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
- Tangible fixed assets -€30,731
down €30,731 (-17.3%), from €177,879 to €147,149
of which Land and buildings: -€30,032
- Cash +€9,025
up €9,025 (+9.7%), from €92,643 to €101,669
mainly Depreciation (+€38,365) and Accrued charges and deferred income (+€8,479)
- Receivables within one year -€3,028
down €3,028 (-57.7%), from €5,243 to €2,216
of which Other amounts receivable: -€1,528
- Trade debts -€37,081
down €37,081 (-97.9%), from €37,885 to €804
- Accrued charges and deferred income +€8,479
up €8,479 (+585%), from €1,450 to €9,929
- Reserves +€7,225
up €7,225 (+7.8%), from €92,519 to €99,744
of which Distributable reserves: +€9,764
- Depreciation +€4,101
up €4,101 (+12.0%), from €34,263 to €38,365
- Gross operating margin +€2,226
up €2,226 (+3.9%), from €56,435 to €58,662
- Other operating charges +€854
up €854 (+10.4%), from €8,212 to €9,066
- Taxes -€845
down €845 (-15.0%), from €5,630 to €4,784
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 | €277,336 | €252,871 | -€24,464 | -8.8% |
| Fixed assets | 21/28 | €177,879 | €147,149 | -€30,731 | -17.3% |
| Tangible fixed assets | 22/27 | €177,879 | €147,149 | -€30,731 | -17.3% |
| Land and buildings | 22 | €176,750 | €146,718 | -€30,032 | -17.0% |
| Furniture and vehicles | 24 | €1,129 | €431 | -€699 | -61.9% |
| Current assets | 29/58 | €99,456 | €105,723 | +€6,267 | +6.3% |
| Amounts receivable within one year | 40/41 | €5,243 | €2,216 | -€3,028 | -57.7% |
| Trade receivables | 40 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts receivable | 41 | €3,743 | €2,216 | -€1,528 | -40.8% |
| Cash at bank and in hand | 54/58 | €92,643 | €101,669 | +€9,025 | +9.7% |
| Deferred charges and accrued income | 490/1 | €1,569 | €1,839 | +€269 | +17.2% |
| Total equity and liabilities | 10/49 | €277,336 | €252,871 | -€24,464 | -8.8% |
| Equity | 10/15 | €231,414 | €238,639 | +€7,225 | +3.1% |
| Contributions | 10/11 | €138,895 | €138,895 | = | 0.0% |
| Capital | 10 | €138,895 | €138,895 | = | 0.0% |
| Issued capital | 100 | €138,895 | €138,895 | = | 0.0% |
| Reserves | 13 | €92,519 | €99,744 | +€7,225 | +7.8% |
| Non-distributable reserves | 130/1 | €13,890 | €13,890 | = | 0.0% |
| Legal reserve | 130 | €13,890 | €13,890 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,562 | €8,023 | -€2,539 | -24.0% |
| Distributable reserves | 133 | €68,068 | €77,831 | +€9,764 | +14.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €3,521 | €2,674 | -€846 | -24.0% |
| Deferred taxes | 168 | €3,521 | €2,674 | -€846 | -24.0% |
| Amounts payable | 17/49 | €42,401 | €11,559 | -€30,843 | -72.7% |
| Amounts payable after more than one year | 17 | €1,904 | €690 | -€1,214 | -63.8% |
| Other amounts payable | 178/9 | €1,904 | €690 | -€1,214 | -63.8% |
| Amounts payable within one year | 42/48 | €39,048 | €939 | -€38,109 | -97.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €37,885 | €804 | -€37,081 | -97.9% |
| Suppliers | 440/4 | €37,885 | €804 | -€37,081 | -97.9% |
| Taxes, remuneration and social security | 45 | €1,163 | €0 | -€1,163 | -100% |
| Taxes | 450/3 | €1,163 | €0 | -€1,163 | -100% |
| Other amounts payable | 47/48 | €0 | €135 | +€135 | |
| Accrued charges and deferred income | 492/3 | €1,450 | €9,929 | +€8,479 | +585% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,263 | €38,365 | +€4,101 | +12.0% |
| Other operating charges | 640/8 | €8,212 | €9,066 | +€854 | +10.4% |
| Gross operating margin | 9900 | €56,435 | €58,662 | +€2,226 | +3.9% |
| Operating profit (loss) | 9901 | €13,960 | €11,231 | -€2,729 | -19.5% |
| Financial income | 75/76B | €0 | €5 | +€5 | +2,281% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +2,281% |
| Financial charges | 65/66B | €86 | €74 | -€12 | -14.2% |
| Recurring financial charges | 65 | €86 | €74 | -€12 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €13,874 | €11,163 | -€2,712 | -19.5% |
| Transfer from deferred taxes | 780 | €846 | €846 | = | 0.0% |
| Income taxes | 67/77 | €5,630 | €4,784 | -€845 | -15.0% |
| Profit (loss) for the period | 9904 | €9,091 | €7,225 | -€1,866 | -20.5% |
| Transfer from tax-exempt reserves | 789 | €2,539 | €2,539 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,630 | €9,764 | -€1,866 | -16.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.