Caroline Modave: 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.
Caroline Modave
Largest movements
- Cash -€35,534
down €35,534 (-17.7%), from €200,534 to €165,000
mainly Contributions, distributions and other (-€233,000) and Receivables within one year (-€30,881)
- Receivables within one year +€30,881
up €30,881 (+575.0%), from €5,371 to €36,251
of which Trade receivables: +€34,981
- Reserves -€88,000
down €88,000 (-49.4%), from €178,000 to €90,000
- Tax, wage and social debts +€45,542
up €45,542 (+180.9%), from €25,173 to €70,715
of which Taxes: +€45,542
- Other debts +€38,176
up €38,176 (+19.1%), from €199,848 to €238,024
- Gross operating margin +€28,298
up €28,298 (+17.2%), from €164,116 to €192,414
- Taxes +€10,337
up €10,337 (+28.8%), from €35,863 to €46,200
- Depreciation -€4,019
down €4,019 (-65.6%), from €6,122 to €2,104
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 | €408,615 | €402,477 | -€6,138 | -1.5% |
| Fixed assets | 21/28 | €2,710 | €1,226 | -€1,485 | -54.8% |
| Tangible fixed assets | 22/27 | €2,710 | €1,226 | -€1,485 | -54.8% |
| Furniture and vehicles | 24 | €2,710 | €1,226 | -€1,485 | -54.8% |
| Current assets | 29/58 | €405,905 | €401,251 | -€4,654 | -1.1% |
| Amounts receivable within one year | 40/41 | €5,371 | €36,251 | +€30,881 | +575.0% |
| Trade receivables | 40 | €1,271 | €36,251 | +€34,981 | +2753.3% |
| Other amounts receivable | 41 | €4,100 | - | -€4,100 | |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €200,534 | €165,000 | -€35,534 | -17.7% |
| Total equity and liabilities | 10/49 | €408,615 | €402,477 | -€6,138 | -1.5% |
| Equity | 10/15 | €183,179 | €93,419 | -€89,760 | -49.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €178,000 | €90,000 | -€88,000 | -49.4% |
| Distributable reserves | 133 | €178,000 | €90,000 | -€88,000 | -49.4% |
| Profit (loss) carried forward | 14 | €3,679 | €1,919 | -€1,760 | -47.8% |
| Amounts payable | 17/49 | €225,436 | €309,058 | +€83,621 | +37.1% |
| Amounts payable within one year | 42/48 | €225,436 | €309,058 | +€83,621 | +37.1% |
| Trade debts | 44 | €416 | €318 | -€97 | -23.4% |
| Suppliers | 440/4 | €416 | €318 | -€97 | -23.4% |
| Taxes, remuneration and social security | 45 | €25,173 | €70,715 | +€45,542 | +180.9% |
| Taxes | 450/3 | €18,573 | €64,115 | +€45,542 | +245.2% |
| Remuneration and social security | 454/9 | €6,600 | €6,600 | = | 0.0% |
| Other amounts payable | 47/48 | €199,848 | €238,024 | +€38,176 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,122 | €2,104 | -€4,019 | -65.6% |
| Other operating charges | 640/8 | €618 | €638 | +€20 | +3.2% |
| Gross operating margin | 9900 | €164,116 | €192,414 | +€28,298 | +17.2% |
| Operating profit (loss) | 9901 | €157,376 | €189,672 | +€32,297 | +20.5% |
| Financial charges | 65/66B | €145 | €232 | +€87 | +60.3% |
| Recurring financial charges | 65 | €145 | €232 | +€87 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €157,231 | €189,440 | +€32,209 | +20.5% |
| Income taxes | 67/77 | €35,863 | €46,200 | +€10,337 | +28.8% |
| Profit (loss) for the period | 9904 | €121,368 | €143,240 | +€21,873 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €121,368 | €143,240 | +€21,873 | +18.0% |
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 3 October 2026 via checked.be.