MAPIGEST: 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.
MAPIGEST
Largest movements
- Receivables within one year +€67,801
up €67,801 (+74.2%), from €91,426 to €159,227
of which Trade receivables: +€80,242
- Receivables after one year +€52,485
up €52,485 (+18.0%), from €291,508 to €343,993
- Cash -€44,647
down €44,647 (-56.9%), from €78,437 to €33,790
mainly Receivables within one year (-€67,801) and Receivables after one year (-€52,485)
- Reserves +€73,322
up €73,322 (+46.1%), from €159,133 to €232,455
of which Distributable reserves: +€47,637
- Trade debts +€18,998
up €18,998 (+78.6%), from €24,164 to €43,162
- Accrued charges and deferred income -€18,428
down €18,428 (-97.4%), from €18,924 to €496
- Debts after one year -€17,211
down €17,211 (-6.7%), from €256,378 to €239,166
of which Other amounts payable: -€20,000
- Tax, wage and social debts +€8,936
up €8,936 (+48.3%), from €18,502 to €27,438
- Gross operating margin -€203,359
down €203,359 (-40.2%), from €506,268 to €302,908
- Staff costs -€83,086
down €83,086 (-33.1%), from €250,864 to €167,778
- Taxes -€28,755
down €28,755 (-54.1%), from €53,122 to €24,367
- Other operating charges -€7,138
down €7,138 (-78.0%), from €9,154 to €2,015
- Financial charges -€5,592
down €5,592 (-31.5%), from €17,730 to €12,138
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 | €518,790 | €589,215 | +€70,425 | +13.6% |
| Fixed assets | 21/28 | €50,039 | €45,986 | -€4,053 | -8.1% |
| Tangible fixed assets | 22/27 | €45,676 | €41,623 | -€4,053 | -8.9% |
| Plant, machinery and equipment | 23 | €9,661 | €6,418 | -€3,243 | -33.6% |
| Furniture and vehicles | 24 | €24,764 | €26,682 | +€1,918 | +7.7% |
| Other tangible fixed assets | 26 | €11,250 | €8,523 | -€2,728 | -24.2% |
| Financial fixed assets | 28 | €4,363 | €4,363 | = | 0.0% |
| Current assets | 29/58 | €468,751 | €543,229 | +€74,478 | +15.9% |
| Amounts receivable after more than one year | 29 | €291,508 | €343,993 | +€52,485 | +18.0% |
| Other amounts receivable | 291 | €291,508 | €343,993 | +€52,485 | +18.0% |
| Amounts receivable within one year | 40/41 | €91,426 | €159,227 | +€67,801 | +74.2% |
| Trade receivables | 40 | €78,803 | €159,044 | +€80,242 | +101.8% |
| Other amounts receivable | 41 | €12,624 | €183 | -€12,441 | -98.6% |
| Cash at bank and in hand | 54/58 | €78,437 | €33,790 | -€44,647 | -56.9% |
| Deferred charges and accrued income | 490/1 | €7,380 | €6,219 | -€1,161 | -15.7% |
| Total equity and liabilities | 10/49 | €518,790 | €589,215 | +€70,425 | +13.6% |
| Equity | 10/15 | €169,133 | €242,455 | +€73,322 | +43.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €159,133 | €232,455 | +€73,322 | +46.1% |
| Tax-exempt reserves | 132 | €79,565 | €105,250 | +€25,685 | +32.3% |
| Distributable reserves | 133 | €79,568 | €127,205 | +€47,637 | +59.9% |
| Amounts payable | 17/49 | €349,657 | €346,760 | -€2,897 | -0.8% |
| Amounts payable after more than one year | 17 | €256,378 | €239,166 | -€17,211 | -6.7% |
| Financial debts | 170/4 | €16,378 | €19,166 | +€2,789 | +17.0% |
| Other amounts payable | 178/9 | €240,000 | €220,000 | -€20,000 | -8.3% |
| Amounts payable within one year | 42/48 | €74,355 | €107,098 | +€32,743 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €6,475 | €10,401 | +€3,926 | +60.6% |
| Financial debts | 43 | €25,000 | €17,500 | -€7,500 | -30.0% |
| Credit institutions | 430/8 | €25,000 | €17,500 | -€7,500 | -30.0% |
| Trade debts | 44 | €24,164 | €43,162 | +€18,998 | +78.6% |
| Suppliers | 440/4 | €24,164 | €43,162 | +€18,998 | +78.6% |
| Taxes, remuneration and social security | 45 | €18,502 | €27,438 | +€8,936 | +48.3% |
| Taxes | 450/3 | €18,502 | €27,438 | +€8,936 | +48.3% |
| Other amounts payable | 47/48 | €214 | €8,597 | +€8,383 | +3909.8% |
| Accrued charges and deferred income | 492/3 | €18,924 | €496 | -€18,428 | -97.4% |
| Non-recurring operating income | 76A | €100 | €0 | -€100 | -100.0% |
| Remuneration, social security and pensions | 62 | €250,864 | €167,778 | -€83,086 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,637 | €16,183 | -€454 | -2.7% |
| Other operating charges | 640/8 | €9,154 | €2,015 | -€7,138 | -78.0% |
| Non-recurring operating charges | 66A | - | €7,105 | +€7,105 | |
| Gross operating margin | 9900 | €506,268 | €302,908 | -€203,359 | -40.2% |
| Operating profit (loss) | 9901 | €229,614 | €109,828 | -€119,786 | -52.2% |
| Financial income | 75/76B | €372 | €0 | -€372 | -100.0% |
| Recurring financial income | 75 | €372 | €0 | -€372 | -100.0% |
| Financial charges | 65/66B | €17,730 | €12,138 | -€5,592 | -31.5% |
| Recurring financial charges | 65 | €17,730 | €12,138 | -€5,592 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €212,255 | €97,689 | -€114,566 | -54.0% |
| Income taxes | 67/77 | €53,122 | €24,367 | -€28,755 | -54.1% |
| Profit (loss) for the period | 9904 | €159,133 | €73,322 | -€85,811 | -53.9% |
| Transfer to tax-exempt reserves | 689 | €79,565 | €25,685 | -€53,880 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,568 | €47,637 | -€31,931 | -40.1% |
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 28 September 2026 via checked.be.