MAPACAL: 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.
MAPACAL
Largest movements
- Tangible fixed assets -€24,611
down €24,611 (-16.7%), from €146,999 to €122,389
of which Plant, machinery and equipment: -€14,071
- Deferred charges and accrued income -€10,375
down €10,375 (-43.7%), from €23,724 to €13,350
- Cash +€7,595
up €7,595 (+5.4%), from €141,439 to €149,034
mainly Short-term financial debts (+€50,569) and Depreciation (+€33,924)
- Short-term financial debts +€50,569
new in 2025: €50,569
- Current portion of long-term debt -€39,706
down €39,706 (-60.9%), from €65,218 to €25,512
- Debts after one year -€25,512
down €25,512 (-41.6%), from €61,369 to €35,857
- Trade debts -€16,848
down €16,848 (-17.7%), from €95,040 to €78,192
- Tax, wage and social debts +€14,554
up €14,554 (+15.2%), from €95,984 to €110,537
of which Taxes: +€15,111
- Staff costs +€76,932
up €76,932 (+11.1%), from €695,742 to €772,674
- Gross operating margin +€57,995
up €57,995 (+7.7%), from €757,222 to €815,218
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 | €333,704 | €303,804 | -€29,899 | -9.0% |
| Fixed assets | 21/28 | €146,999 | €122,389 | -€24,611 | -16.7% |
| Tangible fixed assets | 22/27 | €146,999 | €122,389 | -€24,611 | -16.7% |
| Plant, machinery and equipment | 23 | €89,705 | €75,634 | -€14,071 | -15.7% |
| Furniture and vehicles | 24 | €33,630 | €22,612 | -€11,018 | -32.8% |
| Other tangible fixed assets | 26 | €23,665 | €24,143 | +€478 | +2.0% |
| Current assets | 29/58 | €186,704 | €181,416 | -€5,289 | -2.8% |
| Amounts receivable within one year | 40/41 | €21,541 | €19,032 | -€2,509 | -11.6% |
| Trade receivables | 40 | €14,642 | €12,130 | -€2,512 | -17.2% |
| Other amounts receivable | 41 | €6,898 | €6,902 | +€4 | +0.1% |
| Cash at bank and in hand | 54/58 | €141,439 | €149,034 | +€7,595 | +5.4% |
| Deferred charges and accrued income | 490/1 | €23,724 | €13,350 | -€10,375 | -43.7% |
| Total equity and liabilities | 10/49 | €333,704 | €303,804 | -€29,899 | -9.0% |
| Equity | 10/15 | €11,498 | -€1,458 | -€12,956 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €3,182 | €3,182 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,543 | €684 | -€1,859 | -73.1% |
| Reserves not available under the articles | 1311 | €2,543 | €684 | -€1,859 | -73.1% |
| Distributable reserves | 133 | €639 | €2,498 | +€1,859 | +291.2% |
| Profit (loss) carried forward | 14 | -€16,684 | -€29,640 | -€12,956 | -77.7% |
| Amounts payable | 17/49 | €322,206 | €305,263 | -€16,943 | -5.3% |
| Amounts payable after more than one year | 17 | €61,369 | €35,857 | -€25,512 | -41.6% |
| Financial debts | 170/4 | €61,369 | €35,857 | -€25,512 | -41.6% |
| Amounts payable within one year | 42/48 | €256,242 | €264,810 | +€8,568 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €65,218 | €25,512 | -€39,706 | -60.9% |
| Financial debts | 43 | - | €50,569 | +€50,569 | |
| Credit institutions | 430/8 | - | €50,569 | +€50,569 | |
| Trade debts | 44 | €95,040 | €78,192 | -€16,848 | -17.7% |
| Suppliers | 440/4 | €95,040 | €78,192 | -€16,848 | -17.7% |
| Taxes, remuneration and social security | 45 | €95,984 | €110,537 | +€14,554 | +15.2% |
| Taxes | 450/3 | €5,532 | €20,643 | +€15,111 | +273.1% |
| Remuneration and social security | 454/9 | €90,451 | €89,894 | -€557 | -0.6% |
| Accrued charges and deferred income | 492/3 | €4,595 | €4,595 | = | 0.0% |
| Non-recurring operating income | 76A | €2 | - | -€2 | |
| Remuneration, social security and pensions | 62 | €695,742 | €772,674 | +€76,932 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,460 | €33,924 | -€1,536 | -4.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,050 | - | +€1,050 | |
| Other operating charges | 640/8 | €12,695 | €12,604 | -€91 | -0.7% |
| Non-recurring operating charges | 66A | €173 | - | -€173 | |
| Gross operating margin | 9900 | €757,222 | €815,218 | +€57,995 | +7.7% |
| Operating profit (loss) | 9901 | €14,204 | -€3,984 | -€18,188 | |
| Financial income | 75/76B | €48 | €4 | -€45 | -92.5% |
| Recurring financial income | 75 | €48 | €4 | -€45 | -92.5% |
| Financial charges | 65/66B | €5,123 | €5,416 | +€293 | +5.7% |
| Recurring financial charges | 65 | €5,123 | €5,416 | +€293 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €9,129 | -€9,397 | -€18,525 | |
| Income taxes | 67/77 | €7,275 | €3,559 | -€3,716 | -51.1% |
| Profit (loss) for the period | 9904 | €1,854 | -€12,956 | -€14,810 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,854 | -€12,956 | -€14,810 |
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.