MA-JO: 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.
MA-JO
Largest movements
- Tangible fixed assets -€4,425
down €4,425 (-1.6%), from €269,448 to €265,023
- Debts after one year -€6,110
down €6,110 (-3.7%), from €164,310 to €158,201
- Trade debts +€3,973
up €3,973 (+1025.7%), from €387 to €4,360
- Turnover +€15,420
new in 2025: €15,420
- Gross operating margin +€3,063
up €3,063 (+24.2%), from €12,636 to €15,699
- Purchases and services +€1,350
new in 2025: €1,350
- Financial charges -€322
down €322 (-3.3%), from €9,644 to €9,322
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.
Cash bridge derived
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 | €269,452 | €265,027 | -€4,425 | -1.6% |
| Fixed assets | 21/28 | €269,448 | €265,023 | -€4,425 | -1.6% |
| Tangible fixed assets | 22/27 | €269,448 | €265,023 | -€4,425 | -1.6% |
| Land and buildings | 22 | €269,448 | €265,023 | -€4,425 | -1.6% |
| Current assets | 29/58 | €4 | €4 | +€0 | +4.4% |
| Amounts receivable within one year | 40/41 | €3 | - | -€3 | |
| Trade receivables | 40 | €3 | - | -€3 | |
| Cash at bank and in hand | 54/58 | €1 | €4 | +€3 | +478.8% |
| Total equity and liabilities | 10/49 | €269,452 | €265,027 | -€4,425 | -1.6% |
| Equity | 10/15 | €73,338 | €72,666 | -€672 | -0.9% |
| Contributions | 10/11 | €85,500 | €85,500 | = | 0.0% |
| Reserves | 13 | €739 | €739 | = | 0.0% |
| Distributable reserves | 133 | €739 | €739 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,901 | -€13,573 | -€672 | -5.2% |
| Amounts payable | 17/49 | €196,114 | €192,361 | -€3,753 | -1.9% |
| Amounts payable after more than one year | 17 | €164,310 | €158,201 | -€6,110 | -3.7% |
| Financial debts | 170/4 | €164,310 | €158,201 | -€6,110 | -3.7% |
| Amounts payable within one year | 42/48 | €31,804 | €34,160 | +€2,356 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €6,110 | €6,110 | = | 0.0% |
| Trade debts | 44 | €387 | €4,360 | +€3,973 | +1025.7% |
| Suppliers | 440/4 | €387 | €4,360 | +€3,973 | +1025.7% |
| Taxes, remuneration and social security | 45 | €1,629 | - | -€1,629 | |
| Taxes | 450/3 | €1,629 | - | -€1,629 | |
| Other amounts payable | 47/48 | €23,678 | €23,690 | +€12 | +0.1% |
| Turnover | 70 | - | €15,420 | +€15,420 | |
| Non-recurring operating income | 76A | - | €1,629 | +€1,629 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,350 | +€1,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,425 | €4,425 | = | 0.0% |
| Other operating charges | 640/8 | €2,483 | €2,623 | +€140 | +5.6% |
| Gross operating margin | 9900 | €12,636 | €15,699 | +€3,063 | +24.2% |
| Operating profit (loss) | 9901 | €5,728 | €8,650 | +€2,922 | +51.0% |
| Financial charges | 65/66B | €9,644 | €9,322 | -€322 | -3.3% |
| Recurring financial charges | 65 | €9,644 | €9,322 | -€322 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,916 | -€672 | +€3,245 | +82.8% |
| Profit (loss) for the period | 9904 | -€3,916 | -€672 | +€3,245 | +82.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,916 | -€672 | +€3,245 | +82.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.