MAJA DEDECKER: 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.
MAJA DEDECKER
Largest movements
- Tangible fixed assets +€124,889
up €124,889 (+48.6%), from €256,914 to €381,803
of which Land and buildings: +€126,639
- Receivables within one year -€121,362
down €121,362 (-65.5%), from €185,310 to €63,948
of which Trade receivables: -€128,951
- Financial fixed assets +€22,615
up €22,615 (+183%), from €12,385 to €35,000
- Cash -€22,444
down €22,444 (-2.8%), from €807,753 to €785,309
mainly Investment in fixed assets (net) (-€161,595) and Advances received (-€108,715)
- Reserves +€127,909
up €127,909 (+19.3%), from €663,701 to €791,610
- Advances received -€108,715
down €108,715 (-71.7%), from €151,530 to €42,815
- Debts after one year +€99,581
up €99,581 (+83.0%), from €119,924 to €219,505
- Tax, wage and social debts -€81,754
down €81,754 (-93.2%), from €87,675 to €5,921
of which Taxes: -€78,047
- Accrued charges and deferred income -€50,902
down €50,902 (-78.2%), from €65,100 to €14,198
- Gross operating margin -€240,046
down €240,046 (-55.3%), from €434,222 to €194,176
- Staff costs -€48,700
down €48,700 (-99.6%), from €48,895 to €195
- Taxes -€37,157
down €37,157 (-48.1%), from €77,324 to €40,166
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 | €1,265,228 | €1,268,177 | +€2,949 | +0.2% |
| Fixed assets | 21/28 | €269,299 | €416,803 | +€147,504 | +54.8% |
| Tangible fixed assets | 22/27 | €256,914 | €381,803 | +€124,889 | +48.6% |
| Land and buildings | 22 | €187,429 | €314,067 | +€126,639 | +67.6% |
| Plant, machinery and equipment | 23 | €2,552 | €2,204 | -€348 | -13.6% |
| Furniture and vehicles | 24 | €1,934 | €532 | -€1,402 | -72.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €65,000 | €65,000 | = | 0.0% |
| Financial fixed assets | 28 | €12,385 | €35,000 | +€22,615 | +183% |
| Current assets | 29/58 | €995,929 | €851,374 | -€144,555 | -14.5% |
| Amounts receivable within one year | 40/41 | €185,310 | €63,948 | -€121,362 | -65.5% |
| Trade receivables | 40 | €182,860 | €53,909 | -€128,951 | -70.5% |
| Other amounts receivable | 41 | €2,451 | €10,039 | +€7,588 | +310% |
| Cash at bank and in hand | 54/58 | €807,753 | €785,309 | -€22,444 | -2.8% |
| Deferred charges and accrued income | 490/1 | €2,866 | €2,117 | -€749 | -26.1% |
| Total equity and liabilities | 10/49 | €1,265,228 | €1,268,177 | +€2,949 | +0.2% |
| Equity | 10/15 | €682,301 | €810,210 | +€127,909 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €663,701 | €791,610 | +€127,909 | +19.3% |
| Distributable reserves | 133 | €663,701 | €791,610 | +€127,909 | +19.3% |
| Amounts payable | 17/49 | €582,927 | €457,967 | -€124,960 | -21.4% |
| Amounts payable after more than one year | 17 | €119,924 | €219,505 | +€99,581 | +83.0% |
| Financial debts | 170/4 | €119,924 | €219,505 | +€99,581 | +83.0% |
| Amounts payable within one year | 42/48 | €397,904 | €224,264 | -€173,640 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €8,622 | €20,520 | +€11,898 | +138% |
| Trade debts | 44 | €5,318 | €3,523 | -€1,795 | -33.8% |
| Suppliers | 440/4 | €5,318 | €3,523 | -€1,795 | -33.8% |
| Advances received on contracts in progress | 46 | €151,530 | €42,815 | -€108,715 | -71.7% |
| Taxes, remuneration and social security | 45 | €87,675 | €5,921 | -€81,754 | -93.2% |
| Taxes | 450/3 | €83,967 | €5,921 | -€78,047 | -92.9% |
| Remuneration and social security | 454/9 | €3,707 | - | -€3,707 | |
| Other amounts payable | 47/48 | €144,759 | €151,486 | +€6,727 | +4.6% |
| Accrued charges and deferred income | 492/3 | €65,100 | €14,198 | -€50,902 | -78.2% |
| Non-recurring operating income | 76A | - | €13,542 | +€13,542 | |
| Remuneration, social security and pensions | 62 | €48,895 | €195 | -€48,700 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,667 | €14,092 | -€575 | -3.9% |
| Other operating charges | 640/8 | €4,317 | €4,262 | -€55 | -1.3% |
| Non-recurring operating charges | 66A | €6,461 | - | -€6,461 | |
| Gross operating margin | 9900 | €434,222 | €194,176 | -€240,046 | -55.3% |
| Operating profit (loss) | 9901 | €359,882 | €175,628 | -€184,254 | -51.2% |
| Financial income | 75/76B | €27 | €532 | +€505 | +1,905% |
| Recurring financial income | 75 | €27 | €532 | +€505 | +1,905% |
| Financial charges | 65/66B | €11,451 | €8,084 | -€3,367 | -29.4% |
| Recurring financial charges | 65 | €11,451 | €8,084 | -€3,367 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €348,458 | €168,075 | -€180,382 | -51.8% |
| Income taxes | 67/77 | €77,324 | €40,166 | -€37,157 | -48.1% |
| Profit (loss) for the period | 9904 | €271,134 | €127,909 | -€143,225 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €271,134 | €127,909 | -€143,225 | -52.8% |
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 16 October 2026 via checked.be.