Mapi
ActiveSummary
Mapi has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €121,741 and a net result of -€14,639. Equity is growing by about 2.9% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · financial year 2025, abbreviated format
Equity
€121,741▼ 10.7%
2024 · €136,380
Total assets
€543,425▲ 20.1%
2024 · €452,328
Net result
-€14,639▲ 20.7%
2024 · -€18,466
Working capital
€383,054▲ 17.2%
2024 · €326,870
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result stays negative: a loss of €10,303 in 2025 against €13,650 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€10,303
2025
Net result-€14,639
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€543,425
2025
Equity€121,741
2025
Debt€421,684
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€383,054
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€26,973--€2,826€86,797€468,639▲ 440%€27,853▼ 94.1%-€13,650-€10,303▲ 24.5%
Net result€10,010--€8,294€63,905€352,339▲ 451%€16,885▼ 95.2%-€18,466-€14,639▲ 20.7%
Equity€110,010-€101,716▼ 7.5%€165,621▲ 62.8%€337,960▲ 104%€254,846▼ 24.6%€136,380▼ 46.5%€121,741▼ 10.7%
Total assets€554,744-€311,640▼ 43.8%€796,503▲ 156%€910,710▲ 14.3%€555,556▼ 39.0%€452,328▼ 18.6%€543,425▲ 20.1%
Debt€444,734-€209,925▼ 52.8%€630,882▲ 201%€572,750▼ 9.2%€300,710▼ 47.5%€315,949▲ 5.1%€421,684▲ 33.5%
Working capital€497,435-€260,846▼ 47.6%€232,874▼ 10.7%€655,346▲ 181%€450,331▼ 31.3%€326,870▼ 27.4%€383,054▲ 17.2%
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €543,425
Fixed assets
€2,580
Current assets
€540,845
Equity and liabilities €543,425
Equity
€121,741 ▼ 10.7%
Debt
€421,684 ▲ 33.5%
Debt's share of the balance-sheet total rises from 69.8% to 77.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9,737
Cash flow
-€14,073
Current ratio
3.43▼
2024 · 3.61
Quick ratio
0.88▼
2024 · 1.10
Debt to equity
3.46▲
2024 · 2.32
ROE
-12.0%▲
2024 · -13.5%
ROA
-2.7%▲
2024 · -4.1%
Interest coverage
-1.02
Debt ≤ 1 year
€157,791▲
2024 · €125,458
Debt > 1 year
€260,597▲
2024 · €187,054
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,664 | - | - | - | - | - | €566 | - |
| Other operating charges640/8 | - | - | - | €3,444 | €1,421 | €1,325 | €1,199 | ▼ 9.5% |
| Gross operating margin9900 | €36,844 | €2,879 | €95,318 | €472,083 | €29,274 | -€12,325 | -€8,538 | ▲ 30.7% |
| Operating profit (loss)9901 | €26,973 | -€2,826 | €86,797 | €468,639 | €27,853 | -€13,650 | -€10,303 | ▲ 24.5% |
| Financial income75/76B | - | - | - | €9,513 | €2,413 | €4,685 | €5,184 | ▲ 10.7% |
| Recurring financial income75 | €415 | - | - | €9,513 | €2,413 | €4,685 | €5,184 | ▲ 10.7% |
| Financial charges65/66B | - | - | - | €10,102 | €8,399 | €9,501 | €9,521 | ▲ 0.2% |
| Recurring financial charges65 | €14,865 | €5,469 | €4,382 | €10,102 | €8,399 | €9,501 | €9,521 | ▲ 0.2% |
| Profit (loss) for the period before taxes9903 | €12,523 | -€8,294 | €82,415 | €468,050 | €21,867 | -€18,466 | -€14,639 | ▲ 20.7% |
| Income taxes67/77 | €2,513 | - | €18,509 | €115,711 | €4,981 | - | - | - |
| Profit (loss) for the period9904 | €10,010 | -€8,294 | €63,905 | €352,339 | €16,885 | -€18,466 | -€14,639 | ▲ 20.7% |
| Profit (loss) for the period to be appropriated9905 | €10,010 | -€8,294 | €63,905 | €352,339 | €16,885 | -€18,466 | -€14,639 | ▲ 20.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €554,744 | €311,640 | €796,503 | €910,710 | €555,556 | €452,328 | €543,425 | ▲ 20.1% |
| Fixed assets21/28 | - | - | - | - | - | - | €2,580 | - |
| Tangible fixed assets22/27 | - | - | - | - | - | - | €2,580 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €2,580 | - |
| Current assets29/58 | €554,744 | €311,640 | €796,503 | €910,710 | €555,556 | €452,328 | €540,845 | ▲ 19.6% |
| Stocks and contracts in progress3 | €460,115 | €225,006 | €707,371 | €465,439 | €309,018 | €313,736 | €401,523 | ▲ 28.0% |
| Stocks30/36 | - | - | - | €465,439 | €309,018 | €313,736 | €401,523 | ▲ 28.0% |
| Amounts receivable within one year40/41 | €2,994 | €50,025 | - | €159,070 | €1,483 | €6,065 | €1,555 | ▼ 74.4% |
| Trade receivables40 | - | - | - | €159,070 | €740 | €4,659 | - | - |
| Other amounts receivable41 | - | - | - | - | €743 | €1,405 | €1,555 | ▲ 10.7% |
| Current investments50/53 | - | - | - | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Cash at bank and in hand54/58 | €45,490 | €36,109 | €89,132 | €161,200 | €120,056 | €7,370 | €10,368 | ▲ 40.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €158 | €2,398 | ▲ 1,419% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €554,744 | €311,640 | €796,503 | €910,710 | €555,556 | €452,328 | €543,425 | ▲ 20.1% |
| Equity10/15 | €110,010 | €101,716 | €165,621 | €337,960 | €254,846 | €136,380 | €121,741 | ▼ 10.7% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €10,010 | €1,716 | €65,621 | €237,960 | €154,846 | €36,380 | €21,741 | ▼ 40.2% |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Legal reserve130 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | - | - | €227,960 | €144,846 | €26,380 | €11,741 | ▼ 55.5% |
| Amounts payable17/49 | €444,734 | €209,925 | €630,882 | €572,750 | €300,710 | €315,949 | €421,684 | ▲ 33.5% |
| Amounts payable after more than one year17 | €384,621 | €156,968 | €65,095 | €315,183 | €192,171 | €187,054 | €260,597 | ▲ 39.3% |
| Financial debts170/4 | - | - | - | €315,183 | €192,171 | €187,054 | €260,597 | ▲ 39.3% |
| Amounts payable within one year42/48 | €57,309 | €50,794 | €563,629 | €255,364 | €105,225 | €125,458 | €157,791 | ▲ 25.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,911 | €5,013 | €5,117 | €5,223 | ▲ 2.1% |
| Financial debts43 | - | - | - | €46,771 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €46,771 | - | - | - | - |
| Trade debts44 | €953 | €1,056 | €425,189 | €826 | €212 | €341 | €5,080 | ▲ 1,388% |
| Suppliers440/4 | - | - | - | €826 | €212 | €341 | €5,080 | ▲ 1,388% |
| Taxes, remuneration and social security45 | - | - | - | €22,857 | - | - | - | - |
| Taxes450/3 | - | - | - | €22,857 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €180,000 | €100,000 | €120,000 | €147,488 | ▲ 22.9% |
| Accrued charges and deferred income492/3 | - | - | - | €2,202 | €3,315 | €3,437 | €3,297 | ▼ 4.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,010 | -€8,294 | €63,905 | €352,339 | €16,885 | -€18,466 | -€14,639 | ▲ 20.7% |
| + Depreciation and write-downs630 | €3,664 | - | - | - | - | - | €566 | - |
| Operating cash flow (approximation) | €13,674 | -€8,294 | €63,905 | €352,339 | €16,885 | -€18,466 | -€14,073 | ▲ 23.8% |
| Change in cash | - | -€9,382 | €53,023 | €72,068 | -€41,145 | -€112,686 | €2,999 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | abbreviated format | 05-01-2026 | 2026-00002661 |
| 30-06-2024 | abbreviated format | 27-01-2025 | 2025-00012710 |
| 30-06-2023 | abbreviated format | 03-01-2024 | 2024-00545025 |
| 30-06-2022 | abbreviated format | 04-01-2023 | 2023-20554404 |
| 30-06-2021 | abbreviated format | 03-01-2022 | 2022-00100528 |
| 30-06-2020 | abbreviated format | 04-01-2021 | 2021-00100549 |
| 30-06-2019 | abbreviated format | 13-01-2020 | 2020-00800444 |
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Of the 7,227 active companies whose main activity is buying and selling of own real estate (NACE 68110), figures are known for 5,419. 3,788 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.