MAPACO: 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.
MAPACO
Largest movements
- Receivables within one year -€1.0m
down €1.0m (-75.5%), from €1.4m to €332,990
of which Trade receivables: -€1.0m
- Stocks and contracts -€125,300
down €125,300 (-34.2%), from €366,600 to €241,300
of which Contracts in progress: -€250,000
- Cash +€64,534
up €64,534 (+19.8%), from €326,090 to €390,624
mainly Receivables within one year (+€1.0m) and Depreciation (+€145,268)
- Tangible fixed assets -€50,803
down €50,803 (-5.0%), from €1.0m to €955,282
of which Land and buildings: -€46,417
- Trade debts -€864,772
down €864,772 (-75.6%), from €1.1m to €279,522
- Advances received -€180,363
down €180,363 (-98.5%), from €183,162 to €2,799
- Debts after one year -€96,950
down €96,950 (-12.6%), from €771,269 to €674,318
- Taxes -€169,060
down €169,060 (-99.7%), from €169,606 to €546
- Other operating charges -€80,565
down €80,565 (-88.2%), from €91,337 to €10,772
- Gross operating margin -€63,022
down €63,022 (-25.4%), from €248,242 to €185,221
- Depreciation +€18,079
up €18,079 (+14.2%), from €127,189 to €145,268
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 | €3,059,691 | €1,920,496 | -€1.1m | -37.2% |
| Fixed assets | 21/28 | €1,006,385 | €955,582 | -€50,803 | -5.0% |
| Tangible fixed assets | 22/27 | €1,006,085 | €955,282 | -€50,803 | -5.0% |
| Land and buildings | 22 | €785,403 | €738,985 | -€46,417 | -5.9% |
| Plant, machinery and equipment | 23 | €125,183 | €121,788 | -€3,395 | -2.7% |
| Furniture and vehicles | 24 | €95,499 | €94,508 | -€991 | -1.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €2,053,306 | €964,914 | -€1.1m | -53.0% |
| Stocks and contracts in progress | 3 | €366,600 | €241,300 | -€125,300 | -34.2% |
| Stocks | 30/36 | €106,600 | €231,300 | +€124,700 | +117% |
| Contracts in progress | 37 | €260,000 | €10,000 | -€250,000 | -96.2% |
| Amounts receivable within one year | 40/41 | €1,360,616 | €332,990 | -€1.0m | -75.5% |
| Trade receivables | 40 | €1,345,516 | €317,281 | -€1.0m | -76.4% |
| Other amounts receivable | 41 | €15,100 | €15,709 | +€609 | +4.0% |
| Cash at bank and in hand | 54/58 | €326,090 | €390,624 | +€64,534 | +19.8% |
| Total equity and liabilities | 10/49 | €3,059,691 | €1,920,496 | -€1.1m | -37.2% |
| Equity | 10/15 | €615,849 | €617,591 | +€1,742 | +0.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €364,540 | €364,540 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,239 | €1,239 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,239 | €1,239 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,301 | €23,301 | = | 0.0% |
| Distributable reserves | 133 | €340,000 | €340,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,309 | €3,051 | +€1,742 | +133% |
| Provisions and deferred taxes | 16 | €108,000 | €108,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €108,000 | €108,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,000 | €20,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €88,000 | €88,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,335,842 | €1,194,904 | -€1.1m | -48.8% |
| Amounts payable after more than one year | 17 | €771,269 | €674,318 | -€96,950 | -12.6% |
| Financial debts | 170/4 | €771,269 | €674,318 | -€96,950 | -12.6% |
| Amounts payable within one year | 42/48 | €1,550,709 | €513,369 | -€1.0m | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €93,018 | €96,410 | +€3,392 | +3.6% |
| Trade debts | 44 | €1,144,294 | €279,522 | -€864,772 | -75.6% |
| Suppliers | 440/4 | €1,144,294 | €279,522 | -€864,772 | -75.6% |
| Advances received on contracts in progress | 46 | €183,162 | €2,799 | -€180,363 | -98.5% |
| Taxes, remuneration and social security | 45 | €4,424 | €1,318 | -€3,105 | -70.2% |
| Taxes | 450/3 | €4,424 | €1,318 | -€3,105 | -70.2% |
| Other amounts payable | 47/48 | €125,811 | €133,319 | +€7,508 | +6.0% |
| Accrued charges and deferred income | 492/3 | €13,864 | €7,217 | -€6,647 | -47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,189 | €145,268 | +€18,079 | +14.2% |
| Other operating charges | 640/8 | €91,337 | €10,772 | -€80,565 | -88.2% |
| Gross operating margin | 9900 | €248,242 | €185,221 | -€63,022 | -25.4% |
| Operating profit (loss) | 9901 | €29,716 | €29,180 | -€536 | -1.8% |
| Financial income | 75/76B | €22 | €526 | +€504 | +2,260% |
| Recurring financial income | 75 | €22 | €526 | +€504 | +2,260% |
| Financial charges | 65/66B | €28,435 | €27,418 | -€1,016 | -3.6% |
| Recurring financial charges | 65 | €28,435 | €27,418 | -€1,016 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €1,304 | €2,288 | +€984 | +75.5% |
| Income taxes | 67/77 | €169,606 | €546 | -€169,060 | -99.7% |
| Profit (loss) for the period | 9904 | -€168,302 | €1,742 | +€170,044 | |
| Profit (loss) for the period to be appropriated | 9905 | -€168,302 | €1,742 | +€170,044 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.