MARTIN: 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.
MARTIN
Largest movements
- Cash -€391,479
down €391,479 (-69.9%), from €560,034 to €168,554
mainly Contributions, distributions and other (-€330,000) and Net result for the year (-€33,742)
- Receivables within one year +€19,001
up €19,001 (+9,500%), from €200 to €19,201
- Equity -€363,742
down €363,742 (-87.8%), from €414,235 to €50,492
- Trade debts -€12,087
down €12,087 (-79.8%), from €15,149 to €3,062
- Gross operating margin -€604,166
down €604,166, from €574,030 to -€30,136
- Taxes -€137,295
no longer reported in 2025 (was €137,295)
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 | €566,678 | €190,849 | -€375,829 | -66.3% |
| Fixed assets | 21/28 | €6,445 | €3,094 | -€3,350 | -52.0% |
| Tangible fixed assets | 22/27 | €6,445 | €3,094 | -€3,350 | -52.0% |
| Furniture and vehicles | 24 | €6,445 | €3,094 | -€3,350 | -52.0% |
| Current assets | 29/58 | €560,234 | €187,755 | -€372,479 | -66.5% |
| Amounts receivable within one year | 40/41 | €200 | €19,201 | +€19,001 | +9,500% |
| Other amounts receivable | 41 | €200 | €19,201 | +€19,001 | +9,500% |
| Cash at bank and in hand | 54/58 | €560,034 | €168,554 | -€391,479 | -69.9% |
| Total equity and liabilities | 10/49 | €566,678 | €190,849 | -€375,829 | -66.3% |
| Equity | 10/15 | €414,235 | €50,492 | -€363,742 | -87.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | - | -€61,500 | |
| Issued capital | 100 | €61,500 | - | -€61,500 | |
| Reserves | 13 | €452,735 | €418,992 | -€33,742 | -7.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | - | -€6,150 | |
| Reserves not available under the articles | 1311 | - | €6,150 | +€6,150 | |
| Distributable reserves | 133 | €446,585 | €412,842 | -€33,742 | -7.6% |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €100,000 | €430,000 | +€330,000 | +330% |
| Amounts payable | 17/49 | €152,444 | €140,357 | -€12,087 | -7.9% |
| Amounts payable within one year | 42/48 | €152,444 | €140,357 | -€12,087 | -7.9% |
| Trade debts | 44 | €15,149 | €3,062 | -€12,087 | -79.8% |
| Suppliers | 440/4 | €15,149 | €3,062 | -€12,087 | -79.8% |
| Taxes, remuneration and social security | 45 | €137,295 | €137,295 | = | 0.0% |
| Taxes | 450/3 | €137,295 | €137,295 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,605 | €3,350 | -€255 | -7.1% |
| Other operating charges | 640/8 | €4,287 | €512 | -€3,775 | -88.1% |
| Non-recurring operating charges | 66A | €36,790 | - | -€36,790 | |
| Gross operating margin | 9900 | €574,030 | -€30,136 | -€604,166 | |
| Operating profit (loss) | 9901 | €529,349 | -€33,998 | -€563,347 | |
| Financial income | 75/76B | €2 | €526 | +€524 | +26,316% |
| Recurring financial income | 75 | €2 | €526 | +€524 | +26,316% |
| Financial charges | 65/66B | €701 | €270 | -€431 | -61.5% |
| Recurring financial charges | 65 | €701 | €270 | -€431 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €528,650 | -€33,742 | -€562,392 | |
| Income taxes | 67/77 | €137,295 | - | -€137,295 | |
| Profit (loss) for the period | 9904 | €391,355 | -€33,742 | -€425,097 | |
| Profit (loss) for the period to be appropriated | 9905 | €391,355 | -€33,742 | -€425,097 |
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 18 October 2026 via checked.be.