MARTHAC: 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.
MARTHAC
Largest movements
- Stocks and contracts +€8,722
up €8,722 (+19.8%), from €43,951 to €52,672
- Receivables within one year +€5,144
up €5,144 (+178%), from €2,886 to €8,030
of which Trade receivables: +€5,024
- Cash -€3,845
down €3,845 (-78.1%), from €4,926 to €1,081
mainly Stocks and contracts (-€8,722) and Other debts (-€5,865)
- Deferred charges and accrued income +€2,872
up €2,872 (+2,819%), from €102 to €2,973
- Tangible fixed assets -€1,490
down €1,490 (-28.0%), from €5,325 to €3,836
of which Furniture and vehicles: -€936
- Trade debts +€13,746
up €13,746 (+82.0%), from €16,761 to €30,507
- Other debts -€5,865
down €5,865 (-17.6%), from €33,267 to €27,402
- Tax, wage and social debts +€2,514
up €2,514 (+53.2%), from €4,729 to €7,243
- Reserves +€2,500
up €2,500 (+83.3%), from €3,000 to €5,500
- Advances received -€1,759
down €1,759 (-83.8%), from €2,100 to €341
- Gross operating margin -€3,932
down €3,932 (-38.5%), from €10,218 to €6,286
- Other operating charges -€1,561
down €1,561 (-75.8%), from €2,061 to €500
- Taxes -€864
down €864 (-37.6%), from €2,301 to €1,437
- Depreciation -€633
down €633 (-29.8%), from €2,122 to €1,490
- Financial income +€474
new in 2025: €474
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 | €60,190 | €71,892 | +€11,702 | +19.4% |
| Fixed assets | 21/28 | €8,325 | €7,136 | -€1,190 | -14.3% |
| Tangible fixed assets | 22/27 | €5,325 | €3,836 | -€1,490 | -28.0% |
| Furniture and vehicles | 24 | €3,356 | €2,421 | -€936 | -27.9% |
| Other tangible fixed assets | 26 | €1,969 | €1,415 | -€554 | -28.1% |
| Financial fixed assets | 28 | €3,000 | €3,300 | +€300 | +10.0% |
| Current assets | 29/58 | €51,864 | €64,757 | +€12,892 | +24.9% |
| Stocks and contracts in progress | 3 | €43,951 | €52,672 | +€8,722 | +19.8% |
| Stocks | 30/36 | €43,951 | €52,672 | +€8,722 | +19.8% |
| Amounts receivable within one year | 40/41 | €2,886 | €8,030 | +€5,144 | +178% |
| Trade receivables | 40 | €2,886 | €7,910 | +€5,024 | +174% |
| Other amounts receivable | 41 | - | €120 | +€120 | |
| Cash at bank and in hand | 54/58 | €4,926 | €1,081 | -€3,845 | -78.1% |
| Deferred charges and accrued income | 490/1 | €102 | €2,973 | +€2,872 | +2,819% |
| Total equity and liabilities | 10/49 | €60,190 | €71,892 | +€11,702 | +19.4% |
| Equity | 10/15 | €3,333 | €6,047 | +€2,714 | +81.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €3,000 | €5,500 | +€2,500 | +83.3% |
| Distributable reserves | 133 | €3,000 | €5,500 | +€2,500 | +83.3% |
| Profit (loss) carried forward | 14 | €233 | €447 | +€214 | +92.0% |
| Amounts payable | 17/49 | €56,857 | €65,845 | +€8,988 | +15.8% |
| Amounts payable within one year | 42/48 | €56,857 | €65,845 | +€8,988 | +15.8% |
| Financial debts | 43 | - | €352 | +€352 | |
| Credit institutions | 430/8 | - | €352 | +€352 | |
| Trade debts | 44 | €16,761 | €30,507 | +€13,746 | +82.0% |
| Suppliers | 440/4 | €16,761 | €30,507 | +€13,746 | +82.0% |
| Advances received on contracts in progress | 46 | €2,100 | €341 | -€1,759 | -83.8% |
| Taxes, remuneration and social security | 45 | €4,729 | €7,243 | +€2,514 | +53.2% |
| Taxes | 450/3 | €4,729 | €7,243 | +€2,514 | +53.2% |
| Other amounts payable | 47/48 | €33,267 | €27,402 | -€5,865 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,122 | €1,490 | -€633 | -29.8% |
| Other operating charges | 640/8 | €2,061 | €500 | -€1,561 | -75.8% |
| Gross operating margin | 9900 | €10,218 | €6,286 | -€3,932 | -38.5% |
| Operating profit (loss) | 9901 | €6,034 | €4,297 | -€1,737 | -28.8% |
| Financial income | 75/76B | - | €474 | +€474 | |
| Recurring financial income | 75 | - | €474 | +€474 | |
| Financial charges | 65/66B | €501 | €620 | +€120 | +23.9% |
| Recurring financial charges | 65 | €501 | €620 | +€120 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €5,534 | €4,151 | -€1,383 | -25.0% |
| Income taxes | 67/77 | €2,301 | €1,437 | -€864 | -37.6% |
| Profit (loss) for the period | 9904 | €3,233 | €2,714 | -€519 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,233 | €2,714 | -€519 | -16.0% |
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.