MAAJ: 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.
MAAJ
Largest movements
- Stocks and contracts +€2.9m
up €2.9m (+653.7%), from €440,174 to €3.3m
of which Stocks: +€3.2m
- Cash +€302,091
up €302,091 (+229.1%), from €131,838 to €433,930
mainly Short-term financial debts (+€2.4m) and Debts after one year (+€1.9m)
- Tangible fixed assets -€277,374
down €277,374 (-21.0%), from €1.3m to €1.0m
of which Assets under construction and advance payments: -€511,164
- Financial fixed assets +€220,000
up €220,000 (+11000.0%), from €2,000 to €222,000
- Receivables within one year +€161,770
up €161,770 (+29.0%), from €558,062 to €719,832
of which Other amounts receivable: +€162,993
- Short-term financial debts +€2.4m
new in 2025: €2.4m
- Debts after one year +€1.9m
up €1.9m (+205.1%), from €930,417 to €2.8m
of which Other amounts payable: +€1.0m
- Profit (loss) carried forward -€948,787
no longer reported in 2025 (was €948,787)
- Accrued charges and deferred income -€338,303
no longer reported in 2025 (was €338,303)
- Reserves +€228,181
new in 2025: €228,181
- Gross operating margin +€163,520
up €163,520 (+57.2%), from €285,940 to €449,460
- Financial income +€109,609
up €109,609 (+51.7%), from €211,957 to €321,566
- Taxes +€89,094
up €89,094 (+123.6%), from €72,104 to €161,198
- Financial charges +€40,678
up €40,678 (+52.0%), from €78,188 to €118,866
- Depreciation -€17,003
down €17,003 (-67.2%), from €25,313 to €8,310
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 | €2,532,674 | €5,742,026 | +€3.2m | +126.7% |
| Fixed assets | 21/28 | €1,325,670 | €1,268,296 | -€57,374 | -4.3% |
| Tangible fixed assets | 22/27 | €1,323,670 | €1,046,296 | -€277,374 | -21.0% |
| Land and buildings | 22 | €777,348 | €1,019,448 | +€242,100 | +31.1% |
| Plant, machinery and equipment | 23 | €1,311 | - | -€1,311 | |
| Furniture and vehicles | 24 | €32,071 | €25,664 | -€6,407 | -20.0% |
| Other tangible fixed assets | 26 | €1,777 | €1,184 | -€592 | -33.3% |
| Assets under construction and advance payments | 27 | €511,164 | - | -€511,164 | |
| Financial fixed assets | 28 | €2,000 | €222,000 | +€220,000 | +11000.0% |
| Current assets | 29/58 | €1,207,003 | €4,473,730 | +€3.3m | +270.6% |
| Stocks and contracts in progress | 3 | €440,174 | €3,317,734 | +€2.9m | +653.7% |
| Stocks | 30/36 | €150,000 | €3,317,734 | +€3.2m | +2111.8% |
| Contracts in progress | 37 | €290,174 | - | -€290,174 | |
| Amounts receivable within one year | 40/41 | €558,062 | €719,832 | +€161,770 | +29.0% |
| Trade receivables | 40 | €1,222 | - | -€1,222 | |
| Other amounts receivable | 41 | €556,840 | €719,832 | +€162,993 | +29.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €131,838 | €433,930 | +€302,091 | +229.1% |
| Deferred charges and accrued income | 490/1 | €76,930 | €2,234 | -€74,696 | -97.1% |
| Total equity and liabilities | 10/49 | €2,532,674 | €5,742,026 | +€3.2m | +126.7% |
| Equity | 10/15 | €973,787 | €253,181 | -€720,607 | -74.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €228,181 | +€228,181 | |
| Distributable reserves | 133 | - | €228,181 | +€228,181 | |
| Profit (loss) carried forward | 14 | €948,787 | - | -€948,787 | |
| Amounts payable | 17/49 | €1,558,887 | €5,488,845 | +€3.9m | +252.1% |
| Amounts payable after more than one year | 17 | €930,417 | €2,838,321 | +€1.9m | +205.1% |
| Financial debts | 170/4 | €930,417 | €1,838,321 | +€907,905 | +97.6% |
| Other amounts payable | 178/9 | - | €1,000,000 | +€1.0m | |
| Amounts payable within one year | 42/48 | €290,168 | €2,650,524 | +€2.4m | +813.4% |
| Current portion of amounts payable after more than one year | 42 | €17,383 | €57,779 | +€40,396 | +232.4% |
| Financial debts | 43 | - | €2,400,000 | +€2.4m | |
| Other loans | 439 | - | €2,400,000 | +€2.4m | |
| Trade debts | 44 | €65,842 | €26,861 | -€38,981 | -59.2% |
| Suppliers | 440/4 | €65,842 | €26,861 | -€38,981 | -59.2% |
| Taxes, remuneration and social security | 45 | €0 | €8,912 | +€8,912 | |
| Taxes | 450/3 | €0 | €8,912 | +€8,912 | |
| Other amounts payable | 47/48 | €206,942 | €156,972 | -€49,970 | -24.1% |
| Accrued charges and deferred income | 492/3 | €338,303 | - | -€338,303 | |
| Non-recurring operating income | 76A | - | €12,385 | +€12,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,313 | €8,310 | -€17,003 | -67.2% |
| Other operating charges | 640/8 | €2,124 | €3,259 | +€1,135 | +53.4% |
| Gross operating margin | 9900 | €285,940 | €449,460 | +€163,520 | +57.2% |
| Operating profit (loss) | 9901 | €258,503 | €437,891 | +€179,388 | +69.4% |
| Financial income | 75/76B | €211,957 | €321,566 | +€109,609 | +51.7% |
| Recurring financial income | 75 | €211,957 | €321,566 | +€109,609 | +51.7% |
| Financial charges | 65/66B | €78,188 | €118,866 | +€40,678 | +52.0% |
| Recurring financial charges | 65 | €78,188 | €118,866 | +€40,678 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | €392,272 | €640,592 | +€248,319 | +63.3% |
| Income taxes | 67/77 | €72,104 | €161,198 | +€89,094 | +123.6% |
| Profit (loss) for the period | 9904 | €320,168 | €479,393 | +€159,225 | +49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €320,168 | €479,393 | +€159,225 | +49.7% |
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 9 October 2026 via checked.be.