MARTHAC: what changed
MARTHAC
Largest movements
- Stocks and contracts +€8,722
up €8,722 (+19.8%), from €43,951 to €52,672
- Receivables within one year +€5,144
up €5,144 (+178%), from €2,886 to €8,030
of which Trade receivables: +€5,024
- Cash -€3,845
down €3,845 (-78.1%), from €4,926 to €1,081
mainly Stocks and contracts (-€8,722) and Other debts (-€5,865)
- Deferred charges and accrued income +€2,872
up €2,872 (+2,819%), from €102 to €2,973
- Tangible fixed assets -€1,490
down €1,490 (-28.0%), from €5,325 to €3,836
of which Furniture and vehicles: -€936
- Trade debts +€13,746
up €13,746 (+82.0%), from €16,761 to €30,507
- Other debts -€5,865
down €5,865 (-17.6%), from €33,267 to €27,402
- Tax, wage and social debts +€2,514
up €2,514 (+53.2%), from €4,729 to €7,243
- Reserves +€2,500
up €2,500 (+83.3%), from €3,000 to €5,500
- Advances received -€1,759
down €1,759 (-83.8%), from €2,100 to €341
- Gross operating margin -€3,932
down €3,932 (-38.5%), from €10,218 to €6,286
- Other operating charges -€1,561
down €1,561 (-75.8%), from €2,061 to €500
- Taxes -€864
down €864 (-37.6%), from €2,301 to €1,437
- Depreciation -€633
down €633 (-29.8%), from €2,122 to €1,490
- Financial income +€474
new in 2025: €474
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,190 | €71,892 | +€11,702 | +19.4% |
| Fixed assets | 21/28 | €8,325 | €7,136 | -€1,190 | -14.3% |
| Tangible fixed assets | 22/27 | €5,325 | €3,836 | -€1,490 | -28.0% |
| Furniture and vehicles | 24 | €3,356 | €2,421 | -€936 | -27.9% |
| Other tangible fixed assets | 26 | €1,969 | €1,415 | -€554 | -28.1% |
| Financial fixed assets | 28 | €3,000 | €3,300 | +€300 | +10.0% |
| Current assets | 29/58 | €51,864 | €64,757 | +€12,892 | +24.9% |
| Stocks and contracts in progress | 3 | €43,951 | €52,672 | +€8,722 | +19.8% |
| Stocks | 30/36 | €43,951 | €52,672 | +€8,722 | +19.8% |
| Amounts receivable within one year | 40/41 | €2,886 | €8,030 | +€5,144 | +178% |
| Trade receivables | 40 | €2,886 | €7,910 | +€5,024 | +174% |
| Other amounts receivable | 41 | - | €120 | +€120 | |
| Cash at bank and in hand | 54/58 | €4,926 | €1,081 | -€3,845 | -78.1% |
| Deferred charges and accrued income | 490/1 | €102 | €2,973 | +€2,872 | +2,819% |
| Total equity and liabilities | 10/49 | €60,190 | €71,892 | +€11,702 | +19.4% |
| Equity | 10/15 | €3,333 | €6,047 | +€2,714 | +81.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €3,000 | €5,500 | +€2,500 | +83.3% |
| Distributable reserves | 133 | €3,000 | €5,500 | +€2,500 | +83.3% |
| Profit (loss) carried forward | 14 | €233 | €447 | +€214 | +92.0% |
| Amounts payable | 17/49 | €56,857 | €65,845 | +€8,988 | +15.8% |
| Amounts payable within one year | 42/48 | €56,857 | €65,845 | +€8,988 | +15.8% |
| Financial debts | 43 | - | €352 | +€352 | |
| Credit institutions | 430/8 | - | €352 | +€352 | |
| Trade debts | 44 | €16,761 | €30,507 | +€13,746 | +82.0% |
| Suppliers | 440/4 | €16,761 | €30,507 | +€13,746 | +82.0% |
| Advances received on contracts in progress | 46 | €2,100 | €341 | -€1,759 | -83.8% |
| Taxes, remuneration and social security | 45 | €4,729 | €7,243 | +€2,514 | +53.2% |
| Taxes | 450/3 | €4,729 | €7,243 | +€2,514 | +53.2% |
| Other amounts payable | 47/48 | €33,267 | €27,402 | -€5,865 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,122 | €1,490 | -€633 | -29.8% |
| Other operating charges | 640/8 | €2,061 | €500 | -€1,561 | -75.8% |
| Gross operating margin | 9900 | €10,218 | €6,286 | -€3,932 | -38.5% |
| Operating profit (loss) | 9901 | €6,034 | €4,297 | -€1,737 | -28.8% |
| Financial income | 75/76B | - | €474 | +€474 | |
| Recurring financial income | 75 | - | €474 | +€474 | |
| Financial charges | 65/66B | €501 | €620 | +€120 | +23.9% |
| Recurring financial charges | 65 | €501 | €620 | +€120 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €5,534 | €4,151 | -€1,383 | -25.0% |
| Income taxes | 67/77 | €2,301 | €1,437 | -€864 | -37.6% |
| Profit (loss) for the period | 9904 | €3,233 | €2,714 | -€519 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,233 | €2,714 | -€519 | -16.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.