M.O.D.: 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.
M.O.D.
Largest movements
- Cash -€37,607
down €37,607 (-79.5%), from €47,276 to €9,670
mainly Other debts (-€36,754) and Tax, wage and social debts (-€12,818)
- Receivables within one year -€16,725
down €16,725 (-30.3%), from €55,168 to €38,443
of which Trade receivables: -€21,385
- Other debts -€36,754
down €36,754 (-99.6%), from €36,912 to €158
- Tax, wage and social debts -€12,818
down €12,818 (-58.6%), from €21,862 to €9,044
- Reserves -€4,107
down €4,107 (-9.8%), from €41,875 to €37,768
- Gross operating margin -€24,479
down €24,479, from €22,726 to -€1,753
- Taxes -€5,408
down €5,408 (-94.9%), from €5,698 to €290
- Depreciation +€721
up €721 (+201%), from €359 to €1,080
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 | €105,171 | €50,893 | -€54,278 | -51.6% |
| Fixed assets | 21/28 | €2,502 | €1,903 | -€600 | -24.0% |
| Tangible fixed assets | 22/27 | €2,502 | €1,903 | -€600 | -24.0% |
| Plant, machinery and equipment | 23 | €1,841 | €1,140 | -€701 | -38.1% |
| Furniture and vehicles | 24 | €661 | €283 | -€378 | -57.2% |
| Other tangible fixed assets | 26 | - | €480 | +€480 | |
| Current assets | 29/58 | €102,669 | €48,991 | -€53,678 | -52.3% |
| Amounts receivable within one year | 40/41 | €55,168 | €38,443 | -€16,725 | -30.3% |
| Trade receivables | 40 | €55,092 | €33,707 | -€21,385 | -38.8% |
| Other amounts receivable | 41 | €76 | €4,736 | +€4,661 | +6,159% |
| Cash at bank and in hand | 54/58 | €47,276 | €9,670 | -€37,607 | -79.5% |
| Deferred charges and accrued income | 490/1 | €225 | €878 | +€653 | +290% |
| Total equity and liabilities | 10/49 | €105,171 | €50,893 | -€54,278 | -51.6% |
| Equity | 10/15 | €44,375 | €40,268 | -€4,107 | -9.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €41,875 | €37,768 | -€4,107 | -9.8% |
| Distributable reserves | 133 | €41,875 | €37,768 | -€4,107 | -9.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,797 | €10,625 | -€50,171 | -82.5% |
| Amounts payable within one year | 42/48 | €60,797 | €10,625 | -€50,171 | -82.5% |
| Financial debts | 43 | €627 | €0 | -€627 | -100% |
| Credit institutions | 430/8 | €627 | €0 | -€627 | -100% |
| Trade debts | 44 | €1,396 | €1,424 | +€28 | +2.0% |
| Suppliers | 440/4 | €1,396 | €1,424 | +€28 | +2.0% |
| Taxes, remuneration and social security | 45 | €21,862 | €9,044 | -€12,818 | -58.6% |
| Taxes | 450/3 | €21,862 | €9,044 | -€12,818 | -58.6% |
| Other amounts payable | 47/48 | €36,912 | €158 | -€36,754 | -99.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €359 | €1,080 | +€721 | +201% |
| Other operating charges | 640/8 | €860 | €883 | +€22 | +2.6% |
| Non-recurring operating charges | 66A | €335 | €0 | -€335 | -100% |
| Gross operating margin | 9900 | €22,726 | -€1,753 | -€24,479 | |
| Operating profit (loss) | 9901 | €21,173 | -€3,715 | -€24,888 | |
| Financial income | 75/76B | €93 | €0 | -€93 | -100.0% |
| Recurring financial income | 75 | €93 | €0 | -€93 | -100.0% |
| Financial charges | 65/66B | €205 | €102 | -€103 | -50.2% |
| Recurring financial charges | 65 | €205 | €102 | -€103 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €21,060 | -€3,817 | -€24,877 | |
| Income taxes | 67/77 | €5,698 | €290 | -€5,408 | -94.9% |
| Profit (loss) for the period | 9904 | €15,363 | -€4,107 | -€19,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,363 | -€4,107 | -€19,470 |
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 15 October 2026 via checked.be.