MAJED: 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.
MAJED
Largest movements
- Cash +€135,570
up €135,570 (+515.9%), from €26,279 to €161,849
mainly Other debts (+€71,129) and Advances received (+€50,000)
- Stocks and contracts -€21,871
down €21,871 (-42.6%), from €51,391 to €29,520
- Receivables within one year -€11,653
down €11,653 (-48.0%), from €24,288 to €12,635
of which Trade receivables: -€8,385
- Other debts +€71,129
up €71,129 (+145.2%), from €48,988 to €120,117
- Advances received +€50,000
new in 2025: €50,000
- Profit (loss) carried forward -€11,920
down €11,920, from €310 to -€11,610
- Trade debts -€6,402
down €6,402 (-17.9%), from €35,718 to €29,316
- Gross operating margin +€2,417
up €2,417 (+18.6%), from -€12,970 to -€10,553
- Financial charges -€931
down €931 (-79.3%), from €1,174 to €243
- Other operating charges -€632
down €632 (-56.3%), from €1,123 to €491
- Depreciation -€352
down €352 (-28.2%), from €1,246 to €894
- Financial income +€261
new in 2025: €261
of which Financial income: +€261
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 | €107,505 | €208,283 | +€100,778 | +93.7% |
| Fixed assets | 21/28 | €3,574 | €2,681 | -€893 | -25.0% |
| Tangible fixed assets | 22/27 | €3,574 | €2,681 | -€893 | -25.0% |
| Other tangible fixed assets | 26 | €3,574 | €2,681 | -€893 | -25.0% |
| Current assets | 29/58 | €103,931 | €205,602 | +€101,671 | +97.8% |
| Stocks and contracts in progress | 3 | €51,391 | €29,520 | -€21,871 | -42.6% |
| Stocks | 30/36 | €51,391 | €29,520 | -€21,871 | -42.6% |
| Amounts receivable within one year | 40/41 | €24,288 | €12,635 | -€11,653 | -48.0% |
| Trade receivables | 40 | €11,250 | €2,865 | -€8,385 | -74.5% |
| Other amounts receivable | 41 | €13,038 | €9,770 | -€3,268 | -25.1% |
| Cash at bank and in hand | 54/58 | €26,279 | €161,849 | +€135,570 | +515.9% |
| Deferred charges and accrued income | 490/1 | €1,973 | €1,598 | -€375 | -19.0% |
| Total equity and liabilities | 10/49 | €107,505 | €208,283 | +€100,778 | +93.7% |
| Equity | 10/15 | €20,770 | €8,850 | -€11,920 | -57.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €310 | -€11,610 | -€11,920 | |
| Amounts payable | 17/49 | €86,735 | €199,433 | +€112,698 | +129.9% |
| Amounts payable within one year | 42/48 | €86,735 | €199,433 | +€112,698 | +129.9% |
| Trade debts | 44 | €35,718 | €29,316 | -€6,402 | -17.9% |
| Suppliers | 440/4 | €35,718 | €29,316 | -€6,402 | -17.9% |
| Advances received on contracts in progress | 46 | - | €50,000 | +€50,000 | |
| Taxes, remuneration and social security | 45 | €2,029 | - | -€2,029 | |
| Remuneration and social security | 454/9 | €2,029 | - | -€2,029 | |
| Other amounts payable | 47/48 | €48,988 | €120,117 | +€71,129 | +145.2% |
| Remuneration, social security and pensions | 62 | €136 | - | -€136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,246 | €894 | -€352 | -28.2% |
| Other operating charges | 640/8 | €1,123 | €491 | -€632 | -56.3% |
| Gross operating margin | 9900 | -€12,970 | -€10,553 | +€2,417 | +18.6% |
| Operating profit (loss) | 9901 | -€15,475 | -€11,938 | +€3,537 | +22.9% |
| Financial income | 75/76B | - | €261 | +€261 | |
| Recurring financial income | 75 | - | €261 | +€261 | |
| Non-recurring financial income | 76B | - | €261 | +€261 | |
| Financial charges | 65/66B | €1,174 | €243 | -€931 | -79.3% |
| Recurring financial charges | 65 | €1,174 | €243 | -€931 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,649 | -€11,920 | +€4,729 | +28.4% |
| Profit (loss) for the period | 9904 | -€16,649 | -€11,920 | +€4,729 | +28.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,649 | -€11,920 | +€4,729 | +28.4% |
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 1 October 2026 via checked.be.