DON MAJD: what changed
Two fiscal 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.
DON MAJD
Largest movements
- Receivables within one year +€34,664
up €34,664 (+3466.4%), from €1,000 to €35,664
of which Other amounts receivable: +€35,664
- Deferred charges and accrued income +€13,545
new in 2025: €13,545
- Tangible fixed assets +€8,384
up €8,384 (+299.8%), from €2,796 to €11,180
of which Plant, machinery and equipment: +€8,762
- Stocks and contracts +€3,242
up €3,242 (+129.7%), from €2,500 to €5,742
- Cash +€1,729
up €1,729 (+116.7%), from €1,482 to €3,212
- Accrued charges and deferred income +€32,880
new in 2025: €32,880
- Tax, wage and social debts +€15,524
up €15,524 (+257.2%), from €6,036 to €21,560
- Trade debts +€15,324
up €15,324 (+596.4%), from €2,570 to €17,894
- Profit (loss) carried forward -€1,612
down €1,612 (-47.7%), from -€3,379 to -€4,991
- Gross operating margin -€18,517
down €18,517, from €8,117 to -€10,400
- Staff costs -€7,672
no longer reported in 2025 (was €7,672)
- Financial charges +€3,120
up €3,120 (+1434.5%), from €217 to €3,337
- Depreciation +€2,984
up €2,984 (+598.0%), from €499 to €3,483
- Other operating charges +€1,333
up €1,333 (+42.7%), from €3,122 to €4,455
From the 2023 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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,778 | €69,343 | +€61,565 | +791.5% |
| Fixed assets | 21/28 | €2,796 | €11,180 | +€8,384 | +299.8% |
| Tangible fixed assets | 22/27 | €2,796 | €11,180 | +€8,384 | +299.8% |
| Plant, machinery and equipment | 23 | €418 | €9,180 | +€8,762 | +2096.2% |
| Furniture and vehicles | 24 | €2,378 | €2,000 | -€378 | -15.9% |
| Current assets | 29/58 | €4,982 | €58,163 | +€53,181 | +1067.4% |
| Stocks and contracts in progress | 3 | €2,500 | €5,742 | +€3,242 | +129.7% |
| Stocks | 30/36 | €2,500 | €5,742 | +€3,242 | +129.7% |
| Amounts receivable within one year | 40/41 | €1,000 | €35,664 | +€34,664 | +3466.4% |
| Trade receivables | 40 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 41 | - | €35,664 | +€35,664 | |
| Cash at bank and in hand | 54/58 | €1,482 | €3,212 | +€1,729 | +116.7% |
| Deferred charges and accrued income | 490/1 | - | €13,545 | +€13,545 | |
| Total equity and liabilities | 10/49 | €7,778 | €69,343 | +€61,565 | +791.5% |
| Equity | 10/15 | -€1,379 | -€2,991 | -€1,612 | -116.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Outside capital | 11 | €2,000 | - | -€2,000 | |
| Other | 1109/19 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | -€3,379 | -€4,991 | -€1,612 | -47.7% |
| Amounts payable | 17/49 | €9,157 | €72,334 | +€63,177 | +689.9% |
| Amounts payable within one year | 42/48 | €9,157 | €39,454 | +€30,297 | +330.9% |
| Trade debts | 44 | €2,570 | €17,894 | +€15,324 | +596.4% |
| Suppliers | 440/4 | €2,570 | €17,894 | +€15,324 | +596.4% |
| Taxes, remuneration and social security | 45 | €6,036 | €21,560 | +€15,524 | +257.2% |
| Taxes | 450/3 | €6,036 | €21,560 | +€15,524 | +257.2% |
| Other amounts payable | 47/48 | €551 | - | -€551 | |
| Accrued charges and deferred income | 492/3 | - | €32,880 | +€32,880 | |
| Remuneration, social security and pensions | 62 | €7,672 | - | -€7,672 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €499 | €3,483 | +€2,984 | +598.0% |
| Other operating charges | 640/8 | €3,122 | €4,455 | +€1,333 | +42.7% |
| Gross operating margin | 9900 | €8,117 | -€10,400 | -€18,517 | |
| Operating profit (loss) | 9901 | -€3,176 | -€18,338 | -€15,162 | -477.4% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €217 | €3,337 | +€3,120 | +1434.5% |
| Recurring financial charges | 65 | €217 | €3,337 | +€3,120 | +1434.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,379 | -€21,675 | -€18,297 | -541.6% |
| Profit (loss) for the period | 9904 | -€3,379 | -€21,675 | -€18,297 | -541.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,379 | -€21,675 | -€18,297 | -541.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.