MAJORELLE: 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.
MAJORELLE
Largest movements
- Receivables within one year -€50,074
down €50,074 (-84.1%), from €59,518 to €9,444
of which Trade receivables: -€46,201
- Tangible fixed assets +€21,622
up €21,622 (+52.1%), from €41,498 to €63,120
of which Furniture and vehicles: +€25,166
- Cash +€13,330
up €13,330 (+37.9%), from €35,214 to €48,544
mainly Receivables within one year (+€50,074) and Depreciation (+€23,707)
- Debts after one year -€11,214
down €11,214 (-28.7%), from €39,013 to €27,799
of which Financial debts: -€11,214
- Tax, wage and social debts -€3,620
down €3,620 (-23.7%), from €15,301 to €11,681
of which Taxes: -€7,465
- Reserves +€2,937
up €2,937 (+7.8%), from €37,885 to €40,822
- Current portion of long-term debt -€2,806
down €2,806 (-18.1%), from €15,495 to €12,689
- Staff costs +€14,165
up €14,165 (+18.3%), from €77,319 to €91,484
- Depreciation +€10,800
up €10,800 (+83.7%), from €12,907 to €23,707
- Other operating charges -€7,026
down €7,026 (-86.5%), from €8,122 to €1,096
- Gross operating margin +€5,325
up €5,325 (+4.5%), from €118,630 to €123,955
- Taxes -€4,048
down €4,048 (-71.3%), from €5,679 to €1,631
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 | €138,103 | €124,299 | -€13,804 | -10.0% |
| Fixed assets | 21/28 | €41,578 | €63,200 | +€21,622 | +52.0% |
| Tangible fixed assets | 22/27 | €41,498 | €63,120 | +€21,622 | +52.1% |
| Plant, machinery and equipment | 23 | €18,708 | €15,938 | -€2,769 | -14.8% |
| Furniture and vehicles | 24 | €18,143 | €43,308 | +€25,166 | +139% |
| Other tangible fixed assets | 26 | €4,647 | €3,873 | -€774 | -16.7% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €96,525 | €61,099 | -€35,426 | -36.7% |
| Amounts receivable within one year | 40/41 | €59,518 | €9,444 | -€50,074 | -84.1% |
| Trade receivables | 40 | €55,646 | €9,444 | -€46,201 | -83.0% |
| Other amounts receivable | 41 | €3,873 | €0 | -€3,873 | -100% |
| Cash at bank and in hand | 54/58 | €35,214 | €48,544 | +€13,330 | +37.9% |
| Deferred charges and accrued income | 490/1 | €1,793 | €3,110 | +€1,318 | +73.5% |
| Total equity and liabilities | 10/49 | €138,103 | €124,299 | -€13,804 | -10.0% |
| Equity | 10/15 | €64,658 | €67,594 | +€2,937 | +4.5% |
| Contributions | 10/11 | €26,773 | €26,773 | = | 0.0% |
| Reserves | 13 | €37,885 | €40,822 | +€2,937 | +7.8% |
| Distributable reserves | 133 | €37,885 | €40,822 | +€2,937 | +7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,445 | €56,705 | -€16,741 | -22.8% |
| Amounts payable after more than one year | 17 | €39,013 | €27,799 | -€11,214 | -28.7% |
| Financial debts | 170/4 | €39,013 | €27,799 | -€11,214 | -28.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €33,615 | €28,096 | -€5,519 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €15,495 | €12,689 | -€2,806 | -18.1% |
| Trade debts | 44 | €1,986 | €3,053 | +€1,067 | +53.7% |
| Suppliers | 440/4 | €1,986 | €3,053 | +€1,067 | +53.7% |
| Taxes, remuneration and social security | 45 | €15,301 | €11,681 | -€3,620 | -23.7% |
| Taxes | 450/3 | €12,787 | €5,321 | -€7,465 | -58.4% |
| Remuneration and social security | 454/9 | €2,515 | €6,360 | +€3,845 | +153% |
| Other amounts payable | 47/48 | €833 | €672 | -€161 | -19.3% |
| Accrued charges and deferred income | 492/3 | €818 | €810 | -€7 | -0.9% |
| Non-recurring operating income | 76A | €0 | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €77,319 | €91,484 | +€14,165 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,907 | €23,707 | +€10,800 | +83.7% |
| Other operating charges | 640/8 | €8,122 | €1,096 | -€7,026 | -86.5% |
| Non-recurring operating charges | 66A | - | €46 | +€46 | |
| Gross operating margin | 9900 | €118,630 | €123,955 | +€5,325 | +4.5% |
| Operating profit (loss) | 9901 | €20,283 | €7,623 | -€12,660 | -62.4% |
| Financial income | 75/76B | €350 | €4 | -€346 | -98.9% |
| Recurring financial income | 75 | €350 | €4 | -€346 | -98.9% |
| Financial charges | 65/66B | €1,909 | €3,060 | +€1,150 | +60.2% |
| Recurring financial charges | 65 | €1,909 | €3,060 | +€1,150 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | €18,723 | €4,567 | -€14,156 | -75.6% |
| Income taxes | 67/77 | €5,679 | €1,631 | -€4,048 | -71.3% |
| Profit (loss) for the period | 9904 | €13,044 | €2,937 | -€10,107 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,044 | €2,937 | -€10,107 | -77.5% |
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 23 October 2026 via checked.be.