MARTIN FRERES: 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 FRERES
Largest movements
- Cash -€2.3m
down €2.3m (-85.2%), from €2.7m to €405,585
mainly Accrued charges and deferred income (-€3.7m) and Investment in fixed assets (net) (-€2.2m)
- Receivables within one year +€410,141
up €410,141 (+13,031%), from €3,147 to €413,288
of which Other amounts receivable: +€375,110
- Tangible fixed assets -€375,342
down €375,342 (-5.3%), from €7.0m to €6.6m
of which Assets under construction and advance payments: -€5.8m
- Accrued charges and deferred income -€3.7m
down €3.7m (-90.3%), from €4.1m to €391,350
- Profit (loss) carried forward +€596,902
up €596,902, from -€135,780 to €461,121
- Advances received +€378,160
new in 2025: €378,160
- Tax, wage and social debts +€177,733
new in 2025: €177,733
- Trade debts +€165,599
up €165,599 (+155%), from €107,056 to €272,655
- Gross operating margin +€3.7m
up €3.7m, from -€13,373 to €3.6m
- Depreciation +€2.5m
up €2.5m (+2,295%), from €109,387 to €2.6m
- Financial charges +€191,396
up €191,396 (+6,173%), from €3,101 to €194,497
- Taxes +€176,701
new in 2025: €176,701
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 | €9,772,231 | €7,468,427 | -€2.3m | -23.6% |
| Fixed assets | 21/28 | €7,023,358 | €6,648,016 | -€375,342 | -5.3% |
| Tangible fixed assets | 22/27 | €7,023,358 | €6,648,016 | -€375,342 | -5.3% |
| Land and buildings | 22 | €1,174,653 | €3,855,407 | +€2.7m | +228% |
| Furniture and vehicles | 24 | - | €11,350 | +€11,350 | |
| Other tangible fixed assets | 26 | - | €2,781,259 | +€2.8m | |
| Assets under construction and advance payments | 27 | €5,848,705 | €0 | -€5.8m | -100% |
| Current assets | 29/58 | €2,748,873 | €820,411 | -€1.9m | -70.2% |
| Amounts receivable within one year | 40/41 | €3,147 | €413,288 | +€410,141 | +13,031% |
| Trade receivables | 40 | - | €35,031 | +€35,031 | |
| Other amounts receivable | 41 | €3,147 | €378,257 | +€375,110 | +11,918% |
| Cash at bank and in hand | 54/58 | €2,744,252 | €405,585 | -€2.3m | -85.2% |
| Deferred charges and accrued income | 490/1 | €1,474 | €1,538 | +€64 | +4.3% |
| Total equity and liabilities | 10/49 | €9,772,231 | €7,468,427 | -€2.3m | -23.6% |
| Equity | 10/15 | -€35,780 | €585,391 | +€621,171 | |
| 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 | - | €24,270 | +€24,270 | |
| Non-distributable reserves | 130/1 | - | €24,270 | +€24,270 | |
| Legal reserve | 130 | - | €24,270 | +€24,270 | |
| Profit (loss) carried forward | 14 | -€135,780 | €461,121 | +€596,902 | |
| Amounts payable | 17/49 | €9,808,011 | €6,883,036 | -€2.9m | -29.8% |
| Amounts payable after more than one year | 17 | €5,597,087 | €5,503,940 | -€93,147 | -1.7% |
| Financial debts | 170/4 | €5,597,087 | €5,503,940 | -€93,147 | -1.7% |
| Amounts payable within one year | 42/48 | €159,969 | €987,747 | +€827,778 | +517% |
| Current portion of amounts payable after more than one year | 42 | €52,913 | €93,147 | +€40,233 | +76.0% |
| Trade debts | 44 | €107,056 | €272,655 | +€165,599 | +155% |
| Suppliers | 440/4 | €107,056 | €272,655 | +€165,599 | +155% |
| Advances received on contracts in progress | 46 | - | €378,160 | +€378,160 | |
| Taxes, remuneration and social security | 45 | - | €177,733 | +€177,733 | |
| Taxes | 450/3 | - | €177,733 | +€177,733 | |
| Other amounts payable | 47/48 | - | €66,051 | +€66,051 | |
| Accrued charges and deferred income | 492/3 | €4,050,955 | €391,350 | -€3.7m | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,387 | €2,620,322 | +€2.5m | +2,295% |
| Other operating charges | 640/8 | €9,920 | €26,924 | +€17,005 | +171% |
| Gross operating margin | 9900 | -€13,373 | €3,639,615 | +€3.7m | |
| Operating profit (loss) | 9901 | -€132,680 | €992,369 | +€1.1m | |
| Financial income | 75/76B | €0 | €0 | +€0 | +200% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +200% |
| Financial charges | 65/66B | €3,101 | €194,497 | +€191,396 | +6,173% |
| Recurring financial charges | 65 | €3,101 | €194,497 | +€191,396 | +6,173% |
| Profit (loss) for the period before taxes | 9903 | -€135,780 | €797,872 | +€933,652 | |
| Income taxes | 67/77 | - | €176,701 | +€176,701 | |
| Profit (loss) for the period | 9904 | -€135,780 | €621,171 | +€756,951 | |
| Profit (loss) for the period to be appropriated | 9905 | -€135,780 | €621,171 | +€756,951 |
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 31 October 2026 via checked.be.