MARTENS IVAN: 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 IVAN
Largest movements
- Stocks and contracts +€201,144
up €201,144 (+26.0%), from €774,389 to €975,533
- Receivables within one year +€186,326
up €186,326 (+113%), from €165,261 to €351,587
of which Trade receivables: +€116,315
- Cash -€130,303
down €130,303 (-23.5%), from €553,904 to €423,601
mainly Contributions, distributions and other (-€624,235) and Stocks and contracts (-€201,144)
- Other debts +€411,784
up €411,784 (+1,680%), from €24,511 to €436,295
- Reserves -€365,094
down €365,094 (-29.7%), from €1.2m to €866,146
- Trade debts +€131,473
up €131,473 (+91.5%), from €143,682 to €275,155
- Tax, wage and social debts +€70,259
up €70,259 (+73.6%), from €95,444 to €165,702
of which Taxes: +€61,434
- Gross operating margin -€116,361
down €116,361 (-18.2%), from €638,655 to €522,294
- Staff costs +€21,937
up €21,937 (+20.1%), from €109,257 to €131,194
- Financial income +€17,781
up €17,781 (+2,220%), from €801 to €18,582
- Taxes -€9,343
down €9,343 (-7.4%), from €126,520 to €117,177
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 | €1,523,531 | €1,767,935 | +€244,404 | +16.0% |
| Fixed assets | 21/28 | €21,141 | €14,372 | -€6,769 | -32.0% |
| Tangible fixed assets | 22/27 | €21,141 | €14,372 | -€6,769 | -32.0% |
| Plant, machinery and equipment | 23 | €3,185 | €4,723 | +€1,538 | +48.3% |
| Leasing and similar rights | 25 | €17,957 | €9,650 | -€8,307 | -46.3% |
| Current assets | 29/58 | €1,502,390 | €1,753,562 | +€251,173 | +16.7% |
| Stocks and contracts in progress | 3 | €774,389 | €975,533 | +€201,144 | +26.0% |
| Stocks | 30/36 | €774,389 | €975,533 | +€201,144 | +26.0% |
| Amounts receivable within one year | 40/41 | €165,261 | €351,587 | +€186,326 | +113% |
| Trade receivables | 40 | €1,055 | €117,370 | +€116,315 | +11,023% |
| Other amounts receivable | 41 | €164,206 | €234,217 | +€70,011 | +42.6% |
| Cash at bank and in hand | 54/58 | €553,904 | €423,601 | -€130,303 | -23.5% |
| Deferred charges and accrued income | 490/1 | €8,835 | €2,841 | -€5,994 | -67.8% |
| Total equity and liabilities | 10/49 | €1,523,531 | €1,767,935 | +€244,404 | +16.0% |
| Equity | 10/15 | €1,249,840 | €884,746 | -€365,094 | -29.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,231,240 | €866,146 | -€365,094 | -29.7% |
| Distributable reserves | 133 | €1,231,240 | €866,146 | -€365,094 | -29.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €273,691 | €883,189 | +€609,498 | +223% |
| Amounts payable after more than one year | 17 | €5,668 | €1,175 | -€4,493 | -79.3% |
| Financial debts | 170/4 | €5,668 | €1,175 | -€4,493 | -79.3% |
| Amounts payable within one year | 42/48 | €268,024 | €882,015 | +€613,991 | +229% |
| Current portion of amounts payable after more than one year | 42 | €4,388 | €4,863 | +€475 | +10.8% |
| Trade debts | 44 | €143,682 | €275,155 | +€131,473 | +91.5% |
| Suppliers | 440/4 | €143,682 | €275,155 | +€131,473 | +91.5% |
| Taxes, remuneration and social security | 45 | €95,444 | €165,702 | +€70,259 | +73.6% |
| Taxes | 450/3 | €89,518 | €150,952 | +€61,434 | +68.6% |
| Remuneration and social security | 454/9 | €5,926 | €14,750 | +€8,825 | +149% |
| Other amounts payable | 47/48 | €24,511 | €436,295 | +€411,784 | +1,680% |
| Remuneration, social security and pensions | 62 | €109,257 | €131,194 | +€21,937 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,817 | €10,209 | +€392 | +4.0% |
| Other operating charges | 640/8 | €7,708 | €6,138 | -€1,569 | -20.4% |
| Gross operating margin | 9900 | €638,655 | €522,294 | -€116,361 | -18.2% |
| Operating profit (loss) | 9901 | €511,873 | €374,752 | -€137,121 | -26.8% |
| Financial income | 75/76B | €801 | €18,582 | +€17,781 | +2,220% |
| Recurring financial income | 75 | €801 | €18,582 | +€17,781 | +2,220% |
| Financial charges | 65/66B | €11,950 | €17,016 | +€5,066 | +42.4% |
| Recurring financial charges | 65 | €11,950 | €17,016 | +€5,066 | +42.4% |
| Profit (loss) for the period before taxes | 9903 | €500,725 | €376,318 | -€124,406 | -24.8% |
| Income taxes | 67/77 | €126,520 | €117,177 | -€9,343 | -7.4% |
| Profit (loss) for the period | 9904 | €374,205 | €259,141 | -€115,063 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €374,205 | €259,141 | -€115,063 | -30.7% |
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 19 October 2026 via checked.be.