MARTENS MANAGEMENT: what changed
What changed
MARTENS MANAGEMENT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€97,608
2024 · €18,070-€115,677
Equity
€417,951
2024 · €515,559-€97,608
Cash
€14,184
2024 · €4,191+€9,993
Balance sheet total
€1.6m
2024 · €1.7m-€130,183
Largest movements
Assets
- Tangible fixed assets -€130,021
down €130,021 (-8.2%), from €1.6m to €1.5m
of which Land and buildings: -€125,281
Equity and liabilities
- Profit (loss) carried forward -€97,608
down €97,608 (-26.0%), from €375,649 to €278,041
- Debts after one year -€93,951
down €93,951 (-14.6%), from €643,464 to €549,513
- Other debts +€78,445
up €78,445 (+24.7%), from €318,033 to €396,478
- Current portion of long-term debt -€40,001
down €40,001 (-29.9%), from €133,953 to €93,951
- Trade debts +€26,986
up €26,986 (+27.9%), from €96,758 to €123,743
Income statement
- Gross operating margin -€115,840
down €115,840 (-47.7%), from €242,759 to €126,920
- Staff costs -€19,951
down €19,951 (-49.1%), from €40,612 to €20,661
- Depreciation +€16,585
up €16,585 (+12.1%), from €137,493 to €154,078
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.
Result 2024
€18,070
Gross operating margin
-€115,840
Staff costs
+€19,951
Depreciation
-€16,585
Other operating charges
-€1,408
Financial income
-€10
Financial charges
-€1,544
Taxes
-€243
Result 2025
-€97,608
raises the resultlowers the result
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.
From operations
+€168,003
Investment
-€24,057
Financing
-€133,953
Cash 2024
€4,191
From operations (derived)
+€168,003
Net result for the year
-€97,608
Depreciation
+€154,078
Receivables within one year
+€12,871
Deferred charges and accrued income
-€2,716
Trade debts
+€26,986
Tax, wage and social debts
-€2,201
Other debts
+€78,445
Accrued charges and deferred income
-€1,852
Investment (derived)
-€24,057
Investment in fixed assets (net)
-€24,057
Financing
-€133,953
Debts after one year
-€93,951
Current portion of long-term debt
-€40,001
Cash 2025
€14,184
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,715,000 | €1,584,818 | -€130,183 | -7.6% |
| Fixed assets | 21/28 | €1,580,937 | €1,450,915 | -€130,021 | -8.2% |
| Tangible fixed assets | 22/27 | €1,580,887 | €1,450,865 | -€130,021 | -8.2% |
| Land and buildings | 22 | €1,545,485 | €1,420,205 | -€125,281 | -8.1% |
| Plant, machinery and equipment | 23 | €35,401 | €30,661 | -€4,741 | -13.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €134,064 | €133,902 | -€162 | -0.1% |
| Amounts receivable within one year | 40/41 | €121,846 | €108,975 | -€12,871 | -10.6% |
| Trade receivables | 40 | €103,202 | €93,975 | -€9,227 | -8.9% |
| Other amounts receivable | 41 | €18,644 | €15,000 | -€3,644 | -19.5% |
| Cash at bank and in hand | 54/58 | €4,191 | €14,184 | +€9,993 | +238% |
| Deferred charges and accrued income | 490/1 | €8,027 | €10,743 | +€2,716 | +33.8% |
| Total equity and liabilities | 10/49 | €1,715,000 | €1,584,818 | -€130,183 | -7.6% |
| Equity | 10/15 | €515,559 | €417,951 | -€97,608 | -18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €121,310 | €121,310 | = | 0.0% |
| Distributable reserves | 133 | €121,310 | €121,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €375,649 | €278,041 | -€97,608 | -26.0% |
| Amounts payable | 17/49 | €1,199,442 | €1,166,867 | -€32,575 | -2.7% |
| Amounts payable after more than one year | 17 | €643,464 | €549,513 | -€93,951 | -14.6% |
| Financial debts | 170/4 | €643,464 | €549,513 | -€93,951 | -14.6% |
| Amounts payable within one year | 42/48 | €554,125 | €617,353 | +€63,228 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €133,953 | €93,951 | -€40,001 | -29.9% |
| Trade debts | 44 | €96,758 | €123,743 | +€26,986 | +27.9% |
| Suppliers | 440/4 | €96,758 | €123,743 | +€26,986 | +27.9% |
| Taxes, remuneration and social security | 45 | €5,382 | €3,181 | -€2,201 | -40.9% |
| Taxes | 450/3 | €30 | €1,354 | +€1,323 | +4,352% |
| Remuneration and social security | 454/9 | €5,352 | €1,827 | -€3,525 | -65.9% |
| Other amounts payable | 47/48 | €318,033 | €396,478 | +€78,445 | +24.7% |
| Accrued charges and deferred income | 492/3 | €1,852 | - | -€1,852 | |
| Remuneration, social security and pensions | 62 | €40,612 | €20,661 | -€19,951 | -49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,493 | €154,078 | +€16,585 | +12.1% |
| Other operating charges | 640/8 | €22,146 | €23,554 | +€1,408 | +6.4% |
| Gross operating margin | 9900 | €242,759 | €126,920 | -€115,840 | -47.7% |
| Operating profit (loss) | 9901 | €42,508 | -€71,373 | -€113,881 | |
| Financial income | 75/76B | €10 | €0 | -€10 | -99.9% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -99.9% |
| Financial charges | 65/66B | €24,448 | €25,992 | +€1,544 | +6.3% |
| Recurring financial charges | 65 | €24,448 | €25,992 | +€1,544 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €18,070 | -€97,365 | -€115,435 | |
| Income taxes | 67/77 | - | €243 | +€243 | |
| Profit (loss) for the period | 9904 | €18,070 | -€97,608 | -€115,677 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,070 | -€97,608 | -€115,677 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 3 November 2026 via checked.be.