HAGER Modulec: 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.
What changed
HAGER Modulec
NACE 46.643, Wholesale of electrical equipment, including installation materials
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€879,993
2024 · €914,804-€34,811
Equity
€5.3m
2024 · €5.3m
Cash
€2,420
2024 · €1,565+€856
Balance sheet total
€11.0m
2024 · €9.7m+€1.3m
Largest movements
Assets
- Receivables within one year +€1.3m
up €1.3m (+13.6%), from €9.6m to €10.9m
of which Trade receivables: +€781,448
Equity and liabilities
- Trade debts +€1.3m
up €1.3m (+43.7%), from €2.9m to €4.2m
Income statement
- Turnover +€806,393
up €806,393 (+3.4%), from €23.5m to €24.3m
- Goods and materials +€492,704
up €492,704 (+2.7%), from €18.1m to €18.6m
- Other operating income -€358,830
down €358,830 (-82.4%), from €435,502 to €76,672
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
€914,804
Turnover
+€806,393
Other operating income
-€358,830
Goods and materials
-€492,704
Services and other goods
-€25,356
Staff costs
+€129,046
Depreciation
+€832
Write-downs
-€7,897
Provisions
+€40,000
Other operating charges
+€6,951
Financial income
-€152,843
Financial charges
+€5,672
Taxes
+€13,924
Result 2025
€879,993
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.
From operations
+€815,781
Investment
+€65,068
Financing
-€879,993
Cash 2024
€1,565
From operations (derived)
+€815,781
Net result for the year
+€879,993
Depreciation
+€10,739
Receivables within one year
-€1.3m
Deferred charges and accrued income
-€43,831
Provisions
-€40,000
Trade debts
+€1.3m
Tax, wage and social debts
+€79,079
Other debts
-€34,811
Investment (derived)
+€65,068
Investment in fixed assets (net)
+€65,068
Financing
-€879,993
Contributions, distributions and other
-€879,993
Cash 2025
€2,420
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,687,533 | €10,964,288 | +€1.3m | +13.2% |
| Fixed assets | 21/28 | €94,297 | €18,490 | -€75,807 | -80.4% |
| Tangible fixed assets | 22/27 | €24,918 | €18,490 | -€6,428 | -25.8% |
| Furniture and vehicles | 24 | €19,582 | €13,977 | -€5,605 | -28.6% |
| Other tangible fixed assets | 26 | €5,336 | €4,513 | -€823 | -15.4% |
| Financial fixed assets | 28 | €69,379 | €0 | -€69,379 | -100.0% |
| Other financial fixed assets | 284/8 | €69,379 | €0 | -€69,379 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €69,379 | €0 | -€69,379 | -100.0% |
| Current assets | 29/58 | €9,593,236 | €10,945,798 | +€1.4m | +14.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €9,587,324 | €10,895,199 | +€1.3m | +13.6% |
| Trade receivables | 40 | €128,373 | €909,822 | +€781,448 | +608.7% |
| Other amounts receivable | 41 | €9,458,951 | €9,985,378 | +€526,427 | +5.6% |
| Cash at bank and in hand | 54/58 | €1,565 | €2,420 | +€856 | +54.7% |
| Deferred charges and accrued income | 490/1 | €4,348 | €48,179 | +€43,831 | +1008.2% |
| Total equity and liabilities | 10/49 | €9,687,533 | €10,964,288 | +€1.3m | +13.2% |
| Equity | 10/15 | €5,335,000 | €5,335,000 | = | 0.0% |
| Contributions | 10/11 | €4,850,000 | €4,850,000 | = | 0.0% |
| Capital | 10 | €4,850,000 | €4,850,000 | = | 0.0% |
| Issued capital | 100 | €4,850,000 | €4,850,000 | = | 0.0% |
| Reserves | 13 | €485,000 | €485,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €485,000 | €485,000 | = | 0.0% |
| Legal reserve | 130 | €485,000 | €485,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €40,000 | €0 | -€40,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €0 | -€40,000 | -100.0% |
| Other liabilities and charges | 164/5 | €40,000 | €0 | -€40,000 | -100.0% |
| Amounts payable | 17/49 | €4,312,533 | €5,629,288 | +€1.3m | +30.5% |
| Amounts payable within one year | 42/48 | €4,312,533 | €5,629,288 | +€1.3m | +30.5% |
| Trade debts | 44 | €2,915,037 | €4,187,525 | +€1.3m | +43.7% |
| Suppliers | 440/4 | €2,915,037 | €4,187,525 | +€1.3m | +43.7% |
| Taxes, remuneration and social security | 45 | €482,692 | €561,770 | +€79,079 | +16.4% |
| Taxes | 450/3 | €27,791 | €91,019 | +€63,228 | +227.5% |
| Remuneration and social security | 454/9 | €454,901 | €470,751 | +€15,850 | +3.5% |
| Other amounts payable | 47/48 | €914,804 | €879,993 | -€34,811 | -3.8% |
| Operating income | 70/76A | €23,972,611 | €24,420,174 | +€447,563 | +1.9% |
| Turnover | 70 | €23,537,108 | €24,343,501 | +€806,393 | +3.4% |
| Other operating income | 74 | €435,502 | €76,672 | -€358,830 | -82.4% |
| Operating charges | 60/66A | €22,599,561 | €22,948,689 | +€349,128 | +1.5% |
| Goods for resale, raw materials and consumables | 60 | €18,105,410 | €18,598,114 | +€492,704 | +2.7% |
| Purchases | 600/8 | €18,105,410 | €18,598,114 | +€492,704 | +2.7% |
| Services and other goods | 61 | €1,829,147 | €1,854,503 | +€25,356 | +1.4% |
| Remuneration, social security and pensions | 62 | €2,633,971 | €2,504,925 | -€129,046 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,571 | €10,739 | -€832 | -7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,897 | €0 | +€7,897 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€40,000 | -€40,000 | |
| Other operating charges | 640/8 | €27,360 | €20,409 | -€6,951 | -25.4% |
| Operating profit (loss) | 9901 | €1,373,050 | €1,471,485 | +€98,435 | +7.2% |
| Financial income | 75/76B | €340,953 | €188,110 | -€152,843 | -44.8% |
| Recurring financial income | 75 | €340,953 | €188,110 | -€152,843 | -44.8% |
| Income from current assets | 751 | €340,953 | €188,110 | -€152,843 | -44.8% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €448,901 | €443,229 | -€5,672 | -1.3% |
| Recurring financial charges | 65 | €448,901 | €443,229 | -€5,672 | -1.3% |
| Debt charges | 650 | €407 | €400 | -€7 | -1.6% |
| Other financial charges | 652/9 | €448,494 | €442,829 | -€5,665 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €1,265,101 | €1,216,366 | -€48,735 | -3.9% |
| Income taxes | 67/77 | €350,297 | €336,373 | -€13,924 | -4.0% |
| Taxes | 670/3 | €350,297 | €336,373 | -€13,924 | -4.0% |
| Profit (loss) for the period | 9904 | €914,804 | €879,993 | -€34,811 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €914,804 | €879,993 | -€34,811 | -3.8% |
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 30 September 2026 via checked.be.