MAJUAL: 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.
MAJUAL
Largest movements
- Receivables within one year -€164,168
down €164,168 (-100.0%), from €164,232 to €64
- Cash -€143,968
down €143,968 (-76.0%), from €189,354 to €45,386
mainly Contributions, distributions and other (-€440,000) and Other debts (-€118,715)
- Current investments +€82,488
up €82,488 (+33.0%), from €250,000 to €332,488
- Other debts -€118,715
down €118,715 (-8.4%), from €1.4m to €1.3m
- Debts after one year -€100,778
down €100,778 (-20.5%), from €492,746 to €391,968
- Financial income -€27,930
down €27,930 (-6.0%), from €465,000 to €437,070
- Financial charges -€5,535
down €5,535 (-38.8%), from €14,267 to €8,732
- Gross operating margin +€1,775
up €1,775 (+8.1%), from €22,016 to €23,791
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 | €2,045,262 | €1,801,373 | -€243,889 | -11.9% |
| Fixed assets | 21/28 | €1,441,676 | €1,423,435 | -€18,241 | -1.3% |
| Tangible fixed assets | 22/27 | €320,226 | €301,985 | -€18,241 | -5.7% |
| Land and buildings | 22 | €320,226 | €301,985 | -€18,241 | -5.7% |
| Financial fixed assets | 28 | €1,121,450 | €1,121,450 | = | 0.0% |
| Current assets | 29/58 | €603,586 | €377,938 | -€225,648 | -37.4% |
| Amounts receivable within one year | 40/41 | €164,232 | €64 | -€164,168 | -100.0% |
| Other amounts receivable | 41 | €164,232 | €64 | -€164,168 | -100.0% |
| Current investments | 50/53 | €250,000 | €332,488 | +€82,488 | +33.0% |
| Cash at bank and in hand | 54/58 | €189,354 | €45,386 | -€143,968 | -76.0% |
| Total equity and liabilities | 10/49 | €2,045,262 | €1,801,373 | -€243,889 | -11.9% |
| Equity | 10/15 | €28,694 | €19,585 | -€9,109 | -31.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,094 | €985 | -€9,109 | -90.2% |
| Amounts payable | 17/49 | €2,016,568 | €1,781,788 | -€234,780 | -11.6% |
| Amounts payable after more than one year | 17 | €492,746 | €391,968 | -€100,778 | -20.5% |
| Financial debts | 170/4 | €492,746 | €391,968 | -€100,778 | -20.5% |
| Amounts payable within one year | 42/48 | €1,523,822 | €1,389,820 | -€134,002 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €116,135 | €100,778 | -€15,357 | -13.2% |
| Trade debts | 44 | €1,180 | €1,250 | +€70 | +5.9% |
| Suppliers | 440/4 | €1,180 | €1,250 | +€70 | +5.9% |
| Other amounts payable | 47/48 | €1,406,507 | €1,287,792 | -€118,715 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,241 | €18,241 | = | 0.0% |
| Other operating charges | 640/8 | €2,911 | €2,997 | +€86 | +3.0% |
| Gross operating margin | 9900 | €22,016 | €23,791 | +€1,775 | +8.1% |
| Operating profit (loss) | 9901 | €864 | €2,553 | +€1,689 | +195.5% |
| Financial income | 75/76B | €465,000 | €437,070 | -€27,930 | -6.0% |
| Recurring financial income | 75 | €465,000 | €437,070 | -€27,930 | -6.0% |
| Financial charges | 65/66B | €14,267 | €8,732 | -€5,535 | -38.8% |
| Recurring financial charges | 65 | €14,267 | €8,732 | -€5,535 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €451,597 | €430,891 | -€20,706 | -4.6% |
| Profit (loss) for the period | 9904 | €451,597 | €430,891 | -€20,706 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €451,597 | €430,891 | -€20,706 | -4.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.