MARTINES: what changed
Two fiscal 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.
MARTINES
Largest movements
- Cash +€87,802
up €87,802 (+38.6%), from €227,686 to €315,488
mainly Other debts (+€109,333) and Net result for the year (+€104,598)
- Receivables within one year -€19,366
down €19,366 (-46.3%), from €41,838 to €22,471
of which Other amounts receivable: -€16,226
- Other debts +€109,333
up €109,333 (+119.0%), from €91,907 to €201,240
- Reserves -€62,484
down €62,484 (-18.2%), from €342,481 to €279,996
of which Distributable reserves: -€62,484
- Tax, wage and social debts +€26,266
up €26,266 (+432.2%), from €6,078 to €32,344
of which Taxes: +€28,781
- Gross operating margin +€52,868
up €52,868 (+50.4%), from €104,962 to €157,830
- Taxes +€17,693
up €17,693 (+69.3%), from €25,537 to €43,230
- Depreciation -€4,743
down €4,743 (-49.6%), from €9,561 to €4,818
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.
Cash bridge derived
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 | €448,526 | €523,121 | +€74,595 | +16.6% |
| Fixed assets | 21/28 | €116,119 | €121,209 | +€5,090 | +4.4% |
| Tangible fixed assets | 22/27 | €116,119 | €121,209 | +€5,090 | +4.4% |
| Land and buildings | 22 | €105,602 | €115,723 | +€10,121 | +9.6% |
| Furniture and vehicles | 24 | €10,517 | €5,486 | -€5,031 | -47.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €332,407 | €401,912 | +€69,505 | +20.9% |
| Amounts receivable within one year | 40/41 | €41,838 | €22,471 | -€19,366 | -46.3% |
| Trade receivables | 40 | €3,140 | €0 | -€3,140 | -100.0% |
| Other amounts receivable | 41 | €38,697 | €22,471 | -€16,226 | -41.9% |
| Current investments | 50/53 | €58,985 | €58,345 | -€640 | -1.1% |
| Cash at bank and in hand | 54/58 | €227,686 | €315,488 | +€87,802 | +38.6% |
| Deferred charges and accrued income | 490/1 | €3,898 | €5,607 | +€1,709 | +43.8% |
| Total equity and liabilities | 10/49 | €448,526 | €523,121 | +€74,595 | +16.6% |
| Equity | 10/15 | €350,541 | €288,056 | -€62,484 | -17.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €342,481 | €279,996 | -€62,484 | -18.2% |
| Tax-exempt reserves | 132 | €23,000 | €23,000 | = | 0.0% |
| Distributable reserves | 133 | €319,481 | €256,996 | -€62,484 | -19.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €97,985 | €235,064 | +€137,079 | +139.9% |
| Amounts payable within one year | 42/48 | €97,985 | €235,064 | +€137,079 | +139.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €0 | €1,480 | +€1,480 | |
| Suppliers | 440/4 | €0 | €1,480 | +€1,480 | |
| Taxes, remuneration and social security | 45 | €6,078 | €32,344 | +€26,266 | +432.2% |
| Taxes | 450/3 | €3,563 | €32,344 | +€28,781 | +807.8% |
| Remuneration and social security | 454/9 | €2,515 | €0 | -€2,515 | -100.0% |
| Other amounts payable | 47/48 | €91,907 | €201,240 | +€109,333 | +119.0% |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -100.0% |
| Remuneration, social security and pensions | 62 | €305 | €728 | +€423 | +138.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,561 | €4,818 | -€4,743 | -49.6% |
| Other operating charges | 640/8 | €2,024 | €1,956 | -€68 | -3.4% |
| Gross operating margin | 9900 | €104,962 | €157,830 | +€52,868 | +50.4% |
| Operating profit (loss) | 9901 | €93,071 | €150,328 | +€57,256 | +61.5% |
| Financial income | 75/76B | €514 | €443 | -€71 | -13.8% |
| Recurring financial income | 75 | €514 | €443 | -€71 | -13.8% |
| Financial charges | 65/66B | €1,827 | €2,942 | +€1,115 | +61.0% |
| Recurring financial charges | 65 | €1,827 | €2,942 | +€1,115 | +61.0% |
| Profit (loss) for the period before taxes | 9903 | €91,758 | €147,829 | +€56,070 | +61.1% |
| Income taxes | 67/77 | €25,537 | €43,230 | +€17,693 | +69.3% |
| Profit (loss) for the period | 9904 | €66,221 | €104,598 | +€38,377 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,221 | €104,598 | +€38,377 | +58.0% |
Source: filed annual accounts (NBB), fiscal 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 October 2026 via checked.be.