MAJUBA: 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.
MAJUBA
Largest movements
- Cash +€62,352
up €62,352 (+30.6%), from €203,505 to €265,857
mainly Other debts (+€168,835) and Net result for the year (+€115,420)
- Receivables within one year +€24,399
up €24,399 (+34.4%), from €70,890 to €95,288
of which Trade receivables: +€39,140
- Tangible fixed assets +€14,691
up €14,691 (+119.5%), from €12,293 to €26,983
- Other debts +€168,835
new in 2025: €168,835
- Reserves -€69,080
down €69,080 (-26.1%), from €265,127 to €196,048
- Gross operating margin +€70,086
up €70,086 (+81.4%), from €86,127 to €156,213
- Taxes +€17,567
up €17,567 (+98.6%), from €17,814 to €35,381
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 | €291,225 | €393,067 | +€101,842 | +35.0% |
| Fixed assets | 21/28 | €12,293 | €26,983 | +€14,691 | +119.5% |
| Tangible fixed assets | 22/27 | €12,293 | €26,983 | +€14,691 | +119.5% |
| Furniture and vehicles | 24 | €12,293 | €26,983 | +€14,691 | +119.5% |
| Current assets | 29/58 | €278,932 | €366,083 | +€87,151 | +31.2% |
| Amounts receivable within one year | 40/41 | €70,890 | €95,288 | +€24,399 | +34.4% |
| Trade receivables | 40 | €55,860 | €95,000 | +€39,140 | +70.1% |
| Other amounts receivable | 41 | €15,030 | €288 | -€14,741 | -98.1% |
| Cash at bank and in hand | 54/58 | €203,505 | €265,857 | +€62,352 | +30.6% |
| Deferred charges and accrued income | 490/1 | €4,537 | €4,937 | +€401 | +8.8% |
| Total equity and liabilities | 10/49 | €291,225 | €393,067 | +€101,842 | +35.0% |
| Equity | 10/15 | €268,127 | €199,048 | -€69,080 | -25.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €265,127 | €196,048 | -€69,080 | -26.1% |
| Distributable reserves | 133 | €265,127 | €196,048 | -€69,080 | -26.1% |
| Amounts payable | 17/49 | €23,097 | €194,019 | +€170,921 | +740.0% |
| Amounts payable within one year | 42/48 | €23,097 | €194,019 | +€170,921 | +740.0% |
| Trade debts | 44 | €1,806 | €2,241 | +€435 | +24.1% |
| Suppliers | 440/4 | €1,806 | €2,241 | +€435 | +24.1% |
| Taxes, remuneration and social security | 45 | €21,291 | €22,943 | +€1,652 | +7.8% |
| Taxes | 450/3 | €21,291 | €22,943 | +€1,652 | +7.8% |
| Other amounts payable | 47/48 | - | €168,835 | +€168,835 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,297 | €4,647 | +€1,350 | +40.9% |
| Other operating charges | 640/8 | €906 | €641 | -€266 | -29.3% |
| Gross operating margin | 9900 | €86,127 | €156,213 | +€70,086 | +81.4% |
| Operating profit (loss) | 9901 | €81,923 | €150,925 | +€69,002 | +84.2% |
| Financial income | 75/76B | €1,281 | €2 | -€1,279 | -99.8% |
| Recurring financial income | 75 | €1,281 | €2 | -€1,279 | -99.8% |
| Financial charges | 65/66B | €165 | €126 | -€39 | -23.5% |
| Recurring financial charges | 65 | €165 | €126 | -€39 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €83,039 | €150,801 | +€67,762 | +81.6% |
| Income taxes | 67/77 | €17,814 | €35,381 | +€17,567 | +98.6% |
| Profit (loss) for the period | 9904 | €65,225 | €115,420 | +€50,195 | +77.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,225 | €115,420 | +€50,195 | +77.0% |
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 10 October 2026 via checked.be.