MAJACO: what changed
What changed
MAJACO
NACE 82.990, Other business support services
filed annual accounts (NBB)
Net result for the year
€111,936
2024 · €112,888-€952
Equity
€567,185
2024 · €582,109-€14,924
Cash
€140,316
2024 · €118,952+€21,364
Balance sheet total
€1.4m
2024 · €1.4m-€4,450
Largest movements
Assets
- Tangible fixed assets -€24,030
down €24,030 (-2.4%), from €1.0m to €978,350
of which Land and buildings: -€20,219
- Cash +€21,364
up €21,364 (+18.0%), from €118,952 to €140,316
mainly Other debts (+€112,629) and Net result for the year (+€111,936)
Equity and liabilities
- Debts after one year -€130,981
down €130,981 (-23.5%), from €556,370 to €425,389
- Other debts +€112,629
up €112,629 (+538%), from €20,921 to €133,550
- Current portion of long-term debt +€19,272
up €19,272 (+12.1%), from €159,444 to €178,716
- Reserves -€14,924
down €14,924 (-4.3%), from €346,081 to €331,157
of which Distributable reserves: -€14,924
Income statement
- Depreciation -€71,644
down €71,644 (-75.2%), from €95,300 to €23,656
- Gross operating margin -€69,511
down €69,511 (-24.5%), from €284,072 to €214,562
- Taxes +€4,634
up €4,634 (+7.8%), from €59,557 to €64,191
- Financial charges -€3,455
down €3,455 (-24.9%), from €13,872 to €10,417
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€112,888
Gross operating margin
-€69,511
Depreciation
+€71,644
Other operating charges
-€2,236
Financial income
+€330
Financial charges
+€3,455
Taxes
-€4,634
Result 2025
€111,936
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€259,558
Investment
+€374
Financing
-€238,568
Cash 2024
€118,952
From operations (derived)
+€259,558
Net result for the year
+€111,936
Depreciation
+€23,656
Receivables after one year
-€2,834
Receivables within one year
+€3,688
Deferred charges and accrued income
+€931
Trade debts
+€13,802
Tax, wage and social debts
-€4,249
Other debts
+€112,629
Investment (derived)
+€374
Investment in fixed assets (net)
+€374
Financing
-€238,568
Debts after one year
-€130,981
Current portion of long-term debt
+€19,272
Contributions, distributions and other
-€126,860
Cash 2025
€140,316
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,382,693 | €1,378,242 | -€4,450 | -0.3% |
| Fixed assets | 21/28 | €1,002,380 | €978,350 | -€24,030 | -2.4% |
| Tangible fixed assets | 22/27 | €1,002,380 | €978,350 | -€24,030 | -2.4% |
| Land and buildings | 22 | €821,104 | €800,885 | -€20,219 | -2.5% |
| Plant, machinery and equipment | 23 | €181,276 | €177,465 | -€3,811 | -2.1% |
| Current assets | 29/58 | €380,313 | €399,893 | +€19,579 | +5.1% |
| Amounts receivable after more than one year | 29 | €212,347 | €215,181 | +€2,834 | +1.3% |
| Other amounts receivable | 291 | €212,347 | €215,181 | +€2,834 | +1.3% |
| Amounts receivable within one year | 40/41 | €46,062 | €42,374 | -€3,688 | -8.0% |
| Trade receivables | 40 | €41,282 | €37,747 | -€3,534 | -8.6% |
| Other amounts receivable | 41 | €4,780 | €4,627 | -€154 | -3.2% |
| Cash at bank and in hand | 54/58 | €118,952 | €140,316 | +€21,364 | +18.0% |
| Deferred charges and accrued income | 490/1 | €2,952 | €2,021 | -€931 | -31.5% |
| Total equity and liabilities | 10/49 | €1,382,693 | €1,378,242 | -€4,450 | -0.3% |
| Equity | 10/15 | €582,109 | €567,185 | -€14,924 | -2.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €346,081 | €331,157 | -€14,924 | -4.3% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,452 | €11,452 | = | 0.0% |
| Distributable reserves | 133 | €333,629 | €318,705 | -€14,924 | -4.5% |
| Profit (loss) carried forward | 14 | €36,028 | €36,028 | = | 0.0% |
| Amounts payable | 17/49 | €800,584 | €811,058 | +€10,473 | +1.3% |
| Amounts payable after more than one year | 17 | €556,370 | €425,389 | -€130,981 | -23.5% |
| Financial debts | 170/4 | €556,370 | €425,389 | -€130,981 | -23.5% |
| Amounts payable within one year | 42/48 | €244,214 | €385,668 | +€141,454 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €159,444 | €178,716 | +€19,272 | +12.1% |
| Trade debts | 44 | €43,417 | €57,219 | +€13,802 | +31.8% |
| Suppliers | 440/4 | €43,417 | €57,219 | +€13,802 | +31.8% |
| Taxes, remuneration and social security | 45 | €20,432 | €16,183 | -€4,249 | -20.8% |
| Taxes | 450/3 | €20,432 | €16,183 | -€4,249 | -20.8% |
| Other amounts payable | 47/48 | €20,921 | €133,550 | +€112,629 | +538% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,300 | €23,656 | -€71,644 | -75.2% |
| Other operating charges | 640/8 | €7,312 | €9,549 | +€2,236 | +30.6% |
| Gross operating margin | 9900 | €284,072 | €214,562 | -€69,511 | -24.5% |
| Operating profit (loss) | 9901 | €181,460 | €181,357 | -€103 | -0.1% |
| Financial income | 75/76B | €4,857 | €5,187 | +€330 | +6.8% |
| Recurring financial income | 75 | €4,857 | €5,187 | +€330 | +6.8% |
| Financial charges | 65/66B | €13,872 | €10,417 | -€3,455 | -24.9% |
| Recurring financial charges | 65 | €13,872 | €10,417 | -€3,455 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €172,445 | €176,127 | +€3,682 | +2.1% |
| Income taxes | 67/77 | €59,557 | €64,191 | +€4,634 | +7.8% |
| Profit (loss) for the period | 9904 | €112,888 | €111,936 | -€952 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €112,888 | €111,936 | -€952 | -0.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.