MAJTIM: 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.
MAJTIM
Largest movements
- Tangible fixed assets -€20,585
down €20,585 (-30.2%), from €68,201 to €47,616
of which Furniture and vehicles: -€20,541
- Current investments +€7,248
up €7,248 (+1.8%), from €411,591 to €418,840
- Reserves -€80,874
down €80,874 (-16.1%), from €502,516 to €421,643
- Other debts +€65,312
up €65,312 (+106.0%), from €61,623 to €126,936
- Gross operating margin -€37,451
down €37,451 (-19.7%), from €189,797 to €152,346
- Financial income +€12,114
up €12,114 (+154.8%), from €7,825 to €19,939
- Taxes -€7,281
down €7,281 (-13.3%), from €54,756 to €47,476
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 | €593,774 | €575,613 | -€18,160 | -3.1% |
| Fixed assets | 21/28 | €68,201 | €47,616 | -€20,585 | -30.2% |
| Tangible fixed assets | 22/27 | €68,201 | €47,616 | -€20,585 | -30.2% |
| Plant, machinery and equipment | 23 | €5,825 | €5,780 | -€45 | -0.8% |
| Furniture and vehicles | 24 | €62,376 | €41,835 | -€20,541 | -32.9% |
| Current assets | 29/58 | €525,572 | €527,998 | +€2,425 | +0.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €26,775 | €26,447 | -€328 | -1.2% |
| Trade receivables | 40 | €24,706 | €24,378 | -€328 | -1.3% |
| Other amounts receivable | 41 | €2,069 | €2,069 | = | 0.0% |
| Current investments | 50/53 | €411,591 | €418,840 | +€7,248 | +1.8% |
| Cash at bank and in hand | 54/58 | €81,865 | €77,090 | -€4,776 | -5.8% |
| Deferred charges and accrued income | 490/1 | €5,341 | €5,621 | +€280 | +5.2% |
| Total equity and liabilities | 10/49 | €593,774 | €575,613 | -€18,160 | -3.1% |
| Equity | 10/15 | €516,197 | €435,324 | -€80,874 | -15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €502,516 | €421,643 | -€80,874 | -16.1% |
| Distributable reserves | 133 | €502,516 | €421,643 | -€80,874 | -16.1% |
| Profit (loss) carried forward | 14 | €1,281 | €1,281 | = | 0.0% |
| Amounts payable | 17/49 | €77,576 | €140,290 | +€62,714 | +80.8% |
| Amounts payable within one year | 42/48 | €77,576 | €140,290 | +€62,714 | +80.8% |
| Trade debts | 44 | €4,650 | €343 | -€4,307 | -92.6% |
| Suppliers | 440/4 | €4,650 | €343 | -€4,307 | -92.6% |
| Taxes, remuneration and social security | 45 | €11,303 | €13,011 | +€1,708 | +15.1% |
| Taxes | 450/3 | €11,303 | €11,861 | +€558 | +4.9% |
| Remuneration and social security | 454/9 | €0 | €1,150 | +€1,150 | |
| Other amounts payable | 47/48 | €61,623 | €126,936 | +€65,312 | +106.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,655 | €22,647 | -€8 | 0.0% |
| Other operating charges | 640/8 | €899 | €816 | -€83 | -9.2% |
| Non-recurring operating charges | 66A | - | €714 | +€714 | |
| Gross operating margin | 9900 | €189,797 | €152,346 | -€37,451 | -19.7% |
| Operating profit (loss) | 9901 | €166,243 | €128,169 | -€38,074 | -22.9% |
| Financial income | 75/76B | €7,825 | €19,939 | +€12,114 | +154.8% |
| Recurring financial income | 75 | €7,825 | €19,939 | +€12,114 | +154.8% |
| Financial charges | 65/66B | €221 | €310 | +€89 | +40.4% |
| Recurring financial charges | 65 | €221 | €310 | +€89 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €173,848 | €147,799 | -€26,049 | -15.0% |
| Income taxes | 67/77 | €54,756 | €47,476 | -€7,281 | -13.3% |
| Profit (loss) for the period | 9904 | €119,092 | €100,323 | -€18,769 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,092 | €100,323 | -€18,769 | -15.8% |
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 11 October 2026 via checked.be.