MARTINELLA: 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.
MARTINELLA
Largest movements
- Cash +€48,614
up €48,614 (+13.3%), from €366,321 to €414,936
mainly Other debts (+€35,615) and Net result for the year (+€18,911)
- Receivables within one year +€9,593
up €9,593 (+109%), from €8,776 to €18,369
of which Other amounts receivable: +€9,593
- Current investments +€5,000
up €5,000, from €0 to €5,000
- Other debts +€35,615
up €35,615 (+181%), from €19,715 to €55,330
- Reserves +€18,911
up €18,911 (+76.5%), from €24,726 to €43,637
of which Distributable reserves: +€18,911
- Tax, wage and social debts +€6,038
up €6,038 (+71.4%), from €8,460 to €14,498
- Financial charges +€10,048
up €10,048 (+27.7%), from €36,217 to €46,265
- Gross operating margin +€5,020
up €5,020 (+6.9%), from €72,459 to €77,479
- Other operating charges -€3,591
down €3,591 (-90.0%), from €3,990 to €400
- Taxes +€2,518
up €2,518 (+29.2%), from €8,630 to €11,148
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 | €381,452 | €443,905 | +€62,452 | +16.4% |
| Fixed assets | 21/28 | €6,355 | €5,600 | -€755 | -11.9% |
| Tangible fixed assets | 22/27 | €6,355 | €5,600 | -€755 | -11.9% |
| Other tangible fixed assets | 26 | €6,355 | €5,600 | -€755 | -11.9% |
| Current assets | 29/58 | €375,097 | €438,305 | +€63,208 | +16.9% |
| Amounts receivable within one year | 40/41 | €8,776 | €18,369 | +€9,593 | +109% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,776 | €18,369 | +€9,593 | +109% |
| Current investments | 50/53 | €0 | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €366,321 | €414,936 | +€48,614 | +13.3% |
| Total equity and liabilities | 10/49 | €381,452 | €443,905 | +€62,452 | +16.4% |
| Equity | 10/15 | €352,512 | €371,422 | +€18,911 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,726 | €43,637 | +€18,911 | +76.5% |
| 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 | €22,866 | €41,777 | +€18,911 | +82.7% |
| Profit (loss) carried forward | 14 | €309,186 | €309,186 | = | 0.0% |
| Amounts payable | 17/49 | €28,941 | €72,483 | +€43,542 | +150% |
| Amounts payable within one year | 42/48 | €28,941 | €72,483 | +€43,542 | +150% |
| Trade debts | 44 | €765 | €2,654 | +€1,889 | +247% |
| Suppliers | 440/4 | €765 | €2,654 | +€1,889 | +247% |
| Taxes, remuneration and social security | 45 | €8,460 | €14,498 | +€6,038 | +71.4% |
| Taxes | 450/3 | €8,460 | €14,498 | +€6,038 | +71.4% |
| Other amounts payable | 47/48 | €19,715 | €55,330 | +€35,615 | +181% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €755 | €755 | = | 0.0% |
| Other operating charges | 640/8 | €3,990 | €400 | -€3,591 | -90.0% |
| Gross operating margin | 9900 | €72,459 | €77,479 | +€5,020 | +6.9% |
| Operating profit (loss) | 9901 | €67,713 | €76,324 | +€8,611 | +12.7% |
| Financial charges | 65/66B | €36,217 | €46,265 | +€10,048 | +27.7% |
| Recurring financial charges | 65 | €36,217 | €46,265 | +€10,048 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €31,496 | €30,059 | -€1,437 | -4.6% |
| Income taxes | 67/77 | €8,630 | €11,148 | +€2,518 | +29.2% |
| Profit (loss) for the period | 9904 | €22,866 | €18,911 | -€3,955 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,866 | €18,911 | -€3,955 | -17.3% |
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 20 October 2026 via checked.be.