MARTOUGIN: 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.
MARTOUGIN
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+70.7%), from €2.6m to €4.5m
- Debts after one year +€1.8m
up €1.8m (+85.5%), from €2.1m to €3.9m
- Current portion of long-term debt +€82,914
up €82,914 (+235.7%), from €35,176 to €118,090
- Depreciation -€36,601
down €36,601 (-37.8%), from €96,797 to €60,197
- Financial charges +€30,425
up €30,425 (+38.2%), from €79,634 to €110,059
- Gross operating margin -€14,718
down €14,718 (-9.7%), from €151,474 to €136,756
- Other operating charges +€6,044
up €6,044 (+279.3%), from €2,164 to €8,208
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 | €2,674,423 | €4,549,143 | +€1.9m | +70.1% |
| Fixed assets | 21/28 | €2,630,169 | €4,488,733 | +€1.9m | +70.7% |
| Tangible fixed assets | 22/27 | €2,630,169 | €4,488,733 | +€1.9m | +70.7% |
| Land and buildings | 22 | €2,630,169 | €4,488,733 | +€1.9m | +70.7% |
| Current assets | 29/58 | €44,254 | €60,411 | +€16,156 | +36.5% |
| Amounts receivable within one year | 40/41 | €4,374 | €25,136 | +€20,762 | +474.7% |
| Other amounts receivable | 41 | €4,374 | €25,136 | +€20,762 | +474.7% |
| Cash at bank and in hand | 54/58 | €38,854 | €34,657 | -€4,197 | -10.8% |
| Deferred charges and accrued income | 490/1 | €1,027 | €618 | -€409 | -39.8% |
| Total equity and liabilities | 10/49 | €2,674,423 | €4,549,143 | +€1.9m | +70.1% |
| Equity | 10/15 | €517,879 | €476,172 | -€41,707 | -8.1% |
| Contributions | 10/11 | €545,000 | €545,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,121 | -€68,828 | -€41,707 | -153.8% |
| Amounts payable | 17/49 | €2,156,544 | €4,072,972 | +€1.9m | +88.9% |
| Amounts payable after more than one year | 17 | €2,082,978 | €3,864,600 | +€1.8m | +85.5% |
| Financial debts | 170/4 | €2,082,978 | €3,864,600 | +€1.8m | +85.5% |
| Amounts payable within one year | 42/48 | €66,567 | €193,327 | +€126,760 | +190.4% |
| Current portion of amounts payable after more than one year | 42 | €35,176 | €118,090 | +€82,914 | +235.7% |
| Trade debts | 44 | €8,010 | €17,354 | +€9,344 | +116.7% |
| Suppliers | 440/4 | €8,010 | €17,354 | +€9,344 | +116.7% |
| Other amounts payable | 47/48 | €23,380 | €57,882 | +€34,502 | +147.6% |
| Accrued charges and deferred income | 492/3 | €7,000 | €15,045 | +€8,045 | +114.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,797 | €60,197 | -€36,601 | -37.8% |
| Other operating charges | 640/8 | €2,164 | €8,208 | +€6,044 | +279.3% |
| Gross operating margin | 9900 | €151,474 | €136,756 | -€14,718 | -9.7% |
| Operating profit (loss) | 9901 | €52,513 | €68,352 | +€15,839 | +30.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €79,634 | €110,059 | +€30,425 | +38.2% |
| Recurring financial charges | 65 | €79,634 | €110,059 | +€30,425 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,121 | -€41,707 | -€14,586 | -53.8% |
| Profit (loss) for the period | 9904 | -€27,121 | -€41,707 | -€14,586 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,121 | -€41,707 | -€14,586 | -53.8% |
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 10 October 2026 via checked.be.