E - MAPROD: what changed
Two fiscal 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
E - MAPROD
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€52,528
2024 · €628,522-€575,994
Equity
€5.4m
2024 · €5.3m+€52,528
Cash
€11,102
2024 · €44,802-€33,700
Balance sheet total
€22.8m
2024 · €20.1m+€2.7m
Largest movements
Assets
- Receivables after one year +€1.7m
up €1.7m (+24.1%), from €7.0m to €8.7m
- Stocks and contracts +€650,833
up €650,833 (+27.7%), from €2.4m to €3.0m
- Financial fixed assets +€394,745
up €394,745 (+4.3%), from €9.3m to €9.6m
Equity and liabilities
- Debts after one year +€1.7m
up €1.7m (+11.8%), from €14.2m to €15.8m
of which Other amounts payable: +€1.4m
- Current portion of long-term debt +€1.3m
up €1.3m (+3975.8%), from €33,137 to €1.4m
- Short-term financial debts -€329,552
down €329,552 (-79.6%), from €413,793 to €84,241
Income statement
- Gross operating margin -€447,566
down €447,566, from €396,019 to -€51,546
- Financial charges +€186,330
up €186,330 (+41.8%), from €445,616 to €631,946
- Financial income +€60,869
up €60,869 (+8.2%), from €741,790 to €802,659
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
€628,522
Gross operating margin
-€447,566
Depreciation
-€1,523
Other operating charges
-€1,528
Financial income
+€60,869
Financial charges
-€186,330
Taxes
+€84
Result 2025
€52,528
Cash bridge derived
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
-€2.3m
Investment
-€427,585
Financing
+€2.7m
Cash 2024
€44,802
From operations (derived)
-€2.3m
Net result for the year
+€52,528
Depreciation
+€38,226
Receivables after one year
-€1.7m
Stocks and contracts
-€650,833
Receivables within one year
-€28,452
Deferred charges and accrued income
-€29,232
Trade debts
+€54,402
Tax, wage and social debts
-€15,741
Smaller working-capital items
-€2,558
Investment (derived)
-€427,585
Investment in fixed assets (net)
-€427,585
Financing
+€2.7m
Debts after one year
+€1.7m
Current portion of long-term debt
+€1.3m
Short-term financial debts
-€329,552
Cash 2025
€11,102
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,072,065 | €22,821,705 | +€2.7m | +13.7% |
| Fixed assets | 21/28 | €10,348,438 | €10,737,797 | +€389,359 | +3.8% |
| Tangible fixed assets | 22/27 | €1,096,700 | €1,091,314 | -€5,386 | -0.5% |
| Land and buildings | 22 | €951,148 | €928,367 | -€22,782 | -2.4% |
| Furniture and vehicles | 24 | €6,231 | €23,627 | +€17,396 | +279.2% |
| Other tangible fixed assets | 26 | €139,320 | €139,320 | = | 0.0% |
| Financial fixed assets | 28 | €9,251,738 | €9,646,483 | +€394,745 | +4.3% |
| Current assets | 29/58 | €9,723,627 | €12,083,908 | +€2.4m | +24.3% |
| Amounts receivable after more than one year | 29 | €7,003,629 | €8,689,093 | +€1.7m | +24.1% |
| Other amounts receivable | 291 | €7,003,629 | €8,689,093 | +€1.7m | +24.1% |
| Stocks and contracts in progress | 3 | €2,350,403 | €3,001,236 | +€650,833 | +27.7% |
| Stocks | 30/36 | €2,350,403 | €3,001,236 | +€650,833 | +27.7% |
| Amounts receivable within one year | 40/41 | €317,072 | €345,524 | +€28,452 | +9.0% |
| Trade receivables | 40 | €317,072 | €218,404 | -€98,668 | -31.1% |
| Other amounts receivable | 41 | - | €127,120 | +€127,120 | |
| Cash at bank and in hand | 54/58 | €44,802 | €11,102 | -€33,700 | -75.2% |
| Deferred charges and accrued income | 490/1 | €7,722 | €36,954 | +€29,232 | +378.6% |
| Total equity and liabilities | 10/49 | €20,072,065 | €22,821,705 | +€2.7m | +13.7% |
| Equity | 10/15 | €5,302,243 | €5,354,771 | +€52,528 | +1.0% |
| Contributions | 10/11 | €120,437 | €120,437 | = | 0.0% |
| Capital | 10 | €120,437 | €120,437 | = | 0.0% |
| Issued capital | 100 | €120,437 | €120,437 | = | 0.0% |
| Reserves | 13 | €12,044 | €12,044 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,044 | €12,044 | = | 0.0% |
| Legal reserve | 130 | €12,044 | €12,044 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,169,762 | €5,222,291 | +€52,528 | +1.0% |
| Amounts payable | 17/49 | €14,769,822 | €17,466,934 | +€2.7m | +18.3% |
| Amounts payable after more than one year | 17 | €14,158,793 | €15,831,891 | +€1.7m | +11.8% |
| Financial debts | 170/4 | €102,189 | €340,477 | +€238,288 | +233.2% |
| Other amounts payable | 178/9 | €14,056,604 | €15,491,414 | +€1.4m | +10.2% |
| Amounts payable within one year | 42/48 | €605,615 | €1,628,588 | +€1.0m | +168.9% |
| Current portion of amounts payable after more than one year | 42 | €33,137 | €1,350,600 | +€1.3m | +3975.8% |
| Financial debts | 43 | €413,793 | €84,241 | -€329,552 | -79.6% |
| Credit institutions | 430/8 | €413,793 | €84,241 | -€329,552 | -79.6% |
| Trade debts | 44 | €105,242 | €159,644 | +€54,402 | +51.7% |
| Suppliers | 440/4 | €105,242 | €159,644 | +€54,402 | +51.7% |
| Advances received on contracts in progress | 46 | €35,510 | €31,911 | -€3,599 | -10.1% |
| Taxes, remuneration and social security | 45 | €17,932 | €2,191 | -€15,741 | -87.8% |
| Taxes | 450/3 | €17,932 | €2,191 | -€15,741 | -87.8% |
| Accrued charges and deferred income | 492/3 | €5,414 | €6,455 | +€1,041 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,703 | €38,226 | +€1,523 | +4.2% |
| Other operating charges | 640/8 | €25,830 | €27,359 | +€1,528 | +5.9% |
| Gross operating margin | 9900 | €396,019 | -€51,546 | -€447,566 | |
| Operating profit (loss) | 9901 | €333,486 | -€117,131 | -€450,617 | |
| Financial income | 75/76B | €741,790 | €802,659 | +€60,869 | +8.2% |
| Recurring financial income | 75 | €741,790 | €802,659 | +€60,869 | +8.2% |
| Financial charges | 65/66B | €445,616 | €631,946 | +€186,330 | +41.8% |
| Recurring financial charges | 65 | €445,616 | €631,946 | +€186,330 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €629,660 | €53,582 | -€576,078 | -91.5% |
| Income taxes | 67/77 | €1,138 | €1,053 | -€84 | -7.4% |
| Profit (loss) for the period | 9904 | €628,522 | €52,528 | -€575,994 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €628,522 | €52,528 | -€575,994 | -91.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.