P.C. MAJÉRUS: 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.
What changed
P.C. MAJÉRUS
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€162,952
2024 · €5,999+€156,953
Equity
€205,070
2024 · €42,118+€162,952
Cash
€49,424
2024 · €48,495+€929
Balance sheet total
€2.5m
2024 · €2.2m+€296,121
Largest movements
Assets
- Stocks and contracts +€240,676
up €240,676 (+33.2%), from €724,389 to €965,065
- Receivables within one year +€121,730
up €121,730 (+61.5%), from €197,802 to €319,532
of which Trade receivables: +€102,335
- Tangible fixed assets -€65,348
down €65,348 (-5.5%), from €1.2m to €1.1m
of which Land and buildings: -€38,713
Equity and liabilities
- Other debts +€185,717
up €185,717 (+84.1%), from €220,783 to €406,500
- Debts after one year -€174,214
down €174,214 (-13.4%), from €1.3m to €1.1m
- Profit (loss) carried forward +€162,952
up €162,952 (+952%), from €17,118 to €180,070
- Trade debts +€66,206
up €66,206 (+31.2%), from €211,891 to €278,097
Income statement
- Gross operating margin +€108,069
up €108,069 (+30.2%), from €358,237 to €466,306
- Staff costs -€98,169
down €98,169 (-39.4%), from €248,979 to €150,810
- Provisions +€36,861
no longer reported in 2025 (was -€36,861)
- Financial charges +€17,060
up €17,060 (+29.8%), from €57,223 to €74,284
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.
Result 2024
€5,999
Gross operating margin
+€108,069
Staff costs
+€98,169
Depreciation
-€3,543
Write-downs
-€56
Provisions
-€36,861
Other operating charges
+€2,811
Other operating items
+€7,123
Financial income
-€1,493
Financial charges
-€17,060
Taxes
-€204
Result 2025
€162,952
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€155,979
Investment
-€4,820
Financing
-€150,229
Cash 2024
€48,495
From operations (derived)
+€155,979
Net result for the year
+€162,952
Depreciation
+€72,583
Stocks and contracts
-€240,676
Receivables within one year
-€121,730
Deferred charges and accrued income
-€548
Trade debts
+€66,206
Tax, wage and social debts
+€6,791
Other debts
+€185,717
Accrued charges and deferred income
+€24,684
Investment (derived)
-€4,820
Investment in fixed assets (net)
-€4,820
Current investments
-€0
Financing
-€150,229
Debts after one year
-€174,214
Current portion of long-term debt
+€3,985
Short-term financial debts
+€20,000
Cash 2025
€49,424
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,175,055 | €2,471,176 | +€296,121 | +13.6% |
| Fixed assets | 21/28 | €1,199,973 | €1,132,210 | -€67,763 | -5.6% |
| Intangible fixed assets | 21 | €4,560 | €2,145 | -€2,415 | -53.0% |
| Tangible fixed assets | 22/27 | €1,195,413 | €1,130,065 | -€65,348 | -5.5% |
| Land and buildings | 22 | €1,042,408 | €1,003,696 | -€38,713 | -3.7% |
| Plant, machinery and equipment | 23 | €79,046 | €69,348 | -€9,698 | -12.3% |
| Furniture and vehicles | 24 | €22,236 | €19,072 | -€3,164 | -14.2% |
| Leasing and similar rights | 25 | €51,722 | €37,949 | -€13,773 | -26.6% |
| Current assets | 29/58 | €975,082 | €1,338,966 | +€363,884 | +37.3% |
| Stocks and contracts in progress | 3 | €724,389 | €965,065 | +€240,676 | +33.2% |
| Stocks | 30/36 | €724,389 | €965,065 | +€240,676 | +33.2% |
| Amounts receivable within one year | 40/41 | €197,802 | €319,532 | +€121,730 | +61.5% |
| Trade receivables | 40 | €197,802 | €300,137 | +€102,335 | +51.7% |
| Other amounts receivable | 41 | - | €19,395 | +€19,395 | |
| Current investments | 50/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €48,495 | €49,424 | +€929 | +1.9% |
| Deferred charges and accrued income | 490/1 | €4,397 | €4,945 | +€548 | +12.5% |
| Total equity and liabilities | 10/49 | €2,175,055 | €2,471,176 | +€296,121 | +13.6% |
| Equity | 10/15 | €42,118 | €205,070 | +€162,952 | +387% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,118 | €180,070 | +€162,952 | +952% |
| Amounts payable | 17/49 | €2,132,937 | €2,266,106 | +€133,169 | +6.2% |
| Amounts payable after more than one year | 17 | €1,303,119 | €1,128,905 | -€174,214 | -13.4% |
| Financial debts | 170/4 | €1,303,119 | €1,128,905 | -€174,214 | -13.4% |
| Amounts payable within one year | 42/48 | €829,736 | €1,112,435 | +€282,699 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €170,229 | €174,214 | +€3,985 | +2.3% |
| Financial debts | 43 | €200,000 | €220,000 | +€20,000 | +10.0% |
| Other loans | 439 | €200,000 | €220,000 | +€20,000 | +10.0% |
| Trade debts | 44 | €211,891 | €278,097 | +€66,206 | +31.2% |
| Suppliers | 440/4 | €211,891 | €278,097 | +€66,206 | +31.2% |
| Taxes, remuneration and social security | 45 | €26,834 | €33,624 | +€6,791 | +25.3% |
| Taxes | 450/3 | €24,752 | €17,923 | -€6,829 | -27.6% |
| Remuneration and social security | 454/9 | €2,081 | €15,701 | +€13,620 | +654% |
| Other amounts payable | 47/48 | €220,783 | €406,500 | +€185,717 | +84.1% |
| Accrued charges and deferred income | 492/3 | €81 | €24,765 | +€24,684 | +30,437% |
| Non-recurring operating income | 76A | €37,314 | - | -€37,314 | |
| Remuneration, social security and pensions | 62 | €248,979 | €150,810 | -€98,169 | -39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,040 | €72,583 | +€3,543 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €648 | €704 | +€56 | +8.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€36,861 | - | +€36,861 | |
| Other operating charges | 640/8 | €12,386 | €9,575 | -€2,811 | -22.7% |
| Non-recurring operating charges | 66A | €7,123 | - | -€7,123 | |
| Gross operating margin | 9900 | €358,237 | €466,306 | +€108,069 | +30.2% |
| Operating profit (loss) | 9901 | €56,923 | €232,634 | +€175,711 | +309% |
| Financial income | 75/76B | €6,700 | €5,207 | -€1,493 | -22.3% |
| Recurring financial income | 75 | €6,700 | €5,207 | -€1,493 | -22.3% |
| Financial charges | 65/66B | €57,223 | €74,284 | +€17,060 | +29.8% |
| Recurring financial charges | 65 | €57,223 | €74,284 | +€17,060 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €6,400 | €163,557 | +€157,157 | +2,456% |
| Income taxes | 67/77 | €400 | €605 | +€204 | +51.0% |
| Profit (loss) for the period | 9904 | €5,999 | €162,952 | +€156,953 | +2,616% |
| Profit (loss) for the period to be appropriated | 9905 | €5,999 | €162,952 | +€156,953 | +2,616% |
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 14 October 2026 via checked.be.