M.A.J.A.: 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.
M.A.J.A.
Largest movements
- Current investments -€691,522
down €691,522 (-92.6%), from €747,145 to €55,623
- Cash +€613,698
up €613,698 (+531%), from €115,609 to €729,307
mainly Current investments (+€691,522) and Depreciation (+€12,059)
- Tangible fixed assets -€12,059
down €12,059 (-13.7%), from €88,041 to €75,982
of which Land and buildings: -€8,914
- Reserves -€75,902
down €75,902 (-8.1%), from €932,273 to €856,371
- Gross operating margin -€96,465
down €96,465, from €84,849 to -€11,615
- Taxes -€15,167
down €15,167 (-99.0%), from €15,323 to €156
- Financial income -€6,352
down €6,352 (-26.1%), from €24,345 to €17,993
- Depreciation -€1,767
down €1,767 (-12.8%), from €13,826 to €12,059
- Other operating charges +€1,347
up €1,347 (+1,698%), from €79 to €1,426
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 | €951,642 | €866,710 | -€84,932 | -8.9% |
| Fixed assets | 21/28 | €88,041 | €75,982 | -€12,059 | -13.7% |
| Tangible fixed assets | 22/27 | €88,041 | €75,982 | -€12,059 | -13.7% |
| Land and buildings | 22 | €81,829 | €72,915 | -€8,914 | -10.9% |
| Plant, machinery and equipment | 23 | €5,568 | €2,645 | -€2,923 | -52.5% |
| Furniture and vehicles | 24 | €644 | €422 | -€222 | -34.5% |
| Current assets | 29/58 | €863,602 | €790,729 | -€72,873 | -8.4% |
| Amounts receivable within one year | 40/41 | €847 | €5,798 | +€4,951 | +584% |
| Trade receivables | 40 | €556 | €0 | -€556 | -100% |
| Other amounts receivable | 41 | €291 | €5,798 | +€5,507 | +1,892% |
| Current investments | 50/53 | €747,145 | €55,623 | -€691,522 | -92.6% |
| Cash at bank and in hand | 54/58 | €115,609 | €729,307 | +€613,698 | +531% |
| Total equity and liabilities | 10/49 | €951,642 | €866,710 | -€84,932 | -8.9% |
| Equity | 10/15 | €950,873 | €865,654 | -€85,219 | -9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €932,273 | €856,371 | -€75,902 | -8.1% |
| Distributable reserves | 133 | €932,273 | €856,371 | -€75,902 | -8.1% |
| Profit (loss) carried forward | 14 | - | -€9,317 | -€9,317 | |
| Amounts payable | 17/49 | €769 | €1,056 | +€287 | +37.3% |
| Amounts payable within one year | 42/48 | €769 | €1,056 | +€287 | +37.3% |
| Trade debts | 44 | - | €306 | +€306 | |
| Suppliers | 440/4 | - | €306 | +€306 | |
| Taxes, remuneration and social security | 45 | €769 | €750 | -€19 | -2.5% |
| Taxes | 450/3 | €769 | €750 | -€19 | -2.5% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,826 | €12,059 | -€1,767 | -12.8% |
| Other operating charges | 640/8 | €79 | €1,426 | +€1,347 | +1,698% |
| Non-recurring operating charges | 66A | €3,303 | - | -€3,303 | |
| Gross operating margin | 9900 | €84,849 | -€11,615 | -€96,465 | |
| Operating profit (loss) | 9901 | €67,641 | -€25,100 | -€92,741 | |
| Financial income | 75/76B | €24,345 | €17,993 | -€6,352 | -26.1% |
| Recurring financial income | 75 | €24,345 | €17,993 | -€6,352 | -26.1% |
| Financial charges | 65/66B | €913 | €2,054 | +€1,142 | +125% |
| Recurring financial charges | 65 | €913 | €2,054 | +€1,142 | +125% |
| Profit (loss) for the period before taxes | 9903 | €91,073 | -€9,161 | -€100,234 | |
| Income taxes | 67/77 | €15,323 | €156 | -€15,167 | -99.0% |
| Profit (loss) for the period | 9904 | €75,750 | -€9,317 | -€85,067 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,750 | -€9,317 | -€85,067 |
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 26 October 2026 via checked.be.