Martin's Group: what changed
What changed
Martin's Group
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€18,657
2024 · €14,879+€3,778
Equity
€218,560
2024 · €199,903+€18,657
Cash
€6,838
2024 · €25,744-€18,906
Balance sheet total
€424,549
2024 · €458,549-€34,000
Largest movements
Assets
- Tangible fixed assets -€33,945
down €33,945 (-18.5%), from €182,999 to €149,054
- Receivables within one year +€19,318
up €19,318 (+23.7%), from €81,625 to €100,943
of which Trade receivables: +€10,487
- Cash -€18,906
down €18,906 (-73.4%), from €25,744 to €6,838
mainly Debts after one year (-€40,526) and Receivables within one year (-€19,318)
Equity and liabilities
- Debts after one year -€40,526
down €40,526 (-24.3%), from €166,491 to €125,966
- Reserves +€18,657
up €18,657 (+40.3%), from €46,255 to €64,912
of which Distributable reserves: +€17,635
- Trade debts -€10,848
down €10,848 (-58.2%), from €18,631 to €7,783
- Current portion of long-term debt +€9,194
up €9,194 (+23.7%), from €38,826 to €48,021
- Tax, wage and social debts -€6,572
down €6,572 (-23.7%), from €27,708 to €21,136
of which Taxes: -€10,572
Income statement
- Gross operating margin +€4,800
up €4,800 (+7.0%), from €68,264 to €73,064
- Taxes +€994
up €994 (+16.1%), from €6,185 to €7,179
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€14,879
Gross operating margin
+€4,800
Depreciation
-€10
Other operating charges
-€436
Financial income
-€10
Financial charges
+€428
Taxes
-€994
Result 2025
€18,657
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€12,425
Investment
€0
Financing
-€31,331
Cash 2024
€25,744
From operations (derived)
+€12,425
Net result for the year
+€18,657
Depreciation
+€33,945
Stocks and contracts
+€314
Receivables within one year
-€19,318
Deferred charges and accrued income
+€153
Trade debts
-€10,848
Tax, wage and social debts
-€6,572
Other debts
-€3,918
Accrued charges and deferred income
+€13
Financing
-€31,331
Debts after one year
-€40,526
Current portion of long-term debt
+€9,194
Cash 2025
€6,838
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €458,549 | €424,549 | -€34,000 | -7.4% |
| Fixed assets | 21/28 | €341,337 | €307,392 | -€33,945 | -9.9% |
| Tangible fixed assets | 22/27 | €182,999 | €149,054 | -€33,945 | -18.5% |
| Land and buildings | 22 | €107,107 | €101,708 | -€5,399 | -5.0% |
| Plant, machinery and equipment | 23 | €57,423 | €42,469 | -€14,955 | -26.0% |
| Furniture and vehicles | 24 | €18,469 | €4,878 | -€13,591 | -73.6% |
| Financial fixed assets | 28 | €158,338 | €158,338 | = | 0.0% |
| Current assets | 29/58 | €117,212 | €117,157 | -€55 | 0.0% |
| Stocks and contracts in progress | 3 | €7,854 | €7,540 | -€314 | -4.0% |
| Stocks | 30/36 | €7,854 | €7,540 | -€314 | -4.0% |
| Amounts receivable within one year | 40/41 | €81,625 | €100,943 | +€19,318 | +23.7% |
| Trade receivables | 40 | €78,125 | €88,613 | +€10,487 | +13.4% |
| Other amounts receivable | 41 | €3,500 | €12,330 | +€8,830 | +252% |
| Cash at bank and in hand | 54/58 | €25,744 | €6,838 | -€18,906 | -73.4% |
| Deferred charges and accrued income | 490/1 | €1,988 | €1,835 | -€153 | -7.7% |
| Total equity and liabilities | 10/49 | €458,549 | €424,549 | -€34,000 | -7.4% |
| Equity | 10/15 | €199,903 | €218,560 | +€18,657 | +9.3% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €84,312 | -€39,688 | -32.0% |
| Issued capital | 100 | €124,000 | €84,312 | -€39,688 | -32.0% |
| Contributions outside capital | 11 | - | €39,688 | +€39,688 | |
| Share premium | 1100/10 | - | €39,688 | +€39,688 | |
| Reserves | 13 | €46,255 | €64,912 | +€18,657 | +40.3% |
| Non-distributable reserves | 130/1 | €7,755 | €8,777 | +€1,022 | +13.2% |
| Legal reserve | 130 | €7,755 | €8,777 | +€1,022 | +13.2% |
| Distributable reserves | 133 | €38,500 | €56,135 | +€17,635 | +45.8% |
| Profit (loss) carried forward | 14 | €29,648 | €29,648 | +€0 | 0.0% |
| Amounts payable | 17/49 | €258,646 | €205,989 | -€52,657 | -20.4% |
| Amounts payable after more than one year | 17 | €166,491 | €125,966 | -€40,526 | -24.3% |
| Financial debts | 170/4 | €166,491 | €125,966 | -€40,526 | -24.3% |
| Amounts payable within one year | 42/48 | €92,143 | €79,999 | -€12,144 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €38,826 | €48,021 | +€9,194 | +23.7% |
| Trade debts | 44 | €18,631 | €7,783 | -€10,848 | -58.2% |
| Suppliers | 440/4 | €18,631 | €7,783 | -€10,848 | -58.2% |
| Taxes, remuneration and social security | 45 | €27,708 | €21,136 | -€6,572 | -23.7% |
| Taxes | 450/3 | €27,708 | €17,136 | -€10,572 | -38.2% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €6,978 | €3,059 | -€3,918 | -56.2% |
| Accrued charges and deferred income | 492/3 | €12 | €25 | +€13 | +107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,935 | €33,945 | +€10 | 0.0% |
| Other operating charges | 640/8 | €3,610 | €4,046 | +€436 | +12.1% |
| Gross operating margin | 9900 | €68,264 | €73,064 | +€4,800 | +7.0% |
| Operating profit (loss) | 9901 | €30,718 | €35,072 | +€4,354 | +14.2% |
| Financial income | 75/76B | €10 | €1 | -€10 | -95.0% |
| Recurring financial income | 75 | €10 | €1 | -€10 | -95.0% |
| Financial charges | 65/66B | €9,664 | €9,236 | -€428 | -4.4% |
| Recurring financial charges | 65 | €9,664 | €9,236 | -€428 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €21,064 | €25,837 | +€4,772 | +22.7% |
| Income taxes | 67/77 | €6,185 | €7,179 | +€994 | +16.1% |
| Profit (loss) for the period | 9904 | €14,879 | €18,657 | +€3,778 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,879 | €18,657 | +€3,778 | +25.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.