MAJAS: 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.
MAJAS
Largest movements
- Receivables within one year +€31,765
up €31,765 (+66.2%), from €47,957 to €79,721
- Cash +€3,838
up €3,838 (+148%), from €2,587 to €6,425
mainly Accrued charges and deferred income (+€34,400) and Trade debts (+€12,794)
- Tangible fixed assets -€1,589
down €1,589 (-26.4%), from €6,012 to €4,424
of which Plant, machinery and equipment: -€845
- Accrued charges and deferred income +€34,400
new in 2025: €34,400
- Trade debts +€12,794
up €12,794 (+42.3%), from €30,247 to €43,042
- Current portion of long-term debt +€11,213
new in 2025: €11,213
- Tax, wage and social debts -€10,437
down €10,437 (-84.8%), from €12,304 to €1,866
of which Taxes: -€10,446
- Profit (loss) carried forward -€10,165
down €10,165 (-53.9%), from -€18,849 to -€29,014
- Financial charges +€21,385
up €21,385 (+13,858%), from €154 to €21,539
- Taxes +€14,321
new in 2025: €14,321
- Gross operating margin -€6,443
down €6,443 (-17.6%), from €36,626 to €30,183
- Financial income -€5,327
no longer reported in 2025 (was €5,327)
- Other operating charges +€1,989
up €1,989 (+218%), from €911 to €2,900
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 | €74,446 | €108,065 | +€33,619 | +45.2% |
| Fixed assets | 21/28 | €21,012 | €19,424 | -€1,589 | -7.6% |
| Tangible fixed assets | 22/27 | €6,012 | €4,424 | -€1,589 | -26.4% |
| Plant, machinery and equipment | 23 | €845 | - | -€845 | |
| Furniture and vehicles | 24 | €513 | €276 | -€237 | -46.3% |
| Other tangible fixed assets | 26 | €4,655 | €4,148 | -€507 | -10.9% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €53,434 | €88,641 | +€35,208 | +65.9% |
| Stocks and contracts in progress | 3 | €2,890 | €2,495 | -€395 | -13.7% |
| Stocks | 30/36 | €2,890 | €2,495 | -€395 | -13.7% |
| Amounts receivable within one year | 40/41 | €47,957 | €79,721 | +€31,765 | +66.2% |
| Trade receivables | 40 | €47,957 | €79,721 | +€31,765 | +66.2% |
| Cash at bank and in hand | 54/58 | €2,587 | €6,425 | +€3,838 | +148% |
| Total equity and liabilities | 10/49 | €74,446 | €108,065 | +€33,619 | +45.2% |
| Equity | 10/15 | -€3,081 | -€13,246 | -€10,165 | -330% |
| Contributions | 10/11 | €13,908 | €13,908 | = | 0.0% |
| Capital | 10 | €13,908 | €13,908 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €4,692 | €4,692 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,849 | -€29,014 | -€10,165 | -53.9% |
| Amounts payable | 17/49 | €77,527 | €121,312 | +€43,784 | +56.5% |
| Amounts payable after more than one year | 17 | €34,976 | €30,791 | -€4,186 | -12.0% |
| Financial debts | 170/4 | - | €10,000 | +€10,000 | |
| Other amounts payable | 178/9 | €34,976 | €20,791 | -€14,186 | -40.6% |
| Amounts payable within one year | 42/48 | €42,551 | €56,121 | +€13,570 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | - | €11,213 | +€11,213 | |
| Trade debts | 44 | €30,247 | €43,042 | +€12,794 | +42.3% |
| Suppliers | 440/4 | €30,247 | €43,042 | +€12,794 | +42.3% |
| Taxes, remuneration and social security | 45 | €12,304 | €1,866 | -€10,437 | -84.8% |
| Taxes | 450/3 | €12,304 | €1,858 | -€10,446 | -84.9% |
| Remuneration and social security | 454/9 | - | €8 | +€8 | |
| Accrued charges and deferred income | 492/3 | - | €34,400 | +€34,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,769 | €1,589 | -€1,180 | -42.6% |
| Other operating charges | 640/8 | €911 | €2,900 | +€1,989 | +218% |
| Gross operating margin | 9900 | €36,626 | €30,183 | -€6,443 | -17.6% |
| Operating profit (loss) | 9901 | €32,946 | €25,694 | -€7,252 | -22.0% |
| Financial income | 75/76B | €5,327 | - | -€5,327 | |
| Recurring financial income | 75 | €5,327 | - | -€5,327 | |
| Financial charges | 65/66B | €154 | €21,539 | +€21,385 | +13,858% |
| Recurring financial charges | 65 | €154 | €21,539 | +€21,385 | +13,858% |
| Profit (loss) for the period before taxes | 9903 | €38,119 | €4,155 | -€33,963 | -89.1% |
| Income taxes | 67/77 | - | €14,321 | +€14,321 | |
| Profit (loss) for the period | 9904 | €38,119 | -€10,165 | -€48,284 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,119 | -€10,165 | -€48,284 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.