MARTHEL: 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.
MARTHEL
Largest movements
- Current investments +€700,000
up €700,000 (+233%), from €300,000 to €1.0m
- Receivables within one year -€639,512
down €639,512 (-96.6%), from €662,302 to €22,790
of which Other amounts receivable: -€613,006
- Cash +€255,834
up €255,834 (+391%), from €65,376 to €321,209
mainly Receivables within one year (+€639,512) and Net result for the year (+€240,090)
- Tangible fixed assets -€133,417
down €133,417 (-50.7%), from €262,906 to €129,489
of which Land and buildings: -€130,332
- Reserves +€240,050
up €240,050 (+30.2%), from €793,850 to €1.0m
- Debts after one year -€121,107
down €121,107 (-91.0%), from €133,107 to €12,000
of which Other amounts payable: -€72,000
- Tax, wage and social debts +€61,575
up €61,575 (+353%), from €17,434 to €79,009
- Trade debts +€21,579
new in 2025: €21,579
- Current portion of long-term debt -€17,857
no longer reported in 2025 (was €17,857)
- Gross operating margin +€96,041
up €96,041 (+37.7%), from €255,043 to €351,084
- Taxes +€59,374
up €59,374 (+103%), from €57,890 to €117,263
- Financial income -€58,443
down €58,443 (-74.8%), from €78,124 to €19,681
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 | €1,293,412 | €1,476,420 | +€183,008 | +14.1% |
| Fixed assets | 21/28 | €262,906 | €129,489 | -€133,417 | -50.7% |
| Tangible fixed assets | 22/27 | €262,906 | €129,489 | -€133,417 | -50.7% |
| Land and buildings | 22 | €253,651 | €123,319 | -€130,332 | -51.4% |
| Plant, machinery and equipment | 23 | €5,058 | €3,416 | -€1,642 | -32.5% |
| Furniture and vehicles | 24 | €4,196 | €2,755 | -€1,442 | -34.4% |
| Current assets | 29/58 | €1,030,506 | €1,346,931 | +€316,424 | +30.7% |
| Amounts receivable within one year | 40/41 | €662,302 | €22,790 | -€639,512 | -96.6% |
| Trade receivables | 40 | €26,505 | - | -€26,505 | |
| Other amounts receivable | 41 | €635,796 | €22,790 | -€613,006 | -96.4% |
| Current investments | 50/53 | €300,000 | €1,000,000 | +€700,000 | +233% |
| Cash at bank and in hand | 54/58 | €65,376 | €321,209 | +€255,834 | +391% |
| Deferred charges and accrued income | 490/1 | €2,829 | €2,932 | +€102 | +3.6% |
| Total equity and liabilities | 10/49 | €1,293,412 | €1,476,420 | +€183,008 | +14.1% |
| Equity | 10/15 | €1,069,047 | €1,309,136 | +€240,090 | +22.5% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €793,850 | €1,033,900 | +€240,050 | +30.2% |
| Distributable reserves | 133 | €793,850 | €1,033,900 | +€240,050 | +30.2% |
| Profit (loss) carried forward | 14 | €197 | €236 | +€40 | +20.1% |
| Amounts payable | 17/49 | €224,365 | €167,283 | -€57,082 | -25.4% |
| Amounts payable after more than one year | 17 | €133,107 | €12,000 | -€121,107 | -91.0% |
| Financial debts | 170/4 | €49,107 | - | -€49,107 | |
| Other amounts payable | 178/9 | €84,000 | €12,000 | -€72,000 | -85.7% |
| Amounts payable within one year | 42/48 | €91,259 | €155,283 | +€64,024 | +70.2% |
| Current portion of amounts payable after more than one year | 42 | €17,857 | - | -€17,857 | |
| Trade debts | 44 | - | €21,579 | +€21,579 | |
| Suppliers | 440/4 | - | €21,579 | +€21,579 | |
| Taxes, remuneration and social security | 45 | €17,434 | €79,009 | +€61,575 | +353% |
| Taxes | 450/3 | €17,434 | €79,009 | +€61,575 | +353% |
| Other amounts payable | 47/48 | €55,968 | €54,696 | -€1,272 | -2.3% |
| Non-recurring operating income | 76A | €120,474 | €158,174 | +€37,701 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,876 | €6,591 | -€3,285 | -33.3% |
| Other operating charges | 640/8 | €3,625 | €3,805 | +€180 | +5.0% |
| Gross operating margin | 9900 | €255,043 | €351,084 | +€96,041 | +37.7% |
| Operating profit (loss) | 9901 | €241,543 | €340,689 | +€99,146 | +41.0% |
| Financial income | 75/76B | €78,124 | €19,681 | -€58,443 | -74.8% |
| Recurring financial income | 75 | €78,124 | €19,681 | -€58,443 | -74.8% |
| Financial charges | 65/66B | €5,265 | €3,017 | -€2,248 | -42.7% |
| Recurring financial charges | 65 | €5,265 | €3,017 | -€2,248 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €314,401 | €357,353 | +€42,952 | +13.7% |
| Income taxes | 67/77 | €57,890 | €117,263 | +€59,374 | +103% |
| Profit (loss) for the period | 9904 | €256,511 | €240,090 | -€16,422 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €256,511 | €240,090 | -€16,422 | -6.4% |
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 22 October 2026 via checked.be.