MAJID: 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.
MAJID
Largest movements
- Receivables within one year +€96,015
up €96,015 (+10.3%), from €936,590 to €1.0m
of which Trade receivables: +€102,461
- Cash +€48,833
up €48,833 (+143%), from €34,111 to €82,944
mainly Trade debts (+€129,076) and Short-term financial debts (+€78,710)
- Trade debts +€129,076
up €129,076 (+12.4%), from €1.0m to €1.2m
- Debts after one year -€79,951
down €79,951 (-21.7%), from €367,775 to €287,824
- Short-term financial debts +€78,710
up €78,710 (+42.7%), from €184,304 to €263,014
- Gross operating margin -€532,464
down €532,464 (-73.5%), from €724,259 to €191,795
- Other operating charges -€467,567
down €467,567 (-86.2%), from €542,433 to €74,866
- Staff costs -€60,256
down €60,256 (-51.2%), from €117,597 to €57,341
- Financial charges -€10,678
down €10,678 (-36.9%), from €28,940 to €18,262
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 | €2,518,838 | €2,664,564 | +€145,726 | +5.8% |
| Fixed assets | 21/28 | €619,503 | €623,632 | +€4,129 | +0.7% |
| Tangible fixed assets | 22/27 | €605,780 | €609,908 | +€4,129 | +0.7% |
| Land and buildings | 22 | €587,625 | €567,770 | -€19,855 | -3.4% |
| Plant, machinery and equipment | 23 | €9,648 | €1,753 | -€7,895 | -81.8% |
| Furniture and vehicles | 24 | €8,507 | €35,949 | +€27,442 | +323% |
| Leasing and similar rights | 25 | - | €4,436 | +€4,436 | |
| Financial fixed assets | 28 | €13,723 | €13,723 | = | 0.0% |
| Current assets | 29/58 | €1,899,335 | €2,040,932 | +€141,598 | +7.5% |
| Stocks and contracts in progress | 3 | €928,633 | €925,383 | -€3,250 | -0.3% |
| Stocks | 30/36 | €928,633 | €925,383 | -€3,250 | -0.3% |
| Amounts receivable within one year | 40/41 | €936,590 | €1,032,605 | +€96,015 | +10.3% |
| Trade receivables | 40 | €930,144 | €1,032,605 | +€102,461 | +11.0% |
| Other amounts receivable | 41 | €6,447 | - | -€6,447 | |
| Cash at bank and in hand | 54/58 | €34,111 | €82,944 | +€48,833 | +143% |
| Total equity and liabilities | 10/49 | €2,518,838 | €2,664,564 | +€145,726 | +5.8% |
| Equity | 10/15 | €833,067 | €843,325 | +€10,258 | +1.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €601,728 | €601,728 | = | 0.0% |
| Non-distributable reserves | 130/1 | €541,407 | €541,407 | = | 0.0% |
| Legal reserve | 130 | €6,703 | €6,703 | = | 0.0% |
| Reserves not available under the articles | 1311 | €534,704 | €534,704 | = | 0.0% |
| Distributable reserves | 133 | €60,321 | €60,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,366 | €179,624 | +€10,258 | +6.1% |
| Amounts payable | 17/49 | €1,685,771 | €1,821,239 | +€135,468 | +8.0% |
| Amounts payable after more than one year | 17 | €367,775 | €287,824 | -€79,951 | -21.7% |
| Financial debts | 170/4 | €367,775 | €287,824 | -€79,951 | -21.7% |
| Amounts payable within one year | 42/48 | €1,317,996 | €1,533,415 | +€215,419 | +16.3% |
| Financial debts | 43 | €184,304 | €263,014 | +€78,710 | +42.7% |
| Credit institutions | 430/8 | €184,304 | €263,014 | +€78,710 | +42.7% |
| Trade debts | 44 | €1,042,242 | €1,171,318 | +€129,076 | +12.4% |
| Suppliers | 440/4 | €1,042,242 | €1,171,318 | +€129,076 | +12.4% |
| Advances received on contracts in progress | 46 | €24,944 | €33,064 | +€8,120 | +32.6% |
| Taxes, remuneration and social security | 45 | €9,267 | €11,013 | +€1,746 | +18.8% |
| Taxes | 450/3 | - | €11,013 | +€11,013 | |
| Remuneration and social security | 454/9 | €9,267 | - | -€9,267 | |
| Other amounts payable | 47/48 | €57,239 | €55,006 | -€2,233 | -3.9% |
| Remuneration, social security and pensions | 62 | €117,597 | €57,341 | -€60,256 | -51.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,399 | €31,068 | -€332 | -1.1% |
| Other operating charges | 640/8 | €542,433 | €74,866 | -€467,567 | -86.2% |
| Gross operating margin | 9900 | €724,259 | €191,795 | -€532,464 | -73.5% |
| Operating profit (loss) | 9901 | €32,829 | €28,520 | -€4,309 | -13.1% |
| Financial charges | 65/66B | €28,940 | €18,262 | -€10,678 | -36.9% |
| Recurring financial charges | 65 | €28,940 | €18,262 | -€10,678 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €3,890 | €10,258 | +€6,369 | +164% |
| Profit (loss) for the period | 9904 | €3,890 | €10,258 | +€6,369 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €3,890 | €10,258 | +€6,369 | +164% |
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 14 October 2026 via checked.be.