MARTH: what changed
Two fiscal 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.
MARTH
Largest movements
- Receivables within one year +€53,772
up €53,772 (+1200.2%), from €4,480 to €58,252
of which Trade receivables: +€55,687
- Deferred charges and accrued income -€1,352
down €1,352 (-83.9%), from €1,611 to €259
- Tangible fixed assets -€792
down €792 (-20.0%), from €3,963 to €3,171
of which Furniture and vehicles: -€537
- Other debts +€43,468
up €43,468 (+519.7%), from €8,365 to €51,833
- Profit (loss) carried forward +€9,788
up €9,788, from -€7,481 to €2,306
- Trade debts -€5,112
down €5,112 (-59.8%), from €8,543 to €3,430
- Tax, wage and social debts +€3,023
up €3,023 (+4284.6%), from €71 to €3,094
- Short-term financial debts +€862
new in 2025: €862
- Gross operating margin +€19,669
up €19,669, from -€7,165 to €12,504
- Taxes +€1,664
up €1,664 (+2357.6%), from €71 to €1,734
- Depreciation +€592
up €592 (+296.5%), from €200 to €792
- Financial charges +€140
up €140 (+280.6%), from €50 to €190
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,497 | €62,525 | +€52,028 | +495.7% |
| Fixed assets | 21/28 | €3,963 | €3,171 | -€792 | -20.0% |
| Tangible fixed assets | 22/27 | €3,963 | €3,171 | -€792 | -20.0% |
| Furniture and vehicles | 24 | €1,460 | €923 | -€537 | -36.8% |
| Other tangible fixed assets | 26 | €2,503 | €2,248 | -€255 | -10.2% |
| Current assets | 29/58 | €6,534 | €59,354 | +€52,820 | +808.4% |
| Amounts receivable within one year | 40/41 | €4,480 | €58,252 | +€53,772 | +1200.2% |
| Trade receivables | 40 | €2,565 | €58,252 | +€55,687 | +2171.2% |
| Other amounts receivable | 41 | €1,915 | €0 | -€1,915 | -100.0% |
| Cash at bank and in hand | 54/58 | €443 | €843 | +€400 | +90.3% |
| Deferred charges and accrued income | 490/1 | €1,611 | €259 | -€1,352 | -83.9% |
| Total equity and liabilities | 10/49 | €10,497 | €62,525 | +€52,028 | +495.7% |
| Equity | 10/15 | -€6,481 | €3,306 | +€9,788 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,481 | €2,306 | +€9,788 | |
| Amounts payable | 17/49 | €16,978 | €59,218 | +€42,241 | +248.8% |
| Amounts payable within one year | 42/48 | €16,978 | €59,218 | +€42,241 | +248.8% |
| Financial debts | 43 | - | €862 | +€862 | |
| Credit institutions | 430/8 | - | €862 | +€862 | |
| Trade debts | 44 | €8,543 | €3,430 | -€5,112 | -59.8% |
| Suppliers | 440/4 | €8,543 | €3,430 | -€5,112 | -59.8% |
| Taxes, remuneration and social security | 45 | €71 | €3,094 | +€3,023 | +4284.6% |
| Taxes | 450/3 | €71 | €3,094 | +€3,023 | +4284.6% |
| Other amounts payable | 47/48 | €8,365 | €51,833 | +€43,468 | +519.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200 | €792 | +€592 | +296.5% |
| Gross operating margin | 9900 | -€7,165 | €12,504 | +€19,669 | |
| Operating profit (loss) | 9901 | -€7,365 | €11,712 | +€19,077 | |
| Financial income | 75/76B | €4 | €0 | -€4 | -99.5% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -99.5% |
| Financial charges | 65/66B | €50 | €190 | +€140 | +280.6% |
| Recurring financial charges | 65 | €50 | €190 | +€140 | +280.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,411 | €11,522 | +€18,932 | |
| Income taxes | 67/77 | €71 | €1,734 | +€1,664 | +2357.6% |
| Profit (loss) for the period | 9904 | -€7,481 | €9,788 | +€17,269 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,481 | €9,788 | +€17,269 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.