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 -€32,175
down €32,175 (-11.2%), from €287,758 to €255,583
of which Assets under construction and advance payments: -€116,582
- Receivables within one year +€18,070
up €18,070 (+1,194%), from €1,513 to €19,583
- Other debts -€16,735
down €16,735 (-36.3%), from €46,081 to €29,345
- Reserves +€9,609
up €9,609 (+16.8%), from €57,222 to €66,830
of which Distributable reserves: +€9,609
- Trade debts -€7,201
down €7,201 (-6.2%), from €116,708 to €109,506
- Gross operating margin +€3,360
up €3,360 (+17.2%), from €19,482 to €22,842
- Taxes +€1,612
up €1,612 (+50.4%), from €3,196 to €4,808
- Depreciation +€303
up €303 (+8.0%), from €3,766 to €4,069
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 | €289,286 | €276,149 | -€13,137 | -4.5% |
| Fixed assets | 21/28 | €287,758 | €255,583 | -€32,175 | -11.2% |
| Tangible fixed assets | 22/27 | €287,758 | €255,583 | -€32,175 | -11.2% |
| Land and buildings | 22 | €171,177 | €255,583 | +€84,407 | +49.3% |
| Assets under construction and advance payments | 27 | €116,582 | €0 | -€116,582 | -100% |
| Current assets | 29/58 | €1,528 | €20,566 | +€19,038 | +1,246% |
| Amounts receivable within one year | 40/41 | €1,513 | €19,583 | +€18,070 | +1,194% |
| Other amounts receivable | 41 | €1,513 | €19,583 | +€18,070 | +1,194% |
| Cash at bank and in hand | 54/58 | €15 | €983 | +€968 | +6,469% |
| Total equity and liabilities | 10/49 | €289,286 | €276,149 | -€13,137 | -4.5% |
| Equity | 10/15 | €121,380 | €130,989 | +€9,609 | +7.9% |
| Contributions | 10/11 | €55,354 | €55,354 | = | 0.0% |
| Reserves | 13 | €57,222 | €66,830 | +€9,609 | +16.8% |
| Tax-exempt reserves | 132 | €8,307 | €8,307 | = | 0.0% |
| Distributable reserves | 133 | €48,915 | €58,524 | +€9,609 | +19.6% |
| Profit (loss) carried forward | 14 | €8,804 | €8,804 | = | 0.0% |
| Amounts payable | 17/49 | €167,906 | €145,160 | -€22,746 | -13.5% |
| Amounts payable within one year | 42/48 | €166,406 | €143,660 | -€22,746 | -13.7% |
| Trade debts | 44 | €116,708 | €109,506 | -€7,201 | -6.2% |
| Suppliers | 440/4 | €116,708 | €109,506 | -€7,201 | -6.2% |
| Taxes, remuneration and social security | 45 | €3,618 | €4,808 | +€1,191 | +32.9% |
| Taxes | 450/3 | €3,618 | €4,808 | +€1,191 | +32.9% |
| Other amounts payable | 47/48 | €46,081 | €29,345 | -€16,735 | -36.3% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,766 | €4,069 | +€303 | +8.0% |
| Other operating charges | 640/8 | €4,146 | €4,279 | +€133 | +3.2% |
| Gross operating margin | 9900 | €19,482 | €22,842 | +€3,360 | +17.2% |
| Operating profit (loss) | 9901 | €11,571 | €14,494 | +€2,924 | +25.3% |
| Financial charges | 65/66B | €44 | €78 | +€34 | +78.1% |
| Recurring financial charges | 65 | €44 | €78 | +€34 | +78.1% |
| Profit (loss) for the period before taxes | 9903 | €11,527 | €14,417 | +€2,890 | +25.1% |
| Income taxes | 67/77 | €3,196 | €4,808 | +€1,612 | +50.4% |
| Profit (loss) for the period | 9904 | €8,331 | €9,609 | +€1,277 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,331 | €9,609 | +€1,277 | +15.3% |
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 13 October 2026 via checked.be.