MAJAJUTH: 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.
MAJAJUTH
Largest movements
- Tangible fixed assets -€62,442
down €62,442 (-16.8%), from €371,468 to €309,026
of which Plant, machinery and equipment: -€46,467
- Stocks and contracts -€9,408
down €9,408 (-29.4%), from €31,966 to €22,558
- Cash +€7,475
up €7,475 (+22.0%), from €33,978 to €41,453
mainly Other debts (+€139,995) and Net result for the year (+€121,382)
- Receivables within one year +€6,193
up €6,193 (+14.4%), from €43,133 to €49,327
of which Trade receivables: +€4,474
- Other debts +€139,995
up €139,995 (+119%), from €117,331 to €257,325
- Reserves -€102,132
down €102,132 (-52.3%), from €195,156 to €93,024
of which Distributable reserves: -€102,132
- Profit (loss) carried forward -€78,618
down €78,618 (-90.2%), from €87,205 to €8,587
- Current portion of long-term debt -€34,637
no longer reported in 2025 (was €34,637)
- Tax, wage and social debts +€16,564
up €16,564 (+80.9%), from €20,478 to €37,042
- Gross operating margin -€4,107
down €4,107 (-1.8%), from €229,477 to €225,370
- Depreciation -€3,235
down €3,235 (-4.8%), from €68,072 to €64,837
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 | €480,545 | €422,364 | -€58,181 | -12.1% |
| Fixed assets | 21/28 | €371,468 | €309,026 | -€62,442 | -16.8% |
| Tangible fixed assets | 22/27 | €371,468 | €309,026 | -€62,442 | -16.8% |
| Land and buildings | 22 | €224,320 | €208,906 | -€15,414 | -6.9% |
| Plant, machinery and equipment | 23 | €146,588 | €100,121 | -€46,467 | -31.7% |
| Furniture and vehicles | 24 | €560 | - | -€560 | |
| Current assets | 29/58 | €109,077 | €113,338 | +€4,261 | +3.9% |
| Stocks and contracts in progress | 3 | €31,966 | €22,558 | -€9,408 | -29.4% |
| Stocks | 30/36 | €31,966 | €22,558 | -€9,408 | -29.4% |
| Amounts receivable within one year | 40/41 | €43,133 | €49,327 | +€6,193 | +14.4% |
| Trade receivables | 40 | €41,401 | €45,875 | +€4,474 | +10.8% |
| Other amounts receivable | 41 | €1,732 | €3,452 | +€1,720 | +99.3% |
| Cash at bank and in hand | 54/58 | €33,978 | €41,453 | +€7,475 | +22.0% |
| Total equity and liabilities | 10/49 | €480,545 | €422,364 | -€58,181 | -12.1% |
| Equity | 10/15 | €302,361 | €121,611 | -€180,750 | -59.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €195,156 | €93,024 | -€102,132 | -52.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €193,156 | €91,024 | -€102,132 | -52.9% |
| Profit (loss) carried forward | 14 | €87,205 | €8,587 | -€78,618 | -90.2% |
| Amounts payable | 17/49 | €178,185 | €300,754 | +€122,569 | +68.8% |
| Amounts payable within one year | 42/48 | €178,185 | €300,754 | +€122,569 | +68.8% |
| Current portion of amounts payable after more than one year | 42 | €34,637 | - | -€34,637 | |
| Trade debts | 44 | €5,739 | €6,387 | +€647 | +11.3% |
| Suppliers | 440/4 | €5,739 | €6,387 | +€647 | +11.3% |
| Taxes, remuneration and social security | 45 | €20,478 | €37,042 | +€16,564 | +80.9% |
| Taxes | 450/3 | €20,478 | €37,042 | +€16,564 | +80.9% |
| Other amounts payable | 47/48 | €117,331 | €257,325 | +€139,995 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,072 | €64,837 | -€3,235 | -4.8% |
| Other operating charges | 640/8 | €1,348 | €788 | -€560 | -41.6% |
| Gross operating margin | 9900 | €229,477 | €225,370 | -€4,107 | -1.8% |
| Operating profit (loss) | 9901 | €160,057 | €159,746 | -€311 | -0.2% |
| Financial income | 75/76B | €5 | €2 | -€3 | -60.0% |
| Recurring financial income | 75 | €5 | €2 | -€3 | -60.0% |
| Financial charges | 65/66B | €2,568 | €1,818 | -€751 | -29.2% |
| Recurring financial charges | 65 | €2,568 | €1,818 | -€751 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €157,494 | €157,930 | +€436 | +0.3% |
| Income taxes | 67/77 | €38,505 | €36,548 | -€1,956 | -5.1% |
| Profit (loss) for the period | 9904 | €118,989 | €121,382 | +€2,393 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,989 | €121,382 | +€2,393 | +2.0% |
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 23 October 2026 via checked.be.