MAJIL: 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.
MAJIL
Largest movements
- Receivables within one year +€17,411
up €17,411 (+40.9%), from €42,587 to €59,998
of which Trade receivables: +€25,286
- Tangible fixed assets -€8,805
down €8,805 (-42.8%), from €20,550 to €11,745
of which Leasing and similar rights: -€12,599
- Cash -€2,590
down €2,590 (-7.8%), from €33,029 to €30,439
mainly Receivables within one year (-€17,411) and Investment in fixed assets (net) (-€6,695)
- Profit (loss) carried forward +€4,781
up €4,781 (+31.1%), from €15,351 to €20,132
- Debts after one year -€4,725
no longer reported in 2025 (was €4,725)
- Tax, wage and social debts +€4,164
up €4,164 (+15.8%), from €26,282 to €30,445
of which Taxes: +€12,291
- Other debts +€3,282
up €3,282 (+19.8%), from €16,555 to €19,837
- Gross operating margin +€20,410
up €20,410 (+15.4%), from €132,611 to €153,021
- Staff costs +€6,837
up €6,837 (+6.6%), from €103,427 to €110,264
- Taxes +€3,081
up €3,081 (+64.1%), from €4,805 to €7,886
- Other operating charges +€2,230
up €2,230 (+26.1%), from €8,543 to €10,773
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 | €125,311 | €131,951 | +€6,641 | +5.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €21,479 | €12,827 | -€8,652 | -40.3% |
| Tangible fixed assets | 22/27 | €20,550 | €11,745 | -€8,805 | -42.8% |
| Plant, machinery and equipment | 23 | €7,951 | €1,473 | -€6,477 | -81.5% |
| Furniture and vehicles | 24 | - | €10,271 | +€10,271 | |
| Leasing and similar rights | 25 | €12,599 | - | -€12,599 | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €929 | €1,082 | +€153 | +16.5% |
| Current assets | 29/58 | €103,832 | €119,124 | +€15,293 | +14.7% |
| Stocks and contracts in progress | 3 | €28,215 | €28,687 | +€472 | +1.7% |
| Stocks | 30/36 | €28,215 | €28,687 | +€472 | +1.7% |
| Amounts receivable within one year | 40/41 | €42,587 | €59,998 | +€17,411 | +40.9% |
| Trade receivables | 40 | €29,153 | €54,439 | +€25,286 | +86.7% |
| Other amounts receivable | 41 | €13,434 | €5,560 | -€7,874 | -58.6% |
| Cash at bank and in hand | 54/58 | €33,029 | €30,439 | -€2,590 | -7.8% |
| Total equity and liabilities | 10/49 | €125,311 | €131,951 | +€6,641 | +5.3% |
| Equity | 10/15 | €23,481 | €28,262 | +€4,781 | +20.4% |
| Contributions | 10/11 | €6,264 | €6,264 | = | 0.0% |
| Reserves | 13 | €1,866 | €1,866 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,866 | €1,866 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,866 | €1,866 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,351 | €20,132 | +€4,781 | +31.1% |
| Amounts payable | 17/49 | €101,830 | €103,689 | +€1,860 | +1.8% |
| Amounts payable after more than one year | 17 | €4,725 | - | -€4,725 | |
| Financial debts | 170/4 | €4,725 | - | -€4,725 | |
| Amounts payable within one year | 42/48 | €97,105 | €103,689 | +€6,584 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €1,703 | €1,687 | -€16 | -0.9% |
| Trade debts | 44 | €52,566 | €51,720 | -€846 | -1.6% |
| Suppliers | 440/4 | €52,566 | €51,720 | -€846 | -1.6% |
| Taxes, remuneration and social security | 45 | €26,282 | €30,445 | +€4,164 | +15.8% |
| Taxes | 450/3 | €4,866 | €17,156 | +€12,291 | +252.6% |
| Remuneration and social security | 454/9 | €21,416 | €13,289 | -€8,127 | -37.9% |
| Other amounts payable | 47/48 | €16,555 | €19,837 | +€3,282 | +19.8% |
| Remuneration, social security and pensions | 62 | €103,427 | €110,264 | +€6,837 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,986 | €15,348 | +€1,361 | +9.7% |
| Other operating charges | 640/8 | €8,543 | €10,773 | +€2,230 | +26.1% |
| Gross operating margin | 9900 | €132,611 | €153,021 | +€20,410 | +15.4% |
| Operating profit (loss) | 9901 | €6,654 | €16,636 | +€9,982 | +150.0% |
| Financial charges | 65/66B | €2,873 | €3,969 | +€1,096 | +38.1% |
| Recurring financial charges | 65 | €2,873 | €3,969 | +€1,096 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €3,781 | €12,667 | +€8,886 | +235.0% |
| Income taxes | 67/77 | €4,805 | €7,886 | +€3,081 | +64.1% |
| Profit (loss) for the period | 9904 | -€1,024 | €4,781 | +€5,805 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,024 | €4,781 | +€5,805 |
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 11 October 2026 via checked.be.