MOD: 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.
MOD
Largest movements
- Receivables within one year +€165,191
up €165,191 (+243.6%), from €67,805 to €232,996
of which Other amounts receivable: +€163,840
- Financial fixed assets +€145,129
up €145,129 (+144.8%), from €100,254 to €245,383
- Cash -€137,016
down €137,016 (-86.0%), from €159,316 to €22,300
mainly Receivables within one year (-€165,191) and Investment in fixed assets (net) (-€145,463)
- Tangible fixed assets -€80,566
down €80,566 (-3.7%), from €2.2m to €2.1m
of which Land and buildings: -€49,787
- Reserves +€224,453
up €224,453 (+42.4%), from €529,636 to €754,089
- Debts after one year -€138,430
down €138,430 (-7.8%), from €1.8m to €1.6m
- Financial income +€150,130
up €150,130 (+10833.2%), from €1,386 to €151,516
- Taxes +€57,571
up €57,571 (+99.5%), from €57,840 to €115,411
- Gross operating margin +€19,432
up €19,432 (+6.2%), from €313,295 to €332,727
- Other operating charges +€7,091
up €7,091 (+514.6%), from €1,378 to €8,470
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 | €2,497,564 | €2,587,899 | +€90,335 | +3.6% |
| Fixed assets | 21/28 | €2,267,914 | €2,332,478 | +€64,564 | +2.8% |
| Tangible fixed assets | 22/27 | €2,167,660 | €2,087,094 | -€80,566 | -3.7% |
| Land and buildings | 22 | €2,040,429 | €1,990,642 | -€49,787 | -2.4% |
| Plant, machinery and equipment | 23 | €38,813 | €35,131 | -€3,682 | -9.5% |
| Furniture and vehicles | 24 | €55,890 | €44,592 | -€11,298 | -20.2% |
| Leasing and similar rights | 25 | €32,528 | €16,729 | -€15,799 | -48.6% |
| Financial fixed assets | 28 | €100,254 | €245,383 | +€145,129 | +144.8% |
| Current assets | 29/58 | €229,650 | €255,421 | +€25,771 | +11.2% |
| Amounts receivable within one year | 40/41 | €67,805 | €232,996 | +€165,191 | +243.6% |
| Trade receivables | 40 | €31,907 | €33,258 | +€1,351 | +4.2% |
| Other amounts receivable | 41 | €35,898 | €199,738 | +€163,840 | +456.4% |
| Cash at bank and in hand | 54/58 | €159,316 | €22,300 | -€137,016 | -86.0% |
| Deferred charges and accrued income | 490/1 | €2,528 | €125 | -€2,403 | -95.1% |
| Total equity and liabilities | 10/49 | €2,497,564 | €2,587,899 | +€90,335 | +3.6% |
| Equity | 10/15 | €531,636 | €756,089 | +€224,453 | +42.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €529,636 | €754,089 | +€224,453 | +42.4% |
| Distributable reserves | 133 | €529,636 | €754,089 | +€224,453 | +42.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,965,928 | €1,831,810 | -€134,118 | -6.8% |
| Amounts payable after more than one year | 17 | €1,783,943 | €1,645,513 | -€138,430 | -7.8% |
| Financial debts | 170/4 | €1,783,943 | €1,645,513 | -€138,430 | -7.8% |
| Amounts payable within one year | 42/48 | €161,066 | €186,296 | +€25,231 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €124,790 | €138,430 | +€13,640 | +10.9% |
| Trade debts | 44 | €2,278 | €10,493 | +€8,215 | +360.7% |
| Suppliers | 440/4 | €2,278 | €10,493 | +€8,215 | +360.7% |
| Taxes, remuneration and social security | 45 | €33,139 | €37,374 | +€4,235 | +12.8% |
| Taxes | 450/3 | €31,211 | €35,424 | +€4,213 | +13.5% |
| Remuneration and social security | 454/9 | €1,928 | €1,950 | +€22 | +1.1% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100.0% |
| Accrued charges and deferred income | 492/3 | €20,919 | - | -€20,919 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,860 | €80,900 | +€1,040 | +1.3% |
| Other operating charges | 640/8 | €1,378 | €8,470 | +€7,091 | +514.6% |
| Gross operating margin | 9900 | €313,295 | €332,727 | +€19,432 | +6.2% |
| Operating profit (loss) | 9901 | €232,057 | €243,358 | +€11,300 | +4.9% |
| Financial income | 75/76B | €1,386 | €151,516 | +€150,130 | +10833.2% |
| Recurring financial income | 75 | €1,386 | €151,516 | +€150,130 | +10833.2% |
| Financial charges | 65/66B | €25,222 | €24,030 | -€1,192 | -4.7% |
| Recurring financial charges | 65 | €25,222 | €24,030 | -€1,192 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €208,221 | €370,844 | +€162,623 | +78.1% |
| Income taxes | 67/77 | €57,840 | €115,411 | +€57,571 | +99.5% |
| Profit (loss) for the period | 9904 | €150,381 | €255,433 | +€105,052 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €150,381 | €255,433 | +€105,052 | +69.9% |
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 6 October 2026 via checked.be.