MAJOTHO: 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.
MAJOTHO
Largest movements
- Receivables within one year +€119,717
up €119,717 (+48.2%), from €248,465 to €368,182
of which Other amounts receivable: +€359,781
- Tangible fixed assets -€46,674
down €46,674 (-59.6%), from €78,323 to €31,648
of which Plant, machinery and equipment: -€23,713
- Cash -€27,037
down €27,037 (-93.3%), from €28,979 to €1,943
mainly Receivables within one year (-€119,717) and Deferred charges and accrued income (-€616)
- Reserves +€27,040
up €27,040 (+3.7%), from €722,771 to €749,811
- Other debts +€15,219
up €15,219 (+3.3%), from €454,828 to €470,047
- Financial charges -€35,804
down €35,804 (-99.5%), from €35,979 to €175
- Depreciation -€7,320
down €7,320 (-13.6%), from €53,994 to €46,674
- Taxes +€5,784
up €5,784 (+2853.5%), from €203 to €5,987
- Gross operating margin -€4,217
down €4,217 (-4.8%), from €88,475 to €84,258
- Write-downs +€2,500
new in 2025: €2,500
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 | €1,253,838 | €1,300,461 | +€46,623 | +3.7% |
| Fixed assets | 21/28 | €972,323 | €925,648 | -€46,674 | -4.8% |
| Tangible fixed assets | 22/27 | €78,323 | €31,648 | -€46,674 | -59.6% |
| Plant, machinery and equipment | 23 | €42,037 | €18,324 | -€23,713 | -56.4% |
| Furniture and vehicles | 24 | €36,286 | €13,325 | -€22,962 | -63.3% |
| Financial fixed assets | 28 | €894,000 | €894,000 | = | 0.0% |
| Current assets | 29/58 | €281,515 | €374,812 | +€93,297 | +33.1% |
| Amounts receivable within one year | 40/41 | €248,465 | €368,182 | +€119,717 | +48.2% |
| Trade receivables | 40 | €240,064 | €0 | -€240,064 | -100.0% |
| Other amounts receivable | 41 | €8,401 | €368,182 | +€359,781 | +4282.5% |
| Cash at bank and in hand | 54/58 | €28,979 | €1,943 | -€27,037 | -93.3% |
| Deferred charges and accrued income | 490/1 | €4,071 | €4,687 | +€616 | +15.1% |
| Total equity and liabilities | 10/49 | €1,253,838 | €1,300,461 | +€46,623 | +3.7% |
| Equity | 10/15 | €735,171 | €762,211 | +€27,040 | +3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €722,771 | €749,811 | +€27,040 | +3.7% |
| Distributable reserves | 133 | €722,771 | €749,811 | +€27,040 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €518,667 | €538,250 | +€19,582 | +3.8% |
| Amounts payable within one year | 42/48 | €457,573 | €477,155 | +€19,582 | +4.3% |
| Trade debts | 44 | €718 | €685 | -€34 | -4.7% |
| Suppliers | 440/4 | €718 | €685 | -€34 | -4.7% |
| Taxes, remuneration and social security | 45 | €2,026 | €6,424 | +€4,397 | +217.0% |
| Taxes | 450/3 | €2,026 | €6,424 | +€4,397 | +217.0% |
| Other amounts payable | 47/48 | €454,828 | €470,047 | +€15,219 | +3.3% |
| Accrued charges and deferred income | 492/3 | €61,095 | €61,095 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,994 | €46,674 | -€7,320 | -13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,500 | +€2,500 | |
| Other operating charges | 640/8 | €1,876 | €1,882 | +€6 | +0.3% |
| Gross operating margin | 9900 | €88,475 | €84,258 | -€4,217 | -4.8% |
| Operating profit (loss) | 9901 | €32,605 | €33,202 | +€597 | +1.8% |
| Financial income | 75/76B | €138 | €0 | -€138 | -100.0% |
| Recurring financial income | 75 | €138 | €0 | -€138 | -100.0% |
| Financial charges | 65/66B | €35,979 | €175 | -€35,804 | -99.5% |
| Recurring financial charges | 65 | €35,979 | €175 | -€35,804 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,236 | €33,027 | +€36,263 | |
| Income taxes | 67/77 | €203 | €5,987 | +€5,784 | +2853.5% |
| Profit (loss) for the period | 9904 | -€3,439 | €27,040 | +€30,479 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,439 | €27,040 | +€30,479 |
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.