MAPAN: 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.
MAPAN
Largest movements
- Receivables within one year +€279,891
up €279,891 (+61.3%), from €456,506 to €736,397
of which Trade receivables: +€272,777
- Tangible fixed assets +€114,785
up €114,785 (+10.7%), from €1.1m to €1.2m
of which Land and buildings: +€186,312
- Debts after one year +€350,990
up €350,990 (+31.0%), from €1.1m to €1.5m
of which Other amounts payable: +€372,765
- Other debts +€43,319
up €43,319 (+12.8%), from €338,072 to €381,391
- Gross operating margin -€107,597
down €107,597 (-29.9%), from €360,162 to €252,565
- Depreciation +€25,119
up €25,119 (+21.2%), from €118,290 to €143,409
- Financial charges +€24,972
up €24,972 (+838.2%), from €2,979 to €27,951
- Other operating charges +€16,795
up €16,795 (+73.3%), from €22,922 to €39,717
- Staff costs -€4,410
down €4,410 (-12.4%), from €35,557 to €31,147
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 | €2,049,759 | €2,443,948 | +€394,189 | +19.2% |
| Fixed assets | 21/28 | €1,072,085 | €1,186,870 | +€114,785 | +10.7% |
| Tangible fixed assets | 22/27 | €1,072,085 | €1,186,870 | +€114,785 | +10.7% |
| Land and buildings | 22 | €840,975 | €1,027,287 | +€186,312 | +22.2% |
| Plant, machinery and equipment | 23 | €157,678 | €115,005 | -€42,674 | -27.1% |
| Furniture and vehicles | 24 | €30,860 | €21,048 | -€9,812 | -31.8% |
| Leasing and similar rights | 25 | €42,571 | €23,530 | -€19,041 | -44.7% |
| Current assets | 29/58 | €977,674 | €1,257,078 | +€279,404 | +28.6% |
| Amounts receivable after more than one year | 29 | €495,202 | €496,196 | +€993 | +0.2% |
| Other amounts receivable | 291 | €495,202 | €496,196 | +€993 | +0.2% |
| Amounts receivable within one year | 40/41 | €456,506 | €736,397 | +€279,891 | +61.3% |
| Trade receivables | 40 | €452,703 | €725,480 | +€272,777 | +60.3% |
| Other amounts receivable | 41 | €3,803 | €10,917 | +€7,114 | +187.1% |
| Cash at bank and in hand | 54/58 | €15,611 | €7,503 | -€8,109 | -51.9% |
| Deferred charges and accrued income | 490/1 | €10,355 | €16,983 | +€6,628 | +64.0% |
| Total equity and liabilities | 10/49 | €2,049,759 | €2,443,948 | +€394,189 | +19.2% |
| Equity | 10/15 | €515,294 | €524,386 | +€9,092 | +1.8% |
| Contributions | 10/11 | €206,400 | €206,400 | = | 0.0% |
| Capital | 10 | €206,400 | €206,400 | = | 0.0% |
| Issued capital | 100 | €206,400 | €206,400 | = | 0.0% |
| Reserves | 13 | €308,894 | €317,986 | +€9,092 | +2.9% |
| Non-distributable reserves | 130/1 | €20,640 | €20,640 | = | 0.0% |
| Legal reserve | 130 | €20,640 | €20,640 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,534 | €1,534 | = | 0.0% |
| Distributable reserves | 133 | €286,721 | €295,813 | +€9,092 | +3.2% |
| Amounts payable | 17/49 | €1,534,465 | €1,919,562 | +€385,097 | +25.1% |
| Amounts payable after more than one year | 17 | €1,133,959 | €1,484,949 | +€350,990 | +31.0% |
| Financial debts | 170/4 | €21,775 | €0 | -€21,775 | -100.0% |
| Other amounts payable | 178/9 | €1,112,184 | €1,484,949 | +€372,765 | +33.5% |
| Amounts payable within one year | 42/48 | €400,506 | €434,613 | +€34,107 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €19,244 | €21,775 | +€2,531 | +13.2% |
| Trade debts | 44 | €33,854 | €25,141 | -€8,713 | -25.7% |
| Suppliers | 440/4 | €33,854 | €25,141 | -€8,713 | -25.7% |
| Taxes, remuneration and social security | 45 | €9,336 | €6,306 | -€3,030 | -32.5% |
| Taxes | 450/3 | €7,078 | €3,960 | -€3,117 | -44.0% |
| Remuneration and social security | 454/9 | €2,259 | €2,346 | +€87 | +3.9% |
| Other amounts payable | 47/48 | €338,072 | €381,391 | +€43,319 | +12.8% |
| Remuneration, social security and pensions | 62 | €35,557 | €31,147 | -€4,410 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,290 | €143,409 | +€25,119 | +21.2% |
| Other operating charges | 640/8 | €22,922 | €39,717 | +€16,795 | +73.3% |
| Gross operating margin | 9900 | €360,162 | €252,565 | -€107,597 | -29.9% |
| Operating profit (loss) | 9901 | €183,393 | €38,293 | -€145,100 | -79.1% |
| Financial income | 75/76B | €66 | €0 | -€66 | -100.0% |
| Recurring financial income | 75 | €66 | €0 | -€66 | -100.0% |
| Financial charges | 65/66B | €2,979 | €27,951 | +€24,972 | +838.2% |
| Recurring financial charges | 65 | €2,979 | €27,951 | +€24,972 | +838.2% |
| Profit (loss) for the period before taxes | 9903 | €180,480 | €10,342 | -€170,138 | -94.3% |
| Income taxes | 67/77 | €4,700 | €1,250 | -€3,450 | -73.4% |
| Profit (loss) for the period | 9904 | €175,780 | €9,092 | -€166,688 | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €175,780 | €9,092 | -€166,688 | -94.8% |
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 8 October 2026 via checked.be.