MAPA: what changed
MAPA
Largest movements
- Receivables within one year +€52,410
up €52,410 (+644%), from €8,132 to €60,542
of which Other amounts receivable: +€52,361
- Deferred charges and accrued income -€15,000
no longer reported in 2025 (was €15,000)
- Tangible fixed assets -€2,634
down €2,634 (-70.9%), from €3,713 to €1,079
- Cash -€2,385
down €2,385 (-4.4%), from €54,638 to €52,253
mainly Receivables within one year (-€52,410) and Current portion of long-term debt (-€1,690)
- Reserves +€27,122
up €27,122 (+44.8%), from €60,517 to €87,639
- Tax, wage and social debts +€8,504
up €8,504 (+346%), from €2,459 to €10,963
- Current portion of long-term debt -€1,690
no longer reported in 2025 (was €1,690)
- Trade debts -€1,545
down €1,545 (-14.6%), from €10,612 to €9,067
- Gross operating margin +€18,431
up €18,431 (+66.5%), from €27,709 to €46,140
- Taxes +€7,436
up €7,436 (+141%), from €5,274 to €12,710
- Depreciation -€3,508
down €3,508 (-57.1%), from €6,142 to €2,634
- Financial charges -€1,021
down €1,021 (-24.5%), from €4,175 to €3,154
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 | €81,484 | €113,875 | +€32,391 | +39.8% |
| Fixed assets | 21/28 | €3,713 | €1,079 | -€2,634 | -70.9% |
| Tangible fixed assets | 22/27 | €3,713 | €1,079 | -€2,634 | -70.9% |
| Plant, machinery and equipment | 23 | €3,713 | €1,079 | -€2,634 | -70.9% |
| Current assets | 29/58 | €77,771 | €112,796 | +€35,025 | +45.0% |
| Amounts receivable within one year | 40/41 | €8,132 | €60,542 | +€52,410 | +644% |
| Trade receivables | 40 | €5,493 | €5,542 | +€49 | +0.9% |
| Other amounts receivable | 41 | €2,639 | €55,000 | +€52,361 | +1,984% |
| Cash at bank and in hand | 54/58 | €54,638 | €52,253 | -€2,385 | -4.4% |
| Deferred charges and accrued income | 490/1 | €15,000 | - | -€15,000 | |
| Total equity and liabilities | 10/49 | €81,484 | €113,875 | +€32,391 | +39.8% |
| Equity | 10/15 | €66,722 | €93,844 | +€27,122 | +40.6% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €60,517 | €87,639 | +€27,122 | +44.8% |
| Distributable reserves | 133 | €60,517 | €87,639 | +€27,122 | +44.8% |
| Amounts payable | 17/49 | €14,762 | €20,030 | +€5,269 | +35.7% |
| Amounts payable within one year | 42/48 | €14,762 | €20,030 | +€5,269 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €1,690 | - | -€1,690 | |
| Trade debts | 44 | €10,612 | €9,067 | -€1,545 | -14.6% |
| Suppliers | 440/4 | €10,612 | €9,067 | -€1,545 | -14.6% |
| Taxes, remuneration and social security | 45 | €2,459 | €10,963 | +€8,504 | +346% |
| Taxes | 450/3 | €2,459 | €10,963 | +€8,504 | +346% |
| Non-recurring operating income | 76A | €480 | - | -€480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,142 | €2,634 | -€3,508 | -57.1% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €27,709 | €46,140 | +€18,431 | +66.5% |
| Operating profit (loss) | 9901 | €21,062 | €42,986 | +€21,924 | +104% |
| Financial charges | 65/66B | €4,175 | €3,154 | -€1,021 | -24.5% |
| Recurring financial charges | 65 | €4,175 | €3,154 | -€1,021 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €16,886 | €39,832 | +€22,945 | +136% |
| Income taxes | 67/77 | €5,274 | €12,710 | +€7,436 | +141% |
| Profit (loss) for the period | 9904 | €11,612 | €27,122 | +€15,510 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €11,612 | €27,122 | +€15,510 | +134% |
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 4 November 2026 via checked.be.