MRTNS Equities: 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.
MRTNS Equities
Largest movements
- Stocks and contracts +€3.4m
up €3.4m (+648%), from €519,802 to €3.9m
- Receivables within one year +€585,416
up €585,416 (+1,097%), from €53,370 to €638,786
of which Trade receivables: +€591,928
- Cash +€80,596
up €80,596 (+156%), from €51,624 to €132,221
- Current investments +€72,342
new in 2025: €72,342
- Debts after one year +€4.2m
up €4.2m (+1,101%), from €380,350 to €4.6m
- Reserves +€90,000
up €90,000 (+4,839%), from €1,860 to €91,860
of which Distributable reserves: +€90,000
- Profit (loss) carried forward -€85,430
down €85,430 (-94.1%), from €90,758 to €5,328
- Other debts -€60,590
down €60,590 (-81.5%), from €74,317 to €13,727
- Financial charges +€118,293
up €118,293 (+122%), from €97,080 to €215,373
- Gross operating margin -€60,483
down €60,483 (-20.3%), from €298,158 to €237,675
- Other operating charges -€21,112
down €21,112 (-90.4%), from €23,357 to €2,245
- Taxes -€20,661
down €20,661 (-75.9%), from €27,225 to €6,564
- Depreciation +€3,252
up €3,252 (+55.0%), from €5,916 to €9,169
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €640,122 | €4,735,380 | +€4.1m | +640% |
| Fixed assets | 21/28 | €15,326 | €5,752 | -€9,574 | -62.5% |
| Tangible fixed assets | 22/27 | €13,946 | €5,752 | -€8,194 | -58.8% |
| Plant, machinery and equipment | 23 | €1,802 | €684 | -€1,118 | -62.0% |
| Furniture and vehicles | 24 | €12,144 | €5,068 | -€7,076 | -58.3% |
| Financial fixed assets | 28 | €1,380 | - | -€1,380 | |
| Current assets | 29/58 | €624,796 | €4,729,627 | +€4.1m | +657% |
| Stocks and contracts in progress | 3 | €519,802 | €3,886,278 | +€3.4m | +648% |
| Stocks | 30/36 | €519,802 | €3,886,278 | +€3.4m | +648% |
| Amounts receivable within one year | 40/41 | €53,370 | €638,786 | +€585,416 | +1,097% |
| Trade receivables | 40 | €39,086 | €631,014 | +€591,928 | +1,514% |
| Other amounts receivable | 41 | €14,284 | €7,772 | -€6,512 | -45.6% |
| Current investments | 50/53 | - | €72,342 | +€72,342 | |
| Cash at bank and in hand | 54/58 | €51,624 | €132,221 | +€80,596 | +156% |
| Total equity and liabilities | 10/49 | €640,122 | €4,735,380 | +€4.1m | +640% |
| Equity | 10/15 | €140,818 | €145,388 | +€4,570 | +3.2% |
| Contributions | 10/11 | €48,200 | €48,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €91,860 | +€90,000 | +4,839% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €90,000 | +€90,000 | |
| Profit (loss) carried forward | 14 | €90,758 | €5,328 | -€85,430 | -94.1% |
| Amounts payable | 17/49 | €499,304 | €4,589,992 | +€4.1m | +819% |
| Amounts payable after more than one year | 17 | €380,350 | €4,568,403 | +€4.2m | +1,101% |
| Financial debts | 170/4 | €380,350 | €4,568,403 | +€4.2m | +1,101% |
| Amounts payable within one year | 42/48 | €118,954 | €21,588 | -€97,366 | -81.9% |
| Trade debts | 44 | €23,399 | €1,298 | -€22,102 | -94.5% |
| Suppliers | 440/4 | €23,399 | €1,298 | -€22,102 | -94.5% |
| Taxes, remuneration and social security | 45 | €21,238 | €6,564 | -€14,674 | -69.1% |
| Taxes | 450/3 | €21,238 | €6,564 | -€14,674 | -69.1% |
| Other amounts payable | 47/48 | €74,317 | €13,727 | -€60,590 | -81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,916 | €9,169 | +€3,252 | +55.0% |
| Other operating charges | 640/8 | €23,357 | €2,245 | -€21,112 | -90.4% |
| Gross operating margin | 9900 | €298,158 | €237,675 | -€60,483 | -20.3% |
| Operating profit (loss) | 9901 | €268,886 | €226,262 | -€42,624 | -15.9% |
| Financial income | 75/76B | - | €245 | +€245 | |
| Recurring financial income | 75 | - | €245 | +€245 | |
| Financial charges | 65/66B | €97,080 | €215,373 | +€118,293 | +122% |
| Recurring financial charges | 65 | €97,080 | €215,373 | +€118,293 | +122% |
| Profit (loss) for the period before taxes | 9903 | €171,806 | €11,134 | -€160,672 | -93.5% |
| Income taxes | 67/77 | €27,225 | €6,564 | -€20,661 | -75.9% |
| Profit (loss) for the period | 9904 | €144,581 | €4,570 | -€140,011 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €144,581 | €4,570 | -€140,011 | -96.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.