MAJCHER NORO: 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.
MAJCHER NORO
Largest movements
- Tangible fixed assets -€62,012
down €62,012 (-6.9%), from €899,284 to €837,273
- Deferred charges and accrued income -€14,304
down €14,304 (-39.1%), from €36,582 to €22,279
- Receivables within one year +€14,142
up €14,142 (+42.2%), from €33,546 to €47,688
of which Other amounts receivable: +€10,142
- Cash +€11,438
up €11,438 (+59.6%), from €19,195 to €30,633
mainly Depreciation (+€65,320) and Deferred charges and accrued income (+€14,304)
- Debts after one year -€56,050
down €56,050 (-9.4%), from €597,571 to €541,521
- Accrued charges and deferred income +€9,920
new in 2025: €9,920
- Gross operating margin -€44,719
down €44,719 (-39.1%), from €114,416 to €69,696
- Taxes -€25,451
down €25,451, from €5,493 to -€19,958
- Other operating charges +€3,050
up €3,050 (+84.1%), from €3,627 to €6,677
- Depreciation -€2,268
down €2,268 (-3.4%), from €67,588 to €65,320
- Financial charges -€2,188
down €2,188 (-11.1%), from €19,770 to €17,581
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 | €988,608 | €937,873 | -€50,736 | -5.1% |
| Fixed assets | 21/28 | €899,284 | €837,273 | -€62,012 | -6.9% |
| Tangible fixed assets | 22/27 | €899,284 | €837,273 | -€62,012 | -6.9% |
| Land and buildings | 22 | €771,606 | €742,264 | -€29,342 | -3.8% |
| Plant, machinery and equipment | 23 | €115,067 | €85,573 | -€29,494 | -25.6% |
| Furniture and vehicles | 24 | €8,814 | €6,878 | -€1,936 | -22.0% |
| Other tangible fixed assets | 26 | €3,797 | €2,558 | -€1,239 | -32.6% |
| Current assets | 29/58 | €89,324 | €100,600 | +€11,276 | +12.6% |
| Amounts receivable within one year | 40/41 | €33,546 | €47,688 | +€14,142 | +42.2% |
| Trade receivables | 40 | - | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €33,546 | €43,688 | +€10,142 | +30.2% |
| Cash at bank and in hand | 54/58 | €19,195 | €30,633 | +€11,438 | +59.6% |
| Deferred charges and accrued income | 490/1 | €36,582 | €22,279 | -€14,304 | -39.1% |
| Total equity and liabilities | 10/49 | €988,608 | €937,873 | -€50,736 | -5.1% |
| Equity | 10/15 | €322,656 | €323,933 | +€1,277 | +0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €308,396 | €309,673 | +€1,277 | +0.4% |
| Amounts payable | 17/49 | €665,952 | €613,939 | -€52,013 | -7.8% |
| Amounts payable after more than one year | 17 | €597,571 | €541,521 | -€56,050 | -9.4% |
| Financial debts | 170/4 | €597,571 | €541,521 | -€56,050 | -9.4% |
| Amounts payable within one year | 42/48 | €68,381 | €62,499 | -€5,883 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €57,710 | €59,115 | +€1,405 | +2.4% |
| Trade debts | 44 | €10,671 | €3,383 | -€7,287 | -68.3% |
| Suppliers | 440/4 | €10,671 | €3,383 | -€7,287 | -68.3% |
| Accrued charges and deferred income | 492/3 | - | €9,920 | +€9,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,588 | €65,320 | -€2,268 | -3.4% |
| Other operating charges | 640/8 | €3,627 | €6,677 | +€3,050 | +84.1% |
| Gross operating margin | 9900 | €114,416 | €69,696 | -€44,719 | -39.1% |
| Operating profit (loss) | 9901 | €43,200 | -€2,300 | -€45,501 | |
| Financial income | 75/76B | €1 | €1,201 | +€1,200 | +155,884% |
| Recurring financial income | 75 | €1 | €1,201 | +€1,200 | +155,884% |
| Financial charges | 65/66B | €19,770 | €17,581 | -€2,188 | -11.1% |
| Recurring financial charges | 65 | €19,770 | €17,581 | -€2,188 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €23,432 | -€18,680 | -€42,112 | |
| Income taxes | 67/77 | €5,493 | -€19,958 | -€25,451 | |
| Profit (loss) for the period | 9904 | €17,939 | €1,277 | -€16,661 | -92.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,939 | €1,277 | -€16,661 | -92.9% |
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 26 October 2026 via checked.be.