MARTINADF: 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.
MARTINADF
Largest movements
- Cash +€12,704
up €12,704 (+47.3%), from €26,866 to €39,571
mainly Net result for the year (+€26,190) and Depreciation (+€1,112)
- Tangible fixed assets +€9,854
up €9,854 (+723.6%), from €1,362 to €11,216
of which Other tangible fixed assets: +€7,647
- Receivables within one year +€3,135
up €3,135 (+1207.3%), from €260 to €3,395
- Deferred charges and accrued income +€904
up €904 (+14.4%), from €6,264 to €7,168
- Profit (loss) carried forward +€26,190
up €26,190 (+82.4%), from €31,778 to €57,968
- Tax, wage and social debts -€973
no longer reported in 2025 (was €973)
- Current portion of long-term debt +€917
new in 2025: €917
- Gross operating margin -€10,098
down €10,098 (-21.1%), from €47,802 to €37,704
- Depreciation -€2,623
down €2,623 (-70.2%), from €3,735 to €1,112
- Taxes -€1,959
down €1,959 (-17.1%), from €11,473 to €9,514
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 | €34,751 | €61,350 | +€26,598 | +76.5% |
| Fixed assets | 21/28 | €1,362 | €11,216 | +€9,854 | +723.6% |
| Tangible fixed assets | 22/27 | €1,362 | €11,216 | +€9,854 | +723.6% |
| Furniture and vehicles | 24 | €1,362 | €3,569 | +€2,207 | +162.0% |
| Other tangible fixed assets | 26 | - | €7,647 | +€7,647 | |
| Current assets | 29/58 | €33,390 | €50,134 | +€16,744 | +50.1% |
| Amounts receivable within one year | 40/41 | €260 | €3,395 | +€3,135 | +1207.3% |
| Other amounts receivable | 41 | €260 | €3,395 | +€3,135 | +1207.3% |
| Cash at bank and in hand | 54/58 | €26,866 | €39,571 | +€12,704 | +47.3% |
| Deferred charges and accrued income | 490/1 | €6,264 | €7,168 | +€904 | +14.4% |
| Total equity and liabilities | 10/49 | €34,751 | €61,350 | +€26,598 | +76.5% |
| Equity | 10/15 | €33,778 | €59,968 | +€26,190 | +77.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,778 | €57,968 | +€26,190 | +82.4% |
| Amounts payable | 17/49 | €973 | €1,382 | +€409 | +42.0% |
| Amounts payable within one year | 42/48 | €973 | €1,382 | +€409 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | - | €917 | +€917 | |
| Trade debts | 44 | - | €465 | +€465 | |
| Suppliers | 440/4 | - | €465 | +€465 | |
| Taxes, remuneration and social security | 45 | €973 | - | -€973 | |
| Taxes | 450/3 | €973 | - | -€973 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,735 | €1,112 | -€2,623 | -70.2% |
| Other operating charges | 640/8 | €580 | €637 | +€57 | +9.9% |
| Gross operating margin | 9900 | €47,802 | €37,704 | -€10,098 | -21.1% |
| Operating profit (loss) | 9901 | €43,488 | €35,955 | -€7,533 | -17.3% |
| Financial income | 75/76B | €0 | €59 | +€59 | +27881.0% |
| Recurring financial income | 75 | €0 | €59 | +€59 | +27881.0% |
| Financial charges | 65/66B | €237 | €311 | +€74 | +31.1% |
| Recurring financial charges | 65 | €237 | €311 | +€74 | +31.1% |
| Profit (loss) for the period before taxes | 9903 | €43,251 | €35,703 | -€7,548 | -17.5% |
| Income taxes | 67/77 | €11,473 | €9,514 | -€1,959 | -17.1% |
| Profit (loss) for the period | 9904 | €31,778 | €26,190 | -€5,589 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,778 | €26,190 | -€5,589 | -17.6% |
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 9 October 2026 via checked.be.