MAPYVAN: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2025 and 2026
Largest movements
- Cash -€13,769
down €13,769 (-50.6%), from €27,210 to €13,441
mainly Trade debts (-€10,082) and Net result for the year (-€8,361)
- Receivables within one year -€10,220
no longer reported in 2026 (was €10,220)
- Tangible fixed assets -€5,489
down €5,489 (-27.5%), from €19,965 to €14,476
of which Plant, machinery and equipment: -€4,800
- Stocks and contracts +€5,237
up €5,237 (+44.1%), from €11,877 to €17,114
- Deferred charges and accrued income +€1,814
up €1,814 (+96.2%), from €1,886 to €3,700
- Trade debts -€10,082
down €10,082 (-44.6%), from €22,624 to €12,542
of which Suppliers: -€8,454
- Profit (loss) carried forward -€8,361
down €8,361 (-48.4%), from -€17,285 to -€25,646
- Other debts +€5,834
up €5,834 (+29.5%), from €19,761 to €25,595
- Debts after one year -€5,819
down €5,819 (-56.8%), from €10,254 to €4,435
- Current portion of long-term debt -€2,827
down €2,827 (-32.7%), from €8,647 to €5,819
- Gross operating margin -€17,588
down €17,588 (-12.6%), from €139,420 to €121,832
- Staff costs +€3,547
up €3,547 (+3.0%), from €119,661 to €123,208
- Financial charges -€1,488
down €1,488 (-71.4%), from €2,084 to €596
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,157 | €48,732 | -€22,426 | -31.5% |
| Fixed assets | 21/28 | €19,965 | €14,476 | -€5,489 | -27.5% |
| Tangible fixed assets | 22/27 | €19,965 | €14,476 | -€5,489 | -27.5% |
| Plant, machinery and equipment | 23 | €14,400 | €9,600 | -€4,800 | -33.3% |
| Other tangible fixed assets | 26 | €5,565 | €4,876 | -€689 | -12.4% |
| Current assets | 29/58 | €51,193 | €34,256 | -€16,937 | -33.1% |
| Stocks and contracts in progress | 3 | €11,877 | €17,114 | +€5,237 | +44.1% |
| Stocks | 30/36 | €11,877 | €17,114 | +€5,237 | +44.1% |
| Amounts receivable within one year | 40/41 | €10,220 | - | -€10,220 | |
| Trade receivables | 40 | €10,220 | - | -€10,220 | |
| Cash at bank and in hand | 54/58 | €27,210 | €13,441 | -€13,769 | -50.6% |
| Deferred charges and accrued income | 490/1 | €1,886 | €3,700 | +€1,814 | +96.2% |
| Total equity and liabilities | 10/49 | €71,157 | €48,732 | -€22,426 | -31.5% |
| Equity | 10/15 | €5,170 | -€3,191 | -€8,361 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,255 | €16,255 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,335 | €2,335 | = | 0.0% |
| Distributable reserves | 133 | €12,060 | €12,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,285 | -€25,646 | -€8,361 | -48.4% |
| Amounts payable | 17/49 | €65,987 | €51,923 | -€14,065 | -21.3% |
| Amounts payable after more than one year | 17 | €10,254 | €4,435 | -€5,819 | -56.8% |
| Other amounts payable | 178/9 | €10,254 | €4,435 | -€5,819 | -56.8% |
| Amounts payable within one year | 42/48 | €54,619 | €47,464 | -€7,155 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €8,647 | €5,819 | -€2,827 | -32.7% |
| Trade debts | 44 | €22,624 | €12,542 | -€10,082 | -44.6% |
| Suppliers | 440/4 | €20,995 | €12,542 | -€8,454 | -40.3% |
| Bills of exchange payable | 441 | €1,628 | - | -€1,628 | |
| Taxes, remuneration and social security | 45 | €3,588 | €3,508 | -€80 | -2.2% |
| Remuneration and social security | 454/9 | €3,588 | €3,508 | -€80 | -2.2% |
| Other amounts payable | 47/48 | €19,761 | €25,595 | +€5,834 | +29.5% |
| Accrued charges and deferred income | 492/3 | €1,113 | €24 | -€1,090 | -97.9% |
| Remuneration, social security and pensions | 62 | €119,661 | €123,208 | +€3,547 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,489 | €5,489 | = | 0.0% |
| Other operating charges | 640/8 | €648 | €720 | +€72 | +11.2% |
| Gross operating margin | 9900 | €139,420 | €121,832 | -€17,588 | -12.6% |
| Operating profit (loss) | 9901 | €13,622 | -€7,585 | -€21,208 | |
| Financial income | 75/76B | €59 | €15 | -€45 | -75.5% |
| Recurring financial income | 75 | €59 | €15 | -€45 | -75.5% |
| Financial charges | 65/66B | €2,084 | €596 | -€1,488 | -71.4% |
| Recurring financial charges | 65 | €2,084 | €596 | -€1,488 | -71.4% |
| Profit (loss) for the period before taxes | 9903 | €11,598 | -€8,167 | -€19,764 | |
| Income taxes | 67/77 | €351 | €194 | -€157 | -44.6% |
| Profit (loss) for the period | 9904 | €11,247 | -€8,361 | -€19,608 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,247 | -€8,361 | -€19,608 |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- -€3,191
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€3,191
Capitalised earnings
- 2026
- -€8,361
- 2025
- €11,247
- 2024
- -€19,844
- 2023
- -€8,688
- 2022
- €11,025
- excluding non-recurring income and charges
- €11,019
- Average result, excluding non-recurring income and charges
- -€5,653
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2026
- -€2,097
- Net financial debt
- -€3,187
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 9 November 2026 via checked.be.