MAJORE: 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.
MAJORE
Largest movements
- Deferred charges and accrued income -€36,254
down €36,254 (-99.1%), from €36,576 to €322
- Receivables within one year +€34,540
up €34,540 (+38.9%), from €88,752 to €123,292
of which Other amounts receivable: +€52,075
- Cash +€13,877
up €13,877 (+55.4%), from €25,050 to €38,927
mainly Deferred charges and accrued income (+€36,254) and Net result for the year (+€29,356)
- Tangible fixed assets +€4,671
up €4,671 (+288.3%), from €1,620 to €6,292
of which Plant, machinery and equipment: +€3,017
- Reserves +€29,356
up €29,356 (+27.9%), from €105,111 to €134,467
- Tax, wage and social debts -€10,806
down €10,806 (-23.7%), from €45,564 to €34,758
- Gross operating margin -€87,425
down €87,425 (-71.8%), from €121,689 to €34,264
- Taxes -€18,650
down €18,650 (-69.8%), from €26,704 to €8,054
- Financial income +€3,075
up €3,075 (+145.7%), from €2,110 to €5,185
- Depreciation +€1,225
up €1,225 (+248.9%), from €492 to €1,716
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 | €151,999 | €169,575 | +€17,576 | +11.6% |
| Fixed assets | 21/28 | €1,620 | €6,292 | +€4,671 | +288.3% |
| Tangible fixed assets | 22/27 | €1,620 | €6,292 | +€4,671 | +288.3% |
| Plant, machinery and equipment | 23 | €1,212 | €4,229 | +€3,017 | +248.8% |
| Furniture and vehicles | 24 | €408 | €2,062 | +€1,654 | +405.6% |
| Current assets | 29/58 | €150,378 | €163,284 | +€12,905 | +8.6% |
| Stocks and contracts in progress | 3 | - | €742 | +€742 | |
| Stocks | 30/36 | - | €742 | +€742 | |
| Amounts receivable within one year | 40/41 | €88,752 | €123,292 | +€34,540 | +38.9% |
| Trade receivables | 40 | €17,656 | €121 | -€17,535 | -99.3% |
| Other amounts receivable | 41 | €71,096 | €123,171 | +€52,075 | +73.2% |
| Cash at bank and in hand | 54/58 | €25,050 | €38,927 | +€13,877 | +55.4% |
| Deferred charges and accrued income | 490/1 | €36,576 | €322 | -€36,254 | -99.1% |
| Total equity and liabilities | 10/49 | €151,999 | €169,575 | +€17,576 | +11.6% |
| Equity | 10/15 | €105,211 | €134,567 | +€29,356 | +27.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €105,111 | €134,467 | +€29,356 | +27.9% |
| Distributable reserves | 133 | €105,111 | €134,467 | +€29,356 | +27.9% |
| Amounts payable | 17/49 | €46,787 | €35,008 | -€11,779 | -25.2% |
| Amounts payable within one year | 42/48 | €46,787 | €35,008 | -€11,779 | -25.2% |
| Trade debts | 44 | €1,223 | €250 | -€973 | -79.5% |
| Suppliers | 440/4 | €1,223 | €250 | -€973 | -79.5% |
| Taxes, remuneration and social security | 45 | €45,564 | €34,758 | -€10,806 | -23.7% |
| Taxes | 450/3 | €45,564 | €34,758 | -€10,806 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €492 | €1,716 | +€1,225 | +248.9% |
| Other operating charges | 640/8 | €339 | €203 | -€136 | -40.0% |
| Gross operating margin | 9900 | €121,689 | €34,264 | -€87,425 | -71.8% |
| Operating profit (loss) | 9901 | €120,858 | €32,345 | -€88,513 | -73.2% |
| Financial income | 75/76B | €2,110 | €5,185 | +€3,075 | +145.7% |
| Recurring financial income | 75 | €2,110 | €5,185 | +€3,075 | +145.7% |
| Financial charges | 65/66B | €83 | €121 | +€38 | +45.6% |
| Recurring financial charges | 65 | €83 | €121 | +€38 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €122,885 | €37,409 | -€85,476 | -69.6% |
| Income taxes | 67/77 | €26,704 | €8,054 | -€18,650 | -69.8% |
| Profit (loss) for the period | 9904 | €96,181 | €29,356 | -€66,826 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €96,181 | €29,356 | -€66,826 | -69.5% |
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 4 October 2026 via checked.be.