Martens RMD: 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 RMD
Largest movements
- Receivables within one year -€312,449
down €312,449 (-58.5%), from €533,893 to €221,444
of which Trade receivables: -€184,293
- Tangible fixed assets -€166,483
down €166,483 (-7.3%), from €2.3m to €2.1m
of which Land and buildings: -€97,338
- Short-term financial debts -€150,000
down €150,000 (-100.0%), from €150,039 to €39
- Reserves -€98,593
down €98,593 (-8.8%), from €1.1m to €1.0m
of which Distributable reserves: -€98,593
- Debts after one year -€83,391
down €83,391 (-5.5%), from €1.5m to €1.4m
- Trade debts -€65,790
down €65,790 (-19.4%), from €339,045 to €273,255
- Tax, wage and social debts -€54,112
down €54,112 (-31.8%), from €170,106 to €115,995
of which Taxes: -€43,805
- Gross operating margin -€54,308
down €54,308 (-6.5%), from €836,819 to €782,511
- Financial charges -€33,544
down €33,544 (-46.0%), from €72,936 to €39,392
- Depreciation -€31,963
down €31,963 (-19.3%), from €165,780 to €133,817
- Taxes +€29,944
up €29,944 (+237%), from €12,614 to €42,558
- Staff costs -€8,453
down €8,453 (-1.8%), from €468,704 to €460,250
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 | €3,475,209 | €3,026,523 | -€448,686 | -12.9% |
| Fixed assets | 21/28 | €2,269,575 | €2,103,092 | -€166,483 | -7.3% |
| Tangible fixed assets | 22/27 | €2,269,550 | €2,103,067 | -€166,483 | -7.3% |
| Land and buildings | 22 | €1,930,558 | €1,833,220 | -€97,338 | -5.0% |
| Plant, machinery and equipment | 23 | €6,405 | €3,390 | -€3,015 | -47.1% |
| Furniture and vehicles | 24 | €100,924 | €47,840 | -€53,084 | -52.6% |
| Other tangible fixed assets | 26 | €231,663 | €218,617 | -€13,046 | -5.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €1,205,634 | €923,430 | -€282,203 | -23.4% |
| Stocks and contracts in progress | 3 | €183,840 | €195,456 | +€11,616 | +6.3% |
| Stocks | 30/36 | €183,840 | €195,456 | +€11,616 | +6.3% |
| Amounts receivable within one year | 40/41 | €533,893 | €221,444 | -€312,449 | -58.5% |
| Trade receivables | 40 | €358,164 | €173,871 | -€184,293 | -51.5% |
| Other amounts receivable | 41 | €175,729 | €47,572 | -€128,156 | -72.9% |
| Current investments | 50/53 | €82,989 | €82,989 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €366,503 | €400,821 | +€34,319 | +9.4% |
| Deferred charges and accrued income | 490/1 | €38,410 | €22,721 | -€15,689 | -40.8% |
| Total equity and liabilities | 10/49 | €3,475,209 | €3,026,523 | -€448,686 | -12.9% |
| Equity | 10/15 | €1,179,680 | €1,081,087 | -€98,593 | -8.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,117,680 | €1,019,087 | -€98,593 | -8.8% |
| Non-distributable reserves | 130/1 | €17,000 | €17,000 | = | 0.0% |
| Legal reserve | 130 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €1,100,680 | €1,002,087 | -€98,593 | -9.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,295,529 | €1,945,435 | -€350,094 | -15.3% |
| Amounts payable after more than one year | 17 | €1,529,893 | €1,446,503 | -€83,391 | -5.5% |
| Financial debts | 170/4 | €1,529,893 | €1,446,503 | -€83,391 | -5.5% |
| Amounts payable within one year | 42/48 | €757,905 | €491,202 | -€266,703 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €98,714 | €101,913 | +€3,199 | +3.2% |
| Financial debts | 43 | €150,039 | €39 | -€150,000 | -100.0% |
| Credit institutions | 430/8 | €150,039 | €39 | -€150,000 | -100.0% |
| Trade debts | 44 | €339,045 | €273,255 | -€65,790 | -19.4% |
| Suppliers | 440/4 | €339,045 | €273,255 | -€65,790 | -19.4% |
| Taxes, remuneration and social security | 45 | €170,106 | €115,995 | -€54,112 | -31.8% |
| Taxes | 450/3 | €100,804 | €56,999 | -€43,805 | -43.5% |
| Remuneration and social security | 454/9 | €69,302 | €58,995 | -€10,307 | -14.9% |
| Accrued charges and deferred income | 492/3 | €7,730 | €7,730 | = | 0.0% |
| Non-recurring operating income | 76A | €149,192 | €195,999 | +€46,807 | +31.4% |
| Remuneration, social security and pensions | 62 | €468,704 | €460,250 | -€8,453 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,780 | €133,817 | -€31,963 | -19.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,516 | +€7,516 | |
| Other operating charges | 640/8 | €12,021 | €13,348 | +€1,326 | +11.0% |
| Gross operating margin | 9900 | €836,819 | €782,511 | -€54,308 | -6.5% |
| Operating profit (loss) | 9901 | €190,314 | €167,580 | -€22,734 | -11.9% |
| Financial income | 75/76B | €11,534 | €5,778 | -€5,756 | -49.9% |
| Recurring financial income | 75 | €11,534 | €5,778 | -€5,756 | -49.9% |
| Financial charges | 65/66B | €72,936 | €39,392 | -€33,544 | -46.0% |
| Recurring financial charges | 65 | €72,936 | €39,392 | -€33,544 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €128,912 | €133,966 | +€5,054 | +3.9% |
| Income taxes | 67/77 | €12,614 | €42,558 | +€29,944 | +237% |
| Profit (loss) for the period | 9904 | €116,298 | €91,407 | -€24,890 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €116,298 | €91,407 | -€24,890 | -21.4% |
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 27 October 2026 via checked.be.