss) for the period | 9904 | €8,551 | €8,054 | -€498 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,551 | €8,054 | -€498 | -5.8% |
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 9 October 2026 via checked.be.