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.
MARTHE
Largest movements
- Current investments -€1.7m
down €1.7m (-100%), from €1.7m to €0
- Cash +€1.6m
up €1.6m (+411%), from €401,109 to €2.0m
mainly Current investments (+€1.7m) and Depreciation (+€106,565)
- Tangible fixed assets -€99,044
down €99,044 (-6.0%), from €1.7m to €1.6m
of which Land and buildings: -€91,190
- Deferred charges and accrued income +€55,000
new in 2025: €55,000
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€26,450
down €26,450 (-44.6%), from €59,326 to €32,876
- Gross operating margin +€26,077
up €26,077 (+107%), from €24,444 to €50,521
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 | €3,721,764 | €3,678,466 | -€43,298 | -1.2% |
| Fixed assets | 21/28 | €1,652,128 | €1,553,084 | -€99,044 | -6.0% |
| Tangible fixed assets | 22/27 | €1,652,128 | €1,553,084 | -€99,044 | -6.0% |
| Land and buildings | 22 | €1,632,784 | €1,541,594 | -€91,190 | -5.6% |
| Furniture and vehicles | 24 | €19,344 | €11,490 | -€7,854 | -40.6% |
| Current assets | 29/58 | €2,069,636 | €2,125,381 | +€55,745 | +2.7% |
| Amounts receivable within one year | 40/41 | €18,527 | €20,572 | +€2,046 | +11.0% |
| Trade receivables | 40 | - | €4,849 | +€4,849 | |
| Other amounts receivable | 41 | €18,527 | €15,723 | -€2,804 | -15.1% |
| Current investments | 50/53 | €1,650,000 | €0 | -€1.7m | -100% |
| Cash at bank and in hand | 54/58 | €401,109 | €2,049,809 | +€1.6m | +411% |
| Deferred charges and accrued income | 490/1 | - | €55,000 | +€55,000 | |
| Total equity and liabilities | 10/49 | €3,721,764 | €3,678,466 | -€43,298 | -1.2% |
| Equity | 10/15 | €2,716,201 | €2,690,007 | -€26,194 | -1.0% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Contributions outside capital | 11 | €185,920 | - | -€185,920 | |
| Other | 1109/19 | €185,920 | - | -€185,920 | |
| Reserves | 13 | €2,530,281 | €2,504,087 | -€26,194 | -1.0% |
| Tax-exempt reserves | 132 | €1,390,470 | €1,349,721 | -€40,749 | -2.9% |
| Distributable reserves | 133 | €1,139,811 | €1,154,366 | +€14,555 | +1.3% |
| Provisions and deferred taxes | 16 | €463,490 | €449,907 | -€13,583 | -2.9% |
| Deferred taxes | 168 | €463,490 | €449,907 | -€13,583 | -2.9% |
| Amounts payable | 17/49 | €542,073 | €538,552 | -€3,521 | -0.6% |
| Amounts payable within one year | 42/48 | €542,073 | €538,552 | -€3,521 | -0.6% |
| Trade debts | 44 | €10,793 | €8,618 | -€2,175 | -20.2% |
| Suppliers | 440/4 | €10,793 | €8,618 | -€2,175 | -20.2% |
| Advances received on contracts in progress | 46 | €7,260 | €7,260 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,785 | €0 | -€1,785 | -100% |
| Taxes | 450/3 | €1,785 | €0 | -€1,785 | -100% |
| Other amounts payable | 47/48 | €522,234 | €522,673 | +€439 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,436 | €106,565 | +€130 | +0.1% |
| Other operating charges | 640/8 | €10,414 | €10,252 | -€162 | -1.6% |
| Gross operating margin | 9900 | €24,444 | €50,521 | +€26,077 | +107% |
| Operating profit (loss) | 9901 | -€92,406 | -€66,297 | +€26,109 | +28.3% |
| Financial income | 75/76B | €59,326 | €32,876 | -€26,450 | -44.6% |
| Recurring financial income | 75 | €59,326 | €32,876 | -€26,450 | -44.6% |
| Financial charges | 65/66B | €34 | €28 | -€6 | -17.1% |
| Recurring financial charges | 65 | €34 | €28 | -€6 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | -€33,113 | -€33,449 | -€335 | -1.0% |
| Transfer from deferred taxes | 780 | €14,042 | €13,583 | -€459 | -3.3% |
| Income taxes | 67/77 | €6,490 | €6,329 | -€162 | -2.5% |
| Profit (loss) for the period | 9904 | -€25,562 | -€26,194 | -€632 | -2.5% |
| Transfer from tax-exempt reserves | 789 | €42,126 | €40,749 | -€1,376 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,564 | €14,555 | -€2,008 | -12.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.