MAPIVAN: 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.
MAPIVAN
Largest movements
- Receivables within one year +€139,639
up €139,639 (+2,776%), from €5,030 to €144,669
- Current investments -€83,500
down €83,500 (-32.6%), from €256,000 to €172,500
- Tangible fixed assets -€52,074
down €52,074 (-4.2%), from €1.2m to €1.2m
of which Land and buildings: -€45,799
- Other debts +€201,469
up €201,469 (+50.0%), from €402,637 to €604,106
- Reserves -€152,461
down €152,461 (-15.3%), from €997,064 to €844,603
of which Distributable reserves: -€146,045
- Tax, wage and social debts -€20,179
down €20,179 (-73.2%), from €27,562 to €7,383
- Gross operating margin -€21,121
down €21,121 (-10.8%), from €195,223 to €174,102
- Financial income -€14,935
down €14,935 (-72.0%), from €20,731 to €5,796
- Taxes -€5,554
down €5,554 (-17.6%), from €31,512 to €25,958
- Financial charges -€5,296
down €5,296 (-15.7%), from €33,804 to €28,509
of which Financial charges: -€5,944
- Depreciation +€2,111
up €2,111 (+3.6%), from €57,910 to €60,022
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 | €1,531,583 | €1,541,476 | +€9,894 | +0.6% |
| Fixed assets | 21/28 | €1,247,379 | €1,192,705 | -€54,674 | -4.4% |
| Tangible fixed assets | 22/27 | €1,244,379 | €1,192,305 | -€52,074 | -4.2% |
| Land and buildings | 22 | €1,213,124 | €1,167,325 | -€45,799 | -3.8% |
| Plant, machinery and equipment | 23 | €996 | €655 | -€342 | -34.3% |
| Furniture and vehicles | 24 | €2,259 | €24,325 | +€22,066 | +977% |
| Leasing and similar rights | 25 | €27,999 | €0 | -€27,999 | -100% |
| Financial fixed assets | 28 | €3,000 | €400 | -€2,600 | -86.7% |
| Current assets | 29/58 | €284,204 | €348,771 | +€64,567 | +22.7% |
| Amounts receivable within one year | 40/41 | €5,030 | €144,669 | +€139,639 | +2,776% |
| Other amounts receivable | 41 | €5,030 | €144,669 | +€139,639 | +2,776% |
| Current investments | 50/53 | €256,000 | €172,500 | -€83,500 | -32.6% |
| Cash at bank and in hand | 54/58 | €18,378 | €19,036 | +€658 | +3.6% |
| Deferred charges and accrued income | 490/1 | €4,797 | €12,567 | +€7,770 | +162% |
| Total equity and liabilities | 10/49 | €1,531,583 | €1,541,476 | +€9,894 | +0.6% |
| Equity | 10/15 | €1,034,264 | €881,803 | -€152,461 | -14.7% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €997,064 | €844,603 | -€152,461 | -15.3% |
| Tax-exempt reserves | 132 | €57,786 | €51,371 | -€6,416 | -11.1% |
| Distributable reserves | 133 | €939,278 | €793,233 | -€146,045 | -15.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €19,262 | €17,124 | -€2,139 | -11.1% |
| Deferred taxes | 168 | €19,262 | €17,124 | -€2,139 | -11.1% |
| Amounts payable | 17/49 | €478,056 | €642,549 | +€164,493 | +34.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €445,908 | €613,288 | +€167,380 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €12,898 | €0 | -€12,898 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,811 | €1,798 | -€1,013 | -36.0% |
| Suppliers | 440/4 | €2,811 | €1,798 | -€1,013 | -36.0% |
| Taxes, remuneration and social security | 45 | €27,562 | €7,383 | -€20,179 | -73.2% |
| Taxes | 450/3 | €27,562 | €7,383 | -€20,179 | -73.2% |
| Other amounts payable | 47/48 | €402,637 | €604,106 | +€201,469 | +50.0% |
| Accrued charges and deferred income | 492/3 | €32,149 | €29,262 | -€2,887 | -9.0% |
| Non-recurring operating income | 76A | €1,862 | €1,605 | -€257 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,910 | €60,022 | +€2,111 | +3.6% |
| Other operating charges | 640/8 | €13,269 | €11,832 | -€1,437 | -10.8% |
| Gross operating margin | 9900 | €195,223 | €174,102 | -€21,121 | -10.8% |
| Operating profit (loss) | 9901 | €124,044 | €102,248 | -€21,795 | -17.6% |
| Financial income | 75/76B | €20,731 | €5,796 | -€14,935 | -72.0% |
| Recurring financial income | 75 | €20,731 | €5,796 | -€14,935 | -72.0% |
| Financial charges | 65/66B | €33,804 | €28,509 | -€5,296 | -15.7% |
| Recurring financial charges | 65 | €33,804 | €27,860 | -€5,944 | -17.6% |
| Non-recurring financial charges | 66B | - | €648 | +€648 | |
| Profit (loss) for the period before taxes | 9903 | €110,970 | €79,536 | -€31,435 | -28.3% |
| Transfer from deferred taxes | 780 | €2,139 | €2,139 | = | 0.0% |
| Income taxes | 67/77 | €31,512 | €25,958 | -€5,554 | -17.6% |
| Profit (loss) for the period | 9904 | €81,597 | €55,716 | -€25,881 | -31.7% |
| Transfer from tax-exempt reserves | 789 | €6,416 | €6,416 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,013 | €62,132 | -€25,881 | -29.4% |
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 24 October 2026 via checked.be.