MARTINE & Co: 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.
MARTINE & Co
Largest movements
- Receivables within one year +€29,141
up €29,141 (+439%), from €6,631 to €35,772
- Cash +€3,616
up €3,616 (+5.5%), from €65,302 to €68,918
mainly Debts after one year (+€70,779) and Net result for the year (+€16,024)
- Debts after one year +€70,779
up €70,779 (+30.0%), from €235,607 to €306,386
- Trade debts -€56,442
down €56,442 (-87.1%), from €64,775 to €8,333
- Profit (loss) carried forward +€16,024
up €16,024 (+9.5%), from -€169,012 to -€152,988
- Gross operating margin +€55,819
up €55,819 (+86.5%), from €64,543 to €120,362
- Staff costs -€4,551
down €4,551 (-4.6%), from €98,848 to €94,297
- Depreciation +€2,363
up €2,363 (+145%), from €1,632 to €3,995
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 | €255,261 | €286,858 | +€31,597 | +12.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €31,823 | €32,897 | +€1,074 | +3.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €31,323 | €32,397 | +€1,074 | +3.4% |
| Land and buildings | 22 | €30,598 | €29,936 | -€662 | -2.2% |
| Furniture and vehicles | 24 | €725 | €2,461 | +€1,736 | +239% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €223,438 | €253,961 | +€30,523 | +13.7% |
| Stocks and contracts in progress | 3 | €149,181 | €146,697 | -€2,484 | -1.7% |
| Stocks | 30/36 | €149,181 | €146,697 | -€2,484 | -1.7% |
| Amounts receivable within one year | 40/41 | €6,631 | €35,772 | +€29,141 | +439% |
| Trade receivables | 40 | €6,631 | €35,772 | +€29,141 | +439% |
| Cash at bank and in hand | 54/58 | €65,302 | €68,918 | +€3,616 | +5.5% |
| Deferred charges and accrued income | 490/1 | €2,324 | €2,574 | +€250 | +10.8% |
| Total equity and liabilities | 10/49 | €255,261 | €286,858 | +€31,597 | +12.4% |
| Equity | 10/15 | -€66,202 | -€50,178 | +€16,024 | +24.2% |
| 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 | €2,810 | €2,810 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,810 | €2,810 | = | 0.0% |
| Legal reserve | 130 | €2,810 | €2,810 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€169,012 | -€152,988 | +€16,024 | +9.5% |
| Amounts payable | 17/49 | €321,463 | €337,036 | +€15,573 | +4.8% |
| Amounts payable after more than one year | 17 | €235,607 | €306,386 | +€70,779 | +30.0% |
| Financial debts | 170/4 | €235,607 | €306,386 | +€70,779 | +30.0% |
| Amounts payable within one year | 42/48 | €85,856 | €30,650 | -€55,206 | -64.3% |
| Trade debts | 44 | €64,775 | €8,333 | -€56,442 | -87.1% |
| Suppliers | 440/4 | €64,775 | €8,333 | -€56,442 | -87.1% |
| Taxes, remuneration and social security | 45 | €21,081 | €22,317 | +€1,236 | +5.9% |
| Taxes | 450/3 | €1,748 | €1,542 | -€206 | -11.8% |
| Remuneration and social security | 454/9 | €19,333 | €20,775 | +€1,442 | +7.5% |
| Remuneration, social security and pensions | 62 | €98,848 | €94,297 | -€4,551 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,632 | €3,995 | +€2,363 | +145% |
| Other operating charges | 640/8 | €1,629 | €1,458 | -€171 | -10.5% |
| Non-recurring operating charges | 66A | €11,365 | - | -€11,365 | |
| Gross operating margin | 9900 | €64,543 | €120,362 | +€55,819 | +86.5% |
| Operating profit (loss) | 9901 | -€48,931 | €20,612 | +€69,543 | |
| Financial income | 75/76B | €0 | €0 | = | |
| Recurring financial income | 75 | €0 | €0 | = | |
| Financial charges | 65/66B | €3,952 | €4,588 | +€636 | +16.1% |
| Recurring financial charges | 65 | €3,952 | €4,588 | +€636 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | -€52,883 | €16,024 | +€68,907 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€52,883 | €16,024 | +€68,907 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,883 | €16,024 | +€68,907 |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.