MARTINO: 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.
MARTINO
Largest movements
- Tangible fixed assets +€14,074
up €14,074 (+58.3%), from €24,131 to €38,204
of which Other tangible fixed assets: +€14,902
- Cash +€4,799
up €4,799 (+33.6%), from €14,272 to €19,071
mainly Net result for the year (+€14,324) and Debts after one year (+€9,335)
- Receivables within one year +€4,224
up €4,224 (+383%), from €1,102 to €5,327
- Deferred charges and accrued income +€2,996
new in 2025: €2,996
- Profit (loss) carried forward +€14,324
up €14,324, from -€13,888 to €436
- Debts after one year +€9,335
up €9,335 (+45.2%), from €20,661 to €29,996
of which Other amounts payable: +€11,700
- Trade debts +€2,402
up €2,402 (+2,436%), from €99 to €2,500
- Gross operating margin +€23,341
up €23,341, from -€3,425 to €19,915
- Depreciation +€202
up €202 (+14.5%), from €1,394 to €1,596
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 | €39,505 | €65,599 | +€26,093 | +66.0% |
| Fixed assets | 21/28 | €24,131 | €38,204 | +€14,074 | +58.3% |
| Tangible fixed assets | 22/27 | €24,131 | €38,204 | +€14,074 | +58.3% |
| Land and buildings | 22 | €24,131 | €22,737 | -€1,394 | -5.8% |
| Furniture and vehicles | 24 | - | €565 | +€565 | |
| Other tangible fixed assets | 26 | - | €14,902 | +€14,902 | |
| Current assets | 29/58 | €15,375 | €27,394 | +€12,020 | +78.2% |
| Amounts receivable within one year | 40/41 | €1,102 | €5,327 | +€4,224 | +383% |
| Other amounts receivable | 41 | €1,102 | €5,327 | +€4,224 | +383% |
| Cash at bank and in hand | 54/58 | €14,272 | €19,071 | +€4,799 | +33.6% |
| Deferred charges and accrued income | 490/1 | - | €2,996 | +€2,996 | |
| Total equity and liabilities | 10/49 | €39,505 | €65,599 | +€26,093 | +66.0% |
| Equity | 10/15 | €16,413 | €30,737 | +€14,324 | +87.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,709 | €11,709 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €9,850 | €9,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,888 | €436 | +€14,324 | |
| Amounts payable | 17/49 | €23,092 | €34,861 | +€11,769 | +51.0% |
| Amounts payable after more than one year | 17 | €20,661 | €29,996 | +€9,335 | +45.2% |
| Financial debts | 170/4 | €9,661 | €7,296 | -€2,365 | -24.5% |
| Other amounts payable | 178/9 | €11,000 | €22,700 | +€11,700 | +106% |
| Amounts payable within one year | 42/48 | €2,431 | €4,865 | +€2,434 | +100% |
| Current portion of amounts payable after more than one year | 42 | €2,332 | €2,365 | +€33 | +1.4% |
| Trade debts | 44 | €99 | €2,500 | +€2,402 | +2,436% |
| Suppliers | 440/4 | €99 | €2,500 | +€2,402 | +2,436% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,394 | €1,596 | +€202 | +14.5% |
| Other operating charges | 640/8 | €3,813 | €3,933 | +€120 | +3.1% |
| Gross operating margin | 9900 | -€3,425 | €19,915 | +€23,341 | |
| Operating profit (loss) | 9901 | -€8,633 | €14,386 | +€23,019 | |
| Financial income | 75/76B | €43 | €136 | +€93 | +219% |
| Recurring financial income | 75 | €43 | €136 | +€93 | +219% |
| Financial charges | 65/66B | €230 | €198 | -€32 | -13.9% |
| Recurring financial charges | 65 | €230 | €198 | -€32 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,820 | €14,324 | +€23,144 | |
| Profit (loss) for the period | 9904 | -€8,820 | €14,324 | +€23,144 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,820 | €14,324 | +€23,144 |
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 19 October 2026 via checked.be.