MaPaJa: 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.
What changed
MaPaJa
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€16,373
2024 · -€4,354-€12,019
Equity
€9.4m
2024 · €9.4m-€16,373
Cash
€1,432
2024 · €1,268+€164
Balance sheet total
€10.1m
2024 · €10.2m-€42,406
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Depreciation +€16,260
up €16,260 (+261.6%), from €6,216 to €22,477
- Gross operating margin +€9,030
up €9,030 (+152.9%), from €5,905 to €14,935
- Financial charges +€5,065
up €5,065 (+193.1%), from €2,623 to €7,688
- Financial income +€223
new in 2025: €223
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.
Result 2024
-€4,354
Gross operating margin
+€9,030
Depreciation
-€16,260
Other operating charges
+€53
Financial income
+€223
Financial charges
-€5,065
Result 2025
-€16,373
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.
From operations
+€5,819
Investment
-€4,735
Financing
-€920
Cash 2024
€1,268
From operations (derived)
+€5,819
Net result for the year
-€16,373
Depreciation
+€22,477
Receivables within one year
+€31,901
Deferred charges and accrued income
-€7,073
Trade debts
-€24,684
Tax, wage and social debts
-€182
Accrued charges and deferred income
-€247
Investment (derived)
-€4,735
Investment in fixed assets (net)
-€4,735
Financing
-€920
Debts after one year
-€3,580
Current portion of long-term debt
+€2,660
Cash 2025
€1,432
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,158,500 | €10,116,094 | -€42,406 | -0.4% |
| Fixed assets | 21/28 | €10,070,712 | €10,052,970 | -€17,742 | -0.2% |
| Tangible fixed assets | 22/27 | €213,625 | €195,883 | -€17,742 | -8.3% |
| Plant, machinery and equipment | 23 | - | €4,242 | +€4,242 | |
| Other tangible fixed assets | 26 | €213,625 | €191,641 | -€21,984 | -10.3% |
| Financial fixed assets | 28 | €9,857,087 | €9,857,087 | = | 0.0% |
| Current assets | 29/58 | €87,788 | €63,124 | -€24,664 | -28.1% |
| Amounts receivable after more than one year | 29 | €3,500 | €3,500 | = | 0.0% |
| Other amounts receivable | 291 | €3,500 | €3,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €83,020 | €51,119 | -€31,901 | -38.4% |
| Trade receivables | 40 | €83,020 | €50,887 | -€32,133 | -38.7% |
| Other amounts receivable | 41 | - | €232 | +€232 | |
| Cash at bank and in hand | 54/58 | €1,268 | €1,432 | +€164 | +12.9% |
| Deferred charges and accrued income | 490/1 | - | €7,073 | +€7,073 | |
| Total equity and liabilities | 10/49 | €10,158,500 | €10,116,094 | -€42,406 | -0.4% |
| Equity | 10/15 | €9,404,883 | €9,388,510 | -€16,373 | -0.2% |
| Contributions | 10/11 | €1,815,530 | €1,815,530 | = | 0.0% |
| Capital | 10 | €1,815,530 | €1,815,530 | = | 0.0% |
| Issued capital | 100 | €1,815,530 | €1,815,530 | = | 0.0% |
| Reserves | 13 | €7,589,353 | €7,572,980 | -€16,373 | -0.2% |
| Non-distributable reserves | 130/1 | €181,553 | €181,553 | = | 0.0% |
| Legal reserve | 130 | €181,553 | €181,553 | = | 0.0% |
| Distributable reserves | 133 | €7,407,800 | €7,391,427 | -€16,373 | -0.2% |
| Amounts payable | 17/49 | €753,617 | €727,584 | -€26,034 | -3.5% |
| Amounts payable after more than one year | 17 | €707,412 | €703,832 | -€3,580 | -0.5% |
| Financial debts | 170/4 | €123,130 | €110,717 | -€12,413 | -10.1% |
| Other amounts payable | 178/9 | €584,282 | €593,115 | +€8,833 | +1.5% |
| Amounts payable within one year | 42/48 | €45,958 | €23,751 | -€22,207 | -48.3% |
| Current portion of amounts payable after more than one year | 42 | €11,003 | €13,663 | +€2,660 | +24.2% |
| Trade debts | 44 | €34,772 | €10,089 | -€24,684 | -71.0% |
| Suppliers | 440/4 | €34,772 | €10,089 | -€24,684 | -71.0% |
| Taxes, remuneration and social security | 45 | €182 | €0 | -€182 | -100.0% |
| Taxes | 450/3 | €182 | €0 | -€182 | -100.0% |
| Accrued charges and deferred income | 492/3 | €247 | €0 | -€247 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,216 | €22,477 | +€16,260 | +261.6% |
| Other operating charges | 640/8 | €1,419 | €1,366 | -€53 | -3.7% |
| Gross operating margin | 9900 | €5,905 | €14,935 | +€9,030 | +152.9% |
| Operating profit (loss) | 9901 | -€1,731 | -€8,908 | -€7,177 | -414.7% |
| Financial income | 75/76B | - | €223 | +€223 | |
| Recurring financial income | 75 | - | €223 | +€223 | |
| Financial charges | 65/66B | €2,623 | €7,688 | +€5,065 | +193.1% |
| Recurring financial charges | 65 | €2,623 | €7,688 | +€5,065 | +193.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,354 | -€16,373 | -€12,019 | -276.1% |
| Profit (loss) for the period | 9904 | -€4,354 | -€16,373 | -€12,019 | -276.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,354 | -€16,373 | -€12,019 | -276.1% |
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 7 October 2026 via checked.be.