MAJAN: 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.
MAJAN
Largest movements
- Cash +€33,245
up €33,245 (+117.1%), from €28,400 to €61,645
mainly Depreciation (+€20,091) and Net result for the year (+€19,797)
- Receivables within one year -€18,528
down €18,528 (-49.3%), from €37,578 to €19,049
of which Trade receivables: -€18,718
- Tangible fixed assets -€12,405
down €12,405 (-28.3%), from €43,794 to €31,390
of which Furniture and vehicles: -€11,012
- Reserves +€18,131
up €18,131 (+134.0%), from €13,528 to €31,658
of which Distributable reserves: +€18,131
- Current portion of long-term debt -€10,250
down €10,250 (-66.5%), from €15,421 to €5,172
- Debts after one year -€6,467
no longer reported in 2025 (was €6,467)
- Tax, wage and social debts +€1,969
up €1,969 (+16.1%), from €12,250 to €14,219
- Gross operating margin +€8,814
up €8,814 (+21.7%), from €40,599 to €49,413
- Taxes +€2,679
up €2,679 (+41.0%), from €6,531 to €9,210
- Depreciation -€624
down €624 (-3.0%), from €20,715 to €20,091
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,172 | €117,725 | +€2,552 | +2.2% |
| Fixed assets | 21/28 | €43,794 | €31,390 | -€12,405 | -28.3% |
| Tangible fixed assets | 22/27 | €43,794 | €31,390 | -€12,405 | -28.3% |
| Land and buildings | 22 | €10,026 | €8,961 | -€1,065 | -10.6% |
| Plant, machinery and equipment | 23 | €3,463 | €3,136 | -€327 | -9.4% |
| Furniture and vehicles | 24 | €30,305 | €19,292 | -€11,012 | -36.3% |
| Current assets | 29/58 | €71,378 | €86,335 | +€14,957 | +21.0% |
| Amounts receivable within one year | 40/41 | €37,578 | €19,049 | -€18,528 | -49.3% |
| Trade receivables | 40 | €37,340 | €18,622 | -€18,718 | -50.1% |
| Other amounts receivable | 41 | €237 | €427 | +€190 | +80.0% |
| Current investments | 50/53 | €5,400 | €5,400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,400 | €61,645 | +€33,245 | +117.1% |
| Deferred charges and accrued income | 490/1 | - | €241 | +€241 | |
| Total equity and liabilities | 10/49 | €115,172 | €117,725 | +€2,552 | +2.2% |
| Equity | 10/15 | €77,427 | €95,558 | +€18,131 | +23.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €13,528 | €31,658 | +€18,131 | +134.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €331 | €331 | = | 0.0% |
| Distributable reserves | 133 | €11,337 | €29,467 | +€18,131 | +159.9% |
| Profit (loss) carried forward | 14 | €57,650 | €57,650 | = | 0.0% |
| Amounts payable | 17/49 | €37,745 | €22,167 | -€15,578 | -41.3% |
| Amounts payable after more than one year | 17 | €6,467 | - | -€6,467 | |
| Financial debts | 170/4 | €6,467 | - | -€6,467 | |
| Amounts payable within one year | 42/48 | €31,277 | €22,167 | -€9,111 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €15,421 | €5,172 | -€10,250 | -66.5% |
| Trade debts | 44 | €2,723 | €2,775 | +€53 | +1.9% |
| Suppliers | 440/4 | €2,723 | €2,775 | +€53 | +1.9% |
| Taxes, remuneration and social security | 45 | €12,250 | €14,219 | +€1,969 | +16.1% |
| Taxes | 450/3 | €12,250 | €14,219 | +€1,969 | +16.1% |
| Other amounts payable | 47/48 | €883 | - | -€883 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,715 | €20,091 | -€624 | -3.0% |
| Other operating charges | 640/8 | - | €53 | +€53 | |
| Gross operating margin | 9900 | €40,599 | €49,413 | +€8,814 | +21.7% |
| Operating profit (loss) | 9901 | €19,885 | €29,269 | +€9,385 | +47.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €417 | €263 | -€154 | -37.0% |
| Recurring financial charges | 65 | €417 | €263 | -€154 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €19,468 | €29,007 | +€9,539 | +49.0% |
| Income taxes | 67/77 | €6,531 | €9,210 | +€2,679 | +41.0% |
| Profit (loss) for the period | 9904 | €12,937 | €19,797 | +€6,860 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,937 | €19,797 | +€6,860 | +53.0% |
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 3 October 2026 via checked.be.