MARTINEL: 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.
MARTINEL
Largest movements
- Cash -€89,822
down €89,822 (-83.2%), from €107,935 to €18,113
mainly Contributions, distributions and other (-€120,266) and Debts after one year (-€37,371)
- Deferred charges and accrued income +€29,466
new in 2025: €29,466
- Current investments +€25,000
new in 2025: €25,000
- Receivables within one year -€20,247
no longer reported in 2025 (was €20,247)
of which Other amounts receivable: -€19,657
- Debts after one year -€37,371
down €37,371 (-15.9%), from €235,614 to €198,243
of which Financial debts: -€58,317
- Current portion of long-term debt -€12,857
down €12,857 (-18.1%), from €71,174 to €58,317
- Financial income -€30,660
down €30,660 (-61.5%), from €49,845 to €19,185
- Gross operating margin +€23,753
up €23,753 (+18.5%), from €128,240 to €151,993
- Taxes +€2,193
up €2,193 (+5.6%), from €39,144 to €41,337
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 | €887,464 | €835,927 | -€51,538 | -5.8% |
| Fixed assets | 21/28 | €759,282 | €763,348 | +€4,066 | +0.5% |
| Tangible fixed assets | 22/27 | €3,715 | €7,781 | +€4,066 | +109% |
| Plant, machinery and equipment | 23 | €321 | €184 | -€137 | -42.6% |
| Furniture and vehicles | 24 | €3,394 | €7,597 | +€4,203 | +124% |
| Financial fixed assets | 28 | €755,567 | €755,567 | = | 0.0% |
| Current assets | 29/58 | €128,183 | €72,579 | -€55,604 | -43.4% |
| Amounts receivable within one year | 40/41 | €20,247 | - | -€20,247 | |
| Trade receivables | 40 | €590 | - | -€590 | |
| Other amounts receivable | 41 | €19,657 | - | -€19,657 | |
| Current investments | 50/53 | - | €25,000 | +€25,000 | |
| Cash at bank and in hand | 54/58 | €107,935 | €18,113 | -€89,822 | -83.2% |
| Deferred charges and accrued income | 490/1 | - | €29,466 | +€29,466 | |
| Total equity and liabilities | 10/49 | €887,464 | €835,927 | -€51,538 | -5.8% |
| Equity | 10/15 | €563,187 | €558,360 | -€4,827 | -0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €556,987 | €552,160 | -€4,827 | -0.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €554,987 | €550,160 | -€4,827 | -0.9% |
| Amounts payable | 17/49 | €324,278 | €277,566 | -€46,711 | -14.4% |
| Amounts payable after more than one year | 17 | €235,614 | €198,243 | -€37,371 | -15.9% |
| Financial debts | 170/4 | €235,614 | €177,297 | -€58,317 | -24.8% |
| Other amounts payable | 178/9 | - | €20,947 | +€20,947 | |
| Amounts payable within one year | 42/48 | €88,664 | €79,323 | -€9,341 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €71,174 | €58,317 | -€12,857 | -18.1% |
| Financial debts | 43 | €74 | €1,198 | +€1,124 | +1,511% |
| Credit institutions | 430/8 | €74 | €1,198 | +€1,124 | +1,511% |
| Trade debts | 44 | €2,505 | €3,250 | +€745 | +29.7% |
| Suppliers | 440/4 | €2,505 | €3,250 | +€745 | +29.7% |
| Taxes, remuneration and social security | 45 | €14,110 | €15,758 | +€1,648 | +11.7% |
| Taxes | 450/3 | €14,110 | €15,758 | +€1,648 | +11.7% |
| Other amounts payable | 47/48 | €800 | €800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,726 | €2,024 | +€297 | +17.2% |
| Other operating charges | 640/8 | €650 | €653 | +€2 | +0.4% |
| Non-recurring operating charges | 66A | - | €8,232 | +€8,232 | |
| Gross operating margin | 9900 | €128,240 | €151,993 | +€23,753 | +18.5% |
| Operating profit (loss) | 9901 | €125,863 | €141,085 | +€15,222 | +12.1% |
| Financial income | 75/76B | €49,845 | €19,185 | -€30,660 | -61.5% |
| Recurring financial income | 75 | €49,845 | €19,185 | -€30,660 | -61.5% |
| Financial charges | 65/66B | €4,455 | €3,494 | -€961 | -21.6% |
| Recurring financial charges | 65 | €4,455 | €3,494 | -€961 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €171,253 | €156,776 | -€14,477 | -8.5% |
| Income taxes | 67/77 | €39,144 | €41,337 | +€2,193 | +5.6% |
| Profit (loss) for the period | 9904 | €132,109 | €115,439 | -€16,670 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €132,109 | €115,439 | -€16,670 | -12.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.