MARTO: 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.
MARTO
Largest movements
- Cash +€130,382
up €130,382 (+86.2%), from €151,230 to €281,612
mainly Net result for the year (+€89,128) and Current investments (+€65,042)
- Current investments -€65,042
down €65,042 (-54.8%), from €118,680 to €53,637
- Tangible fixed assets -€30,906
down €30,906 (-13.6%), from €227,714 to €196,808
- Receivables within one year +€29,863
up €29,863 (+386.2%), from €7,733 to €37,596
of which Trade receivables: +€29,561
- Reserves +€60,762
up €60,762 (+23.6%), from €257,718 to €318,479
- Other debts +€28,524
up €28,524 (+256.8%), from €11,109 to €39,632
- Debts after one year -€22,599
down €22,599 (-21.6%), from €104,830 to €82,231
- Financial income -€8,770
down €8,770 (-96.7%), from €9,068 to €298
of which Non-recurring financial income: -€9,000
- Gross operating margin +€6,080
up €6,080 (+3.9%), from €156,959 to €163,038
- Taxes -€2,751
down €2,751 (-6.6%), from €41,664 to €38,913
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 | €557,267 | €621,021 | +€63,754 | +11.4% |
| Fixed assets | 21/28 | €227,714 | €196,808 | -€30,906 | -13.6% |
| Tangible fixed assets | 22/27 | €227,714 | €196,808 | -€30,906 | -13.6% |
| Land and buildings | 22 | €31,959 | €29,115 | -€2,844 | -8.9% |
| Furniture and vehicles | 24 | €51,755 | €38,093 | -€13,662 | -26.4% |
| Other tangible fixed assets | 26 | €144,000 | €129,600 | -€14,400 | -10.0% |
| Current assets | 29/58 | €329,553 | €424,213 | +€94,660 | +28.7% |
| Amounts receivable after more than one year | 29 | €47,195 | €47,195 | = | 0.0% |
| Other amounts receivable | 291 | €47,195 | €47,195 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,733 | €37,596 | +€29,863 | +386.2% |
| Trade receivables | 40 | €7,230 | €36,791 | +€29,561 | +408.9% |
| Other amounts receivable | 41 | €503 | €806 | +€302 | +60.1% |
| Current investments | 50/53 | €118,680 | €53,637 | -€65,042 | -54.8% |
| Cash at bank and in hand | 54/58 | €151,230 | €281,612 | +€130,382 | +86.2% |
| Deferred charges and accrued income | 490/1 | €4,715 | €4,172 | -€543 | -11.5% |
| Total equity and liabilities | 10/49 | €557,267 | €621,021 | +€63,754 | +11.4% |
| Equity | 10/15 | €345,710 | €406,472 | +€60,762 | +17.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €257,718 | €318,479 | +€60,762 | +23.6% |
| Distributable reserves | 133 | €257,718 | €318,479 | +€60,762 | +23.6% |
| Profit (loss) carried forward | 14 | €75,492 | €75,492 | = | 0.0% |
| Provisions and deferred taxes | 16 | €58,994 | €58,994 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €58,994 | €58,994 | = | 0.0% |
| Pensions and similar obligations | 160 | €58,994 | €58,994 | = | 0.0% |
| Amounts payable | 17/49 | €152,563 | €155,556 | +€2,992 | +2.0% |
| Amounts payable after more than one year | 17 | €104,830 | €82,231 | -€22,599 | -21.6% |
| Financial debts | 170/4 | €104,830 | €82,231 | -€22,599 | -21.6% |
| Amounts payable within one year | 42/48 | €47,733 | €73,014 | +€25,282 | +53.0% |
| Current portion of amounts payable after more than one year | 42 | €22,213 | €22,599 | +€386 | +1.7% |
| Trade debts | 44 | €2,676 | €891 | -€1,785 | -66.7% |
| Suppliers | 440/4 | €2,676 | €891 | -€1,785 | -66.7% |
| Taxes, remuneration and social security | 45 | €11,735 | €9,892 | -€1,843 | -15.7% |
| Taxes | 450/3 | €11,735 | €9,892 | -€1,843 | -15.7% |
| Other amounts payable | 47/48 | €11,109 | €39,632 | +€28,524 | +256.8% |
| Accrued charges and deferred income | 492/3 | - | €310 | +€310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,072 | €30,906 | -€166 | -0.5% |
| Other operating charges | 640/8 | €2,045 | €2,050 | +€5 | +0.3% |
| Gross operating margin | 9900 | €156,959 | €163,038 | +€6,080 | +3.9% |
| Operating profit (loss) | 9901 | €123,842 | €130,083 | +€6,240 | +5.0% |
| Financial income | 75/76B | €9,068 | €298 | -€8,770 | -96.7% |
| Recurring financial income | 75 | €68 | €298 | +€230 | +338.8% |
| Non-recurring financial income | 76B | €9,000 | - | -€9,000 | |
| Financial charges | 65/66B | €2,820 | €2,340 | -€480 | -17.0% |
| Recurring financial charges | 65 | €2,820 | €2,340 | -€480 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €130,090 | €128,041 | -€2,050 | -1.6% |
| Income taxes | 67/77 | €41,664 | €38,913 | -€2,751 | -6.6% |
| Profit (loss) for the period | 9904 | €88,427 | €89,128 | +€701 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,427 | €89,128 | +€701 | +0.8% |
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 5 October 2026 via checked.be.