MAJONA: 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.
MAJONA
Largest movements
- Cash -€197,222
down €197,222 (-49.6%), from €397,467 to €200,244
mainly Accrued charges and deferred income (-€187,102) and Other debts (-€36,297)
- Tangible fixed assets +€8,475
up €8,475 (+11.7%), from €72,607 to €81,082
of which Plant, machinery and equipment: +€26,132
- Receivables within one year -€7,218
no longer reported in 2025 (was €7,218)
- Accrued charges and deferred income -€187,102
no longer reported in 2025 (was €187,102)
- Other debts -€36,297
down €36,297 (-85.8%), from €42,285 to €5,988
- Reserves +€17,993
up €17,993 (+8.4%), from €213,473 to €231,466
of which Distributable reserves: +€17,993
- Tax, wage and social debts +€6,117
up €6,117 (+24.0%), from €25,538 to €31,655
of which Taxes: +€10,979
- Gross operating margin -€238,454
down €238,454 (-75.2%), from €316,905 to €78,451
- Depreciation -€119,247
down €119,247 (-86.3%), from €138,129 to €18,882
- Staff costs -€96,379
down €96,379 (-82.5%), from €116,782 to €20,403
- Taxes -€7,198
down €7,198 (-40.2%), from €17,926 to €10,729
- Financial charges -€4,539
down €4,539 (-100.0%), from €4,539 to €0
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 | €477,852 | €281,886 | -€195,966 | -41.0% |
| Fixed assets | 21/28 | €73,167 | €81,642 | +€8,475 | +11.6% |
| Tangible fixed assets | 22/27 | €72,607 | €81,082 | +€8,475 | +11.7% |
| Plant, machinery and equipment | 23 | €1,080 | €27,212 | +€26,132 | +2418.6% |
| Furniture and vehicles | 24 | €71,526 | €53,870 | -€17,657 | -24.7% |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €404,685 | €200,244 | -€204,440 | -50.5% |
| Amounts receivable within one year | 40/41 | €7,218 | - | -€7,218 | |
| Trade receivables | 40 | €7,218 | - | -€7,218 | |
| Cash at bank and in hand | 54/58 | €397,467 | €200,244 | -€197,222 | -49.6% |
| Total equity and liabilities | 10/49 | €477,852 | €281,886 | -€195,966 | -41.0% |
| Equity | 10/15 | €219,673 | €237,666 | +€17,993 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €213,473 | €231,466 | +€17,993 | +8.4% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €212,853 | €230,846 | +€17,993 | +8.5% |
| Amounts payable | 17/49 | €258,179 | €44,220 | -€213,959 | -82.9% |
| Amounts payable within one year | 42/48 | €71,077 | €44,220 | -€26,857 | -37.8% |
| Trade debts | 44 | €3,254 | €6,577 | +€3,323 | +102.1% |
| Suppliers | 440/4 | €3,254 | €6,577 | +€3,323 | +102.1% |
| Taxes, remuneration and social security | 45 | €25,538 | €31,655 | +€6,117 | +24.0% |
| Taxes | 450/3 | €17,926 | €28,905 | +€10,979 | +61.2% |
| Remuneration and social security | 454/9 | €7,612 | €2,750 | -€4,862 | -63.9% |
| Other amounts payable | 47/48 | €42,285 | €5,988 | -€36,297 | -85.8% |
| Accrued charges and deferred income | 492/3 | €187,102 | - | -€187,102 | |
| Remuneration, social security and pensions | 62 | €116,782 | €20,403 | -€96,379 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,129 | €18,882 | -€119,247 | -86.3% |
| Other operating charges | 640/8 | €2,226 | €1,675 | -€551 | -24.8% |
| Non-recurring operating charges | 66A | - | €8,631 | +€8,631 | |
| Gross operating margin | 9900 | €316,905 | €78,451 | -€238,454 | -75.2% |
| Operating profit (loss) | 9901 | €59,768 | €28,861 | -€30,907 | -51.7% |
| Financial income | 75/76B | €364 | €694 | +€331 | +91.0% |
| Recurring financial income | 75 | €364 | €694 | +€331 | +91.0% |
| Financial charges | 65/66B | €4,539 | €0 | -€4,539 | -100.0% |
| Recurring financial charges | 65 | €4,539 | €0 | -€4,539 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €55,593 | €29,555 | -€26,038 | -46.8% |
| Income taxes | 67/77 | €17,926 | €10,729 | -€7,198 | -40.2% |
| Profit (loss) for the period | 9904 | €37,666 | €18,826 | -€18,840 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,666 | €18,826 | -€18,840 | -50.0% |
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 9 October 2026 via checked.be.