MAJO: what changed
Two fiscal 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 +€33,315
up €33,315 (+5.4%), from €614,870 to €648,185
mainly Net result for the year (+€32,762) and Depreciation (+€10,227)
- Tangible fixed assets -€10,227
down €10,227 (-3.0%), from €341,816 to €331,588
- Reserves +€32,762
up €32,762 (+14.4%), from €227,856 to €260,618
of which Distributable reserves: +€32,762
- Other debts -€12,000
down €12,000 (-32.4%), from €37,006 to €25,006
- Depreciation -€9,131
down €9,131 (-47.2%), from €19,358 to €10,227
- Taxes +€5,346
up €5,346 (+53.3%), from €10,026 to €15,372
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 | €960,828 | €986,773 | +€25,945 | +2.7% |
| Fixed assets | 21/28 | €341,816 | €331,588 | -€10,227 | -3.0% |
| Tangible fixed assets | 22/27 | €341,816 | €331,588 | -€10,227 | -3.0% |
| Land and buildings | 22 | €341,816 | €331,588 | -€10,227 | -3.0% |
| Current assets | 29/58 | €619,012 | €655,185 | +€36,173 | +5.8% |
| Amounts receivable within one year | 40/41 | €3,234 | €537 | -€2,697 | -83.4% |
| Trade receivables | 40 | €509 | €537 | +€29 | +5.6% |
| Other amounts receivable | 41 | €2,725 | €0 | -€2,725 | -100.0% |
| Cash at bank and in hand | 54/58 | €614,870 | €648,185 | +€33,315 | +5.4% |
| Deferred charges and accrued income | 490/1 | €908 | €6,462 | +€5,554 | +611.8% |
| Total equity and liabilities | 10/49 | €960,828 | €986,773 | +€25,945 | +2.7% |
| Equity | 10/15 | €921,958 | €954,720 | +€32,762 | +3.6% |
| Contributions | 10/11 | €694,102 | €694,102 | = | 0.0% |
| Capital | 10 | €694,102 | €694,102 | = | 0.0% |
| Issued capital | 100 | €694,102 | €694,102 | = | 0.0% |
| Reserves | 13 | €227,856 | €260,618 | +€32,762 | +14.4% |
| Non-distributable reserves | 130/1 | €69,410 | €69,410 | = | 0.0% |
| Legal reserve | 130 | €69,410 | €69,410 | = | 0.0% |
| Distributable reserves | 133 | €158,446 | €191,207 | +€32,762 | +20.7% |
| Amounts payable | 17/49 | €38,870 | €32,053 | -€6,816 | -17.5% |
| Amounts payable within one year | 42/48 | €38,000 | €31,140 | -€6,860 | -18.1% |
| Trade debts | 44 | €994 | €762 | -€232 | -23.3% |
| Suppliers | 440/4 | €994 | €762 | -€232 | -23.3% |
| Taxes, remuneration and social security | 45 | €0 | €5,372 | +€5,372 | |
| Taxes | 450/3 | €0 | €5,372 | +€5,372 | |
| Other amounts payable | 47/48 | €37,006 | €25,006 | -€12,000 | -32.4% |
| Accrued charges and deferred income | 492/3 | €870 | €913 | +€43 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,358 | €10,227 | -€9,131 | -47.2% |
| Other operating charges | 640/8 | €33,544 | €34,438 | +€894 | +2.7% |
| Gross operating margin | 9900 | €92,207 | €93,044 | +€837 | +0.9% |
| Operating profit (loss) | 9901 | €39,305 | €48,379 | +€9,074 | +23.1% |
| Financial charges | 65/66B | €207 | €245 | +€39 | +18.6% |
| Recurring financial charges | 65 | €207 | €245 | +€39 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €39,098 | €48,133 | +€9,035 | +23.1% |
| Income taxes | 67/77 | €10,026 | €15,372 | +€5,346 | +53.3% |
| Profit (loss) for the period | 9904 | €29,073 | €32,762 | +€3,689 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,073 | €32,762 | +€3,689 | +12.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.