MAJ CONSTRUCT: 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.
MAJ CONSTRUCT
Largest movements
- Receivables within one year +€8,499
up €8,499 (+58.3%), from €14,588 to €23,087
of which Trade receivables: +€7,830
- Tangible fixed assets -€3,990
down €3,990 (-27.2%), from €14,672 to €10,682
of which Furniture and vehicles: -€2,825
- Deferred charges and accrued income +€2,117
up €2,117 (+72.9%), from €2,903 to €5,019
- Profit (loss) carried forward +€13,306
up €13,306, from -€11,095 to €2,211
- Other debts -€7,470
down €7,470 (-16.3%), from €45,883 to €38,413
- Gross operating margin +€15,293
up €15,293 (+253.7%), from €6,027 to €21,320
- Taxes +€977
up €977 (+473.5%), from €206 to €1,184
- Depreciation -€276
down €276 (-4.5%), from €6,083 to €5,808
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 | €43,119 | €49,702 | +€6,583 | +15.3% |
| Fixed assets | 21/28 | €14,672 | €10,682 | -€3,990 | -27.2% |
| Tangible fixed assets | 22/27 | €14,672 | €10,682 | -€3,990 | -27.2% |
| Plant, machinery and equipment | 23 | €1,432 | €267 | -€1,164 | -81.3% |
| Furniture and vehicles | 24 | €13,240 | €10,415 | -€2,825 | -21.3% |
| Current assets | 29/58 | €28,448 | €39,020 | +€10,573 | +37.2% |
| Amounts receivable within one year | 40/41 | €14,588 | €23,087 | +€8,499 | +58.3% |
| Trade receivables | 40 | €13,683 | €21,513 | +€7,830 | +57.2% |
| Other amounts receivable | 41 | €905 | €1,574 | +€669 | +74.0% |
| Cash at bank and in hand | 54/58 | €10,957 | €10,914 | -€43 | -0.4% |
| Deferred charges and accrued income | 490/1 | €2,903 | €5,019 | +€2,117 | +72.9% |
| Total equity and liabilities | 10/49 | €43,119 | €49,702 | +€6,583 | +15.3% |
| Equity | 10/15 | -€8,595 | €4,711 | +€13,306 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,095 | €2,211 | +€13,306 | |
| Amounts payable | 17/49 | €51,715 | €44,992 | -€6,723 | -13.0% |
| Amounts payable within one year | 42/48 | €51,715 | €44,992 | -€6,723 | -13.0% |
| Trade debts | 44 | €2,863 | €3,246 | +€383 | +13.4% |
| Suppliers | 440/4 | €2,863 | €3,246 | +€383 | +13.4% |
| Taxes, remuneration and social security | 45 | €2,968 | €3,333 | +€365 | +12.3% |
| Taxes | 450/3 | €1,168 | €1,390 | +€222 | +19.0% |
| Remuneration and social security | 454/9 | €1,800 | €1,942 | +€142 | +7.9% |
| Other amounts payable | 47/48 | €45,883 | €38,413 | -€7,470 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,083 | €5,808 | -€276 | -4.5% |
| Other operating charges | 640/8 | €781 | €724 | -€57 | -7.3% |
| Gross operating margin | 9900 | €6,027 | €21,320 | +€15,293 | +253.7% |
| Operating profit (loss) | 9901 | -€837 | €14,788 | +€15,625 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €287 | €298 | +€11 | +3.9% |
| Recurring financial charges | 65 | €287 | €298 | +€11 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,124 | €14,490 | +€15,614 | |
| Income taxes | 67/77 | €206 | €1,184 | +€977 | +473.5% |
| Profit (loss) for the period | 9904 | -€1,330 | €13,306 | +€14,636 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,330 | €13,306 | +€14,636 |
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 5 October 2026 via checked.be.