MARTENS - PUTMAN: 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 - PUTMAN
Largest movements
- Tangible fixed assets -€31,149
down €31,149 (-34.7%), from €89,789 to €58,640
of which Leasing and similar rights: -€25,090
- Receivables within one year +€22,904
new in 2025: €22,904
- Deferred charges and accrued income +€5,060
up €5,060 (+24.6%), from €20,572 to €25,632
- Debts after one year -€19,224
down €19,224 (-44.4%), from €43,325 to €24,101
- Short-term financial debts +€18,771
up €18,771 (+405%), from €4,634 to €23,406
- Tax, wage and social debts +€8,596
up €8,596 (+142%), from €6,060 to €14,656
of which Remuneration and social security: +€4,955
- Current portion of long-term debt -€5,511
down €5,511 (-22.3%), from €24,734 to €19,224
- Reserves -€3,193
down €3,193 (-31.5%), from €10,130 to €6,937
of which Distributable reserves: -€3,193
- Gross operating margin -€12,957
down €12,957 (-25.6%), from €50,586 to €37,629
- Taxes -€2,043
down €2,043 (-33.7%), from €6,060 to €4,017
- Depreciation +€1,803
up €1,803 (+6.1%), from €29,345 to €31,149
- Financial charges -€630
down €630 (-15.1%), from €4,171 to €3,541
- Financial income +€624
new in 2025: €624
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 | €110,388 | €107,203 | -€3,184 | -2.9% |
| Fixed assets | 21/28 | €89,814 | €58,665 | -€31,149 | -34.7% |
| Tangible fixed assets | 22/27 | €89,789 | €58,640 | -€31,149 | -34.7% |
| Furniture and vehicles | 24 | €220 | - | -€220 | |
| Leasing and similar rights | 25 | €67,317 | €42,227 | -€25,090 | -37.3% |
| Other tangible fixed assets | 26 | €22,252 | €16,413 | -€5,839 | -26.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €20,574 | €48,538 | +€27,965 | +136% |
| Amounts receivable within one year | 40/41 | - | €22,904 | +€22,904 | |
| Other amounts receivable | 41 | - | €22,904 | +€22,904 | |
| Cash at bank and in hand | 54/58 | €2 | €2 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €20,572 | €25,632 | +€5,060 | +24.6% |
| Total equity and liabilities | 10/49 | €110,388 | €107,203 | -€3,184 | -2.9% |
| Equity | 10/15 | €16,330 | €13,137 | -€3,193 | -19.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €10,130 | €6,937 | -€3,193 | -31.5% |
| Tax-exempt reserves | 132 | €867 | €867 | = | 0.0% |
| Distributable reserves | 133 | €9,263 | €6,070 | -€3,193 | -34.5% |
| Amounts payable | 17/49 | €94,058 | €94,067 | +€9 | 0.0% |
| Amounts payable after more than one year | 17 | €43,325 | €24,101 | -€19,224 | -44.4% |
| Financial debts | 170/4 | €43,325 | €24,101 | -€19,224 | -44.4% |
| Amounts payable within one year | 42/48 | €40,748 | €61,957 | +€21,208 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €24,734 | €19,224 | -€5,511 | -22.3% |
| Financial debts | 43 | €4,634 | €23,406 | +€18,771 | +405% |
| Credit institutions | 430/8 | €4,634 | €23,406 | +€18,771 | +405% |
| Trade debts | 44 | €4,514 | €4,671 | +€157 | +3.5% |
| Suppliers | 440/4 | €4,514 | €4,671 | +€157 | +3.5% |
| Taxes, remuneration and social security | 45 | €6,060 | €14,656 | +€8,596 | +142% |
| Taxes | 450/3 | €6,060 | €9,701 | +€3,641 | +60.1% |
| Remuneration and social security | 454/9 | - | €4,955 | +€4,955 | |
| Other amounts payable | 47/48 | €806 | - | -€806 | |
| Accrued charges and deferred income | 492/3 | €9,984 | €8,009 | -€1,976 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,345 | €31,149 | +€1,803 | +6.1% |
| Other operating charges | 640/8 | €2,693 | €2,740 | +€47 | +1.7% |
| Gross operating margin | 9900 | €50,586 | €37,629 | -€12,957 | -25.6% |
| Operating profit (loss) | 9901 | €18,548 | €3,741 | -€14,807 | -79.8% |
| Financial income | 75/76B | - | €624 | +€624 | |
| Recurring financial income | 75 | - | €624 | +€624 | |
| Financial charges | 65/66B | €4,171 | €3,541 | -€630 | -15.1% |
| Recurring financial charges | 65 | €4,171 | €3,541 | -€630 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €14,377 | €824 | -€13,553 | -94.3% |
| Income taxes | 67/77 | €6,060 | €4,017 | -€2,043 | -33.7% |
| Profit (loss) for the period | 9904 | €8,317 | -€3,193 | -€11,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,317 | -€3,193 | -€11,510 |
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 14 October 2026 via checked.be.