MARTIMA: 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.
MARTIMA
Largest movements
- Stocks and contracts -€47,259
down €47,259 (-5.5%), from €862,749 to €815,490
- Cash +€35,837
up €35,837 (+76.6%), from €46,775 to €82,612
mainly Stocks and contracts (+€47,259) and Depreciation (+€15,822)
- Profit (loss) carried forward -€30,282
down €30,282 (-46.7%), from €64,901 to €34,619
- Gross operating margin -€2,113
down €2,113 (-30.0%), from -€7,045 to -€9,158
- Financial charges +€148
up €148 (+18.1%), from €816 to €964
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 | €2,155,709 | €2,128,966 | -€26,743 | -1.2% |
| Fixed assets | 21/28 | €135,315 | €119,493 | -€15,822 | -11.7% |
| Tangible fixed assets | 22/27 | €135,315 | €119,493 | -€15,822 | -11.7% |
| Land and buildings | 22 | €135,315 | €119,493 | -€15,822 | -11.7% |
| Current assets | 29/58 | €2,020,394 | €2,009,473 | -€10,921 | -0.5% |
| Stocks and contracts in progress | 3 | €862,749 | €815,490 | -€47,259 | -5.5% |
| Stocks | 30/36 | €862,749 | €815,490 | -€47,259 | -5.5% |
| Amounts receivable within one year | 40/41 | €1,110,871 | €1,111,371 | +€500 | 0.0% |
| Trade receivables | 40 | - | €56,937 | +€56,937 | |
| Other amounts receivable | 41 | €1,110,871 | €1,054,434 | -€56,437 | -5.1% |
| Cash at bank and in hand | 54/58 | €46,775 | €82,612 | +€35,837 | +76.6% |
| Total equity and liabilities | 10/49 | €2,155,709 | €2,128,966 | -€26,743 | -1.2% |
| Equity | 10/15 | €174,901 | €144,619 | -€30,282 | -17.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,901 | €34,619 | -€30,282 | -46.7% |
| Amounts payable | 17/49 | €1,980,808 | €1,984,347 | +€3,539 | +0.2% |
| Amounts payable within one year | 42/48 | €1,980,772 | €1,984,311 | +€3,539 | +0.2% |
| Trade debts | 44 | €96,027 | €97,076 | +€1,049 | +1.1% |
| Suppliers | 440/4 | €96,027 | €97,076 | +€1,049 | +1.1% |
| Other amounts payable | 47/48 | €1,884,745 | €1,887,235 | +€2,490 | +0.1% |
| Accrued charges and deferred income | 492/3 | €36 | €36 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,822 | €15,822 | = | 0.0% |
| Other operating charges | 640/8 | €4,255 | €4,344 | +€89 | +2.1% |
| Gross operating margin | 9900 | -€7,045 | -€9,158 | -€2,113 | -30.0% |
| Operating profit (loss) | 9901 | -€27,122 | -€29,324 | -€2,202 | -8.1% |
| Financial income | 75/76B | €6 | €5 | -€0 | -7.0% |
| Recurring financial income | 75 | €6 | €5 | -€0 | -7.0% |
| Financial charges | 65/66B | €816 | €964 | +€148 | +18.1% |
| Recurring financial charges | 65 | €816 | €964 | +€148 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | -€27,932 | -€30,282 | -€2,350 | -8.4% |
| Profit (loss) for the period | 9904 | -€27,932 | -€30,282 | -€2,350 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,932 | -€30,282 | -€2,350 | -8.4% |
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 28 September 2026 via checked.be.