Mapo Invest: 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.
What changed
Mapo Invest
NACE 68.204, Real estate activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€21,504
2024 · -€4,668-€16,837
Equity
€1.7m
2024 · €1.8m-€21,504
Cash
€1,232
2024 · €2,847-€1,615
Balance sheet total
€3.0m
2024 · €3.2m-€168,347
Largest movements
Assets
- Financial fixed assets -€123,100
down €123,100 (-5.8%), from €2.1m to €2.0m
- Tangible fixed assets -€39,157
down €39,157 (-4.3%), from €911,778 to €872,621
Equity and liabilities
- Debts after one year -€175,128
down €175,128 (-16.7%), from €1.0m to €871,062
- Short-term financial debts -€125,000
down €125,000 (-100%), from €125,000 to €0
- Current portion of long-term debt +€81,306
up €81,306 (+84.2%), from €96,621 to €177,927
- Other debts +€78,000
up €78,000 (+455%), from €17,125 to €95,125
Income statement
- Financial charges +€10,396
up €10,396 (+33.3%), from €31,231 to €41,627
- Other operating charges +€10,301
up €10,301 (+33.1%), from €31,147 to €41,448
- Gross operating margin +€4,096
up €4,096 (+3.7%), from €109,589 to €113,685
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.
Result 2024
-€4,668
Gross operating margin
+€4,096
Depreciation
-€236
Other operating charges
-€10,301
Financial income
+€0
Financial charges
-€10,396
Taxes
-€0
Result 2025
-€21,504
raises the resultlowers the result
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.
From operations
+€113,236
Investment
+€103,971
Financing
-€218,821
Cash 2024
€2,847
From operations (derived)
+€113,236
Net result for the year
-€21,504
Depreciation
+€58,286
Receivables within one year
+€16,659
Deferred charges and accrued income
-€12,184
Provisions
-€6,171
Trade debts
+€3,203
Other debts
+€78,000
Accrued charges and deferred income
-€3,053
Investment (derived)
+€103,971
Investment in fixed assets (net)
+€103,971
Financing
-€218,821
Debts after one year
-€175,128
Current portion of long-term debt
+€81,306
Short-term financial debts
-€125,000
Cash 2025
€1,232
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,152,404 | €2,984,057 | -€168,347 | -5.3% |
| Fixed assets | 21/28 | €3,048,483 | €2,886,226 | -€162,257 | -5.3% |
| Tangible fixed assets | 22/27 | €911,778 | €872,621 | -€39,157 | -4.3% |
| Land and buildings | 22 | €911,778 | €872,621 | -€39,157 | -4.3% |
| Financial fixed assets | 28 | €2,136,705 | €2,013,605 | -€123,100 | -5.8% |
| Current assets | 29/58 | €103,921 | €97,832 | -€6,090 | -5.9% |
| Amounts receivable within one year | 40/41 | €95,991 | €79,331 | -€16,659 | -17.4% |
| Trade receivables | 40 | €50,641 | €33,981 | -€16,659 | -32.9% |
| Other amounts receivable | 41 | €45,350 | €45,350 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,847 | €1,232 | -€1,615 | -56.7% |
| Deferred charges and accrued income | 490/1 | €5,084 | €17,268 | +€12,184 | +240% |
| Total equity and liabilities | 10/49 | €3,152,404 | €2,984,057 | -€168,347 | -5.3% |
| Equity | 10/15 | €1,762,627 | €1,741,122 | -€21,504 | -1.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,700,627 | €1,679,122 | -€21,504 | -1.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €707,183 | €688,669 | -€18,514 | -2.6% |
| Distributable reserves | 133 | €987,243 | €984,253 | -€2,990 | -0.3% |
| Provisions and deferred taxes | 16 | €88,831 | €82,659 | -€6,171 | -6.9% |
| Deferred taxes | 168 | €88,831 | €82,659 | -€6,171 | -6.9% |
| Amounts payable | 17/49 | €1,300,947 | €1,160,276 | -€140,671 | -10.8% |
| Amounts payable after more than one year | 17 | €1,046,190 | €871,062 | -€175,128 | -16.7% |
| Financial debts | 170/4 | €1,046,190 | €871,062 | -€175,128 | -16.7% |
| Amounts payable within one year | 42/48 | €244,011 | €281,520 | +€37,509 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €96,621 | €177,927 | +€81,306 | +84.2% |
| Financial debts | 43 | €125,000 | €0 | -€125,000 | -100% |
| Credit institutions | 430/8 | €125,000 | €0 | -€125,000 | -100% |
| Trade debts | 44 | €5,265 | €8,468 | +€3,203 | +60.8% |
| Suppliers | 440/4 | €5,265 | €8,468 | +€3,203 | +60.8% |
| Other amounts payable | 47/48 | €17,125 | €95,125 | +€78,000 | +455% |
| Accrued charges and deferred income | 492/3 | €10,746 | €7,694 | -€3,053 | -28.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,050 | €58,286 | +€236 | +0.4% |
| Other operating charges | 640/8 | €31,147 | €41,448 | +€10,301 | +33.1% |
| Gross operating margin | 9900 | €109,589 | €113,685 | +€4,096 | +3.7% |
| Operating profit (loss) | 9901 | €20,392 | €13,951 | -€6,441 | -31.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €31,231 | €41,627 | +€10,396 | +33.3% |
| Recurring financial charges | 65 | €31,231 | €41,627 | +€10,396 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,839 | -€27,676 | -€16,837 | -155% |
| Transfer from deferred taxes | 780 | €6,171 | €6,171 | = | 0.0% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€4,668 | -€21,504 | -€16,837 | -361% |
| Transfer from tax-exempt reserves | 789 | €18,514 | €18,514 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,847 | -€2,990 | -€16,837 |
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 27 October 2026 via checked.be.