Martine & Dirk: 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 & Dirk
Largest movements
- Tangible fixed assets -€6,298
down €6,298 (-11.8%), from €53,437 to €47,139
of which Plant, machinery and equipment: -€4,868
- Cash -€3,974
down €3,974 (-3.2%), from €125,325 to €121,351
mainly Contributions, distributions and other (-€24,000) and Investment in fixed assets (net) (-€4,300)
- Deferred charges and accrued income +€3,637
up €3,637 (+29.5%), from €12,321 to €15,958
- Reserves -€13,072
down €13,072 (-6.8%), from €193,604 to €180,532
- Tax, wage and social debts +€5,430
up €5,430 (+18.9%), from €28,730 to €34,160
of which Remuneration and social security: +€13,938
- Trade debts +€5,036
up €5,036 (+16.7%), from €30,171 to €35,208
- Staff costs +€5,212
up €5,212 (+3.4%), from €154,073 to €159,285
- Gross operating margin +€2,104
up €2,104 (+1.1%), from €187,833 to €189,937
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 | €265,483 | €259,736 | -€5,746 | -2.2% |
| Fixed assets | 21/28 | €53,537 | €47,239 | -€6,298 | -11.8% |
| Tangible fixed assets | 22/27 | €53,437 | €47,139 | -€6,298 | -11.8% |
| Plant, machinery and equipment | 23 | €47,616 | €42,748 | -€4,868 | -10.2% |
| Furniture and vehicles | 24 | €367 | €80 | -€287 | -78.3% |
| Other tangible fixed assets | 26 | €5,454 | €4,311 | -€1,142 | -20.9% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €211,946 | €212,497 | +€551 | +0.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €70,600 | €72,164 | +€1,564 | +2.2% |
| Stocks | 30/36 | €70,600 | €72,164 | +€1,564 | +2.2% |
| Amounts receivable within one year | 40/41 | €3,701 | €3,025 | -€675 | -18.2% |
| Trade receivables | 40 | €1,702 | €1,758 | +€56 | +3.3% |
| Other amounts receivable | 41 | €1,998 | €1,267 | -€731 | -36.6% |
| Cash at bank and in hand | 54/58 | €125,325 | €121,351 | -€3,974 | -3.2% |
| Deferred charges and accrued income | 490/1 | €12,321 | €15,958 | +€3,637 | +29.5% |
| Total equity and liabilities | 10/49 | €265,483 | €259,736 | -€5,746 | -2.2% |
| Equity | 10/15 | €193,604 | €180,532 | -€13,072 | -6.8% |
| Reserves | 13 | €193,604 | €180,532 | -€13,072 | -6.8% |
| Distributable reserves | 133 | €193,604 | €180,532 | -€13,072 | -6.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €71,878 | €79,204 | +€7,326 | +10.2% |
| Amounts payable within one year | 42/48 | €71,878 | €78,930 | +€7,052 | +9.8% |
| Financial debts | 43 | €4,333 | €2,032 | -€2,301 | -53.1% |
| Credit institutions | 430/8 | €4,333 | €2,032 | -€2,301 | -53.1% |
| Trade debts | 44 | €30,171 | €35,208 | +€5,036 | +16.7% |
| Suppliers | 440/4 | €30,171 | €35,208 | +€5,036 | +16.7% |
| Advances received on contracts in progress | 46 | €5,000 | €3,369 | -€1,631 | -32.6% |
| Taxes, remuneration and social security | 45 | €28,730 | €34,160 | +€5,430 | +18.9% |
| Taxes | 450/3 | €9,844 | €1,336 | -€8,508 | -86.4% |
| Remuneration and social security | 454/9 | €18,887 | €32,824 | +€13,938 | +73.8% |
| Other amounts payable | 47/48 | €3,643 | €4,161 | +€518 | +14.2% |
| Accrued charges and deferred income | 492/3 | €0 | €274 | +€274 | |
| Non-recurring operating income | 76A | €14,027 | €0 | -€14,027 | -100% |
| Remuneration, social security and pensions | 62 | €154,073 | €159,285 | +€5,212 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,003 | €10,598 | +€595 | +5.9% |
| Other operating charges | 640/8 | €3,378 | €3,423 | +€44 | +1.3% |
| Gross operating margin | 9900 | €187,833 | €189,937 | +€2,104 | +1.1% |
| Operating profit (loss) | 9901 | €20,380 | €16,632 | -€3,747 | -18.4% |
| Financial income | 75/76B | €623 | €326 | -€297 | -47.6% |
| Recurring financial income | 75 | €623 | €326 | -€297 | -47.6% |
| Financial charges | 65/66B | €1,193 | €987 | -€205 | -17.2% |
| Recurring financial charges | 65 | €1,193 | €987 | -€205 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €19,809 | €15,971 | -€3,838 | -19.4% |
| Income taxes | 67/77 | €6,077 | €5,043 | -€1,034 | -17.0% |
| Profit (loss) for the period | 9904 | €13,732 | €10,928 | -€2,804 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,732 | €10,928 | -€2,804 | -20.4% |
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 1 November 2026 via checked.be.