MODA: 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.
MODA
Largest movements
- Cash +€63,201
up €63,201 (+47.4%), from €133,381 to €196,582
mainly Depreciation (+€137,174) and Receivables within one year (+€57,820)
- Receivables within one year -€57,820
down €57,820 (-31.0%), from €186,292 to €128,472
of which Trade receivables: -€57,293
- Deferred charges and accrued income +€40,983
up €40,983 (+17.4%), from €236,159 to €277,142
- Tangible fixed assets -€34,894
down €34,894 (-6.9%), from €503,494 to €468,600
of which Furniture and vehicles: -€24,667
- Stocks and contracts +€21,054
up €21,054 (+12.9%), from €163,598 to €184,652
- Reserves +€56,952
up €56,952 (+23.7%), from €240,032 to €296,985
- Trade debts -€29,591
down €29,591 (-15.9%), from €185,752 to €156,161
- Accrued charges and deferred income +€29,497
up €29,497 (+20.1%), from €147,029 to €176,526
- Tax, wage and social debts -€14,268
down €14,268 (-10.7%), from €132,816 to €118,548
of which Taxes: -€10,396
- Gross operating margin +€143,020
up €143,020 (+19.9%), from €716,945 to €859,965
- Staff costs +€39,719
up €39,719 (+7.2%), from €549,395 to €589,114
- Taxes +€18,724
up €18,724 (+2,022%), from €926 to €19,650
- Other operating charges +€15,897
up €15,897 (+83.1%), from €19,129 to €35,025
- Depreciation +€13,798
up €13,798 (+11.2%), from €123,376 to €137,174
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 | €1,227,104 | €1,259,628 | +€32,524 | +2.7% |
| Fixed assets | 21/28 | €507,674 | €472,780 | -€34,894 | -6.9% |
| Tangible fixed assets | 22/27 | €503,494 | €468,600 | -€34,894 | -6.9% |
| Plant, machinery and equipment | 23 | €1,282 | €2,729 | +€1,447 | +113% |
| Furniture and vehicles | 24 | €162,134 | €137,468 | -€24,667 | -15.2% |
| Leasing and similar rights | 25 | €322,826 | €313,293 | -€9,533 | -3.0% |
| Other tangible fixed assets | 26 | €17,252 | €15,110 | -€2,142 | -12.4% |
| Financial fixed assets | 28 | €4,180 | €4,180 | = | 0.0% |
| Current assets | 29/58 | €719,430 | €786,848 | +€67,417 | +9.4% |
| Stocks and contracts in progress | 3 | €163,598 | €184,652 | +€21,054 | +12.9% |
| Stocks | 30/36 | €163,598 | €184,652 | +€21,054 | +12.9% |
| Amounts receivable within one year | 40/41 | €186,292 | €128,472 | -€57,820 | -31.0% |
| Trade receivables | 40 | €184,837 | €127,545 | -€57,293 | -31.0% |
| Other amounts receivable | 41 | €1,455 | €927 | -€528 | -36.3% |
| Cash at bank and in hand | 54/58 | €133,381 | €196,582 | +€63,201 | +47.4% |
| Deferred charges and accrued income | 490/1 | €236,159 | €277,142 | +€40,983 | +17.4% |
| Total equity and liabilities | 10/49 | €1,227,104 | €1,259,628 | +€32,524 | +2.7% |
| Equity | 10/15 | €258,632 | €315,585 | +€56,952 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €240,032 | €296,985 | +€56,952 | +23.7% |
| Distributable reserves | 133 | €240,032 | €296,985 | +€56,952 | +23.7% |
| Amounts payable | 17/49 | €968,472 | €944,043 | -€24,429 | -2.5% |
| Amounts payable after more than one year | 17 | €217,095 | €210,913 | -€6,182 | -2.8% |
| Financial debts | 170/4 | €217,095 | €210,913 | -€6,182 | -2.8% |
| Amounts payable within one year | 42/48 | €604,348 | €556,605 | -€47,744 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €129,583 | €127,229 | -€2,354 | -1.8% |
| Trade debts | 44 | €185,752 | €156,161 | -€29,591 | -15.9% |
| Suppliers | 440/4 | €185,752 | €156,161 | -€29,591 | -15.9% |
| Taxes, remuneration and social security | 45 | €132,816 | €118,548 | -€14,268 | -10.7% |
| Taxes | 450/3 | €29,183 | €18,787 | -€10,396 | -35.6% |
| Remuneration and social security | 454/9 | €103,633 | €99,761 | -€3,871 | -3.7% |
| Other amounts payable | 47/48 | €156,198 | €154,667 | -€1,531 | -1.0% |
| Accrued charges and deferred income | 492/3 | €147,029 | €176,526 | +€29,497 | +20.1% |
| Non-recurring operating income | 76A | €1,137 | €0 | -€1,137 | -100% |
| Remuneration, social security and pensions | 62 | €549,395 | €589,114 | +€39,719 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,376 | €137,174 | +€13,798 | +11.2% |
| Other operating charges | 640/8 | €19,129 | €35,025 | +€15,897 | +83.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €716,945 | €859,965 | +€143,020 | +19.9% |
| Operating profit (loss) | 9901 | €25,045 | €98,652 | +€73,607 | +294% |
| Financial income | 75/76B | €373 | €48 | -€325 | -87.1% |
| Recurring financial income | 75 | €373 | €48 | -€325 | -87.1% |
| Financial charges | 65/66B | €22,296 | €22,097 | -€198 | -0.9% |
| Recurring financial charges | 65 | €22,296 | €22,097 | -€198 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €3,122 | €76,603 | +€73,481 | +2,354% |
| Income taxes | 67/77 | €926 | €19,650 | +€18,724 | +2,022% |
| Profit (loss) for the period | 9904 | €2,196 | €56,952 | +€54,756 | +2,493% |
| Profit (loss) for the period to be appropriated | 9905 | €2,196 | €56,952 | +€54,756 | +2,493% |
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 14 October 2026 via checked.be.