MAJ-ELEC: 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-ELEC
Largest movements
- Cash -€207,162
down €207,162 (-65.1%), from €318,336 to €111,174
mainly Investment in fixed assets (net) (-€195,043) and Trade debts (-€64,956)
- Tangible fixed assets +€122,395
up €122,395 (+23.8%), from €513,839 to €636,235
of which Other tangible fixed assets: +€85,682
- Receivables within one year -€70,936
down €70,936 (-50.9%), from €139,310 to €68,374
of which Trade receivables: -€59,363
- Stocks and contracts +€46,400
up €46,400 (+552%), from €8,404 to €54,803
- Trade debts -€64,956
down €64,956 (-66.7%), from €97,446 to €32,490
- Reserves -€35,000
down €35,000 (-6.7%), from €520,508 to €485,508
of which Distributable reserves: -€35,000
- Other debts +€35,000
new in 2025: €35,000
- Advances received -€17,844
no longer reported in 2025 (was €17,844)
- Current portion of long-term debt -€16,247
down €16,247 (-52.4%), from €31,011 to €14,764
- Gross operating margin -€85,835
down €85,835 (-34.3%), from €249,907 to €164,072
- Depreciation +€48,997
up €48,997 (+207%), from €23,651 to €72,648
- Other operating charges -€39,977
down €39,977 (-87.9%), from €45,473 to €5,497
- Taxes -€22,322
down €22,322 (-88.8%), from €25,144 to €2,823
- Staff costs -€18,569
down €18,569 (-20.4%), from €91,045 to €72,476
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 | €984,358 | €874,282 | -€110,076 | -11.2% |
| Fixed assets | 21/28 | €513,839 | €636,235 | +€122,395 | +23.8% |
| Tangible fixed assets | 22/27 | €513,839 | €636,235 | +€122,395 | +23.8% |
| Land and buildings | 22 | €329,628 | €388,348 | +€58,720 | +17.8% |
| Plant, machinery and equipment | 23 | €0 | €18,414 | +€18,414 | |
| Furniture and vehicles | 24 | €183,482 | €143,062 | -€40,420 | -22.0% |
| Other tangible fixed assets | 26 | €729 | €86,410 | +€85,682 | +11,756% |
| Current assets | 29/58 | €470,519 | €238,047 | -€232,472 | -49.4% |
| Stocks and contracts in progress | 3 | €8,404 | €54,803 | +€46,400 | +552% |
| Stocks | 30/36 | €8,404 | €54,803 | +€46,400 | +552% |
| Amounts receivable within one year | 40/41 | €139,310 | €68,374 | -€70,936 | -50.9% |
| Trade receivables | 40 | €88,940 | €29,576 | -€59,363 | -66.7% |
| Other amounts receivable | 41 | €50,370 | €38,797 | -€11,573 | -23.0% |
| Cash at bank and in hand | 54/58 | €318,336 | €111,174 | -€207,162 | -65.1% |
| Deferred charges and accrued income | 490/1 | €4,470 | €3,696 | -€773 | -17.3% |
| Total equity and liabilities | 10/49 | €984,358 | €874,282 | -€110,076 | -11.2% |
| Equity | 10/15 | €563,178 | €533,660 | -€29,518 | -5.2% |
| Contributions | 10/11 | €13,900 | €13,900 | = | 0.0% |
| Reserves | 13 | €520,508 | €485,508 | -€35,000 | -6.7% |
| Non-distributable reserves | 130/1 | €1,008 | €1,008 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,008 | €1,008 | = | 0.0% |
| Distributable reserves | 133 | €519,500 | €484,500 | -€35,000 | -6.7% |
| Profit (loss) carried forward | 14 | €28,770 | €34,252 | +€5,482 | +19.1% |
| Amounts payable | 17/49 | €421,180 | €340,622 | -€80,559 | -19.1% |
| Amounts payable after more than one year | 17 | €269,267 | €254,503 | -€14,764 | -5.5% |
| Financial debts | 170/4 | €269,267 | €254,503 | -€14,764 | -5.5% |
| Amounts payable within one year | 42/48 | €151,913 | €85,103 | -€66,810 | -44.0% |
| Current portion of amounts payable after more than one year | 42 | €31,011 | €14,764 | -€16,247 | -52.4% |
| Trade debts | 44 | €97,446 | €32,490 | -€64,956 | -66.7% |
| Suppliers | 440/4 | €97,446 | €32,490 | -€64,956 | -66.7% |
| Advances received on contracts in progress | 46 | €17,844 | - | -€17,844 | |
| Taxes, remuneration and social security | 45 | €5,612 | €2,849 | -€2,762 | -49.2% |
| Taxes | 450/3 | €3,685 | €2,111 | -€1,575 | -42.7% |
| Remuneration and social security | 454/9 | €1,927 | €739 | -€1,188 | -61.6% |
| Other amounts payable | 47/48 | - | €35,000 | +€35,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,015 | +€1,015 | |
| Non-recurring operating income | 76A | €21,769 | - | -€21,769 | |
| Remuneration, social security and pensions | 62 | €91,045 | €72,476 | -€18,569 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,651 | €72,648 | +€48,997 | +207% |
| Other operating charges | 640/8 | €45,473 | €5,497 | -€39,977 | -87.9% |
| Gross operating margin | 9900 | €249,907 | €164,072 | -€85,835 | -34.3% |
| Operating profit (loss) | 9901 | €89,738 | €13,451 | -€76,286 | -85.0% |
| Financial income | 75/76B | €5,281 | €6,021 | +€739 | +14.0% |
| Recurring financial income | 75 | €5,281 | €6,021 | +€739 | +14.0% |
| Financial charges | 65/66B | €4,089 | €11,167 | +€7,078 | +173% |
| Recurring financial charges | 65 | €4,089 | €11,167 | +€7,078 | +173% |
| Profit (loss) for the period before taxes | 9903 | €90,930 | €8,305 | -€82,625 | -90.9% |
| Income taxes | 67/77 | €25,144 | €2,823 | -€22,322 | -88.8% |
| Profit (loss) for the period | 9904 | €65,786 | €5,482 | -€60,304 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €65,786 | €5,482 | -€60,304 | -91.7% |
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 22 October 2026 via checked.be.