Martinsen: 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.
Martinsen
Largest movements
- Cash +€43,306
up €43,306 (+12.7%), from €341,959 to €385,265
mainly Other debts (+€441,967) and Net result for the year (+€160,139)
- Tangible fixed assets +€37,066
up €37,066 (+9.1%), from €409,436 to €446,502
of which Furniture and vehicles: +€40,105
- Receivables within one year +€28,925
up €28,925 (+257%), from €11,273 to €40,198
of which Other amounts receivable: +€29,374
- Other debts +€441,967
up €441,967 (+1,561%), from €28,314 to €470,281
- Reserves -€308,402
down €308,402 (-64.5%), from €478,247 to €169,844
- Debts after one year -€19,364
down €19,364 (-13.5%), from €143,597 to €124,233
- Current portion of long-term debt +€18,234
up €18,234 (+37.6%), from €48,462 to €66,695
- Trade debts -€11,389
down €11,389 (-42.2%), from €26,960 to €15,571
- Gross operating margin +€27,095
up €27,095 (+8.5%), from €319,571 to €346,666
- Staff costs +€8,264
up €8,264 (+16.2%), from €51,119 to €59,383
- Taxes +€7,730
up €7,730 (+16.5%), from €46,827 to €54,558
- Depreciation +€6,177
up €6,177 (+11.5%), from €53,758 to €59,935
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 | €766,000 | €878,253 | +€112,253 | +14.7% |
| Fixed assets | 21/28 | €409,436 | €446,502 | +€37,066 | +9.1% |
| Tangible fixed assets | 22/27 | €409,436 | €446,502 | +€37,066 | +9.1% |
| Plant, machinery and equipment | 23 | €7,527 | €5,484 | -€2,044 | -27.1% |
| Furniture and vehicles | 24 | €393,078 | €433,183 | +€40,105 | +10.2% |
| Other tangible fixed assets | 26 | €8,830 | €7,835 | -€995 | -11.3% |
| Current assets | 29/58 | €356,564 | €431,751 | +€75,187 | +21.1% |
| Amounts receivable within one year | 40/41 | €11,273 | €40,198 | +€28,925 | +257% |
| Trade receivables | 40 | €449 | - | -€449 | |
| Other amounts receivable | 41 | €10,823 | €40,198 | +€29,374 | +271% |
| Cash at bank and in hand | 54/58 | €341,959 | €385,265 | +€43,306 | +12.7% |
| Deferred charges and accrued income | 490/1 | €3,333 | €6,288 | +€2,955 | +88.7% |
| Total equity and liabilities | 10/49 | €766,000 | €878,253 | +€112,253 | +14.7% |
| Equity | 10/15 | €496,797 | €188,394 | -€308,402 | -62.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €478,247 | €169,844 | -€308,402 | -64.5% |
| Distributable reserves | 133 | €478,247 | €169,844 | -€308,402 | -64.5% |
| Amounts payable | 17/49 | €269,204 | €689,858 | +€420,655 | +156% |
| Amounts payable after more than one year | 17 | €143,597 | €124,233 | -€19,364 | -13.5% |
| Financial debts | 170/4 | €143,597 | €124,233 | -€19,364 | -13.5% |
| Amounts payable within one year | 42/48 | €123,181 | €564,948 | +€441,767 | +359% |
| Current portion of amounts payable after more than one year | 42 | €48,462 | €66,695 | +€18,234 | +37.6% |
| Trade debts | 44 | €26,960 | €15,571 | -€11,389 | -42.2% |
| Suppliers | 440/4 | €26,960 | €15,571 | -€11,389 | -42.2% |
| Taxes, remuneration and social security | 45 | €19,445 | €12,400 | -€7,045 | -36.2% |
| Taxes | 450/3 | €5,314 | €4,633 | -€681 | -12.8% |
| Remuneration and social security | 454/9 | €14,131 | €7,767 | -€6,364 | -45.0% |
| Other amounts payable | 47/48 | €28,314 | €470,281 | +€441,967 | +1,561% |
| Accrued charges and deferred income | 492/3 | €2,426 | €678 | -€1,748 | -72.1% |
| Remuneration, social security and pensions | 62 | €51,119 | €59,383 | +€8,264 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,758 | €59,935 | +€6,177 | +11.5% |
| Other operating charges | 640/8 | €2,162 | €1,711 | -€451 | -20.9% |
| Gross operating margin | 9900 | €319,571 | €346,666 | +€27,095 | +8.5% |
| Operating profit (loss) | 9901 | €212,533 | €225,638 | +€13,105 | +6.2% |
| Financial income | 75/76B | €0 | €19 | +€19 | +63,933% |
| Recurring financial income | 75 | €0 | €19 | +€19 | +63,933% |
| Financial charges | 65/66B | €14,343 | €10,961 | -€3,382 | -23.6% |
| Recurring financial charges | 65 | €14,343 | €10,961 | -€3,382 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €198,190 | €214,696 | +€16,506 | +8.3% |
| Income taxes | 67/77 | €46,827 | €54,558 | +€7,730 | +16.5% |
| Profit (loss) for the period | 9904 | €151,363 | €160,139 | +€8,776 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €151,363 | €160,139 | +€8,776 | +5.8% |
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.