MARTHICARS: what changed
What changed
MARTHICARS
NACE 52.210, Service activities incidental to land transportation
filed annual accounts (NBB)
Net result for the year
€156,035
2024 · -€182,921+€338,955
Equity
€118,679
2024 · -€37,355+€156,035
Cash
€17,943
2024 · €3,743+€14,200
Balance sheet total
€1.4m
2024 · €1.4m-€12,732
Largest movements
Assets
- Receivables within one year +€223,628
up €223,628 (+78.1%), from €286,390 to €510,018
of which Other amounts receivable: +€177,718
- Receivables after one year -€130,070
no longer reported in 2025 (was €130,070)
- Tangible fixed assets -€74,203
down €74,203 (-12.0%), from €618,366 to €544,163
of which Leasing and similar rights: -€39,239
- Deferred charges and accrued income -€29,246
down €29,246 (-75.0%), from €38,979 to €9,733
- Cash +€14,200
up €14,200 (+379%), from €3,743 to €17,943
mainly Debts after one year (+€270,876) and Net result for the year (+€156,035)
Equity and liabilities
- Debts after one year +€270,876
up €270,876 (+65.7%), from €412,079 to €682,955
of which Financial debts: +€159,648
- Trade debts -€243,710
down €243,710 (-54.7%), from €445,676 to €201,966
- Tax, wage and social debts -€196,422
down €196,422 (-51.8%), from €378,853 to €182,432
of which Taxes: -€103,639
- Reserves +€159,176
new in 2025: €159,176
- Short-term financial debts +€22,705
up €22,705 (+29.4%), from €77,295 to €100,000
Income statement
- Staff costs -€234,702
down €234,702 (-53.2%), from €441,286 to €206,584
- Gross operating margin +€52,207
up €52,207 (+10.9%), from €480,255 to €532,461
- Financial charges -€23,482
down €23,482 (-32.5%), from €72,165 to €48,683
of which Financial charges: -€23,799
- Write-downs -€16,563
down €16,563, from €11,578 to -€4,986
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€182,921
Gross operating margin
+€52,207
Staff costs
+€234,702
Depreciation
+€888
Write-downs
+€16,563
Other operating charges
+€1,158
Other operating items
+€11,160
Financial income
-€1,205
Financial charges
+€23,482
Result 2025
€156,035
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€235,894
Investment
-€26,511
Financing
+€276,606
Cash 2024
€3,743
From operations (derived)
-€235,894
Net result for the year
+€156,035
Depreciation
+€108,699
Receivables after one year
+€130,070
Stocks and contracts
+€9,056
Receivables within one year
-€223,628
Deferred charges and accrued income
+€29,246
Trade debts
-€243,710
Tax, wage and social debts
-€196,422
Other debts
-€8,338
Accrued charges and deferred income
+€3,098
Investment (derived)
-€26,511
Investment in fixed assets (net)
-€26,511
Financing
+€276,606
Debts after one year
+€270,876
Current portion of long-term debt
-€16,976
Short-term financial debts
+€22,705
Cash 2025
€17,943
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,373,362 | €1,360,630 | -€12,732 | -0.9% |
| Fixed assets | 21/28 | €656,296 | €574,108 | -€82,188 | -12.5% |
| Intangible fixed assets | 21 | €37,930 | €29,945 | -€7,985 | -21.1% |
| Tangible fixed assets | 22/27 | €618,366 | €544,163 | -€74,203 | -12.0% |
| Land and buildings | 22 | €429,035 | €411,701 | -€17,333 | -4.0% |
| Plant, machinery and equipment | 23 | €25,105 | €28,950 | +€3,845 | +15.3% |
| Furniture and vehicles | 24 | €48,988 | €32,602 | -€16,385 | -33.4% |
| Leasing and similar rights | 25 | €87,766 | €48,527 | -€39,239 | -44.7% |
| Other tangible fixed assets | 26 | €27,473 | €22,382 | -€5,090 | -18.5% |
| Current assets | 29/58 | €717,066 | €786,522 | +€69,456 | +9.7% |
| Amounts receivable after more than one year | 29 | €130,070 | - | -€130,070 | |
| Other amounts receivable | 291 | €130,070 | - | -€130,070 | |
| Stocks and contracts in progress | 3 | €257,884 | €248,828 | -€9,056 | -3.5% |
| Stocks | 30/36 | €257,884 | €248,828 | -€9,056 | -3.5% |
| Amounts receivable within one year | 40/41 | €286,390 | €510,018 | +€223,628 | +78.1% |
| Trade receivables | 40 | €276,072 | €321,981 | +€45,910 | +16.6% |
| Other amounts receivable | 41 | €10,319 | €188,037 | +€177,718 | +1,722% |
| Cash at bank and in hand | 54/58 | €3,743 | €17,943 | +€14,200 | +379% |
| Deferred charges and accrued income | 490/1 | €38,979 | €9,733 | -€29,246 | -75.0% |
| Total equity and liabilities | 10/49 | €1,373,362 | €1,360,630 | -€12,732 | -0.9% |
| Equity | 10/15 | -€37,355 | €118,679 | +€156,035 | |
| Contributions | 10/11 | €209,304 | €209,304 | = | 0.0% |
| Reserves | 13 | - | €159,176 | +€159,176 | |
| Tax-exempt reserves | 132 | - | €159,176 | +€159,176 | |
| Profit (loss) carried forward | 14 | -€246,659 | -€249,801 | -€3,141 | -1.3% |
| Amounts payable | 17/49 | €1,410,718 | €1,241,951 | -€168,767 | -12.0% |
| Amounts payable after more than one year | 17 | €412,079 | €682,955 | +€270,876 | +65.7% |
| Financial debts | 170/4 | €351,660 | €511,308 | +€159,648 | +45.4% |
| Trade debts | 175 | €60,419 | €171,648 | +€111,229 | +184% |
| Amounts payable within one year | 42/48 | €996,059 | €553,318 | -€442,741 | -44.4% |
| Current portion of amounts payable after more than one year | 42 | €83,928 | €66,953 | -€16,976 | -20.2% |
| Financial debts | 43 | €77,295 | €100,000 | +€22,705 | +29.4% |
| Credit institutions | 430/8 | €77,295 | €100,000 | +€22,705 | +29.4% |
| Trade debts | 44 | €445,676 | €201,966 | -€243,710 | -54.7% |
| Suppliers | 440/4 | €445,676 | €201,966 | -€243,710 | -54.7% |
| Taxes, remuneration and social security | 45 | €378,853 | €182,432 | -€196,422 | -51.8% |
| Taxes | 450/3 | €210,105 | €106,466 | -€103,639 | -49.3% |
| Remuneration and social security | 454/9 | €168,749 | €75,966 | -€92,783 | -55.0% |
| Other amounts payable | 47/48 | €10,306 | €1,968 | -€8,338 | -80.9% |
| Accrued charges and deferred income | 492/3 | €2,580 | €5,678 | +€3,098 | +120% |
| Non-recurring operating income | 76A | - | €183,978 | +€183,978 | |
| Remuneration, social security and pensions | 62 | €441,286 | €206,584 | -€234,702 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,588 | €108,699 | -€888 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,578 | -€4,986 | -€16,563 | |
| Other operating charges | 640/8 | €16,517 | €15,359 | -€1,158 | -7.0% |
| Non-recurring operating charges | 66A | €16,548 | €5,388 | -€11,160 | -67.4% |
| Gross operating margin | 9900 | €480,255 | €532,461 | +€52,207 | +10.9% |
| Operating profit (loss) | 9901 | -€115,262 | €201,416 | +€316,678 | |
| Financial income | 75/76B | €4,506 | €3,302 | -€1,205 | -26.7% |
| Recurring financial income | 75 | €4,506 | €3,302 | -€1,205 | -26.7% |
| Financial charges | 65/66B | €72,165 | €48,683 | -€23,482 | -32.5% |
| Recurring financial charges | 65 | €72,141 | €48,342 | -€23,799 | -33.0% |
| Non-recurring financial charges | 66B | €24 | €341 | +€317 | +1,321% |
| Profit (loss) for the period before taxes | 9903 | -€182,921 | €156,035 | +€338,955 | |
| Profit (loss) for the period | 9904 | -€182,921 | €156,035 | +€338,955 | |
| Transfer to tax-exempt reserves | 689 | - | €159,176 | +€159,176 | |
| Profit (loss) for the period to be appropriated | 9905 | -€182,921 | -€3,141 | +€179,780 | +98.3% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.