Eole Modave: 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.
Eole Modave
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€344,570
down €344,570 (-81.8%), from €421,067 to €76,497
mainly Current investments (-€400,000) and Debts after one year (-€307,472)
- Tangible fixed assets -€196,939
down €196,939 (-8.3%), from €2.4m to €2.2m
of which Land and buildings: -€195,327
- Receivables within one year +€52,953
up €52,953 (+39.3%), from €134,632 to €187,584
of which Trade receivables: +€42,277
- Debts after one year -€307,472
down €307,472 (-20.2%), from €1.5m to €1.2m
- Short-term financial debts +€100,000
new in 2025: €100,000
- Current portion of long-term debt +€82,389
up €82,389 (+27.4%), from €300,921 to €383,311
- Gross operating margin +€102,173
up €102,173 (+42.8%), from €238,613 to €340,786
- Provisions -€30,000
no longer reported in 2025 (was €30,000)
- Financial charges -€14,260
down €14,260 (-29.0%), from €49,215 to €34,954
- Financial income -€12,428
down €12,428 (-64.1%), from €19,391 to €6,963
- Other operating charges +€5,491
up €5,491 (+39.0%), from €14,069 to €19,560
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,138,867 | €3,072,846 | -€66,021 | -2.1% |
| Fixed assets | 21/28 | €2,561,389 | €2,383,469 | -€177,920 | -6.9% |
| Intangible fixed assets | 21 | €184,489 | €203,508 | +€19,019 | +10.3% |
| Tangible fixed assets | 22/27 | €2,370,900 | €2,173,961 | -€196,939 | -8.3% |
| Land and buildings | 22 | €2,356,788 | €2,161,461 | -€195,327 | -8.3% |
| Other tangible fixed assets | 26 | €14,113 | €12,500 | -€1,613 | -11.4% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €577,478 | €689,377 | +€111,899 | +19.4% |
| Amounts receivable within one year | 40/41 | €134,632 | €187,584 | +€52,953 | +39.3% |
| Trade receivables | 40 | €98,563 | €140,840 | +€42,277 | +42.9% |
| Other amounts receivable | 41 | €36,069 | €46,744 | +€10,676 | +29.6% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €421,067 | €76,497 | -€344,570 | -81.8% |
| Deferred charges and accrued income | 490/1 | €21,779 | €25,296 | +€3,517 | +16.1% |
| Total equity and liabilities | 10/49 | €3,138,867 | €3,072,846 | -€66,021 | -2.1% |
| Equity | 10/15 | €1,070,270 | €1,107,888 | +€37,618 | +3.5% |
| Contributions | 10/11 | €656,313 | €659,492 | +€3,178 | +0.5% |
| Reserves | 13 | €382,619 | €403,669 | +€21,050 | +5.5% |
| Tax-exempt reserves | 132 | €122,090 | €143,140 | +€21,050 | +17.2% |
| Distributable reserves | 133 | €260,529 | €260,529 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,338 | €44,727 | +€13,390 | +42.7% |
| Provisions and deferred taxes | 16 | €180,000 | €180,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €180,000 | €180,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €180,000 | €180,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,888,597 | €1,784,958 | -€103,639 | -5.5% |
| Amounts payable after more than one year | 17 | €1,521,316 | €1,213,844 | -€307,472 | -20.2% |
| Financial debts | 170/4 | €1,521,316 | €1,213,844 | -€307,472 | -20.2% |
| Amounts payable within one year | 42/48 | €367,281 | €571,114 | +€203,833 | +55.5% |
| Current portion of amounts payable after more than one year | 42 | €300,921 | €383,311 | +€82,389 | +27.4% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €28,858 | €32,822 | +€3,964 | +13.7% |
| Suppliers | 440/4 | €28,858 | €32,822 | +€3,964 | +13.7% |
| Taxes, remuneration and social security | 45 | €37,268 | €30,464 | -€6,804 | -18.3% |
| Taxes | 450/3 | €37,268 | €30,464 | -€6,804 | -18.3% |
| Other amounts payable | 47/48 | €234 | €24,517 | +€24,283 | +10,370% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,459 | €219,399 | +€4,940 | +2.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,000 | - | -€30,000 | |
| Other operating charges | 640/8 | €14,069 | €19,560 | +€5,491 | +39.0% |
| Non-recurring operating charges | 66A | €1,722 | €165 | -€1,557 | -90.4% |
| Gross operating margin | 9900 | €238,613 | €340,786 | +€102,173 | +42.8% |
| Operating profit (loss) | 9901 | -€21,637 | €101,662 | +€123,299 | |
| Financial income | 75/76B | €19,391 | €6,963 | -€12,428 | -64.1% |
| Recurring financial income | 75 | €19,391 | €6,963 | -€12,428 | -64.1% |
| Financial charges | 65/66B | €49,215 | €34,954 | -€14,260 | -29.0% |
| Recurring financial charges | 65 | €49,215 | €34,954 | -€14,260 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | -€51,461 | €73,671 | +€125,132 | |
| Income taxes | 67/77 | €6,243 | €8,906 | +€2,663 | +42.7% |
| Profit (loss) for the period | 9904 | -€57,704 | €64,765 | +€122,469 | |
| Transfer from tax-exempt reserves | 789 | €72,530 | - | -€72,530 | |
| Transfer to tax-exempt reserves | 689 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,826 | €43,715 | +€28,889 | +195% |
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 20 October 2026 via checked.be.