MARTINUS: 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.
MARTINUS
Largest movements
- Tangible fixed assets -€47,179
down €47,179 (-9.5%), from €499,024 to €451,845
of which Land and buildings: -€42,965
- Cash -€22,995
down €22,995 (-45.8%), from €50,257 to €27,262
mainly Debts after one year (-€53,346) and Other debts (-€26,274)
- Debts after one year -€53,346
down €53,346 (-10.3%), from €520,270 to €466,924
- Other debts -€26,274
down €26,274 (-48.1%), from €54,632 to €28,358
- Profit (loss) carried forward +€9,165
up €9,165 (+7.3%), from -€125,467 to -€116,301
- Financial charges -€2,873
down €2,873 (-11.5%), from €25,095 to €22,221
- Gross operating margin -€851
down €851 (-1.0%), from €82,344 to €81,493
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 | €551,656 | €481,485 | -€70,171 | -12.7% |
| Fixed assets | 21/28 | €499,024 | €451,845 | -€47,179 | -9.5% |
| Tangible fixed assets | 22/27 | €499,024 | €451,845 | -€47,179 | -9.5% |
| Land and buildings | 22 | €473,379 | €430,414 | -€42,965 | -9.1% |
| Plant, machinery and equipment | 23 | €22,986 | €21,431 | -€1,554 | -6.8% |
| Furniture and vehicles | 24 | €2,660 | - | -€2,660 | |
| Current assets | 29/58 | €52,632 | €29,639 | -€22,993 | -43.7% |
| Amounts receivable within one year | 40/41 | €2,076 | €2,076 | = | 0.0% |
| Trade receivables | 40 | €2,076 | €2,076 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €50,257 | €27,262 | -€22,995 | -45.8% |
| Deferred charges and accrued income | 490/1 | €299 | €301 | +€2 | +0.8% |
| Total equity and liabilities | 10/49 | €551,656 | €481,485 | -€70,171 | -12.7% |
| Equity | 10/15 | -€80,467 | -€71,301 | +€9,165 | +11.4% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€125,467 | -€116,301 | +€9,165 | +7.3% |
| Amounts payable | 17/49 | €632,123 | €552,786 | -€79,337 | -12.6% |
| Amounts payable after more than one year | 17 | €520,270 | €466,924 | -€53,346 | -10.3% |
| Financial debts | 170/4 | €520,270 | €466,924 | -€53,346 | -10.3% |
| Amounts payable within one year | 42/48 | €111,852 | €85,862 | -€25,990 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €52,585 | €53,346 | +€761 | +1.4% |
| Taxes, remuneration and social security | 45 | €4,635 | €4,158 | -€477 | -10.3% |
| Taxes | 450/3 | €4,635 | €4,158 | -€477 | -10.3% |
| Other amounts payable | 47/48 | €54,632 | €28,358 | -€26,274 | -48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,179 | €47,179 | = | 0.0% |
| Other operating charges | 640/8 | €2,841 | €2,928 | +€87 | +3.1% |
| Gross operating margin | 9900 | €82,344 | €81,493 | -€851 | -1.0% |
| Operating profit (loss) | 9901 | €32,324 | €31,387 | -€938 | -2.9% |
| Financial charges | 65/66B | €25,095 | €22,221 | -€2,873 | -11.5% |
| Recurring financial charges | 65 | €25,095 | €22,221 | -€2,873 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €7,230 | €9,165 | +€1,936 | +26.8% |
| Profit (loss) for the period | 9904 | €7,230 | €9,165 | +€1,936 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,230 | €9,165 | +€1,936 | +26.8% |
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 3 October 2026 via checked.be.