MAJA: 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.
What changed
MAJA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€21,129
2024 · €38,877-€17,748
Equity
€41.0m
2024 · €40.9m+€21,129
Cash
€14,559
2024 · €11,695+€2,864
Balance sheet total
€41.0m
2024 · €40.9m+€26,653
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€38,877
Write-downs
-€15,912
Other operating charges
+€5
Other operating items
+€1,845
Financial income
-€43
Financial charges
-€3,644
Result 2025
€21,129
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.
From operations
+€2,873
Investment
-€9
Financing
€0
Cash 2024
€11,695
From operations (derived)
+€2,873
Net result for the year
+€21,129
Receivables within one year
-€23,780
Trade debts
+€5,524
Accrued charges and deferred income
-€0
Investment (derived)
-€9
Investment in fixed assets (net)
-€9
Cash 2025
€14,559
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,931,918 | €40,958,571 | +€26,653 | +0.1% |
| Fixed assets | 21/28 | €40,353,155 | €40,353,163 | +€9 | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €40,353,155 | €40,353,163 | +€9 | 0.0% |
| Affiliated companies | 280/1 | €40,351,305 | €40,351,313 | +€9 | 0.0% |
| Participating interests | 280 | €38,178,305 | €38,178,313 | +€9 | 0.0% |
| Amounts receivable | 281 | €2,173,000 | €2,173,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,850 | €1,850 | = | 0.0% |
| Shares | 284 | €1,850 | €1,850 | = | 0.0% |
| Current assets | 29/58 | €578,764 | €605,408 | +€26,644 | +4.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €567,069 | €590,849 | +€23,780 | +4.2% |
| Other amounts receivable | 41 | €567,069 | €590,849 | +€23,780 | +4.2% |
| Cash at bank and in hand | 54/58 | €11,695 | €14,559 | +€2,864 | +24.5% |
| Total equity and liabilities | 10/49 | €40,931,918 | €40,958,571 | +€26,653 | +0.1% |
| Equity | 10/15 | €40,931,400 | €40,952,529 | +€21,129 | +0.1% |
| Contributions | 10/11 | €38,922,648 | €38,922,648 | = | 0.0% |
| Capital | 10 | €29,947,066 | €29,947,066 | = | 0.0% |
| Issued capital | 100 | €29,947,066 | €29,947,066 | = | 0.0% |
| Outside capital | 11 | €8,975,583 | €8,975,583 | = | 0.0% |
| Share premium | 1100/10 | €8,975,583 | €8,975,583 | = | 0.0% |
| Reserves | 13 | €217,358 | €238,488 | +€21,129 | +9.7% |
| Non-distributable reserves | 130/1 | €217,358 | €238,488 | +€21,129 | +9.7% |
| Legal reserve | 130 | €217,358 | €238,488 | +€21,129 | +9.7% |
| Profit (loss) carried forward | 14 | €1,791,393 | €1,791,393 | = | 0.0% |
| Amounts payable | 17/49 | €518 | €6,042 | +€5,524 | +1065.6% |
| Amounts payable within one year | 42/48 | €518 | €6,042 | +€5,524 | +1066.3% |
| Trade debts | 44 | €518 | €6,042 | +€5,524 | +1066.3% |
| Suppliers | 440/4 | €518 | €6,042 | +€5,524 | +1066.3% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | -€0 | -100.0% |
| Operating income | 70/76A | €100 | €0 | -€100 | -100.0% |
| Other operating income | 74 | €100 | €0 | -€100 | -100.0% |
| Operating charges | 60/66A | -€7,439 | €6,523 | +€13,961 | |
| Services and other goods | 61 | €4,712 | €5,002 | +€290 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,912 | €0 | +€15,912 | |
| Other operating charges | 640/8 | €1,526 | €1,521 | -€5 | -0.3% |
| Non-recurring operating charges | 66A | €2,236 | €0 | -€2,236 | -100.0% |
| Operating profit (loss) | 9901 | €7,539 | -€6,523 | -€14,061 | |
| Financial income | 75/76B | €32,293 | €32,250 | -€43 | -0.1% |
| Recurring financial income | 75 | €32,293 | €32,250 | -€43 | -0.1% |
| Income from current assets | 751 | €32,293 | €32,250 | -€43 | -0.1% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €954 | €4,599 | +€3,644 | +382.0% |
| Recurring financial charges | 65 | €954 | €4,599 | +€3,644 | +382.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €3,661 | +€3,661 | |
| Other financial charges | 652/9 | €954 | €938 | -€16 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €38,877 | €21,129 | -€17,748 | -45.7% |
| Profit (loss) for the period | 9904 | €38,877 | €21,129 | -€17,748 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,877 | €21,129 | -€17,748 | -45.7% |
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.