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
- Cash -€49,237
down €49,237 (-28.9%), from €170,083 to €120,846
mainly Investment in fixed assets (net) (-€101,112) and Net result for the year (-€20,488)
- Tangible fixed assets +€46,004
up €46,004 (+2.6%), from €1.8m to €1.8m
of which Land and buildings: +€38,882
- Other debts +€31,254
up €31,254 (+54.0%), from €57,908 to €89,162
- Reserves -€26,508
down €26,508 (-2.5%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€49,357
- Gross operating margin -€49,556
down €49,556 (-62.1%), from €79,834 to €30,279
- Depreciation -€12,063
down €12,063 (-18.0%), from €67,171 to €55,108
- Financial charges -€5,944
down €5,944 (-99.2%), from €5,990 to €47
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,976,269 | €1,973,118 | -€3,152 | -0.2% |
| Fixed assets | 21/28 | €1,794,536 | €1,840,540 | +€46,004 | +2.6% |
| Tangible fixed assets | 22/27 | €1,794,536 | €1,840,540 | +€46,004 | +2.6% |
| Land and buildings | 22 | €1,794,536 | €1,833,417 | +€38,882 | +2.2% |
| Furniture and vehicles | 24 | - | €7,122 | +€7,122 | |
| Current assets | 29/58 | €181,734 | €132,578 | -€49,156 | -27.0% |
| Amounts receivable after more than one year | 29 | €9,600 | €9,600 | = | 0.0% |
| Other amounts receivable | 291 | €9,600 | €9,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €170,083 | €120,846 | -€49,237 | -28.9% |
| Deferred charges and accrued income | 490/1 | €2,051 | €2,132 | +€82 | +4.0% |
| Total equity and liabilities | 10/49 | €1,976,269 | €1,973,118 | -€3,152 | -0.2% |
| Equity | 10/15 | €1,562,674 | €1,547,542 | -€15,131 | -1.0% |
| Contributions | 10/11 | €510,661 | €510,661 | = | 0.0% |
| Capital | 10 | €510,661 | €510,661 | = | 0.0% |
| Issued capital | 100 | €510,661 | €510,661 | = | 0.0% |
| Reserves | 13 | €1,063,390 | €1,036,882 | -€26,508 | -2.5% |
| Non-distributable reserves | 130/1 | €20,976 | €22,400 | +€1,424 | +6.8% |
| Legal reserve | 130 | €20,976 | €22,400 | +€1,424 | +6.8% |
| Tax-exempt reserves | 132 | €1,042,414 | €993,057 | -€49,357 | -4.7% |
| Distributable reserves | 133 | - | €21,425 | +€21,425 | |
| Profit (loss) carried forward | 14 | -€11,377 | - | +€11,377 | |
| Provisions and deferred taxes | 16 | €352,534 | €335,406 | -€17,127 | -4.9% |
| Deferred taxes | 168 | €352,534 | €335,406 | -€17,127 | -4.9% |
| Amounts payable | 17/49 | €61,062 | €90,169 | +€29,107 | +47.7% |
| Amounts payable within one year | 42/48 | €60,792 | €90,169 | +€29,377 | +48.3% |
| Trade debts | 44 | €2,884 | €1,007 | -€1,877 | -65.1% |
| Suppliers | 440/4 | €2,884 | €1,007 | -€1,877 | -65.1% |
| Other amounts payable | 47/48 | €57,908 | €89,162 | +€31,254 | +54.0% |
| Accrued charges and deferred income | 492/3 | €270 | - | -€270 | |
| Non-recurring operating income | 76A | €69,774 | - | -€69,774 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,171 | €55,108 | -€12,063 | -18.0% |
| Other operating charges | 640/8 | €7,170 | €7,383 | +€212 | +3.0% |
| Gross operating margin | 9900 | €79,834 | €30,279 | -€49,556 | -62.1% |
| Operating profit (loss) | 9901 | €5,493 | -€32,212 | -€37,705 | |
| Financial charges | 65/66B | €5,990 | €47 | -€5,944 | -99.2% |
| Recurring financial charges | 65 | €5,990 | €47 | -€5,944 | -99.2% |
| Profit (loss) for the period before taxes | 9903 | -€498 | -€32,259 | -€31,761 | -6,380% |
| Transfer from deferred taxes | 780 | €12,108 | €11,771 | -€337 | -2.8% |
| Profit (loss) for the period | 9904 | €11,610 | -€20,488 | -€32,098 | |
| Transfer from tax-exempt reserves | 789 | €34,300 | €33,289 | -€1,011 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,910 | €12,801 | -€33,109 | -72.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.