MAJSTER: 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.
MAJSTER
Largest movements
- Receivables within one year +€21,838
up €21,838 (+15.8%), from €138,286 to €160,125
of which Trade receivables: +€38,402
- Tangible fixed assets -€5,363
down €5,363 (-89.7%), from €5,976 to €613
of which Leasing and similar rights: -€4,653
- Stocks and contracts +€3,719
new in 2025: €3,719
- Other debts +€16,255
up €16,255 (+67.0%), from €24,277 to €40,532
- Short-term financial debts +€6,444
up €6,444 (+22.2%), from €28,969 to €35,412
- Current portion of long-term debt -€4,300
no longer reported in 2025 (was €4,300)
- Debts after one year -€3,081
no longer reported in 2025 (was €3,081)
- Tax, wage and social debts +€2,568
up €2,568 (+47.3%), from €5,427 to €7,996
- Gross operating margin -€5,170
down €5,170 (-37.0%), from €13,974 to €8,804
- Depreciation -€4,800
down €4,800 (-87.1%), from €5,510 to €710
- Other operating charges -€1,129
down €1,129 (-77.4%), from €1,458 to €330
- Financial charges -€778
down €778 (-14.9%), from €5,239 to €4,461
- Taxes +€348
up €348 (+53.9%), from €646 to €994
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,984 | €165,179 | +€20,194 | +13.9% |
| Fixed assets | 21/28 | €6,698 | €1,335 | -€5,363 | -80.1% |
| Tangible fixed assets | 22/27 | €5,976 | €613 | -€5,363 | -89.7% |
| Plant, machinery and equipment | 23 | €937 | €405 | -€532 | -56.8% |
| Furniture and vehicles | 24 | €386 | €208 | -€178 | -46.2% |
| Leasing and similar rights | 25 | €4,653 | - | -€4,653 | |
| Financial fixed assets | 28 | €722 | €722 | = | 0.0% |
| Current assets | 29/58 | €138,286 | €163,844 | +€25,558 | +18.5% |
| Stocks and contracts in progress | 3 | - | €3,719 | +€3,719 | |
| Stocks | 30/36 | - | €3,719 | +€3,719 | |
| Amounts receivable within one year | 40/41 | €138,286 | €160,125 | +€21,838 | +15.8% |
| Trade receivables | 40 | €35,808 | €74,210 | +€38,402 | +107% |
| Other amounts receivable | 41 | €102,478 | €85,915 | -€16,564 | -16.2% |
| Total equity and liabilities | 10/49 | €144,984 | €165,179 | +€20,194 | +13.9% |
| Equity | 10/15 | €70,533 | €72,843 | +€2,311 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,933 | €54,243 | +€2,311 | +4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,073 | €52,383 | +€2,311 | +4.6% |
| Amounts payable | 17/49 | €74,452 | €92,335 | +€17,884 | +24.0% |
| Amounts payable after more than one year | 17 | €3,081 | - | -€3,081 | |
| Financial debts | 170/4 | €3,081 | - | -€3,081 | |
| Amounts payable within one year | 42/48 | €71,371 | €92,335 | +€20,965 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €4,300 | - | -€4,300 | |
| Financial debts | 43 | €28,969 | €35,412 | +€6,444 | +22.2% |
| Credit institutions | 430/8 | €28,969 | €35,412 | +€6,444 | +22.2% |
| Trade debts | 44 | €8,398 | €6,415 | -€1,982 | -23.6% |
| Suppliers | 440/4 | €8,398 | €6,415 | -€1,982 | -23.6% |
| Advances received on contracts in progress | 46 | - | €1,980 | +€1,980 | |
| Taxes, remuneration and social security | 45 | €5,427 | €7,996 | +€2,568 | +47.3% |
| Taxes | 450/3 | €5,427 | €7,996 | +€2,568 | +47.3% |
| Other amounts payable | 47/48 | €24,277 | €40,532 | +€16,255 | +67.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,510 | €710 | -€4,800 | -87.1% |
| Other operating charges | 640/8 | €1,458 | €330 | -€1,129 | -77.4% |
| Gross operating margin | 9900 | €13,974 | €8,804 | -€5,170 | -37.0% |
| Operating profit (loss) | 9901 | €7,005 | €7,765 | +€759 | +10.8% |
| Financial income | 75/76B | €42 | €1 | -€42 | -98.4% |
| Recurring financial income | 75 | €42 | €1 | -€42 | -98.4% |
| Financial charges | 65/66B | €5,239 | €4,461 | -€778 | -14.9% |
| Recurring financial charges | 65 | €5,239 | €4,461 | -€778 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €1,809 | €3,305 | +€1,496 | +82.7% |
| Income taxes | 67/77 | €646 | €994 | +€348 | +53.9% |
| Profit (loss) for the period | 9904 | €1,163 | €2,311 | +€1,147 | +98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,163 | €2,311 | +€1,147 | +98.6% |
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 24 October 2026 via checked.be.