MAJAN: 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.
MAJAN
Largest movements
- Receivables within one year +€3,281
up €3,281 (+1.5%), from €212,962 to €216,243
- Other debts +€3,000
up €3,000 (+2.3%), from €131,486 to €134,486
- Gross operating margin -€78
down €78 (-10.4%), from €753 to €675
- Financial charges +€38
up €38 (+33.3%), from €115 to €153
- Taxes -€28
down €28 (-51.1%), from €56 to €27
- Other operating charges +€12
up €12 (+3.0%), from €383 to €394
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 | €219,699 | €222,827 | +€3,128 | +1.4% |
| Fixed assets | 21/28 | €6,073 | €6,073 | = | 0.0% |
| Tangible fixed assets | 22/27 | €6,073 | €6,073 | = | 0.0% |
| Land and buildings | 22 | €6,073 | €6,073 | = | 0.0% |
| Current assets | 29/58 | €213,626 | €216,753 | +€3,128 | +1.5% |
| Amounts receivable within one year | 40/41 | €212,962 | €216,243 | +€3,281 | +1.5% |
| Other amounts receivable | 41 | €212,962 | €216,243 | +€3,281 | +1.5% |
| Cash at bank and in hand | 54/58 | €664 | €511 | -€153 | -23.1% |
| Total equity and liabilities | 10/49 | €219,699 | €222,827 | +€3,128 | +1.4% |
| Equity | 10/15 | €88,158 | €88,258 | +€100 | +0.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €26,184 | €26,285 | +€100 | +0.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €19,987 | €20,088 | +€100 | +0.5% |
| Amounts payable | 17/49 | €131,541 | €134,569 | +€3,027 | +2.3% |
| Amounts payable within one year | 42/48 | €131,541 | €134,569 | +€3,027 | +2.3% |
| Taxes, remuneration and social security | 45 | €56 | €83 | +€27 | +48.9% |
| Taxes | 450/3 | €56 | €83 | +€27 | +48.9% |
| Other amounts payable | 47/48 | €131,486 | €134,486 | +€3,000 | +2.3% |
| Other operating charges | 640/8 | €383 | €394 | +€12 | +3.0% |
| Gross operating margin | 9900 | €753 | €675 | -€78 | -10.4% |
| Operating profit (loss) | 9901 | €371 | €281 | -€90 | -24.2% |
| Financial charges | 65/66B | €115 | €153 | +€38 | +33.3% |
| Recurring financial charges | 65 | €115 | €153 | +€38 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €256 | €128 | -€128 | -50.1% |
| Income taxes | 67/77 | €56 | €27 | -€28 | -51.1% |
| Profit (loss) for the period | 9904 | €200 | €100 | -€100 | -49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €200 | €100 | -€100 | -49.8% |
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 14 October 2026 via checked.be.