M.A.P.: 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.
M.A.P.
Largest movements
- Cash -€518,641
down €518,641 (-42.0%), from €1.2m to €717,116
mainly Contributions, distributions and other (-€1.1m) and Current investments (-€399,401)
- Current investments +€399,401
new in 2025: €399,401
- Receivables within one year +€285,377
up €285,377 (+172%), from €165,864 to €451,241
of which Trade receivables: +€252,830
- Tangible fixed assets -€51,974
down €51,974 (-9.2%), from €563,006 to €511,031
of which Land and buildings: -€26,897
- Deferred charges and accrued income -€49,819
down €49,819 (-78.7%), from €63,300 to €13,481
- Other debts +€763,820
up €763,820 (+1,687%), from €45,289 to €809,109
- Reserves -€675,660
down €675,660 (-38.2%), from €1.8m to €1.1m
of which Distributable reserves: -€673,660
- Debts after one year -€23,109
down €23,109 (-19.4%), from €119,039 to €95,930
- Financial charges +€9,418
up €9,418 (+169%), from €5,561 to €14,979
- Financial income +€7,856
up €7,856, from €0 to €7,856
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 | €2,032,200 | €2,096,544 | +€64,344 | +3.2% |
| Fixed assets | 21/28 | €567,279 | €515,305 | -€51,974 | -9.2% |
| Tangible fixed assets | 22/27 | €563,006 | €511,031 | -€51,974 | -9.2% |
| Land and buildings | 22 | €435,226 | €408,330 | -€26,897 | -6.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €16,992 | €8,621 | -€8,371 | -49.3% |
| Other tangible fixed assets | 26 | €110,787 | €94,080 | -€16,707 | -15.1% |
| Financial fixed assets | 28 | €4,274 | €4,274 | = | 0.0% |
| Current assets | 29/58 | €1,464,921 | €1,581,239 | +€116,318 | +7.9% |
| Amounts receivable within one year | 40/41 | €165,864 | €451,241 | +€285,377 | +172% |
| Trade receivables | 40 | €160,660 | €413,490 | +€252,830 | +157% |
| Other amounts receivable | 41 | €5,204 | €37,751 | +€32,547 | +625% |
| Current investments | 50/53 | - | €399,401 | +€399,401 | |
| Cash at bank and in hand | 54/58 | €1,235,757 | €717,116 | -€518,641 | -42.0% |
| Deferred charges and accrued income | 490/1 | €63,300 | €13,481 | -€49,819 | -78.7% |
| Total equity and liabilities | 10/49 | €2,032,200 | €2,096,544 | +€64,344 | +3.2% |
| Equity | 10/15 | €1,788,562 | €1,112,902 | -€675,660 | -37.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,768,562 | €1,092,902 | -€675,660 | -38.2% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Distributable reserves | 133 | €1,766,562 | €1,092,902 | -€673,660 | -38.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €243,638 | €983,642 | +€740,004 | +304% |
| Amounts payable after more than one year | 17 | €119,039 | €95,930 | -€23,109 | -19.4% |
| Financial debts | 170/4 | €119,039 | €95,930 | -€23,109 | -19.4% |
| Amounts payable within one year | 42/48 | €121,095 | €875,546 | +€754,452 | +623% |
| Current portion of amounts payable after more than one year | 42 | €42,408 | €23,109 | -€19,299 | -45.5% |
| Trade debts | 44 | €11,781 | €7,962 | -€3,820 | -32.4% |
| Suppliers | 440/4 | €11,781 | €7,962 | -€3,820 | -32.4% |
| Taxes, remuneration and social security | 45 | €21,616 | €35,367 | +€13,751 | +63.6% |
| Taxes | 450/3 | €21,616 | €35,367 | +€13,751 | +63.6% |
| Other amounts payable | 47/48 | €45,289 | €809,109 | +€763,820 | +1,687% |
| Accrued charges and deferred income | 492/3 | €3,505 | €12,166 | +€8,661 | +247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,521 | €53,228 | +€3,707 | +7.5% |
| Other operating charges | 640/8 | €6,009 | €4,929 | -€1,080 | -18.0% |
| Gross operating margin | 9900 | €665,704 | €665,245 | -€459 | -0.1% |
| Operating profit (loss) | 9901 | €610,174 | €607,089 | -€3,086 | -0.5% |
| Financial income | 75/76B | €0 | €7,856 | +€7,856 | |
| Recurring financial income | 75 | €0 | €7,856 | +€7,856 | |
| Financial charges | 65/66B | €5,561 | €14,979 | +€9,418 | +169% |
| Recurring financial charges | 65 | €5,561 | €14,979 | +€9,418 | +169% |
| Profit (loss) for the period before taxes | 9903 | €604,614 | €599,966 | -€4,648 | -0.8% |
| Income taxes | 67/77 | €147,404 | €145,626 | -€1,779 | -1.2% |
| Profit (loss) for the period | 9904 | €457,209 | €454,340 | -€2,869 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €457,209 | €454,340 | -€2,869 | -0.6% |
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 20 October 2026 via checked.be.