MAJUCEM: 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.
MAJUCEM
Largest movements
- Stocks and contracts +€11,506
up €11,506 (+9.5%), from €121,618 to €133,124
- Tangible fixed assets -€3,860
down €3,860 (-24.3%), from €15,893 to €12,033
of which Other tangible fixed assets: -€2,644
- Trade debts -€19,821
down €19,821 (-32.4%), from €61,213 to €41,392
- Debts after one year +€18,378
new in 2026: €18,378
- Current portion of long-term debt +€9,092
up €9,092 (+224%), from €4,056 to €13,148
- Profit (loss) carried forward +€6,218
up €6,218 (+30.2%), from €20,608 to €26,826
- Tax, wage and social debts -€2,757
down €2,757 (-21.2%), from €13,035 to €10,278
- Gross operating margin -€4,396
down €4,396 (-20.9%), from €21,041 to €16,645
- Depreciation -€1,811
down €1,811 (-31.9%), from €5,671 to €3,860
- Financial charges +€1,687
up €1,687 (+86.4%), from €1,952 to €3,639
- Taxes -€960
down €960 (-28.8%), from €3,336 to €2,376
From the 2025 result to the 2026 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
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,855 | €153,484 | +€8,629 | +6.0% |
| Fixed assets | 21/28 | €15,893 | €12,033 | -€3,860 | -24.3% |
| Tangible fixed assets | 22/27 | €15,893 | €12,033 | -€3,860 | -24.3% |
| Furniture and vehicles | 24 | €1,819 | €603 | -€1,216 | -66.8% |
| Other tangible fixed assets | 26 | €14,074 | €11,430 | -€2,644 | -18.8% |
| Current assets | 29/58 | €128,962 | €141,451 | +€12,489 | +9.7% |
| Stocks and contracts in progress | 3 | €121,618 | €133,124 | +€11,506 | +9.5% |
| Stocks | 30/36 | €121,618 | €133,124 | +€11,506 | +9.5% |
| Amounts receivable within one year | 40/41 | €3,733 | €4,720 | +€987 | +26.4% |
| Trade receivables | 40 | €3,733 | €4,720 | +€987 | +26.4% |
| Cash at bank and in hand | 54/58 | €2,852 | €3,607 | +€755 | +26.5% |
| Deferred charges and accrued income | 490/1 | €759 | - | -€759 | |
| Total equity and liabilities | 10/49 | €144,855 | €153,484 | +€8,629 | +6.0% |
| Equity | 10/15 | €35,608 | €41,826 | +€6,218 | +17.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,608 | €26,826 | +€6,218 | +30.2% |
| Amounts payable | 17/49 | €109,247 | €111,658 | +€2,411 | +2.2% |
| Amounts payable after more than one year | 17 | - | €18,378 | +€18,378 | |
| Financial debts | 170/4 | - | €18,378 | +€18,378 | |
| Amounts payable within one year | 42/48 | €109,247 | €93,280 | -€15,967 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €4,056 | €13,148 | +€9,092 | +224% |
| Trade debts | 44 | €61,213 | €41,392 | -€19,821 | -32.4% |
| Suppliers | 440/4 | €61,213 | €41,392 | -€19,821 | -32.4% |
| Taxes, remuneration and social security | 45 | €13,035 | €10,278 | -€2,757 | -21.2% |
| Taxes | 450/3 | €13,035 | €10,278 | -€2,757 | -21.2% |
| Other amounts payable | 47/48 | €30,943 | €28,462 | -€2,481 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,671 | €3,860 | -€1,811 | -31.9% |
| Other operating charges | 640/8 | €614 | €587 | -€27 | -4.4% |
| Gross operating margin | 9900 | €21,041 | €16,645 | -€4,396 | -20.9% |
| Operating profit (loss) | 9901 | €14,756 | €12,198 | -€2,558 | -17.3% |
| Financial income | 75/76B | €14 | €35 | +€21 | +150% |
| Recurring financial income | 75 | €14 | €35 | +€21 | +150% |
| Financial charges | 65/66B | €1,952 | €3,639 | +€1,687 | +86.4% |
| Recurring financial charges | 65 | €1,952 | €3,639 | +€1,687 | +86.4% |
| Profit (loss) for the period before taxes | 9903 | €12,818 | €8,594 | -€4,224 | -33.0% |
| Income taxes | 67/77 | €3,336 | €2,376 | -€960 | -28.8% |
| Profit (loss) for the period | 9904 | €9,482 | €6,218 | -€3,264 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,482 | €6,218 | -€3,264 | -34.4% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.