MAJULO: 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.
MAJULO
Largest movements
- Tangible fixed assets -€142,164
down €142,164 (-23.6%), from €602,445 to €460,280
of which Other tangible fixed assets: -€104,906
- Cash +€51,802
up €51,802 (+98.7%), from €52,495 to €104,297
mainly Depreciation (+€115,753) and Net result for the year (+€96,701)
- Stocks and contracts +€34,878
up €34,878 (+27.8%), from €125,623 to €160,502
- Receivables within one year +€19,831
up €19,831 (+12.3%), from €161,481 to €181,312
of which Other amounts receivable: +€43,467
- Reserves +€91,805
up €91,805 (+63.1%), from €145,568 to €237,373
of which Distributable reserves: +€91,805
- Debts after one year -€66,106
down €66,106 (-21.5%), from €307,370 to €241,264
- Trade debts -€52,874
down €52,874 (-21.8%), from €242,826 to €189,952
- Tax, wage and social debts -€24,595
down €24,595 (-19.9%), from €123,497 to €98,901
of which Remuneration and social security: -€51,920
- Current portion of long-term debt +€18,873
up €18,873 (+29.4%), from €64,258 to €83,131
- Gross operating margin +€210,004
up €210,004 (+19.4%), from €1.1m to €1.3m
- Staff costs +€148,004
up €148,004 (+17.4%), from €848,880 to €996,884
- Depreciation -€39,114
down €39,114 (-25.3%), from €154,867 to €115,753
- Taxes +€36,575
up €36,575 (+3181.9%), from €1,149 to €37,725
- Other operating charges -€14,899
down €14,899 (-78.5%), from €18,980 to €4,081
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 | €962,696 | €923,924 | -€38,772 | -4.0% |
| Fixed assets | 21/28 | €605,527 | €461,380 | -€144,147 | -23.8% |
| Intangible fixed assets | 21 | €762 | €0 | -€762 | -100.0% |
| Tangible fixed assets | 22/27 | €602,445 | €460,280 | -€142,164 | -23.6% |
| Land and buildings | 22 | €8,795 | €7,534 | -€1,260 | -14.3% |
| Plant, machinery and equipment | 23 | €82,333 | €54,173 | -€28,160 | -34.2% |
| Furniture and vehicles | 24 | €36,637 | €28,799 | -€7,838 | -21.4% |
| Other tangible fixed assets | 26 | €474,680 | €369,774 | -€104,906 | -22.1% |
| Financial fixed assets | 28 | €2,320 | €1,100 | -€1,220 | -52.6% |
| Current assets | 29/58 | €357,168 | €462,543 | +€105,375 | +29.5% |
| Stocks and contracts in progress | 3 | €125,623 | €160,502 | +€34,878 | +27.8% |
| Stocks | 30/36 | €125,623 | €160,502 | +€34,878 | +27.8% |
| Amounts receivable within one year | 40/41 | €161,481 | €181,312 | +€19,831 | +12.3% |
| Trade receivables | 40 | €142,533 | €118,898 | -€23,635 | -16.6% |
| Other amounts receivable | 41 | €18,948 | €62,414 | +€43,467 | +229.4% |
| Cash at bank and in hand | 54/58 | €52,495 | €104,297 | +€51,802 | +98.7% |
| Deferred charges and accrued income | 490/1 | €17,569 | €16,432 | -€1,137 | -6.5% |
| Total equity and liabilities | 10/49 | €962,696 | €923,924 | -€38,772 | -4.0% |
| Equity | 10/15 | €146,872 | €243,573 | +€96,701 | +65.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €145,568 | €237,373 | +€91,805 | +63.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €145,568 | €237,373 | +€91,805 | +63.1% |
| Profit (loss) carried forward | 14 | -€4,895 | €0 | +€4,895 | |
| Amounts payable | 17/49 | €815,823 | €680,351 | -€135,473 | -16.6% |
| Amounts payable after more than one year | 17 | €307,370 | €241,264 | -€66,106 | -21.5% |
| Financial debts | 170/4 | €307,370 | €241,264 | -€66,106 | -21.5% |
| Amounts payable within one year | 42/48 | €507,097 | €438,732 | -€68,365 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €64,258 | €83,131 | +€18,873 | +29.4% |
| Financial debts | 43 | €2,728 | €0 | -€2,728 | -100.0% |
| Credit institutions | 430/8 | €2,728 | €0 | -€2,728 | -100.0% |
| Trade debts | 44 | €242,826 | €189,952 | -€52,874 | -21.8% |
| Suppliers | 440/4 | €242,826 | €189,952 | -€52,874 | -21.8% |
| Taxes, remuneration and social security | 45 | €123,497 | €98,901 | -€24,595 | -19.9% |
| Taxes | 450/3 | €11,204 | €38,529 | +€27,325 | +243.9% |
| Remuneration and social security | 454/9 | €112,293 | €60,373 | -€51,920 | -46.2% |
| Other amounts payable | 47/48 | €73,788 | €66,748 | -€7,040 | -9.5% |
| Accrued charges and deferred income | 492/3 | €1,356 | €355 | -€1,001 | -73.8% |
| Remuneration, social security and pensions | 62 | €848,880 | €996,884 | +€148,004 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,867 | €115,753 | -€39,114 | -25.3% |
| Other operating charges | 640/8 | €18,980 | €4,081 | -€14,899 | -78.5% |
| Gross operating margin | 9900 | €1,081,810 | €1,291,814 | +€210,004 | +19.4% |
| Operating profit (loss) | 9901 | €59,083 | €175,097 | +€116,013 | +196.4% |
| Financial income | 75/76B | €292 | €679 | +€387 | +132.7% |
| Recurring financial income | 75 | €292 | €679 | +€387 | +132.7% |
| Financial charges | 65/66B | €41,222 | €41,350 | +€128 | +0.3% |
| Recurring financial charges | 65 | €41,222 | €41,350 | +€128 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €18,153 | €134,426 | +€116,272 | +640.5% |
| Income taxes | 67/77 | €1,149 | €37,725 | +€36,575 | +3181.9% |
| Profit (loss) for the period | 9904 | €17,004 | €96,701 | +€79,697 | +468.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,004 | €96,701 | +€79,697 | +468.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.