MAJEREL: 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.
MAJEREL
Largest movements
- Current investments +€49,475
up €49,475 (+18.0%), from €274,997 to €324,472
- Receivables within one year +€38,731
up €38,731 (+14.1%), from €274,319 to €313,050
of which Other amounts receivable: +€39,300
- Cash +€17,306
up €17,306 (+12.6%), from €137,620 to €154,926
mainly Net result for the year (+€72,992) and Trade debts (+€24,042)
- Reserves +€72,000
up €72,000 (+14.9%), from €484,126 to €556,126
of which Distributable reserves: +€72,000
- Trade debts +€24,042
up €24,042 (+44.1%), from €54,564 to €78,605
- Staff costs +€17,572
up €17,572 (+102%), from €17,285 to €34,857
- Gross operating margin +€16,332
up €16,332 (+13.3%), from €122,723 to €139,055
- Financial income -€3,487
down €3,487 (-27.7%), from €12,605 to €9,119
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 | €734,220 | €837,456 | +€103,237 | +14.1% |
| Fixed assets | 21/28 | €47,284 | €44,609 | -€2,675 | -5.7% |
| Tangible fixed assets | 22/27 | €47,283 | €44,609 | -€2,674 | -5.7% |
| Land and buildings | 22 | €44,818 | €42,998 | -€1,820 | -4.1% |
| Furniture and vehicles | 24 | €502 | €80 | -€422 | -84.0% |
| Other tangible fixed assets | 26 | €1,964 | €1,531 | -€433 | -22.0% |
| Financial fixed assets | 28 | €0 | - | -€0 | |
| Current assets | 29/58 | €686,936 | €792,848 | +€105,912 | +15.4% |
| Amounts receivable within one year | 40/41 | €274,319 | €313,050 | +€38,731 | +14.1% |
| Trade receivables | 40 | €49,319 | €48,750 | -€569 | -1.2% |
| Other amounts receivable | 41 | €225,000 | €264,300 | +€39,300 | +17.5% |
| Current investments | 50/53 | €274,997 | €324,472 | +€49,475 | +18.0% |
| Cash at bank and in hand | 54/58 | €137,620 | €154,926 | +€17,306 | +12.6% |
| Deferred charges and accrued income | 490/1 | - | €400 | +€400 | |
| Total equity and liabilities | 10/49 | €734,220 | €837,456 | +€103,237 | +14.1% |
| Equity | 10/15 | €647,342 | €720,334 | +€72,992 | +11.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €484,126 | €556,126 | +€72,000 | +14.9% |
| 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 | €482,266 | €554,266 | +€72,000 | +14.9% |
| Profit (loss) carried forward | 14 | €150,816 | €151,808 | +€992 | +0.7% |
| Amounts payable | 17/49 | €86,877 | €117,122 | +€30,245 | +34.8% |
| Amounts payable within one year | 42/48 | €86,877 | €117,122 | +€30,245 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €11,761 | €10,930 | -€831 | -7.1% |
| Trade debts | 44 | €54,564 | €78,605 | +€24,042 | +44.1% |
| Suppliers | 440/4 | €54,564 | €78,605 | +€24,042 | +44.1% |
| Taxes, remuneration and social security | 45 | €13,029 | €21,293 | +€8,264 | +63.4% |
| Taxes | 450/3 | €11,818 | €20,795 | +€8,977 | +76.0% |
| Remuneration and social security | 454/9 | €1,212 | €498 | -€714 | -58.9% |
| Other amounts payable | 47/48 | €7,524 | €6,294 | -€1,230 | -16.3% |
| Remuneration, social security and pensions | 62 | €17,285 | €34,857 | +€17,572 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,954 | €2,674 | -€279 | -9.5% |
| Other operating charges | 640/8 | €2,099 | €1,853 | -€246 | -11.7% |
| Gross operating margin | 9900 | €122,723 | €139,055 | +€16,332 | +13.3% |
| Operating profit (loss) | 9901 | €100,385 | €99,670 | -€714 | -0.7% |
| Financial income | 75/76B | €12,605 | €9,119 | -€3,487 | -27.7% |
| Recurring financial income | 75 | €12,605 | €9,119 | -€3,487 | -27.7% |
| Financial charges | 65/66B | €2,404 | €2,270 | -€135 | -5.6% |
| Recurring financial charges | 65 | €2,404 | €2,270 | -€135 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €110,586 | €106,519 | -€4,067 | -3.7% |
| Income taxes | 67/77 | €34,526 | €33,527 | -€999 | -2.9% |
| Profit (loss) for the period | 9904 | €76,060 | €72,992 | -€3,068 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,060 | €72,992 | -€3,068 | -4.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.