MAPILCO: 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.
MAPILCO
Largest movements
- Cash +€104,505
up €104,505 (+13.4%), from €780,149 to €884,654
mainly Net result for the year (+€76,840) and Other debts (+€72,000)
- Other debts +€72,000
new in 2025: €72,000
- Financial income -€49,452
down €49,452 (-55.2%), from €89,666 to €40,214
- Depreciation -€18,150
down €18,150 (-89.6%), from €20,253 to €2,103
- Financial charges -€13,280
down €13,280 (-99.8%), from €13,305 to €26
- Taxes -€9,434
down €9,434 (-26.9%), from €35,020 to €25,586
- Gross operating margin -€5,317
down €5,317 (-6.6%), from €80,385 to €75,068
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 | €3,007,963 | €3,082,568 | +€74,605 | +2.5% |
| Fixed assets | 21/28 | €236,152 | €236,805 | +€653 | +0.3% |
| Tangible fixed assets | 22/27 | €236,152 | €236,805 | +€653 | +0.3% |
| Land and buildings | 22 | €236,152 | €236,805 | +€653 | +0.3% |
| Current assets | 29/58 | €2,771,811 | €2,845,763 | +€73,952 | +2.7% |
| Amounts receivable within one year | 40/41 | €1,154,008 | €1,125,710 | -€28,298 | -2.5% |
| Trade receivables | 40 | €13 | - | -€13 | |
| Other amounts receivable | 41 | €1,153,995 | €1,125,710 | -€28,285 | -2.5% |
| Current investments | 50/53 | €837,654 | €835,399 | -€2,255 | -0.3% |
| Cash at bank and in hand | 54/58 | €780,149 | €884,654 | +€104,505 | +13.4% |
| Total equity and liabilities | 10/49 | €3,007,963 | €3,082,568 | +€74,605 | +2.5% |
| Equity | 10/15 | €3,002,985 | €3,007,825 | +€4,840 | +0.2% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €2,937,985 | €2,942,825 | +€4,840 | +0.2% |
| Non-distributable reserves | 130/1 | €61,500 | €61,500 | = | 0.0% |
| Legal reserve | 130 | €61,500 | €61,500 | = | 0.0% |
| Distributable reserves | 133 | €2,876,485 | €2,881,325 | +€4,840 | +0.2% |
| Amounts payable | 17/49 | €4,979 | €74,743 | +€69,765 | +1,401% |
| Amounts payable within one year | 42/48 | €4,979 | €74,743 | +€69,765 | +1,401% |
| Trade debts | 44 | - | €2,743 | +€2,743 | |
| Suppliers | 440/4 | - | €2,743 | +€2,743 | |
| Taxes, remuneration and social security | 45 | €4,979 | - | -€4,979 | |
| Taxes | 450/3 | €4,979 | - | -€4,979 | |
| Other amounts payable | 47/48 | - | €72,000 | +€72,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,253 | €2,103 | -€18,150 | -89.6% |
| Other operating charges | 640/8 | €10,068 | €10,727 | +€659 | +6.5% |
| Gross operating margin | 9900 | €80,385 | €75,068 | -€5,317 | -6.6% |
| Operating profit (loss) | 9901 | €50,063 | €62,238 | +€12,175 | +24.3% |
| Financial income | 75/76B | €89,666 | €40,214 | -€49,452 | -55.2% |
| Recurring financial income | 75 | €89,666 | €40,214 | -€49,452 | -55.2% |
| Financial charges | 65/66B | €13,305 | €26 | -€13,280 | -99.8% |
| Recurring financial charges | 65 | €13,305 | €26 | -€13,280 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €126,424 | €102,426 | -€23,998 | -19.0% |
| Income taxes | 67/77 | €35,020 | €25,586 | -€9,434 | -26.9% |
| Profit (loss) for the period | 9904 | €91,404 | €76,840 | -€14,563 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €91,404 | €76,840 | -€14,563 | -15.9% |
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 20 October 2026 via checked.be.