MARTRICK PROJECTS: 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.
MARTRICK PROJECTS
Largest movements
- Cash -€3.9m
down €3.9m (-82.3%), from €4.7m to €829,867
mainly Short-term financial debts (-€3.3m) and Stocks and contracts (-€1.2m)
- Stocks and contracts +€1.2m
up €1.2m (+21.8%), from €5.5m to €6.7m
of which Stocks: +€5.9m
- Receivables within one year +€513,721
up €513,721 (+5590.6%), from €9,189 to €522,910
of which Trade receivables: +€287,340
- Short-term financial debts -€3.3m
down €3.3m (-54.5%), from €6.0m to €2.7m
- Other debts +€1.6m
up €1.6m (+79.9%), from €2.0m to €3.5m
- Tax, wage and social debts -€393,670
down €393,670 (-70.9%), from €555,424 to €161,755
of which Taxes: -€396,705
- Gross operating margin -€574,899
down €574,899 (-58.8%), from €977,471 to €402,572
- Taxes -€180,806
down €180,806 (-87.0%), from €207,906 to €27,100
- Financial income -€98,600
down €98,600 (-99.2%), from €99,391 to €792
- Financial charges +€15,589
up €15,589 (+6.2%), from €252,178 to €267,768
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 | €10,362,910 | €8,181,675 | -€2.2m | -21.0% |
| Fixed assets | 21/28 | €162,600 | €126,714 | -€35,886 | -22.1% |
| Tangible fixed assets | 22/27 | €161,100 | €125,214 | -€35,886 | -22.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €161,100 | €125,214 | -€35,886 | -22.3% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €10,200,310 | €8,054,961 | -€2.1m | -21.0% |
| Stocks and contracts in progress | 3 | €5,502,926 | €6,701,979 | +€1.2m | +21.8% |
| Stocks | 30/36 | - | €5,893,652 | +€5.9m | |
| Contracts in progress | 37 | €5,502,926 | €808,326 | -€4.7m | -85.3% |
| Amounts receivable within one year | 40/41 | €9,189 | €522,910 | +€513,721 | +5590.6% |
| Trade receivables | 40 | €9,189 | €296,529 | +€287,340 | +3127.0% |
| Other amounts receivable | 41 | €0 | €226,382 | +€226,382 | |
| Cash at bank and in hand | 54/58 | €4,687,907 | €829,867 | -€3.9m | -82.3% |
| Deferred charges and accrued income | 490/1 | €288 | €205 | -€83 | -28.7% |
| Total equity and liabilities | 10/49 | €10,362,910 | €8,181,675 | -€2.2m | -21.0% |
| Equity | 10/15 | €807,491 | €826,389 | +€18,898 | +2.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €682,491 | €701,389 | +€18,898 | +2.8% |
| Distributable reserves | 133 | €682,491 | €701,389 | +€18,898 | +2.8% |
| Amounts payable | 17/49 | €9,555,419 | €7,355,286 | -€2.2m | -23.0% |
| Amounts payable after more than one year | 17 | €96,535 | €66,711 | -€29,825 | -30.9% |
| Financial debts | 170/4 | €96,535 | €66,711 | -€29,825 | -30.9% |
| Amounts payable within one year | 42/48 | €9,391,142 | €7,247,208 | -€2.1m | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €28,485 | €29,825 | +€1,339 | +4.7% |
| Financial debts | 43 | €5,987,383 | €2,724,713 | -€3.3m | -54.5% |
| Credit institutions | 430/8 | €5,987,383 | €2,724,713 | -€3.3m | -54.5% |
| Trade debts | 44 | €851,968 | €790,584 | -€61,384 | -7.2% |
| Suppliers | 440/4 | €851,968 | €790,584 | -€61,384 | -7.2% |
| Taxes, remuneration and social security | 45 | €555,424 | €161,755 | -€393,670 | -70.9% |
| Taxes | 450/3 | €547,348 | €150,643 | -€396,705 | -72.5% |
| Remuneration and social security | 454/9 | €8,076 | €11,111 | +€3,035 | +37.6% |
| Other amounts payable | 47/48 | €1,967,881 | €3,540,332 | +€1.6m | +79.9% |
| Accrued charges and deferred income | 492/3 | €67,742 | €41,367 | -€26,375 | -38.9% |
| Remuneration, social security and pensions | 62 | €38,632 | €39,960 | +€1,328 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,896 | €35,886 | +€990 | +2.8% |
| Other operating charges | 640/8 | €7,568 | €13,752 | +€6,184 | +81.7% |
| Non-recurring operating charges | 66A | €1,870 | €0 | -€1,870 | -100.0% |
| Gross operating margin | 9900 | €977,471 | €402,572 | -€574,899 | -58.8% |
| Operating profit (loss) | 9901 | €894,504 | €312,974 | -€581,530 | -65.0% |
| Financial income | 75/76B | €99,391 | €792 | -€98,600 | -99.2% |
| Recurring financial income | 75 | €99,391 | €792 | -€98,600 | -99.2% |
| Financial charges | 65/66B | €252,178 | €267,768 | +€15,589 | +6.2% |
| Recurring financial charges | 65 | €252,178 | €267,768 | +€15,589 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €741,717 | €45,998 | -€695,719 | -93.8% |
| Income taxes | 67/77 | €207,906 | €27,100 | -€180,806 | -87.0% |
| Profit (loss) for the period | 9904 | €533,811 | €18,898 | -€514,913 | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €533,811 | €18,898 | -€514,913 | -96.5% |
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 2 October 2026 via checked.be.