MAJ: 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.
MAJ
Largest movements
- Cash -€30,347
down €30,347 (-67.1%), from €45,250 to €14,903
mainly Contributions, distributions and other (-€46,000) and Receivables within one year (-€24,354)
- Receivables within one year +€24,354
up €24,354 (+223%), from €10,932 to €35,287
of which Trade receivables: +€21,398
- Tangible fixed assets -€2,563
down €2,563 (-27.3%), from €9,390 to €6,827
of which Furniture and vehicles: -€1,536
- Other debts -€8,577
down €8,577 (-15.7%), from €54,577 to €46,000
- Gross operating margin +€6,598
up €6,598 (+11.5%), from €57,545 to €64,143
- Taxes +€1,186
up €1,186 (+10.9%), from €10,904 to €12,090
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 | €65,572 | €57,017 | -€8,556 | -13.0% |
| Fixed assets | 21/28 | €9,390 | €6,827 | -€2,563 | -27.3% |
| Tangible fixed assets | 22/27 | €9,390 | €6,827 | -€2,563 | -27.3% |
| Furniture and vehicles | 24 | €2,020 | €484 | -€1,536 | -76.1% |
| Other tangible fixed assets | 26 | €7,370 | €6,344 | -€1,027 | -13.9% |
| Current assets | 29/58 | €56,182 | €50,190 | -€5,993 | -10.7% |
| Amounts receivable within one year | 40/41 | €10,932 | €35,287 | +€24,354 | +223% |
| Trade receivables | 40 | €10,932 | €32,330 | +€21,398 | +196% |
| Other amounts receivable | 41 | - | €2,956 | +€2,956 | |
| Cash at bank and in hand | 54/58 | €45,250 | €14,903 | -€30,347 | -67.1% |
| Total equity and liabilities | 10/49 | €65,572 | €57,017 | -€8,556 | -13.0% |
| Equity | 10/15 | €1,354 | €1,029 | -€325 | -24.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | - | -€1,000 | |
| Other | 1109/19 | €1,000 | - | -€1,000 | |
| Profit (loss) carried forward | 14 | €354 | €29 | -€325 | -91.7% |
| Amounts payable | 17/49 | €64,218 | €55,988 | -€8,231 | -12.8% |
| Amounts payable within one year | 42/48 | €64,218 | €55,988 | -€8,231 | -12.8% |
| Trade debts | 44 | €179 | €172 | -€7 | -3.9% |
| Suppliers | 440/4 | €179 | €172 | -€7 | -3.9% |
| Taxes, remuneration and social security | 45 | €9,462 | €9,816 | +€353 | +3.7% |
| Taxes | 450/3 | €9,462 | €9,816 | +€353 | +3.7% |
| Other amounts payable | 47/48 | €54,577 | €46,000 | -€8,577 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,667 | €2,563 | -€104 | -3.9% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €57,545 | €64,143 | +€6,598 | +11.5% |
| Operating profit (loss) | 9901 | €54,490 | €61,180 | +€6,690 | +12.3% |
| Financial charges | 65/66B | €3,232 | €3,415 | +€183 | +5.7% |
| Recurring financial charges | 65 | €3,232 | €3,415 | +€183 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €51,258 | €57,765 | +€6,507 | +12.7% |
| Income taxes | 67/77 | €10,904 | €12,090 | +€1,186 | +10.9% |
| Profit (loss) for the period | 9904 | €40,354 | €45,675 | +€5,321 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,354 | €45,675 | +€5,321 | +13.2% |
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 13 October 2026 via checked.be.