MAJO: 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.
MAJO
Largest movements
- Receivables after one year -€175,000
no longer reported in 2025 (was €175,000)
- Tangible fixed assets +€99,660
up €99,660 (+6.9%), from €1.4m to €1.5m
of which Land and buildings: +€100,278
- Contributions -€200,000
down €200,000 (-58.5%), from €342,000 to €142,000
- Other debts +€119,536
up €119,536 (+3,650%), from €3,275 to €122,811
- Debts after one year +€40,517
up €40,517 (+10.5%), from €385,766 to €426,283
- Reserves -€35,832
down €35,832 (-5.3%), from €676,107 to €640,274
of which Tax-exempt reserves: -€20,832
- Profit (loss) carried forward -€24,506
down €24,506, from €2,268 to -€22,237
- Other operating charges +€16,118
up €16,118 (+87.1%), from €18,498 to €34,617
- Gross operating margin -€8,147
down €8,147 (-15.1%), from €53,972 to €45,825
- Financial income -€5,047
down €5,047 (-95.1%), from €5,308 to €260
- Taxes -€678
down €678 (-77.6%), from €873 to €195
- Depreciation +€614
up €614 (+1.2%), from €49,726 to €50,340
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 | €1,657,668 | €1,553,387 | -€104,281 | -6.3% |
| Fixed assets | 21/28 | €1,446,418 | €1,546,078 | +€99,660 | +6.9% |
| Tangible fixed assets | 22/27 | €1,445,909 | €1,545,569 | +€99,660 | +6.9% |
| Land and buildings | 22 | €1,443,386 | €1,543,664 | +€100,278 | +6.9% |
| Plant, machinery and equipment | 23 | €134 | - | -€134 | |
| Furniture and vehicles | 24 | €2,389 | €1,905 | -€484 | -20.2% |
| Financial fixed assets | 28 | €509 | €509 | = | 0.0% |
| Current assets | 29/58 | €211,251 | €7,309 | -€203,941 | -96.5% |
| Amounts receivable after more than one year | 29 | €175,000 | - | -€175,000 | |
| Other amounts receivable | 291 | €175,000 | - | -€175,000 | |
| Amounts receivable within one year | 40/41 | €9,570 | - | -€9,570 | |
| Other amounts receivable | 41 | €9,570 | - | -€9,570 | |
| Cash at bank and in hand | 54/58 | €21,222 | €7,149 | -€14,073 | -66.3% |
| Deferred charges and accrued income | 490/1 | €5,459 | €161 | -€5,298 | -97.1% |
| Total equity and liabilities | 10/49 | €1,657,668 | €1,553,387 | -€104,281 | -6.3% |
| Equity | 10/15 | €1,020,375 | €760,037 | -€260,338 | -25.5% |
| Contributions | 10/11 | €342,000 | €142,000 | -€200,000 | -58.5% |
| Reserves | 13 | €676,107 | €640,274 | -€35,832 | -5.3% |
| Tax-exempt reserves | 132 | €654,029 | €633,197 | -€20,832 | -3.2% |
| Distributable reserves | 133 | €22,078 | €7,078 | -€15,000 | -67.9% |
| Profit (loss) carried forward | 14 | €2,268 | -€22,237 | -€24,506 | |
| Provisions and deferred taxes | 16 | €218,010 | €211,066 | -€6,944 | -3.2% |
| Deferred taxes | 168 | €218,010 | €211,066 | -€6,944 | -3.2% |
| Amounts payable | 17/49 | €419,283 | €582,284 | +€163,001 | +38.9% |
| Amounts payable after more than one year | 17 | €385,766 | €426,283 | +€40,517 | +10.5% |
| Financial debts | 170/4 | €385,766 | €426,283 | +€40,517 | +10.5% |
| Amounts payable within one year | 42/48 | €32,602 | €153,851 | +€121,249 | +372% |
| Current portion of amounts payable after more than one year | 42 | €26,614 | €29,483 | +€2,869 | +10.8% |
| Trade debts | 44 | €1,858 | €565 | -€1,292 | -69.6% |
| Suppliers | 440/4 | €1,858 | €565 | -€1,292 | -69.6% |
| Taxes, remuneration and social security | 45 | €856 | €992 | +€137 | +16.0% |
| Taxes | 450/3 | €856 | €992 | +€137 | +16.0% |
| Other amounts payable | 47/48 | €3,275 | €122,811 | +€119,536 | +3,650% |
| Accrued charges and deferred income | 492/3 | €915 | €2,150 | +€1,235 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,726 | €50,340 | +€614 | +1.2% |
| Other operating charges | 640/8 | €18,498 | €34,617 | +€16,118 | +87.1% |
| Gross operating margin | 9900 | €53,972 | €45,825 | -€8,147 | -15.1% |
| Operating profit (loss) | 9901 | -€14,252 | -€39,131 | -€24,879 | -175% |
| Financial income | 75/76B | €5,308 | €260 | -€5,047 | -95.1% |
| Recurring financial income | 75 | €5,308 | €260 | -€5,047 | -95.1% |
| Financial charges | 65/66B | €10,735 | €10,947 | +€212 | +2.0% |
| Recurring financial charges | 65 | €10,735 | €10,947 | +€212 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,680 | -€49,818 | -€30,138 | -153% |
| Transfer from deferred taxes | 780 | €6,908 | €6,944 | +€36 | +0.5% |
| Income taxes | 67/77 | €873 | €195 | -€678 | -77.6% |
| Profit (loss) for the period | 9904 | -€13,646 | -€43,069 | -€29,424 | -216% |
| Transfer from tax-exempt reserves | 789 | €20,723 | €20,832 | +€109 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,078 | -€22,237 | -€29,315 |
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 19 October 2026 via checked.be.