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 +€72,874
up €72,874 (+75.2%), from €96,863 to €169,737
mainly Net result for the year (+€37,025) and Depreciation (+€33,826)
- Tangible fixed assets -€33,826
down €33,826 (-13.1%), from €258,803 to €224,977
- Profit (loss) carried forward +€37,025
up €37,025 (+17.6%), from €209,922 to €246,947
- Depreciation +€11,421
up €11,421 (+51.0%), from €22,405 to €33,826
- Gross operating margin +€5,584
up €5,584 (+5.8%), from €96,919 to €102,503
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 | €355,806 | €394,714 | +€38,908 | +10.9% |
| Fixed assets | 21/28 | €258,803 | €224,977 | -€33,826 | -13.1% |
| Tangible fixed assets | 22/27 | €258,803 | €224,977 | -€33,826 | -13.1% |
| Land and buildings | 22 | €258,803 | €224,977 | -€33,826 | -13.1% |
| Current assets | 29/58 | €97,003 | €169,737 | +€72,734 | +75.0% |
| Amounts receivable within one year | 40/41 | €140 | - | -€140 | |
| Other amounts receivable | 41 | €140 | - | -€140 | |
| Cash at bank and in hand | 54/58 | €96,863 | €169,737 | +€72,874 | +75.2% |
| Total equity and liabilities | 10/49 | €355,806 | €394,714 | +€38,908 | +10.9% |
| Equity | 10/15 | €347,794 | €384,819 | +€37,025 | +10.6% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,872 | €12,872 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €372 | €372 | = | 0.0% |
| Profit (loss) carried forward | 14 | €209,922 | €246,947 | +€37,025 | +17.6% |
| Amounts payable | 17/49 | €8,012 | €9,895 | +€1,883 | +23.5% |
| Amounts payable after more than one year | 17 | €1,712 | €3,585 | +€1,873 | +109% |
| Other amounts payable | 178/9 | €1,712 | €3,585 | +€1,873 | +109% |
| Amounts payable within one year | 42/48 | - | €10 | +€10 | |
| Taxes, remuneration and social security | 45 | - | €10 | +€10 | |
| Taxes | 450/3 | - | €10 | +€10 | |
| Accrued charges and deferred income | 492/3 | €6,300 | €6,300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,405 | €33,826 | +€11,421 | +51.0% |
| Other operating charges | 640/8 | €16,395 | €16,875 | +€480 | +2.9% |
| Gross operating margin | 9900 | €96,919 | €102,503 | +€5,584 | +5.8% |
| Operating profit (loss) | 9901 | €58,119 | €51,802 | -€6,317 | -10.9% |
| Financial income | 75/76B | €509 | €477 | -€32 | -6.3% |
| Recurring financial income | 75 | €509 | €477 | -€32 | -6.3% |
| Financial charges | 65/66B | €83 | €111 | +€28 | +33.7% |
| Recurring financial charges | 65 | €83 | €111 | +€28 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | €58,545 | €52,168 | -€6,377 | -10.9% |
| Income taxes | 67/77 | €15,869 | €15,143 | -€726 | -4.6% |
| Profit (loss) for the period | 9904 | €42,676 | €37,025 | -€5,651 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,676 | €37,025 | -€5,651 | -13.2% |
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.