MRTN 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.
MRTN Projects
Largest movements
- Tangible fixed assets +€80,525
up €80,525 (+508.2%), from €15,845 to €96,370
of which Furniture and vehicles: +€80,849
- Cash -€32,034
down €32,034 (-43.7%), from €73,346 to €41,311
mainly Investment in fixed assets (net) (-€92,590) and Contributions, distributions and other (-€65,000)
- Receivables within one year +€27,975
up €27,975 (+171.0%), from €16,362 to €44,337
of which Trade receivables: +€22,698
- Debts after one year +€57,566
new in 2025: €57,566
- Current portion of long-term debt +€19,273
new in 2025: €19,273
- Other debts +€12,557
up €12,557 (+25.8%), from €48,607 to €61,163
- Reserves -€9,847
down €9,847 (-29.5%), from €33,329 to €23,481
- Tax, wage and social debts -€2,557
down €2,557 (-13.1%), from €19,526 to €16,969
of which Remuneration and social security: -€2,475
- Gross operating margin -€45,552
down €45,552 (-35.1%), from €129,861 to €84,309
- Taxes -€12,760
down €12,760 (-46.5%), from €27,417 to €14,657
- Depreciation +€10,469
up €10,469 (+656.1%), from €1,596 to €12,065
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 | €108,702 | €186,140 | +€77,438 | +71.2% |
| Fixed assets | 21/28 | €15,885 | €96,410 | +€80,525 | +506.9% |
| Tangible fixed assets | 22/27 | €15,845 | €96,370 | +€80,525 | +508.2% |
| Plant, machinery and equipment | 23 | €548 | €224 | -€324 | -59.1% |
| Furniture and vehicles | 24 | €15,296 | €96,146 | +€80,849 | +528.5% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €92,817 | €89,731 | -€3,087 | -3.3% |
| Amounts receivable within one year | 40/41 | €16,362 | €44,337 | +€27,975 | +171.0% |
| Trade receivables | 40 | €16,296 | €38,994 | +€22,698 | +139.3% |
| Other amounts receivable | 41 | €66 | €5,343 | +€5,277 | +7966.3% |
| Cash at bank and in hand | 54/58 | €73,346 | €41,311 | -€32,034 | -43.7% |
| Deferred charges and accrued income | 490/1 | €3,110 | €4,082 | +€973 | +31.3% |
| Total equity and liabilities | 10/49 | €108,702 | €186,140 | +€77,438 | +71.2% |
| Equity | 10/15 | €35,329 | €25,481 | -€9,847 | -27.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €33,329 | €23,481 | -€9,847 | -29.5% |
| Distributable reserves | 133 | €33,329 | €23,481 | -€9,847 | -29.5% |
| Amounts payable | 17/49 | €73,373 | €160,659 | +€87,286 | +119.0% |
| Amounts payable after more than one year | 17 | - | €57,566 | +€57,566 | |
| Financial debts | 170/4 | - | €57,566 | +€57,566 | |
| Amounts payable within one year | 42/48 | €73,373 | €103,093 | +€29,720 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | - | €19,273 | +€19,273 | |
| Trade debts | 44 | €5,240 | €5,688 | +€447 | +8.5% |
| Suppliers | 440/4 | €5,240 | €5,688 | +€447 | +8.5% |
| Taxes, remuneration and social security | 45 | €19,526 | €16,969 | -€2,557 | -13.1% |
| Taxes | 450/3 | €17,051 | €16,969 | -€82 | -0.5% |
| Remuneration and social security | 454/9 | €2,475 | - | -€2,475 | |
| Other amounts payable | 47/48 | €48,607 | €61,163 | +€12,557 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,596 | €12,065 | +€10,469 | +656.1% |
| Other operating charges | 640/8 | €1,200 | €1,473 | +€273 | +22.7% |
| Gross operating margin | 9900 | €129,861 | €84,309 | -€45,552 | -35.1% |
| Operating profit (loss) | 9901 | €127,065 | €70,771 | -€56,294 | -44.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €739 | €962 | +€222 | +30.1% |
| Recurring financial charges | 65 | €739 | €962 | +€222 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | €126,326 | €69,810 | -€56,516 | -44.7% |
| Income taxes | 67/77 | €27,417 | €14,657 | -€12,760 | -46.5% |
| Profit (loss) for the period | 9904 | €98,909 | €55,153 | -€43,756 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,909 | €55,153 | -€43,756 | -44.2% |
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 28 September 2026 via checked.be.