MAPI: 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.
MAPI
Largest movements
- Current investments -€2.2m
down €2.2m (-75.8%), from €2.9m to €698,034
- Receivables after one year -€800,000
down €800,000 (-44.4%), from €1.8m to €1.0m
- Cash -€691,672
down €691,672 (-68.3%), from €1.0m to €321,243
mainly Other debts (-€3.9m) and Receivables within one year (-€266,870)
- Receivables within one year +€266,870
up €266,870 (+50.2%), from €531,256 to €798,125
of which Other amounts receivable: +€305,977
- Financial fixed assets +€179,891
up €179,891 (+2.0%), from €9.1m to €9.3m
- Other debts -€3.9m
down €3.9m (-41.3%), from €9.4m to €5.5m
- Reserves +€600,000
up €600,000 (+11.5%), from €5.2m to €5.8m
of which Distributable reserves: +€870,000
- Tax, wage and social debts +€160,749
up €160,749 (+554%), from €29,038 to €189,787
of which Taxes: +€160,533
- Accrued charges and deferred income -€159,600
down €159,600 (-38.3%), from €416,700 to €257,100
- Write-downs -€320,000
new in 2024: -€320,000
- Financial charges +€68,725
up €68,725 (+14.2%), from €485,204 to €553,929
- Taxes +€42,788
up €42,788 (+1,691%), from €2,530 to €45,318
- Financial income -€21,770
down €21,770 (-5.3%), from €410,498 to €388,728
- Other operating charges -€6,369
down €6,369 (-13.5%), from €47,081 to €40,713
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,913,654 | €12,710,871 | -€3.2m | -20.1% |
| Fixed assets | 21/28 | €9,669,588 | €9,875,469 | +€205,881 | +2.1% |
| Tangible fixed assets | 22/27 | €520,631 | €546,621 | +€25,990 | +5.0% |
| Land and buildings | 22 | €490,740 | €488,519 | -€2,221 | -0.5% |
| Furniture and vehicles | 24 | €29,891 | €58,102 | +€28,210 | +94.4% |
| Financial fixed assets | 28 | €9,148,957 | €9,328,848 | +€179,891 | +2.0% |
| Current assets | 29/58 | €6,244,065 | €2,835,402 | -€3.4m | -54.6% |
| Amounts receivable after more than one year | 29 | €1,800,000 | €1,000,000 | -€800,000 | -44.4% |
| Other amounts receivable | 291 | €1,800,000 | €1,000,000 | -€800,000 | -44.4% |
| Amounts receivable within one year | 40/41 | €531,256 | €798,125 | +€266,870 | +50.2% |
| Trade receivables | 40 | €47,537 | €8,429 | -€39,107 | -82.3% |
| Other amounts receivable | 41 | €483,719 | €789,696 | +€305,977 | +63.3% |
| Current investments | 50/53 | €2,879,345 | €698,034 | -€2.2m | -75.8% |
| Cash at bank and in hand | 54/58 | €1,012,915 | €321,243 | -€691,672 | -68.3% |
| Deferred charges and accrued income | 490/1 | €20,549 | €18,000 | -€2,549 | -12.4% |
| Total equity and liabilities | 10/49 | €15,913,654 | €12,710,871 | -€3.2m | -20.1% |
| Equity | 10/15 | €6,084,420 | €6,689,181 | +€604,761 | +9.9% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Capital | 10 | €180,000 | €180,000 | = | 0.0% |
| Issued capital | 100 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €5,220,098 | €5,820,098 | +€600,000 | +11.5% |
| Non-distributable reserves | 130/1 | €288,000 | €18,000 | -€270,000 | -93.8% |
| Legal reserve | 130 | €288,000 | €18,000 | -€270,000 | -93.8% |
| Distributable reserves | 133 | €4,932,098 | €5,802,098 | +€870,000 | +17.6% |
| Profit (loss) carried forward | 14 | €684,322 | €689,082 | +€4,761 | +0.7% |
| Amounts payable | 17/49 | €9,829,233 | €6,021,691 | -€3.8m | -38.7% |
| Amounts payable within one year | 42/48 | €9,412,533 | €5,764,591 | -€3.6m | -38.8% |
| Trade debts | 44 | €31,580 | €80,687 | +€49,107 | +155% |
| Suppliers | 440/4 | €31,580 | €80,687 | +€49,107 | +155% |
| Taxes, remuneration and social security | 45 | €29,038 | €189,787 | +€160,749 | +554% |
| Taxes | 450/3 | €23,488 | €184,021 | +€160,533 | +683% |
| Remuneration and social security | 454/9 | €5,550 | €5,767 | +€216 | +3.9% |
| Other amounts payable | 47/48 | €9,351,915 | €5,494,116 | -€3.9m | -41.3% |
| Accrued charges and deferred income | 492/3 | €416,700 | €257,100 | -€159,600 | -38.3% |
| Remuneration, social security and pensions | 62 | €33,657 | €35,782 | +€2,124 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,516 | €24,522 | +€6,005 | +32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€320,000 | -€320,000 | |
| Other operating charges | 640/8 | €47,081 | €40,713 | -€6,369 | -13.5% |
| Gross operating margin | 9900 | €601,878 | €596,296 | -€5,582 | -0.9% |
| Operating profit (loss) | 9901 | €502,623 | €815,280 | +€312,657 | +62.2% |
| Financial income | 75/76B | €410,498 | €388,728 | -€21,770 | -5.3% |
| Recurring financial income | 75 | €410,498 | €388,728 | -€21,770 | -5.3% |
| Financial charges | 65/66B | €485,204 | €553,929 | +€68,725 | +14.2% |
| Recurring financial charges | 65 | €485,204 | €553,929 | +€68,725 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €427,916 | €650,078 | +€222,162 | +51.9% |
| Income taxes | 67/77 | €2,530 | €45,318 | +€42,788 | +1,691% |
| Profit (loss) for the period | 9904 | €425,387 | €604,761 | +€179,374 | +42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €425,387 | €604,761 | +€179,374 | +42.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.