MAJEOS: 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.
MAJEOS
Largest movements
- Receivables within one year -€30,237
down €30,237 (-45.7%), from €66,136 to €35,899
of which Trade receivables: -€25,033
- Cash +€26,805
up €26,805 (+19.9%), from €134,753 to €161,558
mainly Net result for the year (+€45,649) and Receivables within one year (+€30,237)
- Receivables after one year -€20,000
down €20,000 (-100%), from €20,000 to €0
- Tangible fixed assets -€7,827
down €7,827 (-16.7%), from €46,984 to €39,157
of which Furniture and vehicles: -€8,860
- Intangible fixed assets -€4,300
down €4,300 (-19.1%), from €22,546 to €18,246
- Other debts -€42,069
down €42,069 (-36.7%), from €114,580 to €72,511
- Reserves +€28,600
up €28,600 (+37.5%), from €76,310 to €104,910
of which Distributable reserves: +€28,600
- Trade debts -€10,593
down €10,593 (-99.8%), from €10,618 to €25
- Debts after one year -€6,741
down €6,741 (-56.1%), from €12,009 to €5,268
- Profit (loss) carried forward -€5,893
down €5,893 (-12.8%), from €45,990 to €40,098
- Depreciation +€8,682
up €8,682 (+97.5%), from €8,906 to €17,588
- Gross operating margin +€1,353
up €1,353 (+1.7%), from €78,917 to €80,270
- Other operating charges -€904
down €904 (-49.7%), from €1,821 to €917
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 | €292,107 | €256,613 | -€35,494 | -12.2% |
| Fixed assets | 21/28 | €69,529 | €57,402 | -€12,127 | -17.4% |
| Intangible fixed assets | 21 | €22,546 | €18,246 | -€4,300 | -19.1% |
| Tangible fixed assets | 22/27 | €46,984 | €39,157 | -€7,827 | -16.7% |
| Furniture and vehicles | 24 | €38,847 | €29,987 | -€8,860 | -22.8% |
| Other tangible fixed assets | 26 | €8,137 | €9,170 | +€1,033 | +12.7% |
| Current assets | 29/58 | €222,578 | €199,211 | -€23,367 | -10.5% |
| Amounts receivable after more than one year | 29 | €20,000 | €0 | -€20,000 | -100% |
| Other amounts receivable | 291 | €20,000 | €0 | -€20,000 | -100% |
| Amounts receivable within one year | 40/41 | €66,136 | €35,899 | -€30,237 | -45.7% |
| Trade receivables | 40 | €41,743 | €16,711 | -€25,033 | -60.0% |
| Other amounts receivable | 41 | €24,393 | €19,188 | -€5,204 | -21.3% |
| Cash at bank and in hand | 54/58 | €134,753 | €161,558 | +€26,805 | +19.9% |
| Deferred charges and accrued income | 490/1 | €1,689 | €1,754 | +€65 | +3.8% |
| Total equity and liabilities | 10/49 | €292,107 | €256,613 | -€35,494 | -12.2% |
| Equity | 10/15 | €140,900 | €163,608 | +€22,708 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,310 | €104,910 | +€28,600 | +37.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €74,450 | €103,050 | +€28,600 | +38.4% |
| Profit (loss) carried forward | 14 | €45,990 | €40,098 | -€5,893 | -12.8% |
| Amounts payable | 17/49 | €151,207 | €93,005 | -€58,202 | -38.5% |
| Amounts payable after more than one year | 17 | €12,009 | €5,268 | -€6,741 | -56.1% |
| Financial debts | 170/4 | €12,009 | €5,268 | -€6,741 | -56.1% |
| Amounts payable within one year | 42/48 | €139,198 | €87,737 | -€51,461 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €6,431 | €6,741 | +€310 | +4.8% |
| Trade debts | 44 | €10,618 | €25 | -€10,593 | -99.8% |
| Suppliers | 440/4 | €10,618 | €25 | -€10,593 | -99.8% |
| Taxes, remuneration and social security | 45 | €7,570 | €8,460 | +€890 | +11.8% |
| Taxes | 450/3 | €7,570 | €6,360 | -€1,210 | -16.0% |
| Remuneration and social security | 454/9 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €114,580 | €72,511 | -€42,069 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,906 | €17,588 | +€8,682 | +97.5% |
| Other operating charges | 640/8 | €1,821 | €917 | -€904 | -49.7% |
| Gross operating margin | 9900 | €78,917 | €80,270 | +€1,353 | +1.7% |
| Operating profit (loss) | 9901 | €68,190 | €61,766 | -€6,425 | -9.4% |
| Financial income | 75/76B | €607 | €489 | -€118 | -19.4% |
| Recurring financial income | 75 | €607 | €489 | -€118 | -19.4% |
| Financial charges | 65/66B | €493 | €873 | +€380 | +77.2% |
| Recurring financial charges | 65 | €493 | €873 | +€380 | +77.2% |
| Profit (loss) for the period before taxes | 9903 | €68,305 | €61,382 | -€6,923 | -10.1% |
| Income taxes | 67/77 | €15,349 | €15,733 | +€384 | +2.5% |
| Profit (loss) for the period | 9904 | €52,956 | €45,649 | -€7,307 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,956 | €45,649 | -€7,307 | -13.8% |
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 17 October 2026 via checked.be.