MARTHE: 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.
What changed
MARTHE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€169,223
2024 · €142,899+€26,324
Equity
€5.5m
2024 · €5.3m+€169,222
Cash
€9,040
2024 · €20,715-€11,675
Balance sheet total
€7.6m
2024 · €7.5m+€74,612
Largest movements
Assets
- Receivables within one year +€142,745
up €142,745 (+7.7%), from €1.9m to €2.0m
of which Other amounts receivable: +€139,022
Equity and liabilities
- Profit (loss) carried forward +€169,223
up €169,223 (+7.7%), from €2.2m to €2.4m
- Debts after one year -€103,493
down €103,493 (-6.7%), from €1.5m to €1.4m
Income statement
- Taxes -€55,649
down €55,649 (-54.8%), from €101,463 to €45,814
- Depreciation +€43,606
up €43,606 (+100.7%), from €43,282 to €86,888
- Other operating charges -€27,546
down €27,546 (-64.9%), from €42,460 to €14,914
- Financial charges +€6,773
up €6,773 (+45.1%), from €15,004 to €21,777
- Gross operating margin -€4,103
down €4,103 (-1.3%), from €313,694 to €309,591
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.
Result 2024
€142,899
Gross operating margin
-€4,103
Depreciation
-€43,606
Other operating charges
+€27,546
Financial income
-€2,390
Financial charges
-€6,773
Taxes
+€55,649
Result 2025
€169,223
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.
From operations
+€130,602
Investment
-€40,178
Financing
-€102,099
Cash 2024
€20,715
From operations (derived)
+€130,602
Net result for the year
+€169,223
Depreciation
+€86,888
Stocks and contracts
-€0
Receivables within one year
-€142,745
Deferred charges and accrued income
+€9,749
Trade debts
+€42,943
Tax, wage and social debts
-€27,500
Other debts
-€7,955
Investment (derived)
-€40,178
Investment in fixed assets (net)
-€40,178
Financing
-€102,099
Debts after one year
-€103,493
Short-term financial debts
+€1,395
Contributions, distributions and other
-€1
Cash 2025
€9,040
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,493,097 | €7,567,709 | +€74,612 | +1.0% |
| Fixed assets | 21/28 | €5,598,625 | €5,551,915 | -€46,710 | -0.8% |
| Tangible fixed assets | 22/27 | €5,598,625 | €5,551,915 | -€46,710 | -0.8% |
| Land and buildings | 22 | €5,546,631 | €5,510,631 | -€36,000 | -0.6% |
| Plant, machinery and equipment | 23 | €51,994 | €41,284 | -€10,710 | -20.6% |
| Current assets | 29/58 | €1,894,472 | €2,015,794 | +€121,322 | +6.4% |
| Stocks and contracts in progress | 3 | €3,695 | €3,695 | +€0 | 0.0% |
| Stocks | 30/36 | €3,695 | €3,695 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €1,860,314 | €2,003,059 | +€142,745 | +7.7% |
| Trade receivables | 40 | - | €3,723 | +€3,723 | |
| Other amounts receivable | 41 | €1,860,314 | €1,999,336 | +€139,022 | +7.5% |
| Cash at bank and in hand | 54/58 | €20,715 | €9,040 | -€11,675 | -56.4% |
| Deferred charges and accrued income | 490/1 | €9,749 | - | -€9,749 | |
| Total equity and liabilities | 10/49 | €7,493,097 | €7,567,709 | +€74,612 | +1.0% |
| Equity | 10/15 | €5,314,517 | €5,483,739 | +€169,222 | +3.2% |
| Contributions | 10/11 | €2,218,803 | €2,218,803 | -€0 | 0.0% |
| Capital | 10 | €2,218,803 | €2,218,803 | -€0 | 0.0% |
| Issued capital | 100 | €2,218,803 | €2,218,803 | -€0 | 0.0% |
| Reserves | 13 | €901,027 | €901,026 | -€1 | 0.0% |
| Non-distributable reserves | 130/1 | €281,573 | €281,572 | -€1 | 0.0% |
| Legal reserve | 130 | €221,880 | €221,880 | -€0 | 0.0% |
| Other | 1319 | €59,692 | €59,692 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €18,429 | €18,429 | +€0 | 0.0% |
| Distributable reserves | 133 | €601,025 | €601,025 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €2,194,687 | €2,363,910 | +€169,223 | +7.7% |
| Amounts payable | 17/49 | €2,178,580 | €2,083,970 | -€94,610 | -4.3% |
| Amounts payable after more than one year | 17 | €1,539,714 | €1,436,221 | -€103,493 | -6.7% |
| Financial debts | 170/4 | €1,539,714 | €1,436,221 | -€103,493 | -6.7% |
| Amounts payable within one year | 42/48 | €638,866 | €647,749 | +€8,883 | +1.4% |
| Financial debts | 43 | €106,777 | €108,172 | +€1,395 | +1.3% |
| Credit institutions | 430/8 | €106,777 | €108,172 | +€1,395 | +1.3% |
| Trade debts | 44 | €15,079 | €58,022 | +€42,943 | +284.8% |
| Suppliers | 440/4 | €15,079 | €58,022 | +€42,943 | +284.8% |
| Taxes, remuneration and social security | 45 | €27,500 | - | -€27,500 | |
| Taxes | 450/3 | €27,500 | - | -€27,500 | |
| Other amounts payable | 47/48 | €489,510 | €481,555 | -€7,955 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,282 | €86,888 | +€43,606 | +100.7% |
| Other operating charges | 640/8 | €42,460 | €14,914 | -€27,546 | -64.9% |
| Gross operating margin | 9900 | €313,694 | €309,591 | -€4,103 | -1.3% |
| Operating profit (loss) | 9901 | €227,952 | €207,789 | -€20,163 | -8.8% |
| Financial income | 75/76B | €31,415 | €29,025 | -€2,390 | -7.6% |
| Recurring financial income | 75 | €31,415 | €29,025 | -€2,390 | -7.6% |
| Financial charges | 65/66B | €15,004 | €21,777 | +€6,773 | +45.1% |
| Recurring financial charges | 65 | €15,004 | €21,777 | +€6,773 | +45.1% |
| Profit (loss) for the period before taxes | 9903 | €244,362 | €215,037 | -€29,325 | -12.0% |
| Income taxes | 67/77 | €101,463 | €45,814 | -€55,649 | -54.8% |
| Profit (loss) for the period | 9904 | €142,899 | €169,223 | +€26,324 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €142,899 | €169,223 | +€26,324 | +18.4% |
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 12 October 2026 via checked.be.