MARTENS PROJECTS: 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.
What changed
MARTENS PROJECTS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€321,096
2024 · -€348,005+€26,909
Equity
€6.9m
2024 · €9.2m-€2.3m
Cash
€145,113
2024 · €168,035-€22,921
Balance sheet total
€13.6m
2024 · €13.6m+€78,261
Largest movements
Assets
- Tangible fixed assets +€3.7m
up €3.7m (+62.4%), from €5.9m to €9.7m
of which Land and buildings: +€3.8m
- Receivables within one year -€2.6m
down €2.6m (-97.1%), from €2.7m to €77,293
of which Other amounts receivable: -€2.5m
- Stocks and contracts -€1.0m
down €1.0m (-21.9%), from €4.8m to €3.7m
Equity and liabilities
- Profit (loss) carried forward -€2.2m
down €2.2m (-89.4%), from €2.5m to €265,415
- Other debts +€2.0m
up €2.0m (+2128.9%), from €94,509 to €2.1m
- Short-term financial debts +€424,177
up €424,177 (+15.6%), from €2.7m to €3.1m
Income statement
- Gross operating margin +€132,810
up €132,810 (+64.2%), from €206,993 to €339,803
- Financial income -€79,059
down €79,059 (-100.0%), from €79,062 to €3
- Staff costs +€47,999
up €47,999 (+27.2%), from €176,372 to €224,370
- Financial charges -€27,180
down €27,180 (-16.6%), from €163,295 to €136,114
- Write-downs -€11,497
down €11,497, from €8,417 to -€3,080
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.
Result 2024
-€348,005
Gross operating margin
+€132,810
Staff costs
-€47,999
Depreciation
-€10,930
Write-downs
+€11,497
Other operating charges
+€331
Financial income
-€79,059
Financial charges
+€27,180
Taxes
+€648
Deferred taxes and other
-€7,570
Result 2025
-€321,096
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.
From operations
+€5.6m
Investment
-€4.0m
Financing
-€1.6m
Cash 2024
€168,035
From operations (derived)
+€5.6m
Net result for the year
-€321,096
Depreciation
+€293,720
Stocks and contracts
+€1.0m
Receivables within one year
+€2.6m
Deferred charges and accrued income
-€11,562
Provisions
-€38,955
Trade debts
+€36,578
Tax, wage and social debts
-€21,535
Other debts
+€2.0m
Accrued charges and deferred income
-€12,940
Investment (derived)
-€4.0m
Investment in fixed assets (net)
-€4.0m
Financing
-€1.6m
Short-term financial debts
+€424,177
Contributions, distributions and other
-€2.0m
Cash 2025
€145,113
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,562,025 | €13,640,286 | +€78,261 | +0.6% |
| Fixed assets | 21/28 | €5,960,618 | €9,673,044 | +€3.7m | +62.3% |
| Tangible fixed assets | 22/27 | €5,945,318 | €9,656,719 | +€3.7m | +62.4% |
| Land and buildings | 22 | €5,646,685 | €9,442,614 | +€3.8m | +67.2% |
| Furniture and vehicles | 24 | €272,427 | €191,152 | -€81,275 | -29.8% |
| Other tangible fixed assets | 26 | €26,207 | €22,953 | -€3,254 | -12.4% |
| Financial fixed assets | 28 | €15,300 | €16,325 | +€1,025 | +6.7% |
| Current assets | 29/58 | €7,601,406 | €3,967,242 | -€3.6m | -47.8% |
| Stocks and contracts in progress | 3 | €4,778,720 | €3,733,127 | -€1.0m | -21.9% |
| Stocks | 30/36 | €4,778,720 | €3,733,127 | -€1.0m | -21.9% |
| Amounts receivable within one year | 40/41 | €2,654,505 | €77,293 | -€2.6m | -97.1% |
| Trade receivables | 40 | €102,939 | €42,293 | -€60,647 | -58.9% |
| Other amounts receivable | 41 | €2,551,566 | €35,000 | -€2.5m | -98.6% |
| Cash at bank and in hand | 54/58 | €168,035 | €145,113 | -€22,921 | -13.6% |
| Deferred charges and accrued income | 490/1 | €147 | €11,709 | +€11,562 | +7884.1% |
| Total equity and liabilities | 10/49 | €13,562,025 | €13,640,286 | +€78,261 | +0.6% |
| Equity | 10/15 | €9,246,256 | €6,925,159 | -€2.3m | -25.1% |
| Contributions | 10/11 | €148,800 | €148,800 | = | 0.0% |
| Capital | 10 | €148,800 | €148,800 | = | 0.0% |
| Issued capital | 100 | €148,800 | €148,800 | = | 0.0% |
| Reserves | 13 | €6,602,898 | €6,510,945 | -€91,954 | -1.4% |
| Non-distributable reserves | 130/1 | €93,000 | €93,000 | = | 0.0% |
| Legal reserve | 130 | €93,000 | €93,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,059,898 | €3,967,945 | -€91,954 | -2.3% |
| Distributable reserves | 133 | €2,450,000 | €2,450,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,494,557 | €265,415 | -€2.2m | -89.4% |
| Provisions and deferred taxes | 16 | €1,386,213 | €1,347,258 | -€38,955 | -2.8% |
| Deferred taxes | 168 | €1,386,213 | €1,347,258 | -€38,955 | -2.8% |
| Amounts payable | 17/49 | €2,929,556 | €5,367,869 | +€2.4m | +83.2% |
| Amounts payable within one year | 42/48 | €2,916,616 | €5,367,869 | +€2.5m | +84.0% |
| Financial debts | 43 | €2,716,848 | €3,141,025 | +€424,177 | +15.6% |
| Credit institutions | 430/8 | €2,716,848 | €3,141,025 | +€424,177 | +15.6% |
| Trade debts | 44 | €3,261 | €39,839 | +€36,578 | +1121.5% |
| Suppliers | 440/4 | €3,261 | €39,839 | +€36,578 | +1121.5% |
| Taxes, remuneration and social security | 45 | €101,997 | €80,462 | -€21,535 | -21.1% |
| Taxes | 450/3 | €83,391 | €64,671 | -€18,720 | -22.4% |
| Remuneration and social security | 454/9 | €18,607 | €15,792 | -€2,815 | -15.1% |
| Other amounts payable | 47/48 | €94,509 | €2,106,542 | +€2.0m | +2128.9% |
| Accrued charges and deferred income | 492/3 | €12,940 | €0 | -€12,940 | -100.0% |
| Non-recurring operating income | 76A | €43,023 | €7,300 | -€35,723 | -83.0% |
| Remuneration, social security and pensions | 62 | €176,372 | €224,370 | +€47,999 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282,790 | €293,720 | +€10,930 | +3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,417 | -€3,080 | -€11,497 | |
| Other operating charges | 640/8 | €47,261 | €46,930 | -€331 | -0.7% |
| Gross operating margin | 9900 | €206,993 | €339,803 | +€132,810 | +64.2% |
| Operating profit (loss) | 9901 | -€307,847 | -€222,138 | +€85,709 | +27.8% |
| Financial income | 75/76B | €79,062 | €3 | -€79,059 | -100.0% |
| Recurring financial income | 75 | €79,062 | €3 | -€79,059 | -100.0% |
| Financial charges | 65/66B | €163,295 | €136,114 | -€27,180 | -16.6% |
| Recurring financial charges | 65 | €163,295 | €136,114 | -€27,180 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€392,080 | -€358,249 | +€33,830 | +8.6% |
| Transfer from deferred taxes | 780 | €46,524 | €38,955 | -€7,570 | -16.3% |
| Income taxes | 67/77 | €2,450 | €1,802 | -€648 | -26.4% |
| Profit (loss) for the period | 9904 | -€348,005 | -€321,096 | +€26,909 | +7.7% |
| Transfer from tax-exempt reserves | 789 | €105,750 | €91,954 | -€13,797 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€242,255 | -€229,143 | +€13,112 | +5.4% |
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.