MAPHIMAX: 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.
MAPHIMAX
Largest movements
- Tangible fixed assets -€69,772
down €69,772 (-4.7%), from €1.5m to €1.4m
- Receivables within one year -€40,209
down €40,209 (-31.3%), from €128,348 to €88,139
- Debts after one year -€128,000
down €128,000 (-11.8%), from €1.1m to €956,000
- Reserves +€45,096
up €45,096 (+44.4%), from €101,504 to €146,600
- Accrued charges and deferred income -€37,823
down €37,823 (-56.0%), from €67,562 to €29,738
- Financial charges -€12,107
down €12,107 (-29.2%), from €41,478 to €29,371
- Gross operating margin +€5,099
up €5,099 (+3.0%), from €171,772 to €176,871
- Taxes +€3,866
up €3,866 (+34.6%), from €11,166 to €15,032
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 | €1,642,232 | €1,524,036 | -€118,195 | -7.2% |
| Fixed assets | 21/28 | €1,477,052 | €1,407,280 | -€69,772 | -4.7% |
| Tangible fixed assets | 22/27 | €1,477,052 | €1,407,280 | -€69,772 | -4.7% |
| Land and buildings | 22 | €1,477,052 | €1,407,280 | -€69,772 | -4.7% |
| Current assets | 29/58 | €165,180 | €116,756 | -€48,423 | -29.3% |
| Amounts receivable within one year | 40/41 | €128,348 | €88,139 | -€40,209 | -31.3% |
| Other amounts receivable | 41 | €128,348 | €88,139 | -€40,209 | -31.3% |
| Cash at bank and in hand | 54/58 | €36,832 | €28,617 | -€8,214 | -22.3% |
| Total equity and liabilities | 10/49 | €1,642,232 | €1,524,036 | -€118,195 | -7.2% |
| Equity | 10/15 | €401,504 | €446,600 | +€45,096 | +11.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €101,504 | €146,600 | +€45,096 | +44.4% |
| Distributable reserves | 133 | €101,504 | €146,600 | +€45,096 | +44.4% |
| Amounts payable | 17/49 | €1,240,728 | €1,077,436 | -€163,291 | -13.2% |
| Amounts payable after more than one year | 17 | €1,084,000 | €956,000 | -€128,000 | -11.8% |
| Financial debts | 170/4 | €1,084,000 | €956,000 | -€128,000 | -11.8% |
| Amounts payable within one year | 42/48 | €89,166 | €91,698 | +€2,532 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €88,000 | €88,000 | = | 0.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,166 | €3,698 | +€2,532 | +217.1% |
| Taxes | 450/3 | €1,166 | €3,698 | +€2,532 | +217.1% |
| Accrued charges and deferred income | 492/3 | €67,562 | €29,738 | -€37,823 | -56.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,772 | €69,772 | = | 0.0% |
| Other operating charges | 640/8 | €19,051 | €19,647 | +€596 | +3.1% |
| Gross operating margin | 9900 | €171,772 | €176,871 | +€5,099 | +3.0% |
| Operating profit (loss) | 9901 | €82,949 | €87,451 | +€4,503 | +5.4% |
| Financial income | 75/76B | €1,708 | €2,048 | +€340 | +19.9% |
| Recurring financial income | 75 | €1,708 | €2,048 | +€340 | +19.9% |
| Financial charges | 65/66B | €41,478 | €29,371 | -€12,107 | -29.2% |
| Recurring financial charges | 65 | €41,478 | €29,371 | -€12,107 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €43,179 | €60,128 | +€16,950 | +39.3% |
| Income taxes | 67/77 | €11,166 | €15,032 | +€3,866 | +34.6% |
| Profit (loss) for the period | 9904 | €32,012 | €45,096 | +€13,084 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,012 | €45,096 | +€13,084 | +40.9% |
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 6 October 2026 via checked.be.