MARTIN CONSTRUCT: 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.
MARTIN CONSTRUCT
Largest movements
- Receivables after one year +€160,000
new in 2025: €160,000
- Receivables within one year -€144,268
down €144,268 (-97.9%), from €147,408 to €3,139
of which Other amounts receivable: -€121,870
- Tangible fixed assets +€67,847
up €67,847 (+223.3%), from €30,380 to €98,227
of which Furniture and vehicles: +€75,909
- Cash +€6,071
up €6,071 (+2335.2%), from €260 to €6,331
mainly Receivables within one year (+€144,268) and Debts after one year (+€47,046)
- Debts after one year +€47,046
up €47,046 (+158.4%), from €29,699 to €76,745
- Trade debts +€31,197
up €31,197 (+56.2%), from €55,510 to €86,706
- Current portion of long-term debt +€13,508
up €13,508 (+118.0%), from €11,444 to €24,952
- Accrued charges and deferred income -€4,188
down €4,188 (-29.5%), from €14,198 to €10,010
- Gross operating margin +€11,538
up €11,538 (+48.7%), from €23,710 to €35,248
- Financial income -€6,003
down €6,003 (-100.0%), from €6,004 to €1
- Depreciation +€3,896
up €3,896 (+23.7%), from €16,418 to €20,315
- Other operating charges +€3,281
up €3,281 (+77.2%), from €4,252 to €7,533
- Taxes +€2,734
up €2,734 (+73.9%), from €3,701 to €6,435
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 | €180,634 | €269,162 | +€88,528 | +49.0% |
| Fixed assets | 21/28 | €30,630 | €98,897 | +€68,267 | +222.9% |
| Tangible fixed assets | 22/27 | €30,380 | €98,227 | +€67,847 | +223.3% |
| Plant, machinery and equipment | 23 | €9,000 | €938 | -€8,062 | -89.6% |
| Furniture and vehicles | 24 | €21,380 | €97,289 | +€75,909 | +355.0% |
| Financial fixed assets | 28 | €250 | €670 | +€420 | +168.0% |
| Current assets | 29/58 | €150,004 | €170,265 | +€20,261 | +13.5% |
| Amounts receivable after more than one year | 29 | - | €160,000 | +€160,000 | |
| Other amounts receivable | 291 | - | €160,000 | +€160,000 | |
| Amounts receivable within one year | 40/41 | €147,408 | €3,139 | -€144,268 | -97.9% |
| Trade receivables | 40 | €22,399 | - | -€22,399 | |
| Other amounts receivable | 41 | €125,009 | €3,139 | -€121,870 | -97.5% |
| Cash at bank and in hand | 54/58 | €260 | €6,331 | +€6,071 | +2335.2% |
| Deferred charges and accrued income | 490/1 | €2,336 | €795 | -€1,542 | -66.0% |
| Total equity and liabilities | 10/49 | €180,634 | €269,162 | +€88,528 | +49.0% |
| Equity | 10/15 | €55,339 | €53,153 | -€2,185 | -3.9% |
| Contributions | 10/11 | €7,700 | €7,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,639 | €45,453 | -€2,185 | -4.6% |
| Provisions and deferred taxes | 16 | €5,000 | €5,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €5,000 | €5,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €120,295 | €211,009 | +€90,714 | +75.4% |
| Amounts payable after more than one year | 17 | €29,699 | €76,745 | +€47,046 | +158.4% |
| Financial debts | 170/4 | €29,699 | €76,745 | +€47,046 | +158.4% |
| Amounts payable within one year | 42/48 | €76,398 | €124,253 | +€47,855 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €11,444 | €24,952 | +€13,508 | +118.0% |
| Trade debts | 44 | €55,510 | €86,706 | +€31,197 | +56.2% |
| Suppliers | 440/4 | €55,510 | €86,706 | +€31,197 | +56.2% |
| Taxes, remuneration and social security | 45 | €9,445 | €10,136 | +€691 | +7.3% |
| Taxes | 450/3 | €9,445 | €10,136 | +€691 | +7.3% |
| Other amounts payable | 47/48 | - | €2,459 | +€2,459 | |
| Accrued charges and deferred income | 492/3 | €14,198 | €10,010 | -€4,188 | -29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,418 | €20,315 | +€3,896 | +23.7% |
| Other operating charges | 640/8 | €4,252 | €7,533 | +€3,281 | +77.2% |
| Gross operating margin | 9900 | €23,710 | €35,248 | +€11,538 | +48.7% |
| Operating profit (loss) | 9901 | €3,039 | €7,400 | +€4,361 | +143.5% |
| Financial income | 75/76B | €6,004 | €1 | -€6,003 | -100.0% |
| Recurring financial income | 75 | €6,004 | €1 | -€6,003 | -100.0% |
| Financial charges | 65/66B | €774 | €3,152 | +€2,379 | +307.5% |
| Recurring financial charges | 65 | €774 | €3,152 | +€2,379 | +307.5% |
| Profit (loss) for the period before taxes | 9903 | €8,270 | €4,249 | -€4,020 | -48.6% |
| Income taxes | 67/77 | €3,701 | €6,435 | +€2,734 | +73.9% |
| Profit (loss) for the period | 9904 | €4,569 | -€2,185 | -€6,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,569 | -€2,185 | -€6,754 |
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 7 October 2026 via checked.be.