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 -€20,712
down €20,712 (-11.1%), from €187,291 to €166,580
of which Plant, machinery and equipment: -€29,852
- Cash +€8,323
up €8,323 (+5.1%), from €164,271 to €172,594
mainly Depreciation (+€51,198) and Other debts (+€23,530)
- Intangible fixed assets -€8,316
down €8,316 (-13.5%), from €61,406 to €53,090
- Deferred charges and accrued income -€7,498
down €7,498 (-85.6%), from €8,764 to €1,266
- Profit (loss) carried forward -€37,263
down €37,263 (-46.7%), from €79,814 to €42,550
- Other debts +€23,530
new in 2025: €23,530
- Debts after one year -€18,693
down €18,693 (-6.5%), from €289,556 to €270,863
- Gross operating margin -€28,901
down €28,901 (-8.6%), from €334,257 to €305,356
- Staff costs +€14,894
up €14,894 (+6.2%), from €239,112 to €254,006
- Taxes -€6,043
down €6,043 (-93.6%), from €6,455 to €411
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 | €447,263 | €422,125 | -€25,138 | -5.6% |
| Fixed assets | 21/28 | €249,297 | €220,270 | -€29,027 | -11.6% |
| Intangible fixed assets | 21 | €61,406 | €53,090 | -€8,316 | -13.5% |
| Tangible fixed assets | 22/27 | €187,291 | €166,580 | -€20,712 | -11.1% |
| Plant, machinery and equipment | 23 | €172,396 | €142,544 | -€29,852 | -17.3% |
| Furniture and vehicles | 24 | €14,895 | €24,036 | +€9,140 | +61.4% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €197,965 | €201,855 | +€3,889 | +2.0% |
| Stocks and contracts in progress | 3 | €7,393 | €8,168 | +€775 | +10.5% |
| Stocks | 30/36 | €7,393 | €8,168 | +€775 | +10.5% |
| Amounts receivable within one year | 40/41 | €17,538 | €19,827 | +€2,289 | +13.1% |
| Trade receivables | 40 | €7,860 | €2,773 | -€5,087 | -64.7% |
| Other amounts receivable | 41 | €9,678 | €17,054 | +€7,377 | +76.2% |
| Cash at bank and in hand | 54/58 | €164,271 | €172,594 | +€8,323 | +5.1% |
| Deferred charges and accrued income | 490/1 | €8,764 | €1,266 | -€7,498 | -85.6% |
| Total equity and liabilities | 10/49 | €447,263 | €422,125 | -€25,138 | -5.6% |
| Equity | 10/15 | €84,814 | €47,550 | -€37,263 | -43.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,814 | €42,550 | -€37,263 | -46.7% |
| Amounts payable | 17/49 | €362,449 | €374,574 | +€12,125 | +3.3% |
| Amounts payable after more than one year | 17 | €289,556 | €270,863 | -€18,693 | -6.5% |
| Financial debts | 170/4 | €289,556 | €270,863 | -€18,693 | -6.5% |
| Amounts payable within one year | 42/48 | €72,893 | €101,591 | +€28,699 | +39.4% |
| Trade debts | 44 | €36,419 | €38,105 | +€1,685 | +4.6% |
| Suppliers | 440/4 | €36,419 | €38,105 | +€1,685 | +4.6% |
| Taxes, remuneration and social security | 45 | €36,473 | €39,957 | +€3,483 | +9.6% |
| Taxes | 450/3 | €9,265 | €9,905 | +€640 | +6.9% |
| Remuneration and social security | 454/9 | €27,208 | €30,051 | +€2,843 | +10.4% |
| Other amounts payable | 47/48 | - | €23,530 | +€23,530 | |
| Accrued charges and deferred income | 492/3 | - | €2,120 | +€2,120 | |
| Remuneration, social security and pensions | 62 | €239,112 | €254,006 | +€14,894 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,789 | €51,198 | +€409 | +0.8% |
| Other operating charges | 640/8 | €3,945 | €5,497 | +€1,552 | +39.3% |
| Gross operating margin | 9900 | €334,257 | €305,356 | -€28,901 | -8.6% |
| Operating profit (loss) | 9901 | €40,412 | -€5,344 | -€45,756 | |
| Financial income | 75/76B | €0 | €29 | +€29 | +293,600% |
| Recurring financial income | 75 | €0 | €29 | +€29 | +293,600% |
| Financial charges | 65/66B | €9,559 | €8,007 | -€1,552 | -16.2% |
| Recurring financial charges | 65 | €9,559 | €8,007 | -€1,552 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €30,853 | -€13,322 | -€44,175 | |
| Income taxes | 67/77 | €6,455 | €411 | -€6,043 | -93.6% |
| Profit (loss) for the period | 9904 | €24,398 | -€13,733 | -€38,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,398 | -€13,733 | -€38,132 |
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 16 October 2026 via checked.be.