Marthur: 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.
Marthur
Largest movements
- Cash -€53,116
down €53,116 (-30.2%), from €175,990 to €122,874
mainly Contributions, distributions and other (-€71,000) and Debts after one year (-€46,250)
- Tangible fixed assets -€18,248
down €18,248 (-12.9%), from €141,536 to €123,288
of which Land and buildings: -€11,664
- Receivables within one year +€10,710
up €10,710 (+174.8%), from €6,126 to €16,836
of which Trade receivables: +€5,536
- Intangible fixed assets -€10,000
down €10,000 (-33.3%), from €30,000 to €20,000
- Stocks and contracts +€9,285
up €9,285 (+3.9%), from €235,842 to €245,127
- Debts after one year -€46,250
down €46,250 (-29.5%), from €156,663 to €110,413
- Profit (loss) carried forward -€37,643
down €37,643 (-18.8%), from €200,377 to €162,735
- Trade debts -€30,871
down €30,871 (-74.2%), from €41,605 to €10,734
- Other debts +€29,894
up €29,894 (+122.6%), from €24,391 to €54,285
- Advances received +€15,426
up €15,426 (+87.1%), from €17,706 to €33,132
- Gross operating margin -€22,573
down €22,573 (-11.2%), from €201,984 to €179,412
- Staff costs +€9,979
up €9,979 (+11.9%), from €83,564 to €93,542
- Taxes -€6,802
down €6,802 (-42.1%), from €16,158 to €9,356
- Depreciation +€2,114
up €2,114 (+6.6%), from €31,798 to €33,912
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €595,196 | €533,461 | -€61,734 | -10.4% |
| Fixed assets | 21/28 | €174,206 | €145,958 | -€28,248 | -16.2% |
| Intangible fixed assets | 21 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Tangible fixed assets | 22/27 | €141,536 | €123,288 | -€18,248 | -12.9% |
| Land and buildings | 22 | €90,227 | €78,563 | -€11,664 | -12.9% |
| Furniture and vehicles | 24 | €51,308 | €44,725 | -€6,583 | -12.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €2,670 | €2,670 | = | 0.0% |
| Current assets | 29/58 | €420,990 | €387,503 | -€33,487 | -8.0% |
| Stocks and contracts in progress | 3 | €235,842 | €245,127 | +€9,285 | +3.9% |
| Stocks | 30/36 | €235,842 | €245,127 | +€9,285 | +3.9% |
| Amounts receivable within one year | 40/41 | €6,126 | €16,836 | +€10,710 | +174.8% |
| Trade receivables | 40 | €5,284 | €10,820 | +€5,536 | +104.8% |
| Other amounts receivable | 41 | €842 | €6,016 | +€5,174 | +614.9% |
| Cash at bank and in hand | 54/58 | €175,990 | €122,874 | -€53,116 | -30.2% |
| Deferred charges and accrued income | 490/1 | €3,032 | €2,667 | -€365 | -12.0% |
| Total equity and liabilities | 10/49 | €595,196 | €533,461 | -€61,734 | -10.4% |
| Equity | 10/15 | €294,965 | €257,323 | -€37,643 | -12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,988 | €75,988 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | €0 | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €75,988 | €74,128 | -€1,860 | -2.4% |
| Profit (loss) carried forward | 14 | €200,377 | €162,735 | -€37,643 | -18.8% |
| Amounts payable | 17/49 | €300,230 | €276,138 | -€24,092 | -8.0% |
| Amounts payable after more than one year | 17 | €156,663 | €110,413 | -€46,250 | -29.5% |
| Financial debts | 170/4 | €156,663 | €110,413 | -€46,250 | -29.5% |
| Amounts payable within one year | 42/48 | €143,567 | €165,725 | +€22,158 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €47,134 | €46,250 | -€884 | -1.9% |
| Trade debts | 44 | €41,605 | €10,734 | -€30,871 | -74.2% |
| Suppliers | 440/4 | €41,605 | €10,734 | -€30,871 | -74.2% |
| Advances received on contracts in progress | 46 | €17,706 | €33,132 | +€15,426 | +87.1% |
| Taxes, remuneration and social security | 45 | €12,732 | €21,325 | +€8,593 | +67.5% |
| Taxes | 450/3 | €12,732 | €21,325 | +€8,593 | +67.5% |
| Other amounts payable | 47/48 | €24,391 | €54,285 | +€29,894 | +122.6% |
| Remuneration, social security and pensions | 62 | €83,564 | €93,542 | +€9,979 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,798 | €33,912 | +€2,114 | +6.6% |
| Other operating charges | 640/8 | €1,886 | €3,281 | +€1,395 | +74.0% |
| Gross operating margin | 9900 | €201,984 | €179,412 | -€22,573 | -11.2% |
| Operating profit (loss) | 9901 | €84,736 | €48,676 | -€36,060 | -42.6% |
| Financial income | 75/76B | €14 | €11 | -€3 | -22.2% |
| Recurring financial income | 75 | €14 | €11 | -€3 | -22.2% |
| Financial charges | 65/66B | €5,927 | €5,973 | +€46 | +0.8% |
| Recurring financial charges | 65 | €5,927 | €5,973 | +€46 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €78,823 | €42,714 | -€36,110 | -45.8% |
| Income taxes | 67/77 | €16,158 | €9,356 | -€6,802 | -42.1% |
| Profit (loss) for the period | 9904 | €62,665 | €33,357 | -€29,307 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,665 | €33,357 | -€29,307 | -46.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.