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 -€29,921
down €29,921 (-77.6%), from €38,581 to €8,661
mainly Current investments (-€27,473) and Net result for the year (-€19,628)
- Current investments +€27,473
up €27,473 (+13.3%), from €206,423 to €233,895
- Tangible fixed assets -€23,527
down €23,527 (-16.2%), from €145,164 to €121,637
of which Land and buildings: -€22,457
- Profit (loss) carried forward -€16,081
down €16,081 (-19.6%), from -€82,188 to -€98,269
- Other debts -€5,232
down €5,232 (-22.2%), from €23,607 to €18,376
- Gross operating margin -€11,473
down €11,473, from €1,413 to -€10,061
- Financial income -€2,785
down €2,785 (-41.6%), from €6,694 to €3,909
- Depreciation +€538
up €538 (+5.4%), from €9,989 to €10,527
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 | €392,991 | €368,252 | -€24,739 | -6.3% |
| Fixed assets | 21/28 | €145,164 | €121,637 | -€23,527 | -16.2% |
| Tangible fixed assets | 22/27 | €145,164 | €121,637 | -€23,527 | -16.2% |
| Land and buildings | 22 | €140,346 | €117,889 | -€22,457 | -16.0% |
| Plant, machinery and equipment | 23 | €4,818 | €3,748 | -€1,070 | -22.2% |
| Current assets | 29/58 | €247,827 | €246,615 | -€1,212 | -0.5% |
| Amounts receivable within one year | 40/41 | €2,823 | €3,181 | +€358 | +12.7% |
| Other amounts receivable | 41 | €2,823 | €3,181 | +€358 | +12.7% |
| Current investments | 50/53 | €206,423 | €233,895 | +€27,473 | +13.3% |
| Cash at bank and in hand | 54/58 | €38,581 | €8,661 | -€29,921 | -77.6% |
| Deferred charges and accrued income | 490/1 | - | €878 | +€878 | |
| Total equity and liabilities | 10/49 | €392,991 | €368,252 | -€24,739 | -6.3% |
| Equity | 10/15 | €369,264 | €349,636 | -€19,628 | -5.3% |
| Contributions | 10/11 | €443,470 | €443,470 | = | 0.0% |
| Capital | 10 | €443,470 | €443,470 | = | 0.0% |
| Issued capital | 100 | €443,470 | €443,470 | = | 0.0% |
| Reserves | 13 | €7,982 | €4,435 | -€3,548 | -44.4% |
| Non-distributable reserves | 130/1 | €7,049 | €4,435 | -€2,614 | -37.1% |
| Legal reserve | 130 | €7,049 | €4,435 | -€2,614 | -37.1% |
| Distributable reserves | 133 | €933 | €0 | -€933 | -100% |
| Profit (loss) carried forward | 14 | -€82,188 | -€98,269 | -€16,081 | -19.6% |
| Amounts payable | 17/49 | €23,728 | €18,617 | -€5,111 | -21.5% |
| Amounts payable within one year | 42/48 | €23,728 | €18,617 | -€5,111 | -21.5% |
| Trade debts | 44 | €120 | €241 | +€121 | +101% |
| Suppliers | 440/4 | €120 | €241 | +€121 | +101% |
| Other amounts payable | 47/48 | €23,607 | €18,376 | -€5,232 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,989 | €10,527 | +€538 | +5.4% |
| Other operating charges | 640/8 | €2,670 | €2,753 | +€83 | +3.1% |
| Gross operating margin | 9900 | €1,413 | -€10,061 | -€11,473 | |
| Operating profit (loss) | 9901 | -€11,246 | -€23,341 | -€12,094 | -108% |
| Financial income | 75/76B | €6,694 | €3,909 | -€2,785 | -41.6% |
| Recurring financial income | 75 | €6,694 | €3,909 | -€2,785 | -41.6% |
| Financial charges | 65/66B | €141 | €196 | +€55 | +39.3% |
| Recurring financial charges | 65 | €141 | €196 | +€55 | +39.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,693 | -€19,628 | -€14,935 | -318% |
| Profit (loss) for the period | 9904 | -€4,693 | -€19,628 | -€14,935 | -318% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,693 | -€19,628 | -€14,935 | -318% |
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 24 October 2026 via checked.be.