MARTENS THIERRY: 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 THIERRY
Largest movements
- Receivables within one year +€33,040
up €33,040 (+103%), from €32,184 to €65,224
of which Trade receivables: +€31,796
- Tangible fixed assets -€29,456
down €29,456 (-17.5%), from €168,435 to €138,978
of which Furniture and vehicles: -€17,841
- Cash -€10,013
down €10,013 (-7.0%), from €142,175 to €132,163
mainly Contributions, distributions and other (-€73,000) and Receivables within one year (-€33,040)
- Other debts -€21,115
down €21,115 (-22.3%), from €94,577 to €73,462
- Tax, wage and social debts +€11,973
up €11,973 (+54.0%), from €22,172 to €34,145
of which Remuneration and social security: +€6,386
- Gross operating margin -€44,922
down €44,922 (-17.7%), from €253,096 to €208,174
- Staff costs -€27,651
down €27,651 (-26.8%), from €103,248 to €75,597
- Depreciation +€10,447
up €10,447 (+36.8%), from €28,351 to €38,798
- Taxes -€5,868
down €5,868 (-23.8%), from €24,624 to €18,756
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 | €345,335 | €336,365 | -€8,970 | -2.6% |
| Fixed assets | 21/28 | €168,435 | €138,978 | -€29,456 | -17.5% |
| Tangible fixed assets | 22/27 | €168,435 | €138,978 | -€29,456 | -17.5% |
| Plant, machinery and equipment | 23 | €75,869 | €64,254 | -€11,616 | -15.3% |
| Furniture and vehicles | 24 | €92,566 | €74,725 | -€17,841 | -19.3% |
| Current assets | 29/58 | €176,900 | €197,386 | +€20,486 | +11.6% |
| Amounts receivable within one year | 40/41 | €32,184 | €65,224 | +€33,040 | +103% |
| Trade receivables | 40 | €32,184 | €63,980 | +€31,796 | +98.8% |
| Other amounts receivable | 41 | €0 | €1,244 | +€1,244 | |
| Cash at bank and in hand | 54/58 | €142,175 | €132,163 | -€10,013 | -7.0% |
| Deferred charges and accrued income | 490/1 | €2,541 | €0 | -€2,541 | -100% |
| Total equity and liabilities | 10/49 | €345,335 | €336,365 | -€8,970 | -2.6% |
| Equity | 10/15 | €225,616 | €225,607 | -€8 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €206,360 | €206,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €206,360 | €206,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €656 | €647 | -€8 | -1.3% |
| Amounts payable | 17/49 | €119,719 | €110,757 | -€8,962 | -7.5% |
| Amounts payable within one year | 42/48 | €119,719 | €110,757 | -€8,962 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,970 | €3,150 | +€180 | +6.1% |
| Suppliers | 440/4 | €2,970 | €3,150 | +€180 | +6.1% |
| Taxes, remuneration and social security | 45 | €22,172 | €34,145 | +€11,973 | +54.0% |
| Taxes | 450/3 | €10,247 | €15,834 | +€5,587 | +54.5% |
| Remuneration and social security | 454/9 | €11,925 | €18,311 | +€6,386 | +53.6% |
| Other amounts payable | 47/48 | €94,577 | €73,462 | -€21,115 | -22.3% |
| Remuneration, social security and pensions | 62 | €103,248 | €75,597 | -€27,651 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,351 | €38,798 | +€10,447 | +36.8% |
| Other operating charges | 640/8 | €3,099 | €1,850 | -€1,249 | -40.3% |
| Gross operating margin | 9900 | €253,096 | €208,174 | -€44,922 | -17.7% |
| Operating profit (loss) | 9901 | €118,398 | €91,929 | -€26,469 | -22.4% |
| Financial income | 75/76B | €39 | €2 | -€37 | -94.9% |
| Recurring financial income | 75 | €39 | €2 | -€37 | -94.9% |
| Financial charges | 65/66B | €47 | €184 | +€137 | +295% |
| Recurring financial charges | 65 | €47 | €184 | +€137 | +295% |
| Profit (loss) for the period before taxes | 9903 | €118,390 | €91,748 | -€26,643 | -22.5% |
| Income taxes | 67/77 | €24,624 | €18,756 | -€5,868 | -23.8% |
| Profit (loss) for the period | 9904 | €93,767 | €72,992 | -€20,775 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,767 | €72,992 | -€20,775 | -22.2% |
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 1 November 2026 via checked.be.