Martens Logistics: 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 Logistics
Largest movements
- Receivables within one year -€398,613
down €398,613 (-57.4%), from €694,905 to €296,292
of which Trade receivables: -€281,306
- Tangible fixed assets -€190,083
down €190,083 (-21.8%), from €873,651 to €683,568
of which Furniture and vehicles: -€196,521
- Deferred charges and accrued income +€30,835
up €30,835, from €0 to €30,835
- Cash +€23,979
up €23,979 (+16.7%), from €143,161 to €167,140
mainly Receivables within one year (+€398,613) and Depreciation (+€320,221)
- Reserves -€263,421
down €263,421 (-27.5%), from €958,498 to €695,077
of which Distributable reserves: -€263,421
- Other debts -€185,000
no longer reported in 2025 (was €185,000)
- Debts after one year -€58,659
down €58,659 (-26.1%), from €224,698 to €166,039
- Trade debts +€48,549
up €48,549 (+39.7%), from €122,249 to €170,798
- Tax, wage and social debts -€31,078
down €31,078 (-32.8%), from €94,826 to €63,748
of which Taxes: -€17,566
- Gross operating margin -€568,262
down €568,262 (-44.4%), from €1.3m to €710,526
- Staff costs -€94,030
down €94,030 (-13.0%), from €723,313 to €629,284
- Depreciation +€14,566
up €14,566 (+4.8%), from €305,654 to €320,221
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 | €1,718,447 | €1,185,480 | -€532,966 | -31.0% |
| Fixed assets | 21/28 | €880,380 | €691,213 | -€189,168 | -21.5% |
| Tangible fixed assets | 22/27 | €873,651 | €683,568 | -€190,083 | -21.8% |
| Plant, machinery and equipment | 23 | €647 | €347 | -€299 | -46.3% |
| Furniture and vehicles | 24 | €873,004 | €676,484 | -€196,521 | -22.5% |
| Assets under construction and advance payments | 27 | - | €6,737 | +€6,737 | |
| Financial fixed assets | 28 | €6,730 | €7,645 | +€915 | +13.6% |
| Current assets | 29/58 | €838,066 | €494,268 | -€343,798 | -41.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €694,905 | €296,292 | -€398,613 | -57.4% |
| Trade receivables | 40 | €568,346 | €287,039 | -€281,306 | -49.5% |
| Other amounts receivable | 41 | €126,560 | €9,253 | -€117,307 | -92.7% |
| Cash at bank and in hand | 54/58 | €143,161 | €167,140 | +€23,979 | +16.7% |
| Deferred charges and accrued income | 490/1 | €0 | €30,835 | +€30,835 | |
| Total equity and liabilities | 10/49 | €1,718,447 | €1,185,480 | -€532,966 | -31.0% |
| Equity | 10/15 | €983,698 | €715,477 | -€268,221 | -27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €958,498 | €695,077 | -€263,421 | -27.5% |
| Tax-exempt reserves | 132 | €463,366 | €463,366 | = | 0.0% |
| Distributable reserves | 133 | €495,132 | €231,711 | -€263,421 | -53.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €6,600 | €1,800 | -€4,800 | -72.7% |
| Amounts payable | 17/49 | €734,749 | €470,003 | -€264,745 | -36.0% |
| Amounts payable after more than one year | 17 | €224,698 | €166,039 | -€58,659 | -26.1% |
| Financial debts | 170/4 | €224,698 | €166,039 | -€58,659 | -26.1% |
| Amounts payable within one year | 42/48 | €481,003 | €293,205 | -€187,798 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €78,928 | €58,659 | -€20,269 | -25.7% |
| Trade debts | 44 | €122,249 | €170,798 | +€48,549 | +39.7% |
| Suppliers | 440/4 | €122,249 | €170,798 | +€48,549 | +39.7% |
| Taxes, remuneration and social security | 45 | €94,826 | €63,748 | -€31,078 | -32.8% |
| Taxes | 450/3 | €31,419 | €13,854 | -€17,566 | -55.9% |
| Remuneration and social security | 454/9 | €63,407 | €49,895 | -€13,512 | -21.3% |
| Other amounts payable | 47/48 | €185,000 | - | -€185,000 | |
| Accrued charges and deferred income | 492/3 | €29,048 | €10,759 | -€18,288 | -63.0% |
| Non-recurring operating income | 76A | €45,000 | €20,250 | -€24,750 | -55.0% |
| Remuneration, social security and pensions | 62 | €723,313 | €629,284 | -€94,030 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €305,654 | €320,221 | +€14,566 | +4.8% |
| Other operating charges | 640/8 | €12,136 | €9,800 | -€2,336 | -19.2% |
| Non-recurring operating charges | 66A | €1,777 | €11,670 | +€9,893 | +557% |
| Gross operating margin | 9900 | €1,278,788 | €710,526 | -€568,262 | -44.4% |
| Operating profit (loss) | 9901 | €235,907 | -€260,449 | -€496,356 | |
| Financial income | 75/76B | €10,203 | €7,456 | -€2,748 | -26.9% |
| Recurring financial income | 75 | €10,203 | €7,456 | -€2,748 | -26.9% |
| Financial charges | 65/66B | €6,275 | €10,258 | +€3,983 | +63.5% |
| Recurring financial charges | 65 | €6,275 | €10,258 | +€3,983 | +63.5% |
| Profit (loss) for the period before taxes | 9903 | €239,835 | -€263,252 | -€503,087 | |
| Income taxes | 67/77 | €9,594 | €169 | -€9,424 | -98.2% |
| Profit (loss) for the period | 9904 | €230,241 | -€263,421 | -€493,662 | |
| Transfer to tax-exempt reserves | 689 | €45,000 | - | -€45,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,241 | -€263,421 | -€448,662 |
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 29 October 2026 via checked.be.