MAP4F: 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.
MAP4F
Largest movements
- Receivables within one year +€78,643
up €78,643 (+110.6%), from €71,077 to €149,720
of which Trade receivables: +€83,137
- Cash -€63,927
down €63,927 (-72.6%), from €88,079 to €24,152
mainly Receivables within one year (-€78,643) and Stocks and contracts (-€45,046)
- Stocks and contracts +€45,046
up €45,046 (+31.0%), from €145,097 to €190,142
- Short-term financial debts +€33,269
up €33,269 (+1843.7%), from €1,804 to €35,073
of which Credit institutions: +€28,196
- Reserves +€28,386
up €28,386 (+10.1%), from €279,877 to €308,263
- Debts after one year -€5,559
down €5,559 (-43.1%), from €12,889 to €7,330
- Accrued charges and deferred income -€4,041
down €4,041 (-42.3%), from €9,563 to €5,522
- Write-downs -€7,207
down €7,207, from €3,604 to -€3,604
- Gross operating margin +€2,572
up €2,572 (+1.8%), from €144,905 to €147,477
- Financial income -€2,217
down €2,217 (-82.4%), from €2,691 to €474
- Taxes +€2,103
up €2,103 (+22.7%), from €9,259 to €11,362
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €332,001 | €389,304 | +€57,302 | +17.3% |
| Fixed assets | 21/28 | €26,811 | €23,699 | -€3,112 | -11.6% |
| Intangible fixed assets | 21 | €1,625 | €1,059 | -€567 | -34.9% |
| Tangible fixed assets | 22/27 | €24,685 | €22,140 | -€2,545 | -10.3% |
| Plant, machinery and equipment | 23 | €733 | €5,457 | +€4,724 | +644.3% |
| Furniture and vehicles | 24 | €21,047 | €13,611 | -€7,436 | -35.3% |
| Other tangible fixed assets | 26 | €2,905 | €3,072 | +€167 | +5.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €305,191 | €365,605 | +€60,414 | +19.8% |
| Stocks and contracts in progress | 3 | €145,097 | €190,142 | +€45,046 | +31.0% |
| Stocks | 30/36 | €145,097 | €190,142 | +€45,046 | +31.0% |
| Amounts receivable within one year | 40/41 | €71,077 | €149,720 | +€78,643 | +110.6% |
| Trade receivables | 40 | €36,162 | €119,299 | +€83,137 | +229.9% |
| Other amounts receivable | 41 | €34,916 | €30,421 | -€4,495 | -12.9% |
| Cash at bank and in hand | 54/58 | €88,079 | €24,152 | -€63,927 | -72.6% |
| Deferred charges and accrued income | 490/1 | €938 | €1,591 | +€653 | +69.7% |
| Total equity and liabilities | 10/49 | €332,001 | €389,304 | +€57,302 | +17.3% |
| Equity | 10/15 | €286,077 | €314,463 | +€28,386 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €279,877 | €308,263 | +€28,386 | +10.1% |
| Distributable reserves | 133 | €279,877 | €308,263 | +€28,386 | +10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €45,924 | €74,841 | +€28,916 | +63.0% |
| Amounts payable after more than one year | 17 | €12,889 | €7,330 | -€5,559 | -43.1% |
| Financial debts | 170/4 | €12,889 | €7,330 | -€5,559 | -43.1% |
| Amounts payable within one year | 42/48 | €23,473 | €61,989 | +€38,517 | +164.1% |
| Current portion of amounts payable after more than one year | 42 | €5,301 | €5,559 | +€258 | +4.9% |
| Financial debts | 43 | €1,804 | €35,073 | +€33,269 | +1843.7% |
| Credit institutions | 430/8 | €1,804 | €30,000 | +€28,196 | +1562.5% |
| Other loans | 439 | - | €5,073 | +€5,073 | |
| Trade debts | 44 | €14,606 | €17,603 | +€2,997 | +20.5% |
| Suppliers | 440/4 | €14,606 | €17,603 | +€2,997 | +20.5% |
| Taxes, remuneration and social security | 45 | €0 | €2,922 | +€2,922 | |
| Taxes | 450/3 | - | €2,922 | +€2,922 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,761 | €833 | -€928 | -52.7% |
| Accrued charges and deferred income | 492/3 | €9,563 | €5,522 | -€4,041 | -42.3% |
| Remuneration, social security and pensions | 62 | €97,163 | €96,792 | -€371 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,647 | €9,958 | +€1,311 | +15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,604 | -€3,604 | -€7,207 | |
| Other operating charges | 640/8 | €670 | €690 | +€20 | +3.0% |
| Gross operating margin | 9900 | €144,905 | €147,477 | +€2,572 | +1.8% |
| Operating profit (loss) | 9901 | €34,822 | €43,641 | +€8,819 | +25.3% |
| Financial income | 75/76B | €2,691 | €474 | -€2,217 | -82.4% |
| Recurring financial income | 75 | €2,691 | €474 | -€2,217 | -82.4% |
| Financial charges | 65/66B | €4,951 | €3,534 | -€1,417 | -28.6% |
| Recurring financial charges | 65 | €4,951 | €3,534 | -€1,417 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €32,562 | €40,581 | +€8,019 | +24.6% |
| Income taxes | 67/77 | €9,259 | €11,362 | +€2,103 | +22.7% |
| Profit (loss) for the period | 9904 | €23,303 | €29,219 | +€5,916 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,303 | €29,219 | +€5,916 | +25.4% |
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 3 October 2026 via checked.be.