THE MART: 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.
THE MART
Largest movements
- Cash -€10,601
down €10,601 (-18.4%), from €57,713 to €47,112
mainly Net result for the year (-€28,030) and Tax, wage and social debts (-€3,329)
- Tangible fixed assets -€10,303
down €10,303 (-46.6%), from €22,106 to €11,803
of which Other tangible fixed assets: -€8,054
- Receivables within one year -€3,716
down €3,716 (-25.5%), from €14,559 to €10,843
of which Trade receivables: -€3,314
- Stocks and contracts -€3,567
down €3,567 (-29.9%), from €11,945 to €8,377
- Profit (loss) carried forward -€28,030
down €28,030 (-13.5%), from -€208,101 to -€236,131
- Tax, wage and social debts -€3,329
down €3,329 (-19.3%), from €17,230 to €13,901
of which Remuneration and social security: -€5,009
- Trade debts +€3,044
up €3,044 (+37.2%), from €8,186 to €11,231
- Gross operating margin -€40,500
down €40,500 (-15.4%), from €263,240 to €222,739
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 | €110,484 | €81,603 | -€28,881 | -26.1% |
| Fixed assets | 21/28 | €26,044 | €15,125 | -€10,918 | -41.9% |
| Intangible fixed assets | 21 | €1,526 | €910 | -€616 | -40.4% |
| Tangible fixed assets | 22/27 | €22,106 | €11,803 | -€10,303 | -46.6% |
| Plant, machinery and equipment | 23 | €4,989 | €3,966 | -€1,023 | -20.5% |
| Furniture and vehicles | 24 | €1,226 | €0 | -€1,226 | -100% |
| Other tangible fixed assets | 26 | €15,891 | €7,837 | -€8,054 | -50.7% |
| Financial fixed assets | 28 | €2,412 | €2,412 | = | 0.0% |
| Current assets | 29/58 | €84,440 | €66,478 | -€17,963 | -21.3% |
| Stocks and contracts in progress | 3 | €11,945 | €8,377 | -€3,567 | -29.9% |
| Stocks | 30/36 | €11,945 | €8,377 | -€3,567 | -29.9% |
| Amounts receivable within one year | 40/41 | €14,559 | €10,843 | -€3,716 | -25.5% |
| Trade receivables | 40 | €12,399 | €9,085 | -€3,314 | -26.7% |
| Other amounts receivable | 41 | €2,161 | €1,758 | -€402 | -18.6% |
| Current investments | 50/53 | €8 | - | -€8 | |
| Cash at bank and in hand | 54/58 | €57,713 | €47,112 | -€10,601 | -18.4% |
| Deferred charges and accrued income | 490/1 | €215 | €145 | -€70 | -32.6% |
| Total equity and liabilities | 10/49 | €110,484 | €81,603 | -€28,881 | -26.1% |
| Equity | 10/15 | -€162,572 | -€190,602 | -€28,030 | -17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,929 | €26,929 | = | 0.0% |
| Distributable reserves | 133 | €26,929 | €26,929 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,101 | -€236,131 | -€28,030 | -13.5% |
| Amounts payable | 17/49 | €273,056 | €272,204 | -€851 | -0.3% |
| Amounts payable after more than one year | 17 | €245,380 | €245,380 | = | 0.0% |
| Other amounts payable | 178/9 | €245,380 | €245,380 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,805 | €26,388 | -€417 | -1.6% |
| Trade debts | 44 | €8,186 | €11,231 | +€3,044 | +37.2% |
| Suppliers | 440/4 | €8,186 | €11,231 | +€3,044 | +37.2% |
| Advances received on contracts in progress | 46 | €1,389 | €1,257 | -€132 | -9.5% |
| Taxes, remuneration and social security | 45 | €17,230 | €13,901 | -€3,329 | -19.3% |
| Taxes | 450/3 | €5,761 | €7,441 | +€1,680 | +29.2% |
| Remuneration and social security | 454/9 | €11,469 | €6,460 | -€5,009 | -43.7% |
| Accrued charges and deferred income | 492/3 | €871 | €436 | -€435 | -49.9% |
| Remuneration, social security and pensions | 62 | €235,732 | €237,784 | +€2,052 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,789 | €12,568 | +€780 | +6.6% |
| Other operating charges | 640/8 | €2,169 | €2,208 | +€39 | +1.8% |
| Gross operating margin | 9900 | €263,240 | €222,739 | -€40,500 | -15.4% |
| Operating profit (loss) | 9901 | €13,550 | -€29,821 | -€43,372 | |
| Financial income | 75/76B | €2,172 | €2,140 | -€32 | -1.5% |
| Recurring financial income | 75 | €2,172 | €2,140 | -€32 | -1.5% |
| Financial charges | 65/66B | €45 | €349 | +€304 | +672% |
| Recurring financial charges | 65 | €45 | €349 | +€304 | +672% |
| Profit (loss) for the period before taxes | 9903 | €15,677 | -€28,030 | -€43,707 | |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €15,677 | -€28,030 | -€43,707 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,677 | -€28,030 | -€43,707 |
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 19 October 2026 via checked.be.