MAPAT: 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.
MAPAT
Largest movements
- Stocks and contracts -€295,380
down €295,380 (-31.5%), from €937,044 to €641,665
- Receivables within one year -€104,229
down €104,229 (-99.8%), from €104,395 to €167
of which Trade receivables: -€104,073
- Cash -€17,766
down €17,766 (-93.7%), from €18,954 to €1,188
mainly Short-term financial debts (-€343,655) and Net result for the year (-€63,236)
- Short-term financial debts -€343,655
down €343,655 (-34.9%), from €986,019 to €642,364
of which Credit institutions: -€295,405
- Profit (loss) carried forward -€63,236
down €63,236 (-225.7%), from -€28,023 to -€91,259
- Other debts -€11,325
no longer reported in 2025 (was €11,325)
- Gross operating margin -€139,937
down €139,937, from €110,593 to -€29,344
- Financial charges -€34,080
down €34,080 (-50.9%), from €66,918 to €32,838
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 | €1,060,860 | €643,485 | -€417,375 | -39.3% |
| Current assets | 29/58 | €1,060,860 | €643,485 | -€417,375 | -39.3% |
| Stocks and contracts in progress | 3 | €937,044 | €641,665 | -€295,380 | -31.5% |
| Stocks | 30/36 | €937,044 | €641,665 | -€295,380 | -31.5% |
| Amounts receivable within one year | 40/41 | €104,395 | €167 | -€104,229 | -99.8% |
| Trade receivables | 40 | €104,240 | €167 | -€104,073 | -99.8% |
| Other amounts receivable | 41 | €155 | - | -€155 | |
| Cash at bank and in hand | 54/58 | €18,954 | €1,188 | -€17,766 | -93.7% |
| Deferred charges and accrued income | 490/1 | €466 | €466 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,060,860 | €643,485 | -€417,375 | -39.3% |
| Equity | 10/15 | €1,977 | -€61,259 | -€63,236 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,023 | -€91,259 | -€63,236 | -225.7% |
| Amounts payable | 17/49 | €1,058,883 | €704,744 | -€354,138 | -33.4% |
| Amounts payable within one year | 42/48 | €1,006,198 | €643,716 | -€362,482 | -36.0% |
| Financial debts | 43 | €986,019 | €642,364 | -€343,655 | -34.9% |
| Credit institutions | 430/8 | €620,719 | €325,314 | -€295,405 | -47.6% |
| Other loans | 439 | €365,300 | €317,050 | -€48,250 | -13.2% |
| Trade debts | 44 | €8,855 | - | -€8,855 | |
| Suppliers | 440/4 | €8,855 | - | -€8,855 | |
| Taxes, remuneration and social security | 45 | - | €1,352 | +€1,352 | |
| Taxes | 450/3 | - | €1,352 | +€1,352 | |
| Other amounts payable | 47/48 | €11,325 | - | -€11,325 | |
| Accrued charges and deferred income | 492/3 | €52,684 | €61,028 | +€8,344 | +15.8% |
| Other operating charges | 640/8 | €1,295 | €1,331 | +€36 | +2.8% |
| Gross operating margin | 9900 | €110,593 | -€29,344 | -€139,937 | |
| Operating profit (loss) | 9901 | €109,298 | -€30,675 | -€139,973 | |
| Financial income | 75/76B | €604 | €158 | -€446 | -73.9% |
| Recurring financial income | 75 | €604 | €158 | -€446 | -73.9% |
| Financial charges | 65/66B | €66,918 | €32,838 | -€34,080 | -50.9% |
| Recurring financial charges | 65 | €66,918 | €32,838 | -€34,080 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €42,984 | -€63,356 | -€106,340 | |
| Income taxes | 67/77 | -€98 | -€119 | -€21 | -21.3% |
| Profit (loss) for the period | 9904 | €43,083 | -€63,236 | -€106,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,083 | -€63,236 | -€106,319 |
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 29 September 2026 via checked.be.