MAAJ CONSTRUCT: 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 CONSTRUCT
Largest movements
- Stocks and contracts +€102,318
new in 2025: €102,318
- Cash -€98,865
down €98,865 (-74.0%), from €133,602 to €34,737
mainly Stocks and contracts (-€102,318) and Receivables within one year (-€40,008)
- Receivables within one year +€40,008
up €40,008 (+66.5%), from €60,148 to €100,157
of which Trade receivables: +€30,160
- Tangible fixed assets -€8,781
down €8,781 (-3.4%), from €259,057 to €250,276
of which Land and buildings: -€11,461
- Deferred charges and accrued income -€5,978
no longer reported in 2025 (was €5,978)
- Other debts +€65,440
up €65,440 (+40.5%), from €161,500 to €226,940
- Trade debts -€21,809
down €21,809 (-72.0%), from €30,293 to €8,485
- Debts after one year -€17,383
down €17,383 (-9.4%), from €185,014 to €167,631
- Gross operating margin -€152,501
down €152,501 (-89.2%), from €170,985 to €18,484
- Staff costs -€56,371
no longer reported in 2025 (was €56,371)
- Taxes -€13,574
down €13,574 (-95.3%), from €14,242 to €668
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 | €458,784 | €487,487 | +€28,702 | +6.3% |
| Fixed assets | 21/28 | €259,057 | €250,276 | -€8,781 | -3.4% |
| Tangible fixed assets | 22/27 | €259,057 | €250,276 | -€8,781 | -3.4% |
| Land and buildings | 22 | €259,057 | €247,596 | -€11,461 | -4.4% |
| Furniture and vehicles | 24 | - | €2,680 | +€2,680 | |
| Current assets | 29/58 | €199,728 | €237,211 | +€37,483 | +18.8% |
| Stocks and contracts in progress | 3 | - | €102,318 | +€102,318 | |
| Stocks | 30/36 | - | €102,318 | +€102,318 | |
| Amounts receivable within one year | 40/41 | €60,148 | €100,157 | +€40,008 | +66.5% |
| Trade receivables | 40 | €43,762 | €73,923 | +€30,160 | +68.9% |
| Other amounts receivable | 41 | €16,386 | €26,234 | +€9,848 | +60.1% |
| Cash at bank and in hand | 54/58 | €133,602 | €34,737 | -€98,865 | -74.0% |
| Deferred charges and accrued income | 490/1 | €5,978 | - | -€5,978 | |
| Total equity and liabilities | 10/49 | €458,784 | €487,487 | +€28,702 | +6.3% |
| Equity | 10/15 | €64,594 | €66,380 | +€1,786 | +2.8% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Reserves | 13 | €53,594 | €55,380 | +€1,786 | +3.3% |
| Distributable reserves | 133 | €53,594 | €55,380 | +€1,786 | +3.3% |
| Amounts payable | 17/49 | €394,191 | €421,107 | +€26,916 | +6.8% |
| Amounts payable after more than one year | 17 | €185,014 | €167,631 | -€17,383 | -9.4% |
| Financial debts | 170/4 | €185,014 | €167,631 | -€17,383 | -9.4% |
| Amounts payable within one year | 42/48 | €209,177 | €253,476 | +€44,299 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €17,383 | €17,383 | = | 0.0% |
| Trade debts | 44 | €30,293 | €8,485 | -€21,809 | -72.0% |
| Suppliers | 440/4 | €30,293 | €8,485 | -€21,809 | -72.0% |
| Taxes, remuneration and social security | 45 | - | €668 | +€668 | |
| Taxes | 450/3 | - | €668 | +€668 | |
| Other amounts payable | 47/48 | €161,500 | €226,940 | +€65,440 | +40.5% |
| Non-recurring operating income | 76A | €10,002 | - | -€10,002 | |
| Remuneration, social security and pensions | 62 | €56,371 | - | -€56,371 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,130 | €11,933 | -€197 | -1.6% |
| Other operating charges | 640/8 | €2,893 | €1,865 | -€1,028 | -35.5% |
| Gross operating margin | 9900 | €170,985 | €18,484 | -€152,501 | -89.2% |
| Operating profit (loss) | 9901 | €99,591 | €4,685 | -€94,905 | -95.3% |
| Financial income | 75/76B | €858 | €138 | -€720 | -83.9% |
| Recurring financial income | 75 | €858 | €138 | -€720 | -83.9% |
| Financial charges | 65/66B | €4,033 | €2,370 | -€1,663 | -41.2% |
| Recurring financial charges | 65 | €4,033 | €2,370 | -€1,663 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €96,416 | €2,454 | -€93,962 | -97.5% |
| Income taxes | 67/77 | €14,242 | €668 | -€13,574 | -95.3% |
| Profit (loss) for the period | 9904 | €82,174 | €1,786 | -€80,387 | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €82,174 | €1,786 | -€80,387 | -97.8% |
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 10 October 2026 via checked.be.