MARTIBEL: 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.
MARTIBEL
Largest movements
- Tangible fixed assets -€17,354
down €17,354 (-30.2%), from €57,463 to €40,110
- Receivables within one year +€9,959
up €9,959 (+36.2%), from €27,535 to €37,494
of which Trade receivables: +€12,321
- Stocks and contracts -€9,042
down €9,042 (-4.6%), from €196,127 to €187,085
- Cash +€4,534
up €4,534 (+119%), from €3,812 to €8,346
mainly Depreciation (+€17,354) and Trade debts (+€16,762)
- Short-term financial debts -€30,076
no longer reported in 2025 (was €30,076)
- Trade debts +€16,762
up €16,762 (+38.9%), from €43,079 to €59,841
- Advances received +€10,600
new in 2025: €10,600
- Debts after one year -€8,843
down €8,843 (-9.2%), from €96,176 to €87,334
- Staff costs -€31,398
down €31,398 (-13.4%), from €234,097 to €202,699
- Gross operating margin -€8,411
down €8,411 (-3.5%), from €241,534 to €233,122
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 | €311,110 | €300,875 | -€10,234 | -3.3% |
| Fixed assets | 21/28 | €74,046 | €56,692 | -€17,354 | -23.4% |
| Tangible fixed assets | 22/27 | €57,463 | €40,110 | -€17,354 | -30.2% |
| Land and buildings | 22 | €11,205 | €11,205 | = | 0.0% |
| Plant, machinery and equipment | 23 | €14,741 | €7,350 | -€7,391 | -50.1% |
| Furniture and vehicles | 24 | €18,629 | €9,956 | -€8,673 | -46.6% |
| Other tangible fixed assets | 26 | €12,887 | €11,598 | -€1,289 | -10.0% |
| Financial fixed assets | 28 | €16,583 | €16,583 | = | 0.0% |
| Current assets | 29/58 | €237,064 | €244,183 | +€7,119 | +3.0% |
| Stocks and contracts in progress | 3 | €196,127 | €187,085 | -€9,042 | -4.6% |
| Stocks | 30/36 | €196,127 | €187,085 | -€9,042 | -4.6% |
| Amounts receivable within one year | 40/41 | €27,535 | €37,494 | +€9,959 | +36.2% |
| Trade receivables | 40 | €18,522 | €30,844 | +€12,321 | +66.5% |
| Other amounts receivable | 41 | €9,013 | €6,650 | -€2,362 | -26.2% |
| Cash at bank and in hand | 54/58 | €3,812 | €8,346 | +€4,534 | +119% |
| Deferred charges and accrued income | 490/1 | €9,590 | €11,258 | +€1,668 | +17.4% |
| Total equity and liabilities | 10/49 | €311,110 | €300,875 | -€10,234 | -3.3% |
| Equity | 10/15 | €119,413 | €119,781 | +€368 | +0.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,913 | €37,281 | +€368 | +1.0% |
| Amounts payable | 17/49 | €191,697 | €181,095 | -€10,602 | -5.5% |
| Amounts payable after more than one year | 17 | €96,176 | €87,334 | -€8,843 | -9.2% |
| Financial debts | 170/4 | €96,176 | €87,334 | -€8,843 | -9.2% |
| Amounts payable within one year | 42/48 | €94,972 | €93,761 | -€1,211 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €8,749 | €8,843 | +€94 | +1.1% |
| Financial debts | 43 | €30,076 | - | -€30,076 | |
| Credit institutions | 430/8 | €30,076 | - | -€30,076 | |
| Trade debts | 44 | €43,079 | €59,841 | +€16,762 | +38.9% |
| Suppliers | 440/4 | €43,079 | €59,841 | +€16,762 | +38.9% |
| Advances received on contracts in progress | 46 | - | €10,600 | +€10,600 | |
| Taxes, remuneration and social security | 45 | €13,067 | €14,477 | +€1,410 | +10.8% |
| Taxes | 450/3 | - | €1,073 | +€1,073 | |
| Remuneration and social security | 454/9 | €13,067 | €13,404 | +€337 | +2.6% |
| Accrued charges and deferred income | 492/3 | €548 | - | -€548 | |
| Remuneration, social security and pensions | 62 | €234,097 | €202,699 | -€31,398 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,068 | €17,354 | +€1,286 | +8.0% |
| Other operating charges | 640/8 | €7,496 | €7,741 | +€245 | +3.3% |
| Gross operating margin | 9900 | €241,534 | €233,122 | -€8,411 | -3.5% |
| Operating profit (loss) | 9901 | -€16,128 | €5,329 | +€21,456 | |
| Financial income | 75/76B | €1,414 | €256 | -€1,158 | -81.9% |
| Recurring financial income | 75 | €1,408 | €101 | -€1,307 | -92.8% |
| Non-recurring financial income | 76B | €6 | €155 | +€149 | +2,439% |
| Financial charges | 65/66B | €2,962 | €5,217 | +€2,254 | +76.1% |
| Recurring financial charges | 65 | €2,962 | €5,217 | +€2,254 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,676 | €368 | +€18,044 | |
| Profit (loss) for the period | 9904 | -€17,676 | €368 | +€18,044 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,676 | €368 | +€18,044 |
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 21 October 2026 via checked.be.