MAPI-ELEC: what changed
MAPI-ELEC
Largest movements
- Receivables within one year +€123,415
up €123,415 (+106%), from €116,761 to €240,175
of which Trade receivables: +€136,812
- Deferred charges and accrued income -€6,876
down €6,876 (-60.5%), from €11,374 to €4,498
- Cash -€6,809
down €6,809 (-16.9%), from €40,173 to €33,365
mainly Receivables within one year (-€123,415) and Investment in fixed assets (net) (-€69,125)
- Tangible fixed assets +€6,669
up €6,669 (+2.6%), from €255,119 to €261,788
of which Furniture and vehicles: +€4,356
- Profit (loss) carried forward +€55,695
up €55,695 (+70.5%), from €79,025 to €134,720
- Tax, wage and social debts +€35,093
up €35,093 (+121%), from €28,929 to €64,023
of which Remuneration and social security: +€28,930
- Trade debts +€25,924
up €25,924 (+146%), from €17,714 to €43,638
- Debts after one year -€12,276
down €12,276 (-5.5%), from €224,440 to €212,165
- Current portion of long-term debt +€10,884
up €10,884 (+18.4%), from €59,015 to €69,899
- Gross operating margin +€255,358
up €255,358 (+96.7%), from €264,177 to €519,535
- Staff costs +€206,739
up €206,739 (+119%), from €174,371 to €381,110
- Depreciation +€31,161
up €31,161 (+103%), from €30,251 to €61,412
- Taxes +€5,986
up €5,986 (+151%), from €3,971 to €9,957
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €435,172 | €552,615 | +€117,443 | +27.0% |
| Fixed assets | 21/28 | €266,864 | €274,577 | +€7,713 | +2.9% |
| Tangible fixed assets | 22/27 | €255,119 | €261,788 | +€6,669 | +2.6% |
| Plant, machinery and equipment | 23 | €2,605 | €2,027 | -€578 | -22.2% |
| Furniture and vehicles | 24 | €252,514 | €256,869 | +€4,356 | +1.7% |
| Other tangible fixed assets | 26 | - | €2,892 | +€2,892 | |
| Financial fixed assets | 28 | €11,745 | €12,789 | +€1,044 | +8.9% |
| Current assets | 29/58 | €168,308 | €278,038 | +€109,730 | +65.2% |
| Amounts receivable within one year | 40/41 | €116,761 | €240,175 | +€123,415 | +106% |
| Trade receivables | 40 | €90,972 | €227,783 | +€136,812 | +150% |
| Other amounts receivable | 41 | €25,789 | €12,392 | -€13,397 | -51.9% |
| Cash at bank and in hand | 54/58 | €40,173 | €33,365 | -€6,809 | -16.9% |
| Deferred charges and accrued income | 490/1 | €11,374 | €4,498 | -€6,876 | -60.5% |
| Total equity and liabilities | 10/49 | €435,172 | €552,615 | +€117,443 | +27.0% |
| Equity | 10/15 | €84,025 | €139,720 | +€55,695 | +66.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,025 | €134,720 | +€55,695 | +70.5% |
| Amounts payable | 17/49 | €351,147 | €412,895 | +€61,747 | +17.6% |
| Amounts payable after more than one year | 17 | €224,440 | €212,165 | -€12,276 | -5.5% |
| Financial debts | 170/4 | €224,440 | €212,165 | -€12,276 | -5.5% |
| Amounts payable within one year | 42/48 | €121,312 | €191,043 | +€69,731 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €59,015 | €69,899 | +€10,884 | +18.4% |
| Trade debts | 44 | €17,714 | €43,638 | +€25,924 | +146% |
| Suppliers | 440/4 | €17,714 | €43,638 | +€25,924 | +146% |
| Taxes, remuneration and social security | 45 | €28,929 | €64,023 | +€35,093 | +121% |
| Taxes | 450/3 | €9,454 | €15,618 | +€6,164 | +65.2% |
| Remuneration and social security | 454/9 | €19,475 | €48,405 | +€28,930 | +149% |
| Other amounts payable | 47/48 | €15,654 | €13,483 | -€2,171 | -13.9% |
| Accrued charges and deferred income | 492/3 | €5,395 | €9,687 | +€4,292 | +79.5% |
| Remuneration, social security and pensions | 62 | €174,371 | €381,110 | +€206,739 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,251 | €61,412 | +€31,161 | +103% |
| Other operating charges | 640/8 | €2,128 | €1,628 | -€500 | -23.5% |
| Gross operating margin | 9900 | €264,177 | €519,535 | +€255,358 | +96.7% |
| Operating profit (loss) | 9901 | €57,427 | €75,384 | +€17,957 | +31.3% |
| Financial income | 75/76B | €10 | €4 | -€7 | -64.7% |
| Recurring financial income | 75 | €10 | €4 | -€7 | -64.7% |
| Financial charges | 65/66B | €8,008 | €9,736 | +€1,728 | +21.6% |
| Recurring financial charges | 65 | €8,008 | €9,736 | +€1,728 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €49,429 | €65,652 | +€16,223 | +32.8% |
| Income taxes | 67/77 | €3,971 | €9,957 | +€5,986 | +151% |
| Profit (loss) for the period | 9904 | €45,458 | €55,695 | +€10,237 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,458 | €55,695 | +€10,237 | +22.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.