Mape: 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.
Mape
Largest movements
- Cash +€931,814
up €931,814 (+248%), from €375,658 to €1.3m
mainly Depreciation (+€325,431) and Receivables within one year (+€310,592)
- Receivables within one year -€310,592
down €310,592 (-25.3%), from €1.2m to €918,514
of which Trade receivables: -€335,202
- Tangible fixed assets -€285,138
down €285,138 (-12.0%), from €2.4m to €2.1m
of which Plant, machinery and equipment: -€180,561
- Stocks and contracts +€69,882
up €69,882 (+5.0%), from €1.4m to €1.5m
of which Contracts in progress: +€167,881
- Deferred charges and accrued income +€64,582
up €64,582 (+116%), from €55,482 to €120,064
- Other debts +€248,202
up €248,202 (+16.8%), from €1.5m to €1.7m
- Reserves +€201,187
up €201,187 (+5.5%), from €3.6m to €3.8m
of which Tax-exempt reserves: +€126,300
- Accrued charges and deferred income -€85,585
down €85,585 (-26.4%), from €324,614 to €239,028
- Trade debts +€70,446
up €70,446 (+48.1%), from €146,609 to €217,055
- Gross operating margin -€359,408
down €359,408 (-12.0%), from €3.0m to €2.6m
- Staff costs -€211,041
down €211,041 (-10.0%), from €2.1m to €1.9m
- Financial income -€42,758
down €42,758 (-55.2%), from €77,485 to €34,727
- Taxes -€38,517
down €38,517 (-34.6%), from €111,470 to €72,953
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 | €5,969,098 | €6,438,170 | +€469,072 | +7.9% |
| Fixed assets | 21/28 | €2,414,751 | €2,126,035 | -€288,716 | -12.0% |
| Intangible fixed assets | 21 | €8,136 | €6,052 | -€2,084 | -25.6% |
| Tangible fixed assets | 22/27 | €2,380,864 | €2,095,727 | -€285,138 | -12.0% |
| Land and buildings | 22 | €1,293,751 | €1,227,357 | -€66,394 | -5.1% |
| Plant, machinery and equipment | 23 | €947,186 | €766,626 | -€180,561 | -19.1% |
| Furniture and vehicles | 24 | €139,927 | €101,744 | -€38,183 | -27.3% |
| Financial fixed assets | 28 | €25,751 | €24,256 | -€1,494 | -5.8% |
| Current assets | 29/58 | €3,554,347 | €4,312,136 | +€757,788 | +21.3% |
| Stocks and contracts in progress | 3 | €1,393,724 | €1,463,606 | +€69,882 | +5.0% |
| Stocks | 30/36 | €1,039,704 | €941,704 | -€98,000 | -9.4% |
| Contracts in progress | 37 | €354,020 | €521,901 | +€167,881 | +47.4% |
| Amounts receivable within one year | 40/41 | €1,229,105 | €918,514 | -€310,592 | -25.3% |
| Trade receivables | 40 | €1,184,245 | €849,043 | -€335,202 | -28.3% |
| Other amounts receivable | 41 | €44,860 | €69,470 | +€24,610 | +54.9% |
| Current investments | 50/53 | €500,378 | €502,479 | +€2,102 | +0.4% |
| Cash at bank and in hand | 54/58 | €375,658 | €1,307,473 | +€931,814 | +248% |
| Deferred charges and accrued income | 490/1 | €55,482 | €120,064 | +€64,582 | +116% |
| Total equity and liabilities | 10/49 | €5,969,098 | €6,438,170 | +€469,072 | +7.9% |
| Equity | 10/15 | €3,801,024 | €4,002,212 | +€201,187 | +5.3% |
| Contributions | 10/11 | €174,000 | €174,000 | = | 0.0% |
| Capital | 10 | €174,000 | €174,000 | = | 0.0% |
| Issued capital | 100 | €174,000 | €174,000 | = | 0.0% |
| Reserves | 13 | €3,627,024 | €3,828,212 | +€201,187 | +5.5% |
| Non-distributable reserves | 130/1 | €17,400 | €17,400 | = | 0.0% |
| Legal reserve | 130 | €17,400 | €17,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €484,150 | €610,450 | +€126,300 | +26.1% |
| Distributable reserves | 133 | €3,125,474 | €3,200,362 | +€74,887 | +2.4% |
| Amounts payable | 17/49 | €2,168,074 | €2,435,959 | +€267,885 | +12.4% |
| Amounts payable within one year | 42/48 | €1,843,460 | €2,196,930 | +€353,470 | +19.2% |
| Trade debts | 44 | €146,609 | €217,055 | +€70,446 | +48.1% |
| Suppliers | 440/4 | €146,609 | €217,055 | +€70,446 | +48.1% |
| Taxes, remuneration and social security | 45 | €216,273 | €251,096 | +€34,823 | +16.1% |
| Taxes | 450/3 | €43,699 | €41,987 | -€1,712 | -3.9% |
| Remuneration and social security | 454/9 | €172,574 | €209,109 | +€36,534 | +21.2% |
| Other amounts payable | 47/48 | €1,480,578 | €1,728,780 | +€248,202 | +16.8% |
| Accrued charges and deferred income | 492/3 | €324,614 | €239,028 | -€85,585 | -26.4% |
| Non-recurring operating income | 76A | €22,275 | €6,788 | -€15,487 | -69.5% |
| Remuneration, social security and pensions | 62 | €2,107,266 | €1,896,225 | -€211,041 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €327,011 | €325,431 | -€1,580 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,589 | €30,280 | +€14,691 | +94.2% |
| Non-recurring operating charges | 66A | - | €2,489 | +€2,489 | |
| Gross operating margin | 9900 | €2,985,846 | €2,626,439 | -€359,408 | -12.0% |
| Operating profit (loss) | 9901 | €535,980 | €372,013 | -€163,966 | -30.6% |
| Financial income | 75/76B | €77,485 | €34,727 | -€42,758 | -55.2% |
| Recurring financial income | 75 | €77,485 | €34,727 | -€42,758 | -55.2% |
| Financial charges | 65/66B | €158,231 | €132,601 | -€25,630 | -16.2% |
| Recurring financial charges | 65 | €158,231 | €132,601 | -€25,630 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €455,234 | €274,140 | -€181,094 | -39.8% |
| Income taxes | 67/77 | €111,470 | €72,953 | -€38,517 | -34.6% |
| Profit (loss) for the period | 9904 | €343,764 | €201,187 | -€142,577 | -41.5% |
| Transfer from tax-exempt reserves | 789 | - | €189,450 | +€189,450 | |
| Transfer to tax-exempt reserves | 689 | €210,500 | €315,750 | +€105,250 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,264 | €74,887 | -€58,377 | -43.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.