Mapo Belgium: 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.
Mapo Belgium
Largest movements
- Cash -€85,079
down €85,079 (-66.9%), from €127,137 to €42,058
mainly Short-term financial debts (-€344,199) and Debts after one year (-€95,786)
- Receivables within one year +€75,242
up €75,242 (+14.0%), from €537,290 to €612,532
of which Trade receivables: +€77,697
- Tangible fixed assets -€25,034
down €25,034 (-6.4%), from €389,335 to €364,301
- Short-term financial debts -€344,199
down €344,199 (-100%), from €344,199 to €0
- Profit (loss) carried forward +€214,814
up €214,814, from -€214,814 to €0
- Reserves +€167,970
up €167,970 (+336%), from €50,000 to €217,970
of which Distributable reserves: +€167,970
- Debts after one year -€95,786
down €95,786 (-23.9%), from €401,019 to €305,232
- Other debts +€70,263
up €70,263 (+14.7%), from €476,541 to €546,803
- Gross operating margin +€68,349
up €68,349 (+7.8%), from €879,981 to €948,330
- Other operating charges +€25,332
up €25,332 (+65.9%), from €38,460 to €63,791
- Staff costs +€21,965
up €21,965 (+6.1%), from €359,523 to €381,488
- Financial charges -€9,714
down €9,714 (-22.4%), from €43,270 to €33,556
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 | €1,882,018 | €1,853,422 | -€28,596 | -1.5% |
| Fixed assets | 21/28 | €1,050,622 | €1,043,883 | -€6,739 | -0.6% |
| Tangible fixed assets | 22/27 | €389,335 | €364,301 | -€25,034 | -6.4% |
| Land and buildings | 22 | €205,500 | €198,467 | -€7,034 | -3.4% |
| Plant, machinery and equipment | 23 | €164,857 | €154,038 | -€10,819 | -6.6% |
| Furniture and vehicles | 24 | €18,978 | €11,797 | -€7,182 | -37.8% |
| Financial fixed assets | 28 | €661,287 | €679,582 | +€18,295 | +2.8% |
| Current assets | 29/58 | €831,396 | €809,539 | -€21,857 | -2.6% |
| Stocks and contracts in progress | 3 | €162,965 | €146,659 | -€16,306 | -10.0% |
| Stocks | 30/36 | €162,965 | €146,659 | -€16,306 | -10.0% |
| Amounts receivable within one year | 40/41 | €537,290 | €612,532 | +€75,242 | +14.0% |
| Trade receivables | 40 | €436,314 | €514,011 | +€77,697 | +17.8% |
| Other amounts receivable | 41 | €100,976 | €98,521 | -€2,455 | -2.4% |
| Cash at bank and in hand | 54/58 | €127,137 | €42,058 | -€85,079 | -66.9% |
| Deferred charges and accrued income | 490/1 | €4,004 | €8,291 | +€4,286 | +107% |
| Total equity and liabilities | 10/49 | €1,882,018 | €1,853,422 | -€28,596 | -1.5% |
| Equity | 10/15 | €335,186 | €717,970 | +€382,784 | +114% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €217,970 | +€167,970 | +336% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | - | €167,970 | +€167,970 | |
| Profit (loss) carried forward | 14 | -€214,814 | €0 | +€214,814 | |
| Amounts payable | 17/49 | €1,546,832 | €1,135,452 | -€411,380 | -26.6% |
| Amounts payable after more than one year | 17 | €401,019 | €305,232 | -€95,786 | -23.9% |
| Financial debts | 170/4 | €401,019 | €305,232 | -€95,786 | -23.9% |
| Amounts payable within one year | 42/48 | €1,145,813 | €821,286 | -€324,528 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €79,391 | €89,677 | +€10,287 | +13.0% |
| Financial debts | 43 | €344,199 | €0 | -€344,199 | -100% |
| Credit institutions | 430/8 | €344,199 | €0 | -€344,199 | -100% |
| Trade debts | 44 | €194,663 | €147,684 | -€46,979 | -24.1% |
| Suppliers | 440/4 | €194,663 | €147,684 | -€46,979 | -24.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €51,020 | €37,121 | -€13,899 | -27.2% |
| Taxes | 450/3 | €6,038 | €820 | -€5,218 | -86.4% |
| Remuneration and social security | 454/9 | €44,982 | €36,301 | -€8,681 | -19.3% |
| Other amounts payable | 47/48 | €476,541 | €546,803 | +€70,263 | +14.7% |
| Accrued charges and deferred income | 492/3 | €0 | €8,934 | +€8,934 | |
| Non-recurring operating income | 76A | €4,094 | €1,075 | -€3,019 | -73.7% |
| Remuneration, social security and pensions | 62 | €359,523 | €381,488 | +€21,965 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,720 | €90,423 | +€4,702 | +5.5% |
| Other operating charges | 640/8 | €38,460 | €63,791 | +€25,332 | +65.9% |
| Gross operating margin | 9900 | €879,981 | €948,330 | +€68,349 | +7.8% |
| Operating profit (loss) | 9901 | €396,279 | €412,629 | +€16,350 | +4.1% |
| Financial income | 75/76B | €2,123 | €4,112 | +€1,990 | +93.7% |
| Recurring financial income | 75 | €2,123 | €4,112 | +€1,990 | +93.7% |
| Financial charges | 65/66B | €43,270 | €33,556 | -€9,714 | -22.4% |
| Recurring financial charges | 65 | €43,270 | €33,556 | -€9,714 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €355,132 | €383,185 | +€28,053 | +7.9% |
| Income taxes | 67/77 | €396 | €401 | +€5 | +1.3% |
| Profit (loss) for the period | 9904 | €354,736 | €382,784 | +€28,048 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €354,736 | €382,784 | +€28,048 | +7.9% |
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 18 October 2026 via checked.be.