MAJHON: 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.
MAJHON
Largest movements
- Tangible fixed assets +€157,103
up €157,103 (+711.4%), from €22,085 to €179,188
of which Land and buildings: +€157,499
- Deferred charges and accrued income +€13,822
new in 2025: €13,822
- Cash -€12,627
down €12,627 (-80.4%), from €15,701 to €3,075
mainly Investment in fixed assets (net) (-€173,399) and Deferred charges and accrued income (-€13,822)
- Receivables within one year +€10,352
up €10,352 (+114.0%), from €9,083 to €19,435
of which Trade receivables: +€11,909
- Debts after one year +€119,083
up €119,083, from €0 to €119,083
- Other debts +€48,124
up €48,124 (+3443.0%), from €1,398 to €49,522
- Profit (loss) carried forward -€9,375
down €9,375 (-83.7%), from €11,196 to €1,821
- Current portion of long-term debt +€6,086
new in 2025: €6,086
- Trade debts +€4,731
up €4,731 (+771.5%), from €613 to €5,345
- Financial charges +€7,840
up €7,840 (+1188.7%), from €660 to €8,499
- Gross operating margin +€1,103
up €1,103 (+6.8%), from €16,193 to €17,295
- Depreciation -€994
down €994 (-5.7%), from €17,290 to €16,296
- Other operating charges +€699
up €699 (+59.4%), from €1,177 to €1,875
- Financial income -€189
no longer reported in 2025 (was €189)
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 | €46,869 | €215,519 | +€168,650 | +359.8% |
| Fixed assets | 21/28 | €22,085 | €179,188 | +€157,103 | +711.4% |
| Tangible fixed assets | 22/27 | €22,085 | €179,188 | +€157,103 | +711.4% |
| Land and buildings | 22 | €21,584 | €179,083 | +€157,499 | +729.7% |
| Plant, machinery and equipment | 23 | €368 | €38 | -€330 | -89.8% |
| Furniture and vehicles | 24 | €134 | €68 | -€66 | -49.3% |
| Current assets | 29/58 | €24,784 | €36,331 | +€11,547 | +46.6% |
| Amounts receivable within one year | 40/41 | €9,083 | €19,435 | +€10,352 | +114.0% |
| Trade receivables | 40 | €1,841 | €13,750 | +€11,909 | +646.9% |
| Other amounts receivable | 41 | €7,242 | €5,685 | -€1,557 | -21.5% |
| Cash at bank and in hand | 54/58 | €15,701 | €3,075 | -€12,627 | -80.4% |
| Deferred charges and accrued income | 490/1 | - | €13,822 | +€13,822 | |
| Total equity and liabilities | 10/49 | €46,869 | €215,519 | +€168,650 | +359.8% |
| Equity | 10/15 | €44,796 | €35,421 | -€9,375 | -20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,196 | €1,821 | -€9,375 | -83.7% |
| Amounts payable | 17/49 | €2,073 | €180,097 | +€178,025 | +8588.4% |
| Amounts payable after more than one year | 17 | €0 | €119,083 | +€119,083 | |
| Financial debts | 170/4 | €0 | €119,083 | +€119,083 | |
| Amounts payable within one year | 42/48 | €2,073 | €61,015 | +€58,942 | +2843.5% |
| Current portion of amounts payable after more than one year | 42 | - | €6,086 | +€6,086 | |
| Trade debts | 44 | €613 | €5,345 | +€4,731 | +771.5% |
| Suppliers | 440/4 | €613 | €5,345 | +€4,731 | +771.5% |
| Taxes, remuneration and social security | 45 | €62 | €62 | = | 0.0% |
| Taxes | 450/3 | €62 | €62 | = | 0.0% |
| Other amounts payable | 47/48 | €1,398 | €49,522 | +€48,124 | +3443.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,290 | €16,296 | -€994 | -5.7% |
| Other operating charges | 640/8 | €1,177 | €1,875 | +€699 | +59.4% |
| Gross operating margin | 9900 | €16,193 | €17,295 | +€1,103 | +6.8% |
| Operating profit (loss) | 9901 | -€2,274 | -€876 | +€1,398 | +61.5% |
| Financial income | 75/76B | €189 | - | -€189 | |
| Recurring financial income | 75 | €189 | - | -€189 | |
| Financial charges | 65/66B | €660 | €8,499 | +€7,840 | +1188.7% |
| Recurring financial charges | 65 | €660 | €8,499 | +€7,840 | +1188.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,744 | -€9,375 | -€6,631 | -241.6% |
| Profit (loss) for the period | 9904 | -€2,744 | -€9,375 | -€6,631 | -241.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,744 | -€9,375 | -€6,631 | -241.6% |
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 2 October 2026 via checked.be.