MAPEMA: 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.
MAPEMA
Largest movements
- Tangible fixed assets +€256,057
up €256,057 (+4.6%), from €5.5m to €5.8m
of which Land and buildings: +€279,441
- Cash +€119,322
up €119,322 (+9,924%), from €1,202 to €120,524
mainly Depreciation (+€355,667) and Other debts (+€176,851)
- Other debts +€176,851
up €176,851 (+22.1%), from €799,227 to €976,078
- Trade debts +€93,721
up €93,721 (+973%), from €9,633 to €103,354
- Debts after one year +€66,559
up €66,559 (+1.4%), from €4.6m to €4.7m
- Gross operating margin +€174,634
up €174,634 (+30.5%), from €572,877 to €747,511
- Staff costs +€69,019
up €69,019 (+51.4%), from €134,177 to €203,196
- Financial charges +€48,019
up €48,019 (+49.9%), from €96,279 to €144,299
- Depreciation +€45,971
up €45,971 (+14.8%), from €309,696 to €355,667
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 | €5,891,077 | €6,255,591 | +€364,514 | +6.2% |
| Fixed assets | 21/28 | €5,541,387 | €5,797,444 | +€256,057 | +4.6% |
| Tangible fixed assets | 22/27 | €5,541,387 | €5,797,444 | +€256,057 | +4.6% |
| Land and buildings | 22 | €5,058,704 | €5,338,146 | +€279,441 | +5.5% |
| Plant, machinery and equipment | 23 | €476,720 | €448,681 | -€28,039 | -5.9% |
| Furniture and vehicles | 24 | €5,962 | €10,618 | +€4,656 | +78.1% |
| Current assets | 29/58 | €349,690 | €458,147 | +€108,457 | +31.0% |
| Stocks and contracts in progress | 3 | €89,781 | €123,671 | +€33,890 | +37.7% |
| Contracts in progress | 37 | €89,781 | €123,671 | +€33,890 | +37.7% |
| Amounts receivable within one year | 40/41 | €237,388 | €213,101 | -€24,287 | -10.2% |
| Trade receivables | 40 | €233,312 | €200,058 | -€33,254 | -14.3% |
| Other amounts receivable | 41 | €4,077 | €13,043 | +€8,966 | +220% |
| Cash at bank and in hand | 54/58 | €1,202 | €120,524 | +€119,322 | +9,924% |
| Deferred charges and accrued income | 490/1 | €21,318 | €851 | -€20,467 | -96.0% |
| Total equity and liabilities | 10/49 | €5,891,077 | €6,255,591 | +€364,514 | +6.2% |
| Equity | 10/15 | €144,914 | €154,143 | +€9,230 | +6.4% |
| Contributions | 10/11 | €118,592 | €118,592 | = | 0.0% |
| Capital | 10 | €118,592 | €118,592 | = | 0.0% |
| Issued capital | 100 | €118,592 | €118,592 | = | 0.0% |
| Reserves | 13 | €4,167 | €4,167 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,167 | €4,167 | = | 0.0% |
| Legal reserve | 130 | €4,167 | €4,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,155 | €31,384 | +€9,230 | +41.7% |
| Amounts payable | 17/49 | €5,746,164 | €6,101,448 | +€355,285 | +6.2% |
| Amounts payable after more than one year | 17 | €4,592,459 | €4,659,019 | +€66,559 | +1.4% |
| Financial debts | 170/4 | €4,592,459 | €4,659,019 | +€66,559 | +1.4% |
| Amounts payable within one year | 42/48 | €1,153,695 | €1,442,420 | +€288,725 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €307,436 | €317,535 | +€10,098 | +3.3% |
| Trade debts | 44 | €9,633 | €103,354 | +€93,721 | +973% |
| Suppliers | 440/4 | €9,633 | €103,354 | +€93,721 | +973% |
| Taxes, remuneration and social security | 45 | €37,399 | €45,453 | +€8,055 | +21.5% |
| Taxes | 450/3 | €12,861 | €5,560 | -€7,301 | -56.8% |
| Remuneration and social security | 454/9 | €24,537 | €39,893 | +€15,356 | +62.6% |
| Other amounts payable | 47/48 | €799,227 | €976,078 | +€176,851 | +22.1% |
| Accrued charges and deferred income | 492/3 | €10 | €10 | = | 0.0% |
| Non-recurring operating income | 76A | - | €28,333 | +€28,333 | |
| Remuneration, social security and pensions | 62 | €134,177 | €203,196 | +€69,019 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309,696 | €355,667 | +€45,971 | +14.8% |
| Other operating charges | 640/8 | €31,135 | €30,349 | -€786 | -2.5% |
| Gross operating margin | 9900 | €572,877 | €747,511 | +€174,634 | +30.5% |
| Operating profit (loss) | 9901 | €97,868 | €158,299 | +€60,430 | +61.7% |
| Financial charges | 65/66B | €96,279 | €144,299 | +€48,019 | +49.9% |
| Recurring financial charges | 65 | €96,279 | €144,299 | +€48,019 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | €1,589 | €14,000 | +€12,411 | +781% |
| Income taxes | 67/77 | €790 | €4,770 | +€3,980 | +504% |
| Profit (loss) for the period | 9904 | €799 | €9,230 | +€8,431 | +1,056% |
| Profit (loss) for the period to be appropriated | 9905 | €799 | €9,230 | +€8,431 | +1,056% |
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 30 October 2026 via checked.be.