MAJARO: 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.
MAJARO
Largest movements
- Current investments -€139,034
down €139,034 (-23.7%), from €585,632 to €446,598
- Cash +€63,223
up €63,223 (+471%), from €13,410 to €76,633
mainly Current investments (+€139,034) and Receivables within one year (+€39,427)
- Receivables within one year -€39,427
down €39,427 (-8.6%), from €460,292 to €420,865
of which Trade receivables: -€41,653
- Reserves -€121,623
down €121,623 (-9.2%), from €1.3m to €1.2m
of which Distributable reserves: -€121,623
- Gross operating margin -€113,439
down €113,439 (-655%), from -€17,312 to -€130,751
- Financial income -€21,737
down €21,737 (-45.5%), from €47,808 to €26,071
- Financial charges +€1,586
up €1,586 (+102%), from €1,554 to €3,140
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 | €1,360,018 | €1,235,478 | -€124,540 | -9.2% |
| Fixed assets | 21/28 | €42,541 | €32,977 | -€9,564 | -22.5% |
| Tangible fixed assets | 22/27 | €42,541 | €32,977 | -€9,564 | -22.5% |
| Land and buildings | 22 | €29,980 | €22,832 | -€7,147 | -23.8% |
| Plant, machinery and equipment | 23 | €5,645 | €4,850 | -€795 | -14.1% |
| Furniture and vehicles | 24 | €6,917 | €5,295 | -€1,622 | -23.5% |
| Current assets | 29/58 | €1,317,476 | €1,202,501 | -€114,975 | -8.7% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €460,292 | €420,865 | -€39,427 | -8.6% |
| Trade receivables | 40 | €41,653 | €0 | -€41,653 | -100% |
| Other amounts receivable | 41 | €418,639 | €420,865 | +€2,227 | +0.5% |
| Current investments | 50/53 | €585,632 | €446,598 | -€139,034 | -23.7% |
| Cash at bank and in hand | 54/58 | €13,410 | €76,633 | +€63,223 | +471% |
| Deferred charges and accrued income | 490/1 | €158,142 | €158,405 | +€263 | +0.2% |
| Total equity and liabilities | 10/49 | €1,360,018 | €1,235,478 | -€124,540 | -9.2% |
| Equity | 10/15 | €1,328,181 | €1,206,558 | -€121,623 | -9.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,321,981 | €1,200,358 | -€121,623 | -9.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,500 | €11,500 | = | 0.0% |
| Distributable reserves | 133 | €1,308,621 | €1,186,998 | -€121,623 | -9.3% |
| Amounts payable | 17/49 | €31,837 | €28,920 | -€2,917 | -9.2% |
| Amounts payable within one year | 42/48 | €31,837 | €26,454 | -€5,383 | -16.9% |
| Trade debts | 44 | €10,198 | €6,010 | -€4,188 | -41.1% |
| Suppliers | 440/4 | €10,198 | €6,010 | -€4,188 | -41.1% |
| Taxes, remuneration and social security | 45 | €11,033 | €9,730 | -€1,303 | -11.8% |
| Taxes | 450/3 | €7,208 | €5,905 | -€1,303 | -18.1% |
| Remuneration and social security | 454/9 | €3,824 | €3,825 | +€0 | 0.0% |
| Other amounts payable | 47/48 | €10,606 | €10,714 | +€108 | +1.0% |
| Accrued charges and deferred income | 492/3 | €0 | €2,466 | +€2,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,574 | €9,564 | +€990 | +11.5% |
| Other operating charges | 640/8 | €4,971 | €3,897 | -€1,075 | -21.6% |
| Gross operating margin | 9900 | -€17,312 | -€130,751 | -€113,439 | -655% |
| Operating profit (loss) | 9901 | -€30,858 | -€144,212 | -€113,354 | -367% |
| Financial income | 75/76B | €47,808 | €26,071 | -€21,737 | -45.5% |
| Recurring financial income | 75 | €47,808 | €26,071 | -€21,737 | -45.5% |
| Financial charges | 65/66B | €1,554 | €3,140 | +€1,586 | +102% |
| Recurring financial charges | 65 | €1,554 | €3,140 | +€1,586 | +102% |
| Profit (loss) for the period before taxes | 9903 | €15,396 | -€121,281 | -€136,677 | |
| Income taxes | 67/77 | €354 | €342 | -€12 | -3.4% |
| Profit (loss) for the period | 9904 | €15,042 | -€121,623 | -€136,665 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,042 | -€121,623 | -€136,665 |
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.