Vincent Martens: 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.
What changed
Vincent Martens
NACE 93.110, Operation of sports facilities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1,627
2024 · -€3,904+€5,531
Equity
€320,580
2024 · €354,372-€33,792
Cash
€33,377
2024 · €81,448-€48,071
Balance sheet total
€2.6m
2024 · €2.6m+€359
Largest movements
Assets
- Stocks and contracts +€115,106
up €115,106 (+35.9%), from €320,345 to €435,451
- Tangible fixed assets -€80,610
down €80,610 (-3.7%), from €2.2m to €2.1m
of which Land and buildings: -€42,221
- Cash -€48,071
down €48,071 (-59.0%), from €81,448 to €33,377
mainly Stocks and contracts (-€115,106) and Investment in fixed assets (net) (-€75,667)
Equity and liabilities
- Trade debts +€54,277
up €54,277 (+128%), from €42,272 to €96,549
- Investment grants -€35,419
down €35,419 (-52.7%), from €67,239 to €31,820
- Debts after one year -€29,567
down €29,567 (-1.4%), from €2.1m to €2.0m
Income statement
- Purchases and services -€53,442
down €53,442 (-15.1%), from €354,984 to €301,542
- Gross operating margin +€36,255
up €36,255 (+10.1%), from €358,351 to €394,606
- Staff costs +€25,856
up €25,856 (+26.7%), from €96,691 to €122,547
- Turnover -€17,187
down €17,187 (-2.4%), from €713,335 to €696,148
- Financial charges -€10,551
down €10,551 (-12.7%), from €82,913 to €72,362
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.
Result 2024
-€3,904
Gross operating margin
+€36,255
Staff costs
-€25,856
Depreciation
+€3,787
Other operating charges
-€3,627
Other operating items
-€14,821
Financial income
-€758
Financial charges
+€10,551
Result 2025
€1,627
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€97,393
Investment
-€75,667
Financing
-€69,797
Cash 2024
€81,448
From operations (derived)
+€97,393
Net result for the year
+€1,627
Depreciation
+€157,277
Stocks and contracts
-€115,106
Receivables within one year
+€2,619
Deferred charges and accrued income
-€17,553
Provisions
+€1,400
Trade debts
+€54,277
Tax, wage and social debts
-€8,042
Other debts
+€24,826
Accrued charges and deferred income
-€3,932
Investment (derived)
-€75,667
Investment in fixed assets (net)
-€75,667
Financing
-€69,797
Debts after one year
-€29,567
Current portion of long-term debt
-€15,499
Short-term financial debts
+€10,688
Contributions, distributions and other
-€35,419
Cash 2025
€33,377
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,631,828 | €2,632,187 | +€359 | 0.0% |
| Fixed assets | 21/28 | €2,209,451 | €2,127,841 | -€81,610 | -3.7% |
| Intangible fixed assets | 21 | €7,000 | €6,000 | -€1,000 | -14.3% |
| Tangible fixed assets | 22/27 | €2,201,921 | €2,121,311 | -€80,610 | -3.7% |
| Land and buildings | 22 | €1,713,244 | €1,671,023 | -€42,221 | -2.5% |
| Plant, machinery and equipment | 23 | €405,443 | €370,049 | -€35,394 | -8.7% |
| Furniture and vehicles | 24 | €39,984 | €41,489 | +€1,505 | +3.8% |
| Leasing and similar rights | 25 | €43,250 | €38,750 | -€4,500 | -10.4% |
| Financial fixed assets | 28 | €530 | €530 | = | 0.0% |
| Current assets | 29/58 | €422,377 | €504,346 | +€81,969 | +19.4% |
| Amounts receivable after more than one year | 29 | €1,045 | €1,045 | = | 0.0% |
| Trade receivables | 290 | €1,045 | €1,045 | = | 0.0% |
| Stocks and contracts in progress | 3 | €320,345 | €435,451 | +€115,106 | +35.9% |
| Stocks | 30/36 | €320,345 | €435,451 | +€115,106 | +35.9% |
| Amounts receivable within one year | 40/41 | €6,582 | €3,963 | -€2,619 | -39.8% |
| Trade receivables | 40 | €6,582 | €3,963 | -€2,619 | -39.8% |
| Cash at bank and in hand | 54/58 | €81,448 | €33,377 | -€48,071 | -59.0% |
| Deferred charges and accrued income | 490/1 | €12,957 | €30,510 | +€17,553 | +135% |
| Total equity and liabilities | 10/49 | €2,631,828 | €2,632,187 | +€359 | 0.0% |
| Equity | 10/15 | €354,372 | €320,580 | -€33,792 | -9.5% |
| Contributions | 10/11 | €274,862 | €274,862 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,271 | €13,898 | +€1,627 | +13.3% |
| Investment grants | 15 | €67,239 | €31,820 | -€35,419 | -52.7% |
| Provisions and deferred taxes | 16 | €6,000 | €7,400 | +€1,400 | +23.3% |
| Provisions for liabilities and charges | 160/5 | €6,000 | €7,400 | +€1,400 | +23.3% |
| Environmental obligations | 163 | €6,000 | €7,400 | +€1,400 | +23.3% |
| Amounts payable | 17/49 | €2,271,456 | €2,304,207 | +€32,751 | +1.4% |
| Amounts payable after more than one year | 17 | €2,072,119 | €2,042,552 | -€29,567 | -1.4% |
| Financial debts | 170/4 | €2,072,119 | €2,042,552 | -€29,567 | -1.4% |
| Amounts payable within one year | 42/48 | €186,955 | €253,205 | +€66,250 | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €113,658 | €98,159 | -€15,499 | -13.6% |
| Financial debts | 43 | - | €10,688 | +€10,688 | |
| Other loans | 439 | - | €10,688 | +€10,688 | |
| Trade debts | 44 | €42,272 | €96,549 | +€54,277 | +128% |
| Suppliers | 440/4 | €42,272 | €96,549 | +€54,277 | +128% |
| Taxes, remuneration and social security | 45 | €16,148 | €8,106 | -€8,042 | -49.8% |
| Taxes | 450/3 | €15,773 | €7,559 | -€8,214 | -52.1% |
| Remuneration and social security | 454/9 | €375 | €547 | +€172 | +45.9% |
| Other amounts payable | 47/48 | €14,877 | €39,703 | +€24,826 | +167% |
| Accrued charges and deferred income | 492/3 | €12,382 | €8,450 | -€3,932 | -31.8% |
| Turnover | 70 | €713,335 | €696,148 | -€17,187 | -2.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €354,984 | €301,542 | -€53,442 | -15.1% |
| Remuneration, social security and pensions | 62 | €96,691 | €122,547 | +€25,856 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,064 | €157,277 | -€3,787 | -2.4% |
| Other operating charges | 640/8 | €22,345 | €25,972 | +€3,627 | +16.2% |
| Non-recurring operating charges | 66A | - | €14,821 | +€14,821 | |
| Gross operating margin | 9900 | €358,351 | €394,606 | +€36,255 | +10.1% |
| Operating profit (loss) | 9901 | €78,251 | €73,989 | -€4,262 | -5.4% |
| Financial income | 75/76B | €758 | - | -€758 | |
| Recurring financial income | 75 | €758 | - | -€758 | |
| Financial charges | 65/66B | €82,913 | €72,362 | -€10,551 | -12.7% |
| Recurring financial charges | 65 | €82,913 | €72,362 | -€10,551 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,904 | €1,627 | +€5,531 | |
| Profit (loss) for the period | 9904 | -€3,904 | €1,627 | +€5,531 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,904 | €1,627 | +€5,531 |
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 30 October 2026 via checked.be.