MAJO: what changed
MAJO
Largest movements
- Tangible fixed assets -€45,477
down €45,477 (-10.6%), from €430,716 to €385,238
of which Land and buildings: -€43,875
- Receivables within one year -€8,561
down €8,561 (-34.6%), from €24,722 to €16,161
of which Trade receivables: -€17,026
- Reserves -€42,662
down €42,662 (-25.8%), from €165,564 to €122,901
of which Distributable reserves: -€29,847
- Other debts -€13,200
down €13,200 (-64.1%), from €20,600 to €7,400
- Provisions -€4,964
down €4,964 (-11.2%), from €44,350 to €39,386
- Gross operating margin -€2,733
down €2,733 (-44.0%), from €6,215 to €3,481
- Depreciation +€483
up €483 (+1.1%), from €44,995 to €45,477
- Financial income -€155
down €155 (-36.2%), from €427 to €272
- Other operating charges +€151
up €151 (+2.9%), from €5,241 to €5,393
- Financial charges +€89
up €89 (+21.2%), from €420 to €509
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €481,072 | €422,706 | -€58,365 | -12.1% |
| Fixed assets | 21/28 | €430,765 | €385,288 | -€45,477 | -10.6% |
| Tangible fixed assets | 22/27 | €430,716 | €385,238 | -€45,477 | -10.6% |
| Land and buildings | 22 | €419,293 | €375,418 | -€43,875 | -10.5% |
| Plant, machinery and equipment | 23 | €11,423 | €9,820 | -€1,603 | -14.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €50,306 | €37,418 | -€12,888 | -25.6% |
| Amounts receivable within one year | 40/41 | €24,722 | €16,161 | -€8,561 | -34.6% |
| Trade receivables | 40 | €17,026 | - | -€17,026 | |
| Other amounts receivable | 41 | €7,695 | €16,161 | +€8,466 | +110% |
| Cash at bank and in hand | 54/58 | €20,240 | €16,157 | -€4,083 | -20.2% |
| Deferred charges and accrued income | 490/1 | €5,345 | €5,100 | -€244 | -4.6% |
| Total equity and liabilities | 10/49 | €481,072 | €422,706 | -€58,365 | -12.1% |
| Equity | 10/15 | €412,168 | €369,506 | -€42,662 | -10.4% |
| Contributions | 10/11 | €246,604 | €246,604 | = | 0.0% |
| Reserves | 13 | €165,564 | €122,901 | -€42,662 | -25.8% |
| Tax-exempt reserves | 132 | €129,609 | €116,794 | -€12,815 | -9.9% |
| Distributable reserves | 133 | €35,955 | €6,107 | -€29,847 | -83.0% |
| Provisions and deferred taxes | 16 | €44,350 | €39,386 | -€4,964 | -11.2% |
| Deferred taxes | 168 | €44,350 | €39,386 | -€4,964 | -11.2% |
| Amounts payable | 17/49 | €24,554 | €13,814 | -€10,739 | -43.7% |
| Amounts payable within one year | 42/48 | €23,704 | €12,964 | -€10,739 | -45.3% |
| Trade debts | 44 | €3,104 | €5,564 | +€2,461 | +79.3% |
| Suppliers | 440/4 | €3,104 | €5,564 | +€2,461 | +79.3% |
| Other amounts payable | 47/48 | €20,600 | €7,400 | -€13,200 | -64.1% |
| Accrued charges and deferred income | 492/3 | €850 | €850 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,995 | €45,477 | +€483 | +1.1% |
| Other operating charges | 640/8 | €5,241 | €5,393 | +€151 | +2.9% |
| Gross operating margin | 9900 | €6,215 | €3,481 | -€2,733 | -44.0% |
| Operating profit (loss) | 9901 | -€44,022 | -€47,389 | -€3,367 | -7.6% |
| Financial income | 75/76B | €427 | €272 | -€155 | -36.2% |
| Recurring financial income | 75 | €427 | €272 | -€155 | -36.2% |
| Financial charges | 65/66B | €420 | €509 | +€89 | +21.2% |
| Recurring financial charges | 65 | €420 | €509 | +€89 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | -€44,015 | -€47,626 | -€3,611 | -8.2% |
| Transfer from deferred taxes | 780 | €4,964 | €4,964 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€39,052 | -€42,662 | -€3,611 | -9.2% |
| Transfer from tax-exempt reserves | 789 | €12,815 | €12,815 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,236 | -€29,847 | -€3,611 | -13.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.