MAJ'S: 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'S
Largest movements
- Cash +€141,140
up €141,140 (+2,342%), from €6,026 to €147,166
mainly Other debts (+€177,485) and Trade debts (+€140,143)
- Stocks and contracts +€117,297
up €117,297 (+2,778%), from €4,223 to €121,519
- Tangible fixed assets +€111,677
up €111,677 (+1,845%), from €6,053 to €117,729
of which Land and buildings: +€61,608
- Receivables within one year +€23,390
up €23,390 (+667%), from €3,509 to €26,899
of which Trade receivables: +€24,115
- Other debts +€177,485
up €177,485 (+360%), from €49,349 to €226,834
- Trade debts +€140,143
up €140,143 (+3,662%), from €3,827 to €143,970
- Profit (loss) carried forward +€51,958
no longer reported in 2025 (was -€51,958)
- Tax, wage and social debts +€22,718
new in 2025: €22,718
of which Taxes: +€18,548
- Gross operating margin +€103,006
up €103,006, from -€430 to €102,576
- Staff costs +€40,104
new in 2025: €40,104
- Depreciation +€11,100
up €11,100 (+21,557%), from €51 to €11,151
- Financial income +€9,186
up €9,186 (+5,898%), from €156 to €9,341
- Other operating charges +€1,570
new in 2025: €1,570
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 | €19,810 | €413,314 | +€393,503 | +1,986% |
| Fixed assets | 21/28 | €6,053 | €117,729 | +€111,677 | +1,845% |
| Tangible fixed assets | 22/27 | €6,053 | €117,729 | +€111,677 | +1,845% |
| Land and buildings | 22 | €6,053 | €67,660 | +€61,608 | +1,018% |
| Plant, machinery and equipment | 23 | - | €7,552 | +€7,552 | |
| Furniture and vehicles | 24 | - | €42,517 | +€42,517 | |
| Current assets | 29/58 | €13,758 | €295,584 | +€281,827 | +2,049% |
| Stocks and contracts in progress | 3 | €4,223 | €121,519 | +€117,297 | +2,778% |
| Stocks | 30/36 | €4,223 | €121,519 | +€117,297 | +2,778% |
| Amounts receivable within one year | 40/41 | €3,509 | €26,899 | +€23,390 | +667% |
| Trade receivables | 40 | €2,222 | €26,338 | +€24,115 | +1,085% |
| Other amounts receivable | 41 | €1,287 | €561 | -€726 | -56.4% |
| Cash at bank and in hand | 54/58 | €6,026 | €147,166 | +€141,140 | +2,342% |
| Total equity and liabilities | 10/49 | €19,810 | €413,314 | +€393,503 | +1,986% |
| Equity | 10/15 | -€33,366 | €19,791 | +€53,157 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | - | €1,199 | +€1,199 | |
| Distributable reserves | 133 | - | €1,199 | +€1,199 | |
| Profit (loss) carried forward | 14 | -€51,958 | - | +€51,958 | |
| Amounts payable | 17/49 | €53,176 | €393,522 | +€340,346 | +640% |
| Amounts payable within one year | 42/48 | €53,176 | €393,522 | +€340,346 | +640% |
| Trade debts | 44 | €3,827 | €143,970 | +€140,143 | +3,662% |
| Suppliers | 440/4 | €3,827 | €143,970 | +€140,143 | +3,662% |
| Taxes, remuneration and social security | 45 | - | €22,718 | +€22,718 | |
| Taxes | 450/3 | - | €18,548 | +€18,548 | |
| Remuneration and social security | 454/9 | - | €4,170 | +€4,170 | |
| Other amounts payable | 47/48 | €49,349 | €226,834 | +€177,485 | +360% |
| Remuneration, social security and pensions | 62 | - | €40,104 | +€40,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51 | €11,151 | +€11,100 | +21,557% |
| Other operating charges | 640/8 | - | €1,570 | +€1,570 | |
| Gross operating margin | 9900 | -€430 | €102,576 | +€103,006 | |
| Operating profit (loss) | 9901 | -€481 | €49,751 | +€50,232 | |
| Financial income | 75/76B | €156 | €9,341 | +€9,186 | +5,898% |
| Recurring financial income | 75 | €156 | €9,341 | +€9,186 | +5,898% |
| Financial charges | 65/66B | €39 | €829 | +€790 | +2,024% |
| Recurring financial charges | 65 | €39 | €829 | +€790 | +2,024% |
| Profit (loss) for the period before taxes | 9903 | -€365 | €58,263 | +€58,628 | |
| Income taxes | 67/77 | €1 | €106 | +€105 | +15,690% |
| Profit (loss) for the period | 9904 | -€365 | €58,157 | +€58,523 | |
| Profit (loss) for the period to be appropriated | 9905 | -€365 | €58,157 | +€58,523 |
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 19 October 2026 via checked.be.