MARTINELL: 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.
MARTINELL
Largest movements
- Cash -€149,121
down €149,121 (-43.9%), from €339,526 to €190,405
mainly Current investments (-€148,000) and Contributions, distributions and other (-€100,000)
- Current investments +€148,000
up €148,000 (+32.5%), from €455,224 to €603,224
- Tangible fixed assets -€34,102
down €34,102 (-8.2%), from €415,615 to €381,513
of which Land and buildings: -€29,280
- Other debts -€46,537
down €46,537 (-26.2%), from €177,745 to €131,208
- Debts after one year -€39,693
down €39,693 (-28.9%), from €137,383 to €97,690
- Reserves +€27,570
up €27,570 (+3.2%), from €851,509 to €879,080
of which Distributable reserves: +€27,570
- Gross operating margin -€125,270
down €125,270 (-28.4%), from €440,495 to €315,225
- Taxes -€39,183
down €39,183 (-40.3%), from €97,176 to €57,993
- Other operating charges +€9,426
up €9,426 (+150%), from €6,284 to €15,710
- Financial income +€8,191
up €8,191 (+224%), from €3,656 to €11,847
of which Non-recurring financial income: +€6,665
- Staff costs -€7,850
down €7,850 (-12.9%), from €60,940 to €53,090
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 | €1,266,973 | €1,218,961 | -€48,012 | -3.8% |
| Fixed assets | 21/28 | €415,765 | €381,663 | -€34,102 | -8.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €415,615 | €381,513 | -€34,102 | -8.2% |
| Land and buildings | 22 | €340,289 | €311,008 | -€29,280 | -8.6% |
| Plant, machinery and equipment | 23 | €14,544 | €28,730 | +€14,187 | +97.5% |
| Furniture and vehicles | 24 | €53,269 | €34,261 | -€19,008 | -35.7% |
| Other tangible fixed assets | 26 | €7,514 | €7,514 | = | 0.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €851,208 | €837,297 | -€13,910 | -1.6% |
| Stocks and contracts in progress | 3 | €4,960 | €6,050 | +€1,090 | +22.0% |
| Stocks | 30/36 | €4,960 | €6,050 | +€1,090 | +22.0% |
| Amounts receivable within one year | 40/41 | €47,970 | €37,364 | -€10,606 | -22.1% |
| Trade receivables | 40 | €9,648 | €4,511 | -€5,137 | -53.2% |
| Other amounts receivable | 41 | €38,322 | €32,853 | -€5,469 | -14.3% |
| Current investments | 50/53 | €455,224 | €603,224 | +€148,000 | +32.5% |
| Cash at bank and in hand | 54/58 | €339,526 | €190,405 | -€149,121 | -43.9% |
| Deferred charges and accrued income | 490/1 | €3,528 | €255 | -€3,273 | -92.8% |
| Total equity and liabilities | 10/49 | €1,266,973 | €1,218,961 | -€48,012 | -3.8% |
| Equity | 10/15 | €870,109 | €902,724 | +€32,615 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €851,509 | €879,080 | +€27,570 | +3.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €849,649 | €877,220 | +€27,570 | +3.2% |
| Profit (loss) carried forward | 14 | - | €5,045 | +€5,045 | |
| Amounts payable | 17/49 | €396,864 | €316,236 | -€80,627 | -20.3% |
| Amounts payable after more than one year | 17 | €137,383 | €97,690 | -€39,693 | -28.9% |
| Financial debts | 170/4 | €137,383 | €97,690 | -€39,693 | -28.9% |
| Amounts payable within one year | 42/48 | €259,481 | €218,547 | -€40,934 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €38,606 | €39,693 | +€1,088 | +2.8% |
| Trade debts | 44 | €9,459 | €8,515 | -€943 | -10.0% |
| Suppliers | 440/4 | €9,459 | €8,515 | -€943 | -10.0% |
| Taxes, remuneration and social security | 45 | €33,672 | €39,130 | +€5,459 | +16.2% |
| Taxes | 450/3 | €26,448 | €27,192 | +€745 | +2.8% |
| Remuneration and social security | 454/9 | €7,224 | €11,938 | +€4,714 | +65.3% |
| Other amounts payable | 47/48 | €177,745 | €131,208 | -€46,537 | -26.2% |
| Non-recurring operating income | 76A | €33,821 | €1,475 | -€32,346 | -95.6% |
| Remuneration, social security and pensions | 62 | €60,940 | €53,090 | -€7,850 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,227 | €59,905 | +€3,678 | +6.5% |
| Other operating charges | 640/8 | €6,284 | €15,710 | +€9,426 | +150% |
| Non-recurring operating charges | 66A | €14,719 | €2,935 | -€11,784 | -80.1% |
| Gross operating margin | 9900 | €440,495 | €315,225 | -€125,270 | -28.4% |
| Operating profit (loss) | 9901 | €302,325 | €183,585 | -€118,740 | -39.3% |
| Financial income | 75/76B | €3,656 | €11,847 | +€8,191 | +224% |
| Recurring financial income | 75 | €3,656 | €5,182 | +€1,526 | +41.7% |
| Non-recurring financial income | 76B | - | €6,665 | +€6,665 | |
| Financial charges | 65/66B | €5,475 | €4,824 | -€652 | -11.9% |
| Recurring financial charges | 65 | €5,475 | €4,824 | -€652 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €300,506 | €190,608 | -€109,898 | -36.6% |
| Income taxes | 67/77 | €97,176 | €57,993 | -€39,183 | -40.3% |
| Profit (loss) for the period | 9904 | €203,330 | €132,615 | -€70,715 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €203,330 | €132,615 | -€70,715 | -34.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.