MAPEX: 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.
MAPEX
Largest movements
- Stocks and contracts -€386,965
down €386,965 (-100%), from €386,965 to €0
- Receivables after one year +€375,000
new in 2025: €375,000
- Receivables within one year +€200,639
up €200,639 (+290%), from €69,078 to €269,718
of which Trade receivables: +€244,701
- Trade debts +€195,421
up €195,421 (+2,953%), from €6,617 to €202,038
- Other debts -€60,000
down €60,000 (-100%), from €60,000 to €0
- Profit (loss) carried forward +€30,088
up €30,088 (+11.4%), from €265,054 to €295,142
- Tax, wage and social debts +€25,010
up €25,010, from €0 to €25,010
- Gross operating margin +€47,330
up €47,330 (+77.3%), from €61,257 to €108,587
- Taxes +€8,374
up €8,374 (+419%), from €2,000 to €10,374
- Staff costs +€4,437
up €4,437 (+14.2%), from €31,278 to €35,715
- Financial income -€2,474
down €2,474 (-41.4%), from €5,982 to €3,508
- Depreciation +€2,068
up €2,068 (+22.3%), from €9,261 to €11,329
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 | €1,502,299 | €1,692,818 | +€190,519 | +12.7% |
| Fixed assets | 21/28 | €283,259 | €288,413 | +€5,154 | +1.8% |
| Intangible fixed assets | 21 | €6,798 | €4,373 | -€2,425 | -35.7% |
| Tangible fixed assets | 22/27 | €276,461 | €284,040 | +€7,579 | +2.7% |
| Land and buildings | 22 | €273,194 | €266,249 | -€6,945 | -2.5% |
| Plant, machinery and equipment | 23 | €1,083 | €760 | -€323 | -29.9% |
| Furniture and vehicles | 24 | €2,183 | €1,131 | -€1,052 | -48.2% |
| Other tangible fixed assets | 26 | - | €15,900 | +€15,900 | |
| Current assets | 29/58 | €1,219,041 | €1,404,405 | +€185,364 | +15.2% |
| Amounts receivable after more than one year | 29 | - | €375,000 | +€375,000 | |
| Other amounts receivable | 291 | - | €375,000 | +€375,000 | |
| Stocks and contracts in progress | 3 | €386,965 | €0 | -€386,965 | -100% |
| Stocks | 30/36 | €386,965 | €0 | -€386,965 | -100% |
| Amounts receivable within one year | 40/41 | €69,078 | €269,718 | +€200,639 | +290% |
| Trade receivables | 40 | €20,206 | €264,907 | +€244,701 | +1,211% |
| Other amounts receivable | 41 | €48,873 | €4,811 | -€44,062 | -90.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €757,213 | €757,315 | +€102 | 0.0% |
| Deferred charges and accrued income | 490/1 | €5,784 | €2,373 | -€3,411 | -59.0% |
| Total equity and liabilities | 10/49 | €1,502,299 | €1,692,818 | +€190,519 | +12.7% |
| Equity | 10/15 | €1,205,683 | €1,235,771 | +€30,088 | +2.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €938,629 | €938,629 | = | 0.0% |
| Distributable reserves | 133 | €938,629 | €938,629 | = | 0.0% |
| Profit (loss) carried forward | 14 | €265,054 | €295,142 | +€30,088 | +11.4% |
| Amounts payable | 17/49 | €296,617 | €457,047 | +€160,430 | +54.1% |
| Amounts payable after more than one year | 17 | €230,000 | €230,000 | = | 0.0% |
| Financial debts | 170/4 | €230,000 | €230,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €66,617 | €227,047 | +€160,430 | +241% |
| Trade debts | 44 | €6,617 | €202,038 | +€195,421 | +2,953% |
| Suppliers | 440/4 | €6,617 | €202,038 | +€195,421 | +2,953% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €25,010 | +€25,010 | |
| Taxes | 450/3 | €0 | €25,010 | +€25,010 | |
| Other amounts payable | 47/48 | €60,000 | €0 | -€60,000 | -100% |
| Remuneration, social security and pensions | 62 | €31,278 | €35,715 | +€4,437 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,261 | €11,329 | +€2,068 | +22.3% |
| Other operating charges | 640/8 | €1,589 | €2,138 | +€549 | +34.5% |
| Gross operating margin | 9900 | €61,257 | €108,587 | +€47,330 | +77.3% |
| Operating profit (loss) | 9901 | €19,129 | €59,406 | +€40,277 | +211% |
| Financial income | 75/76B | €5,982 | €3,508 | -€2,474 | -41.4% |
| Recurring financial income | 75 | €5,982 | €3,508 | -€2,474 | -41.4% |
| Financial charges | 65/66B | €22,935 | €22,451 | -€484 | -2.1% |
| Recurring financial charges | 65 | €22,935 | €22,451 | -€484 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €2,176 | €40,463 | +€38,287 | +1,759% |
| Income taxes | 67/77 | €2,000 | €10,374 | +€8,374 | +419% |
| Profit (loss) for the period | 9904 | €176 | €30,088 | +€29,912 | +16,990% |
| Profit (loss) for the period to be appropriated | 9905 | €176 | €30,088 | +€29,912 | +16,990% |
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 14 October 2026 via checked.be.