MARTIN SAIVE: 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 SAIVE
Largest movements
- Financial fixed assets +€103,000
up €103,000 (+64,375%), from €160 to €103,160
- Receivables after one year -€103,000
no longer reported in 2025 (was €103,000)
- Receivables within one year +€35,166
up €35,166 (+50.2%), from €70,022 to €105,188
of which Trade receivables: +€35,110
- Tangible fixed assets -€10,093
down €10,093 (-6.2%), from €163,877 to €153,784
of which Land and buildings: -€8,894
- Cash +€8,624
up €8,624 (+57.5%), from €14,996 to €23,620
mainly Receivables after one year (+€103,000) and Other debts (+€55,272)
- Other debts +€55,272
up €55,272 (+146%), from €37,890 to €93,162
- Reserves -€29,500
down €29,500 (-19.5%), from €151,568 to €122,068
- Tax, wage and social debts +€15,086
up €15,086 (+146%), from €10,356 to €25,443
- Debts after one year -€9,164
down €9,164 (-11.9%), from €76,909 to €67,745
- Gross operating margin +€36,860
up €36,860 (+177%), from €20,830 to €57,691
- Taxes +€12,145
up €12,145 (+673%), from €1,804 to €13,949
- Financial charges +€1,904
up €1,904 (+75.5%), from €2,523 to €4,427
- Depreciation -€1,405
down €1,405 (-11.3%), from €12,481 to €11,076
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 | €358,295 | €391,378 | +€33,083 | +9.2% |
| Fixed assets | 21/28 | €164,037 | €256,944 | +€92,907 | +56.6% |
| Tangible fixed assets | 22/27 | €163,877 | €153,784 | -€10,093 | -6.2% |
| Land and buildings | 22 | €156,000 | €147,106 | -€8,894 | -5.7% |
| Furniture and vehicles | 24 | €2,550 | €2,122 | -€429 | -16.8% |
| Other tangible fixed assets | 26 | €5,326 | €4,556 | -€770 | -14.5% |
| Financial fixed assets | 28 | €160 | €103,160 | +€103,000 | +64,375% |
| Current assets | 29/58 | €194,258 | €134,434 | -€59,824 | -30.8% |
| Amounts receivable after more than one year | 29 | €103,000 | - | -€103,000 | |
| Trade receivables | 290 | €103,000 | - | -€103,000 | |
| Amounts receivable within one year | 40/41 | €70,022 | €105,188 | +€35,166 | +50.2% |
| Trade receivables | 40 | €57,930 | €93,040 | +€35,110 | +60.6% |
| Other amounts receivable | 41 | €12,092 | €12,148 | +€56 | +0.5% |
| Current investments | 50/53 | €5,000 | - | -€5,000 | |
| Cash at bank and in hand | 54/58 | €14,996 | €23,620 | +€8,624 | +57.5% |
| Deferred charges and accrued income | 490/1 | €1,240 | €5,627 | +€4,386 | +354% |
| Total equity and liabilities | 10/49 | €358,295 | €391,378 | +€33,083 | +9.2% |
| Equity | 10/15 | €216,609 | €187,503 | -€29,106 | -13.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €151,568 | €122,068 | -€29,500 | -19.5% |
| Distributable reserves | 133 | €151,568 | €122,068 | -€29,500 | -19.5% |
| Profit (loss) carried forward | 14 | €58,841 | €59,235 | +€394 | +0.7% |
| Amounts payable | 17/49 | €141,686 | €203,875 | +€62,189 | +43.9% |
| Amounts payable after more than one year | 17 | €76,909 | €67,745 | -€9,164 | -11.9% |
| Financial debts | 170/4 | €76,909 | €67,745 | -€9,164 | -11.9% |
| Amounts payable within one year | 42/48 | €64,777 | €136,130 | +€71,353 | +110% |
| Current portion of amounts payable after more than one year | 42 | €8,963 | €9,164 | +€201 | +2.2% |
| Trade debts | 44 | €7,567 | €4,861 | -€2,706 | -35.8% |
| Suppliers | 440/4 | €7,567 | €4,861 | -€2,706 | -35.8% |
| Advances received on contracts in progress | 46 | - | €3,500 | +€3,500 | |
| Taxes, remuneration and social security | 45 | €10,356 | €25,443 | +€15,086 | +146% |
| Taxes | 450/3 | €10,356 | €25,443 | +€15,086 | +146% |
| Other amounts payable | 47/48 | €37,890 | €93,162 | +€55,272 | +146% |
| Non-recurring operating income | 76A | - | €150 | +€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,481 | €11,076 | -€1,405 | -11.3% |
| Other operating charges | 640/8 | €2,620 | €2,346 | -€274 | -10.5% |
| Gross operating margin | 9900 | €20,830 | €57,691 | +€36,860 | +177% |
| Operating profit (loss) | 9901 | €5,729 | €44,269 | +€38,540 | +673% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,523 | €4,427 | +€1,904 | +75.5% |
| Recurring financial charges | 65 | €2,523 | €4,427 | +€1,904 | +75.5% |
| Profit (loss) for the period before taxes | 9903 | €3,206 | €39,843 | +€36,637 | +1,143% |
| Income taxes | 67/77 | €1,804 | €13,949 | +€12,145 | +673% |
| Profit (loss) for the period | 9904 | €1,402 | €25,894 | +€24,492 | +1,747% |
| Profit (loss) for the period to be appropriated | 9905 | €1,402 | €25,894 | +€24,492 | +1,747% |
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 26 October 2026 via checked.be.