Marthem: what changed
Two fiscal 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.
Marthem
Largest movements
- Cash +€25,310
up €25,310 (+32.0%), from €79,184 to €104,494
mainly Other debts (+€81,316) and Net result for the year (+€65,226)
- Receivables within one year +€7,250
up €7,250 (+80.6%), from €9,000 to €16,250
- Other debts +€81,316
up €81,316 (+30379.4%), from €268 to €81,584
- Profit (loss) carried forward -€53,374
down €53,374 (-77.6%), from €68,792 to €15,418
- Tax, wage and social debts +€6,711
up €6,711 (+33.2%), from €20,242 to €26,953
- Trade debts -€2,323
down €2,323 (-88.1%), from €2,636 to €313
- Gross operating margin +€58,152
up €58,152 (+209.6%), from €27,746 to €85,898
- Taxes +€11,642
up €11,642 (+218.6%), from €5,326 to €16,968
- Depreciation +€1,198
up €1,198 (+151.7%), from €789 to €1,987
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €96,019 | €128,362 | +€32,343 | +33.7% |
| Fixed assets | 21/28 | €5,025 | €4,784 | -€241 | -4.8% |
| Tangible fixed assets | 22/27 | €5,025 | €4,784 | -€241 | -4.8% |
| Furniture and vehicles | 24 | €5,025 | €4,784 | -€241 | -4.8% |
| Current assets | 29/58 | €90,994 | €123,578 | +€32,584 | +35.8% |
| Amounts receivable within one year | 40/41 | €9,000 | €16,250 | +€7,250 | +80.6% |
| Trade receivables | 40 | €9,000 | €16,250 | +€7,250 | +80.6% |
| Cash at bank and in hand | 54/58 | €79,184 | €104,494 | +€25,310 | +32.0% |
| Deferred charges and accrued income | 490/1 | €2,810 | €2,834 | +€24 | +0.9% |
| Total equity and liabilities | 10/49 | €96,019 | €128,362 | +€32,343 | +33.7% |
| Equity | 10/15 | €72,792 | €19,418 | -€53,374 | -73.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,792 | €15,418 | -€53,374 | -77.6% |
| Amounts payable | 17/49 | €23,227 | €108,944 | +€85,716 | +369.0% |
| Amounts payable within one year | 42/48 | €23,146 | €108,850 | +€85,705 | +370.3% |
| Trade debts | 44 | €2,636 | €313 | -€2,323 | -88.1% |
| Suppliers | 440/4 | €2,636 | €313 | -€2,323 | -88.1% |
| Taxes, remuneration and social security | 45 | €20,242 | €26,953 | +€6,711 | +33.2% |
| Taxes | 450/3 | €20,242 | €26,953 | +€6,711 | +33.2% |
| Other amounts payable | 47/48 | €268 | €81,584 | +€81,316 | +30379.4% |
| Accrued charges and deferred income | 492/3 | €82 | €93 | +€12 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €789 | €1,987 | +€1,198 | +151.7% |
| Other operating charges | 640/8 | €340 | €352 | +€11 | +3.4% |
| Gross operating margin | 9900 | €27,746 | €85,898 | +€58,152 | +209.6% |
| Operating profit (loss) | 9901 | €26,617 | €83,559 | +€56,943 | +213.9% |
| Financial charges | 65/66B | €1,886 | €1,365 | -€520 | -27.6% |
| Recurring financial charges | 65 | €1,886 | €1,365 | -€520 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €24,731 | €82,194 | +€57,463 | +232.4% |
| Income taxes | 67/77 | €5,326 | €16,968 | +€11,642 | +218.6% |
| Profit (loss) for the period | 9904 | €19,405 | €65,226 | +€45,821 | +236.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,405 | €65,226 | +€45,821 | +236.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.