MARTRICK BENELUX: 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.
MARTRICK BENELUX
Largest movements
- Stocks and contracts -€2.4m
down €2.4m (-42.1%), from €5.8m to €3.3m
of which Stocks: -€1.4m
- Receivables within one year +€2.0m
up €2.0m (+70.4%), from €2.8m to €4.8m
of which Other amounts receivable: +€1.9m
- Tangible fixed assets +€510,691
up €510,691 (+13.1%), from €3.9m to €4.4m
of which Land and buildings: +€525,739
- Cash -€303,150
down €303,150 (-83.0%), from €365,036 to €61,886
mainly Receivables within one year (-€2.0m) and Investment in fixed assets (net) (-€611,060)
- Accrued charges and deferred income -€277,788
down €277,788 (-48.3%), from €574,546 to €296,758
- Trade debts +€179,424
up €179,424 (+335%), from €53,560 to €232,984
- Tax, wage and social debts -€152,375
down €152,375 (-76.8%), from €198,399 to €46,025
of which Taxes: -€152,396
- Gross operating margin -€823,617
down €823,617 (-91.3%), from €902,382 to €78,765
- Financial income +€117,601
up €117,601 (+544%), from €21,637 to €139,239
- Financial charges +€110,116
up €110,116, from -€97,646 to €12,470
- Taxes -€34,857
down €34,857 (-73.5%), from €47,448 to €12,591
- Depreciation +€17,270
up €17,270 (+20.8%), from €83,099 to €100,369
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 | €14,006,847 | €13,828,198 | -€178,650 | -1.3% |
| Fixed assets | 21/28 | €4,029,149 | €4,539,841 | +€510,691 | +12.7% |
| Tangible fixed assets | 22/27 | €3,904,149 | €4,414,841 | +€510,691 | +13.1% |
| Land and buildings | 22 | €3,791,958 | €4,317,697 | +€525,739 | +13.9% |
| Plant, machinery and equipment | 23 | €1,438 | €942 | -€496 | -34.5% |
| Furniture and vehicles | 24 | €68,225 | €58,869 | -€9,357 | -13.7% |
| Other tangible fixed assets | 26 | €42,528 | €37,333 | -€5,195 | -12.2% |
| Financial fixed assets | 28 | €125,000 | €125,000 | = | 0.0% |
| Current assets | 29/58 | €9,977,698 | €9,288,357 | -€689,341 | -6.9% |
| Stocks and contracts in progress | 3 | €5,772,763 | €3,341,030 | -€2.4m | -42.1% |
| Stocks | 30/36 | €4,742,493 | €3,341,030 | -€1.4m | -29.6% |
| Contracts in progress | 37 | €1,030,270 | €0 | -€1.0m | -100% |
| Amounts receivable within one year | 40/41 | €2,817,452 | €4,801,888 | +€2.0m | +70.4% |
| Trade receivables | 40 | €1,262,537 | €1,393,273 | +€130,736 | +10.4% |
| Other amounts receivable | 41 | €1,554,915 | €3,408,615 | +€1.9m | +119% |
| Current investments | 50/53 | €971,836 | €956,924 | -€14,912 | -1.5% |
| Cash at bank and in hand | 54/58 | €365,036 | €61,886 | -€303,150 | -83.0% |
| Deferred charges and accrued income | 490/1 | €50,611 | €126,629 | +€76,017 | +150% |
| Total equity and liabilities | 10/49 | €14,006,847 | €13,828,198 | -€178,650 | -1.3% |
| Equity | 10/15 | €7,732,824 | €7,812,493 | +€79,669 | +1.0% |
| Contributions | 10/11 | €1,206,600 | €1,206,600 | = | 0.0% |
| Reserves | 13 | €6,526,224 | €6,605,893 | +€79,669 | +1.2% |
| Distributable reserves | 133 | €6,526,224 | €6,605,893 | +€79,669 | +1.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €6,274,024 | €6,015,705 | -€258,319 | -4.1% |
| Amounts payable after more than one year | 17 | €949,927 | €868,707 | -€81,220 | -8.6% |
| Financial debts | 170/4 | €949,927 | €868,707 | -€81,220 | -8.6% |
| Amounts payable within one year | 42/48 | €4,749,551 | €4,850,240 | +€100,688 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €80,417 | €81,220 | +€803 | +1.0% |
| Financial debts | 43 | - | €126,603 | +€126,603 | |
| Credit institutions | 430/8 | - | €126,603 | +€126,603 | |
| Trade debts | 44 | €53,560 | €232,984 | +€179,424 | +335% |
| Suppliers | 440/4 | €53,560 | €232,984 | +€179,424 | +335% |
| Taxes, remuneration and social security | 45 | €198,399 | €46,025 | -€152,375 | -76.8% |
| Taxes | 450/3 | €195,545 | €43,149 | -€152,396 | -77.9% |
| Remuneration and social security | 454/9 | €2,854 | €2,875 | +€21 | +0.7% |
| Other amounts payable | 47/48 | €4,417,175 | €4,363,408 | -€53,766 | -1.2% |
| Accrued charges and deferred income | 492/3 | €574,546 | €296,758 | -€277,788 | -48.3% |
| Non-recurring operating income | 76A | €18,333 | €0 | -€18,333 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,099 | €100,369 | +€17,270 | +20.8% |
| Other operating charges | 640/8 | €272 | €7,904 | +€7,632 | +2,808% |
| Gross operating margin | 9900 | €902,382 | €78,765 | -€823,617 | -91.3% |
| Operating profit (loss) | 9901 | €819,011 | -€29,508 | -€848,519 | |
| Financial income | 75/76B | €21,637 | €139,239 | +€117,601 | +544% |
| Recurring financial income | 75 | €21,637 | €139,239 | +€117,601 | +544% |
| Financial charges | 65/66B | -€97,646 | €12,470 | +€110,116 | |
| Recurring financial charges | 65 | -€97,646 | €12,470 | +€110,116 | |
| Profit (loss) for the period before taxes | 9903 | €938,295 | €97,261 | -€841,034 | -89.6% |
| Income taxes | 67/77 | €47,448 | €12,591 | -€34,857 | -73.5% |
| Profit (loss) for the period | 9904 | €890,846 | €84,669 | -€806,177 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €890,846 | €84,669 | -€806,177 | -90.5% |
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 25 October 2026 via checked.be.