MARTIN & VANDERMEULEN: what changed
MARTIN & VANDERMEULEN
Largest movements
- Cash +€25,358
up €25,358 (+135%), from €18,730 to €44,088
mainly Trade debts (+€24,832) and Net result for the year (+€19,854)
- Receivables within one year +€14,790
up €14,790 (+40.2%), from €36,792 to €51,582
of which Other amounts receivable: +€28,741
- Tangible fixed assets -€2,832
no longer reported in 2025 (was €2,832)
- Deferred charges and accrued income +€2,169
up €2,169 (+29.0%), from €7,489 to €9,658
- Trade debts +€24,832
up €24,832 (+2,604%), from €953 to €25,785
- Profit (loss) carried forward +€19,854
up €19,854 (+47.6%), from €41,720 to €61,574
- Current portion of long-term debt -€4,641
no longer reported in 2025 (was €4,641)
- Short-term financial debts +€3,952
new in 2025: €3,952
of which Credit institutions: +€2,255
- Other debts -€2,316
down €2,316 (-71.2%), from €3,253 to €938
- Depreciation -€4,680
down €4,680 (-62.3%), from €7,512 to €2,832
- Other operating charges -€2,162
down €2,162 (-64.3%), from €3,363 to €1,201
- Taxes +€798
up €798 (+10.3%), from €7,755 to €8,553
- Gross operating margin -€378
down €378 (-1.1%), from €34,226 to €33,847
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,843 | €105,328 | +€39,484 | +60.0% |
| Fixed assets | 21/28 | €2,832 | - | -€2,832 | |
| Tangible fixed assets | 22/27 | €2,832 | - | -€2,832 | |
| Furniture and vehicles | 24 | €2,832 | - | -€2,832 | |
| Current assets | 29/58 | €63,011 | €105,328 | +€42,317 | +67.2% |
| Amounts receivable within one year | 40/41 | €36,792 | €51,582 | +€14,790 | +40.2% |
| Trade receivables | 40 | €35,679 | €21,728 | -€13,950 | -39.1% |
| Other amounts receivable | 41 | €1,113 | €29,854 | +€28,741 | +2,583% |
| Cash at bank and in hand | 54/58 | €18,730 | €44,088 | +€25,358 | +135% |
| Deferred charges and accrued income | 490/1 | €7,489 | €9,658 | +€2,169 | +29.0% |
| Total equity and liabilities | 10/49 | €65,843 | €105,328 | +€39,484 | +60.0% |
| Equity | 10/15 | €48,491 | €68,345 | +€19,854 | +40.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €571 | €571 | = | 0.0% |
| Non-distributable reserves | 130/1 | €571 | €571 | = | 0.0% |
| Reserves not available under the articles | 1311 | €571 | €571 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,720 | €61,574 | +€19,854 | +47.6% |
| Amounts payable | 17/49 | €17,352 | €36,982 | +€19,630 | +113% |
| Amounts payable within one year | 42/48 | €16,545 | €36,982 | +€20,437 | +124% |
| Current portion of amounts payable after more than one year | 42 | €4,641 | - | -€4,641 | |
| Financial debts | 43 | - | €3,952 | +€3,952 | |
| Credit institutions | 430/8 | - | €2,255 | +€2,255 | |
| Other loans | 439 | - | €1,697 | +€1,697 | |
| Trade debts | 44 | €953 | €25,785 | +€24,832 | +2,604% |
| Suppliers | 440/4 | €953 | €25,785 | +€24,832 | +2,604% |
| Taxes, remuneration and social security | 45 | €7,698 | €6,308 | -€1,390 | -18.1% |
| Taxes | 450/3 | €7,698 | €6,308 | -€1,390 | -18.1% |
| Other amounts payable | 47/48 | €3,253 | €938 | -€2,316 | -71.2% |
| Accrued charges and deferred income | 492/3 | €807 | - | -€807 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,512 | €2,832 | -€4,680 | -62.3% |
| Other operating charges | 640/8 | €3,363 | €1,201 | -€2,162 | -64.3% |
| Non-recurring operating charges | 66A | - | €495 | +€495 | |
| Gross operating margin | 9900 | €34,226 | €33,847 | -€378 | -1.1% |
| Operating profit (loss) | 9901 | €23,351 | €29,319 | +€5,968 | +25.6% |
| Financial income | 75/76B | €34 | €62 | +€28 | +83.8% |
| Recurring financial income | 75 | €34 | €62 | +€28 | +83.8% |
| Financial charges | 65/66B | €1,275 | €974 | -€301 | -23.6% |
| Recurring financial charges | 65 | €1,275 | €974 | -€301 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €22,110 | €28,407 | +€6,297 | +28.5% |
| Income taxes | 67/77 | €7,755 | €8,553 | +€798 | +10.3% |
| Profit (loss) for the period | 9904 | €14,355 | €19,854 | +€5,499 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,355 | €19,854 | +€5,499 | +38.3% |
Next steps
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 5 November 2026 via checked.be.