MAJALE: 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
MAJALE
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€40,795
2024 · €58,932-€18,137
Equity
€620,795
2024 · €749,976-€129,181
Cash
€165,874
2024 · €151,448+€14,426
Balance sheet total
€1.9m
2024 · €2.0m-€47,206
Largest movements
Assets
- Tangible fixed assets -€78,716
down €78,716 (-4.7%), from €1.7m to €1.6m
of which Land and buildings: -€64,093
Equity and liabilities
- Other debts +€144,224
new in 2025: €144,224
- Reserves -€129,181
down €129,181 (-76.0%), from €169,976 to €40,795
- Debts after one year -€84,486
down €84,486 (-7.6%), from €1.1m to €1.0m
of which Financial debts: -€85,001
- Tax, wage and social debts +€20,137
up €20,137 (+55.2%), from €36,477 to €56,615
of which Taxes: +€19,781
Income statement
- Gross operating margin -€24,143
down €24,143 (-10.1%), from €239,063 to €214,920
- Financial charges -€6,322
down €6,322 (-10.6%), from €59,637 to €53,315
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
€58,932
Gross operating margin
-€24,143
Staff costs
+€268
Depreciation
-€164
Other operating charges
-€120
Financial charges
+€6,322
Taxes
-€301
Result 2025
€40,795
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
+€277,943
Investment
-€9,418
Financing
-€254,099
Cash 2024
€151,448
From operations (derived)
+€277,943
Net result for the year
+€40,795
Depreciation
+€82,566
Receivables within one year
-€11,169
Smaller working-capital items
-€243
Trade debts
+€1,633
Tax, wage and social debts
+€20,137
Other debts
+€144,224
Investment (derived)
-€9,418
Investment in fixed assets (net)
-€9,418
Financing
-€254,099
Debts after one year
-€84,486
Current portion of long-term debt
+€363
Contributions, distributions and other
-€169,976
Cash 2025
€165,874
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,990,182 | €1,942,976 | -€47,206 | -2.4% |
| Fixed assets | 21/28 | €1,785,881 | €1,712,733 | -€73,148 | -4.1% |
| Tangible fixed assets | 22/27 | €1,685,881 | €1,607,165 | -€78,716 | -4.7% |
| Land and buildings | 22 | €1,597,268 | €1,533,175 | -€64,093 | -4.0% |
| Furniture and vehicles | 24 | €69,624 | €52,352 | -€17,273 | -24.8% |
| Other tangible fixed assets | 26 | €18,989 | €21,639 | +€2,650 | +14.0% |
| Financial fixed assets | 28 | €100,000 | €105,568 | +€5,568 | +5.6% |
| Current assets | 29/58 | €204,301 | €230,242 | +€25,941 | +12.7% |
| Amounts receivable within one year | 40/41 | €49,201 | €60,370 | +€11,169 | +22.7% |
| Trade receivables | 40 | €48,949 | €60,118 | +€11,169 | +22.8% |
| Other amounts receivable | 41 | €252 | €252 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €151,448 | €165,874 | +€14,426 | +9.5% |
| Deferred charges and accrued income | 490/1 | €3,652 | €3,998 | +€346 | +9.5% |
| Total equity and liabilities | 10/49 | €1,990,182 | €1,942,976 | -€47,206 | -2.4% |
| Equity | 10/15 | €749,976 | €620,795 | -€129,181 | -17.2% |
| Contributions | 10/11 | €580,000 | €580,000 | = | 0.0% |
| Reserves | 13 | €169,976 | €40,795 | -€129,181 | -76.0% |
| Distributable reserves | 133 | €169,976 | €40,795 | -€129,181 | -76.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,240,206 | €1,322,181 | +€81,975 | +6.6% |
| Amounts payable after more than one year | 17 | €1,116,146 | €1,031,660 | -€84,486 | -7.6% |
| Financial debts | 170/4 | €303,874 | €218,873 | -€85,001 | -28.0% |
| Other amounts payable | 178/9 | €812,273 | €812,787 | +€515 | +0.1% |
| Amounts payable within one year | 42/48 | €124,010 | €290,393 | +€166,383 | +134.2% |
| Current portion of amounts payable after more than one year | 42 | €84,638 | €85,001 | +€363 | +0.4% |
| Trade debts | 44 | €2,895 | €4,528 | +€1,633 | +56.4% |
| Suppliers | 440/4 | €2,895 | €4,528 | +€1,633 | +56.4% |
| Advances received on contracts in progress | 46 | - | €25 | +€25 | |
| Taxes, remuneration and social security | 45 | €36,477 | €56,615 | +€20,137 | +55.2% |
| Taxes | 450/3 | €35,530 | €55,311 | +€19,781 | +55.7% |
| Remuneration and social security | 454/9 | €947 | €1,303 | +€356 | +37.6% |
| Other amounts payable | 47/48 | - | €144,224 | +€144,224 | |
| Accrued charges and deferred income | 492/3 | €50 | €128 | +€78 | +157.8% |
| Non-recurring operating income | 76A | €18,100 | €0 | -€18,100 | -100.0% |
| Remuneration, social security and pensions | 62 | €9,064 | €8,796 | -€268 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,402 | €82,566 | +€164 | +0.2% |
| Other operating charges | 640/8 | €9,281 | €9,400 | +€120 | +1.3% |
| Gross operating margin | 9900 | €239,063 | €214,920 | -€24,143 | -10.1% |
| Operating profit (loss) | 9901 | €138,317 | €114,158 | -€24,158 | -17.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €59,637 | €53,315 | -€6,322 | -10.6% |
| Recurring financial charges | 65 | €59,637 | €53,315 | -€6,322 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €78,680 | €60,843 | -€17,837 | -22.7% |
| Income taxes | 67/77 | €19,748 | €20,049 | +€301 | +1.5% |
| Profit (loss) for the period | 9904 | €58,932 | €40,795 | -€18,137 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,932 | €40,795 | -€18,137 | -30.8% |
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 4 October 2026 via checked.be.