Majestro: 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.
Majestro
Largest movements
- Receivables within one year -€14,280
down €14,280 (-56.4%), from €25,324 to €11,045
of which Other amounts receivable: -€13,421
- Cash -€10,404
down €10,404 (-9.3%), from €111,455 to €101,051
mainly Contributions, distributions and other (-€139,294) and Debts after one year (-€16,346)
- Tangible fixed assets -€6,394
down €6,394 (-2.7%), from €233,451 to €227,057
of which Land and buildings: -€6,897
- Reserves -€119,245
down €119,245 (-57.2%), from €208,437 to €89,193
- Other debts +€103,852
up €103,852 (+170.4%), from €60,932 to €164,784
- Debts after one year -€16,346
down €16,346 (-24.2%), from €67,671 to €51,324
- Gross operating margin +€13,001
up €13,001 (+32.9%), from €39,556 to €52,557
- Taxes +€3,612
up €3,612 (+73.2%), from €4,931 to €8,542
- Financial charges -€935
down €935 (-11.0%), from €8,475 to €7,540
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 | €376,820 | €346,620 | -€30,200 | -8.0% |
| Fixed assets | 21/28 | €233,496 | €227,102 | -€6,394 | -2.7% |
| Tangible fixed assets | 22/27 | €233,451 | €227,057 | -€6,394 | -2.7% |
| Land and buildings | 22 | €222,302 | €215,405 | -€6,897 | -3.1% |
| Plant, machinery and equipment | 23 | €7,410 | €5,104 | -€2,306 | -31.1% |
| Furniture and vehicles | 24 | €3,738 | €6,547 | +€2,809 | +75.2% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €143,325 | €119,518 | -€23,806 | -16.6% |
| Amounts receivable within one year | 40/41 | €25,324 | €11,045 | -€14,280 | -56.4% |
| Trade receivables | 40 | €11,491 | €10,633 | -€859 | -7.5% |
| Other amounts receivable | 41 | €13,833 | €412 | -€13,421 | -97.0% |
| Cash at bank and in hand | 54/58 | €111,455 | €101,051 | -€10,404 | -9.3% |
| Deferred charges and accrued income | 490/1 | €6,546 | €7,423 | +€877 | +13.4% |
| Total equity and liabilities | 10/49 | €376,820 | €346,620 | -€30,200 | -8.0% |
| Equity | 10/15 | €227,037 | €107,551 | -€119,486 | -52.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €208,437 | €89,193 | -€119,245 | -57.2% |
| Distributable reserves | 133 | €208,437 | €89,193 | -€119,245 | -57.2% |
| Profit (loss) carried forward | 14 | €0 | -€242 | -€242 | |
| Amounts payable | 17/49 | €149,783 | €239,069 | +€89,286 | +59.6% |
| Amounts payable after more than one year | 17 | €67,671 | €51,324 | -€16,346 | -24.2% |
| Financial debts | 170/4 | €67,671 | €51,324 | -€16,346 | -24.2% |
| Amounts payable within one year | 42/48 | €82,112 | €187,744 | +€105,632 | +128.6% |
| Current portion of amounts payable after more than one year | 42 | €15,980 | €16,346 | +€367 | +2.3% |
| Financial debts | 43 | €43 | €375 | +€332 | +776.5% |
| Credit institutions | 430/8 | €43 | €375 | +€332 | +776.5% |
| Trade debts | 44 | €3,898 | €4,570 | +€672 | +17.3% |
| Suppliers | 440/4 | €3,898 | €4,570 | +€672 | +17.3% |
| Taxes, remuneration and social security | 45 | €1,259 | €1,669 | +€409 | +32.5% |
| Taxes | 450/3 | €1,259 | €1,669 | +€409 | +32.5% |
| Other amounts payable | 47/48 | €60,932 | €164,784 | +€103,852 | +170.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,833 | €13,414 | -€419 | -3.0% |
| Other operating charges | 640/8 | €3,472 | €3,526 | +€54 | +1.6% |
| Gross operating margin | 9900 | €39,556 | €52,557 | +€13,001 | +32.9% |
| Operating profit (loss) | 9901 | €22,251 | €35,617 | +€13,366 | +60.1% |
| Financial income | 75/76B | €41 | €273 | +€232 | +571.8% |
| Recurring financial income | 75 | €41 | €273 | +€232 | +571.8% |
| Financial charges | 65/66B | €8,475 | €7,540 | -€935 | -11.0% |
| Recurring financial charges | 65 | €8,475 | €7,540 | -€935 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €13,817 | €28,350 | +€14,533 | +105.2% |
| Income taxes | 67/77 | €4,931 | €8,542 | +€3,612 | +73.2% |
| Profit (loss) for the period | 9904 | €8,886 | €19,808 | +€10,921 | +122.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,886 | €19,808 | +€10,921 | +122.9% |
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 7 October 2026 via checked.be.