MARTHA: what changed
What changed
MARTHA
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€291,887
2024 · €242,759+€49,128
Equity
€1.4m
2024 · €1.4m
Cash
€749,300
2024 · €1.1m-€330,902
Balance sheet total
€3.4m
2024 · €4.1m-€713,269
Largest movements
Assets
- Receivables within one year -€390,594
down €390,594 (-20.6%), from €1.9m to €1.5m
of which Trade receivables: -€245,471
- Cash -€330,902
down €330,902 (-30.6%), from €1.1m to €749,300
mainly Trade debts (-€832,453) and Contributions, distributions and other (-€291,887)
- Tangible fixed assets -€131,910
down €131,910 (-19.1%), from €690,837 to €558,927
- Stocks and contracts +€110,211
new in 2025: €110,211
Equity and liabilities
- Trade debts -€832,453
down €832,453 (-45.6%), from €1.8m to €994,692
- Short-term financial debts +€250,000
up €250,000 (+932%), from €26,828 to €276,828
- Other debts -€209,812
down €209,812 (-41.2%), from €509,802 to €299,991
- Debts after one year +€116,449
up €116,449 (+58.9%), from €197,681 to €314,130
- Current portion of long-term debt -€67,050
down €67,050 (-41.7%), from €160,812 to €93,762
Income statement
- Depreciation -€24,948
down €24,948 (-11.9%), from €209,266 to €184,318
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€242,759
Gross operating margin
-€5,731
Staff costs
+€10,860
Depreciation
+€24,948
Other operating charges
+€10,602
Financial income
+€17,184
Financial charges
+€2,311
Taxes
-€11,045
Result 2025
€291,887
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€256,080
Investment
-€82,334
Financing
+€7,512
Cash 2024
€1.1m
From operations (derived)
-€256,080
Net result for the year
+€291,887
Depreciation
+€184,318
Stocks and contracts
-€110,211
Receivables within one year
+€390,594
Trade debts
-€832,453
Tax, wage and social debts
+€29,596
Other debts
-€209,812
Investment (derived)
-€82,334
Investment in fixed assets (net)
-€48,837
Current investments
-€33,498
Financing
+€7,512
Debts after one year
+€116,449
Current portion of long-term debt
-€67,050
Short-term financial debts
+€250,000
Contributions, distributions and other
-€291,887
Cash 2025
€749,300
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,137,219 | €3,423,951 | -€713,269 | -17.2% |
| Fixed assets | 21/28 | €707,951 | €572,469 | -€135,481 | -19.1% |
| Intangible fixed assets | 21 | €17,114 | €13,542 | -€3,571 | -20.9% |
| Tangible fixed assets | 22/27 | €690,837 | €558,927 | -€131,910 | -19.1% |
| Plant, machinery and equipment | 23 | €149,177 | €114,396 | -€34,781 | -23.3% |
| Furniture and vehicles | 24 | €124,327 | €85,401 | -€38,926 | -31.3% |
| Other tangible fixed assets | 26 | €417,334 | €359,130 | -€58,203 | -13.9% |
| Current assets | 29/58 | €3,429,269 | €2,851,481 | -€577,788 | -16.8% |
| Stocks and contracts in progress | 3 | - | €110,211 | +€110,211 | |
| Stocks | 30/36 | - | €110,211 | +€110,211 | |
| Amounts receivable within one year | 40/41 | €1,894,964 | €1,504,370 | -€390,594 | -20.6% |
| Trade receivables | 40 | €1,581,402 | €1,335,932 | -€245,471 | -15.5% |
| Other amounts receivable | 41 | €313,562 | €168,438 | -€145,124 | -46.3% |
| Current investments | 50/53 | €454,102 | €487,600 | +€33,498 | +7.4% |
| Cash at bank and in hand | 54/58 | €1,080,202 | €749,300 | -€330,902 | -30.6% |
| Total equity and liabilities | 10/49 | €4,137,219 | €3,423,951 | -€713,269 | -17.2% |
| Equity | 10/15 | €1,387,829 | €1,387,829 | = | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,367,829 | €1,367,829 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,300 | €126,300 | = | 0.0% |
| Distributable reserves | 133 | €1,239,529 | €1,239,529 | = | 0.0% |
| Amounts payable | 17/49 | €2,749,390 | €2,036,121 | -€713,269 | -25.9% |
| Amounts payable after more than one year | 17 | €197,681 | €314,130 | +€116,449 | +58.9% |
| Financial debts | 170/4 | €197,681 | €314,130 | +€116,449 | +58.9% |
| Amounts payable within one year | 42/48 | €2,551,709 | €1,721,991 | -€829,718 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €160,812 | €93,762 | -€67,050 | -41.7% |
| Financial debts | 43 | €26,828 | €276,828 | +€250,000 | +932% |
| Credit institutions | 430/8 | €26,828 | €276,828 | +€250,000 | +932% |
| Trade debts | 44 | €1,827,145 | €994,692 | -€832,453 | -45.6% |
| Suppliers | 440/4 | €1,827,145 | €994,692 | -€832,453 | -45.6% |
| Taxes, remuneration and social security | 45 | €27,122 | €56,718 | +€29,596 | +109% |
| Taxes | 450/3 | €27,122 | €56,718 | +€29,596 | +109% |
| Other amounts payable | 47/48 | €509,802 | €299,991 | -€209,812 | -41.2% |
| Remuneration, social security and pensions | 62 | €1,849,425 | €1,838,565 | -€10,860 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,266 | €184,318 | -€24,948 | -11.9% |
| Other operating charges | 640/8 | €21,281 | €10,679 | -€10,602 | -49.8% |
| Gross operating margin | 9900 | €2,477,723 | €2,471,992 | -€5,731 | -0.2% |
| Operating profit (loss) | 9901 | €397,752 | €438,430 | +€40,678 | +10.2% |
| Financial income | 75/76B | €6,889 | €24,073 | +€17,184 | +249% |
| Recurring financial income | 75 | €6,889 | €24,073 | +€17,184 | +249% |
| Financial charges | 65/66B | €60,391 | €58,080 | -€2,311 | -3.8% |
| Recurring financial charges | 65 | €60,391 | €58,080 | -€2,311 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €344,250 | €404,423 | +€60,173 | +17.5% |
| Income taxes | 67/77 | €101,491 | €112,536 | +€11,045 | +10.9% |
| Profit (loss) for the period | 9904 | €242,759 | €291,887 | +€49,128 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €242,759 | €291,887 | +€49,128 | +20.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.