MAJELU: 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.
MAJELU
Largest movements
- Cash +€24,748
up €24,748 (+55.2%), from €44,819 to €69,567
mainly Net result for the year (+€76,485) and Investment in fixed assets (net) (+€12,818)
- Receivables within one year +€17,558
up €17,558 (+41.7%), from €42,099 to €59,658
of which Trade receivables: +€36,413
- Tangible fixed assets -€16,146
down €16,146 (-75.9%), from €21,286 to €5,140
of which Furniture and vehicles: -€13,250
- Reserves +€46,013
up €46,013 (+151%), from €30,471 to €76,485
- Advances received -€16,156
no longer reported in 2025 (was €16,156)
- Other debts -€6,670
down €6,670 (-19.0%), from €35,126 to €28,456
- Tax, wage and social debts +€2,871
up €2,871 (+34.3%), from €8,377 to €11,248
- Trade debts -€1,831
no longer reported in 2025 (was €1,831)
- Gross operating margin +€17,406
up €17,406 (+20.1%), from €86,584 to €103,991
- Financial income -€4,652
no longer reported in 2025 (was €4,652)
- Financial charges +€2,156
up €2,156 (+297%), from €727 to €2,883
- Taxes +€1,824
up €1,824 (+9.8%), from €18,657 to €20,481
- Depreciation -€1,627
down €1,627 (-32.8%), from €4,955 to €3,327
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 | €110,830 | €136,071 | +€25,241 | +22.8% |
| Fixed assets | 21/28 | €21,286 | €5,140 | -€16,146 | -75.9% |
| Tangible fixed assets | 22/27 | €21,286 | €5,140 | -€16,146 | -75.9% |
| Plant, machinery and equipment | 23 | €2,292 | €606 | -€1,686 | -73.6% |
| Furniture and vehicles | 24 | €13,426 | €176 | -€13,250 | -98.7% |
| Other tangible fixed assets | 26 | €5,568 | €4,358 | -€1,210 | -21.7% |
| Current assets | 29/58 | €89,544 | €130,931 | +€41,387 | +46.2% |
| Amounts receivable within one year | 40/41 | €42,099 | €59,658 | +€17,558 | +41.7% |
| Trade receivables | 40 | €20,504 | €56,917 | +€36,413 | +178% |
| Other amounts receivable | 41 | €21,596 | €2,741 | -€18,855 | -87.3% |
| Cash at bank and in hand | 54/58 | €44,819 | €69,567 | +€24,748 | +55.2% |
| Deferred charges and accrued income | 490/1 | €2,626 | €1,706 | -€920 | -35.0% |
| Total equity and liabilities | 10/49 | €110,830 | €136,071 | +€25,241 | +22.8% |
| Equity | 10/15 | €49,071 | €95,085 | +€46,013 | +93.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,471 | €76,485 | +€46,013 | +151% |
| Distributable reserves | 133 | €30,471 | €76,485 | +€46,013 | +151% |
| Amounts payable | 17/49 | €61,759 | €40,987 | -€20,772 | -33.6% |
| Amounts payable within one year | 42/48 | €61,759 | €39,975 | -€21,784 | -35.3% |
| Financial debts | 43 | €268 | €271 | +€2 | +0.9% |
| Credit institutions | 430/8 | €268 | €271 | +€2 | +0.9% |
| Trade debts | 44 | €1,831 | - | -€1,831 | |
| Suppliers | 440/4 | €1,831 | - | -€1,831 | |
| Advances received on contracts in progress | 46 | €16,156 | - | -€16,156 | |
| Taxes, remuneration and social security | 45 | €8,377 | €11,248 | +€2,871 | +34.3% |
| Taxes | 450/3 | €8,377 | €11,248 | +€2,871 | +34.3% |
| Other amounts payable | 47/48 | €35,126 | €28,456 | -€6,670 | -19.0% |
| Accrued charges and deferred income | 492/3 | - | €1,012 | +€1,012 | |
| Non-recurring operating income | 76A | - | €1,803 | +€1,803 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,955 | €3,327 | -€1,627 | -32.8% |
| Other operating charges | 640/8 | €1,426 | €815 | -€611 | -42.9% |
| Gross operating margin | 9900 | €86,584 | €103,991 | +€17,406 | +20.1% |
| Operating profit (loss) | 9901 | €80,203 | €99,848 | +€19,645 | +24.5% |
| Financial income | 75/76B | €4,652 | - | -€4,652 | |
| Recurring financial income | 75 | €4,652 | - | -€4,652 | |
| Financial charges | 65/66B | €727 | €2,883 | +€2,156 | +297% |
| Recurring financial charges | 65 | €727 | €2,883 | +€2,156 | +297% |
| Profit (loss) for the period before taxes | 9903 | €84,129 | €96,965 | +€12,837 | +15.3% |
| Income taxes | 67/77 | €18,657 | €20,481 | +€1,824 | +9.8% |
| Profit (loss) for the period | 9904 | €65,471 | €76,485 | +€11,013 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,471 | €76,485 | +€11,013 | +16.8% |
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 20 October 2026 via checked.be.