MODAIMMO: 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.
MODAIMMO
Largest movements
- Receivables after one year -€635,942
down €635,942 (-94.6%), from €672,191 to €36,249
- Tangible fixed assets +€188,860
up €188,860 (+22.5%), from €838,508 to €1.0m
of which Assets under construction and advance payments: +€238,757
- Cash -€53,689
down €53,689 (-92.6%), from €57,997 to €4,308
mainly Debts after one year (-€427,116) and Investment in fixed assets (net) (-€241,637)
- Receivables within one year +€29,390
up €29,390 (+123.6%), from €23,788 to €53,177
of which Other amounts receivable: +€27,539
- Debts after one year -€427,116
down €427,116 (-47.3%), from €902,833 to €475,717
of which Other amounts payable: -€397,000
- Other debts -€30,465
down €30,465 (-8.6%), from €354,841 to €324,376
- Financial charges -€35,147
down €35,147 (-91.3%), from €38,483 to €3,336
- Financial income -€29,541
down €29,541 (-81.2%), from €36,375 to €6,834
- Gross operating margin -€15,760
down €15,760 (-28.1%), from €56,049 to €40,288
- Depreciation +€1,027
up €1,027 (+2.0%), from €51,751 to €52,778
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 | €1,629,824 | €1,158,442 | -€471,382 | -28.9% |
| Fixed assets | 21/28 | €875,848 | €1,064,708 | +€188,860 | +21.6% |
| Tangible fixed assets | 22/27 | €838,508 | €1,027,368 | +€188,860 | +22.5% |
| Land and buildings | 22 | €771,093 | €720,310 | -€50,783 | -6.6% |
| Plant, machinery and equipment | 23 | - | €886 | +€886 | |
| Assets under construction and advance payments | 27 | €67,415 | €306,173 | +€238,757 | +354.2% |
| Financial fixed assets | 28 | €37,340 | €37,340 | = | 0.0% |
| Current assets | 29/58 | €753,976 | €93,734 | -€660,241 | -87.6% |
| Amounts receivable after more than one year | 29 | €672,191 | €36,249 | -€635,942 | -94.6% |
| Other amounts receivable | 291 | €672,191 | €36,249 | -€635,942 | -94.6% |
| Amounts receivable within one year | 40/41 | €23,788 | €53,177 | +€29,390 | +123.6% |
| Trade receivables | 40 | - | €1,851 | +€1,851 | |
| Other amounts receivable | 41 | €23,788 | €51,327 | +€27,539 | +115.8% |
| Cash at bank and in hand | 54/58 | €57,997 | €4,308 | -€53,689 | -92.6% |
| Total equity and liabilities | 10/49 | €1,629,824 | €1,158,442 | -€471,382 | -28.9% |
| Equity | 10/15 | €314,855 | €304,653 | -€10,202 | -3.2% |
| Contributions | 10/11 | €318,550 | €318,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,695 | -€13,897 | -€10,202 | -276.1% |
| Amounts payable | 17/49 | €1,314,969 | €853,790 | -€461,179 | -35.1% |
| Amounts payable after more than one year | 17 | €902,833 | €475,717 | -€427,116 | -47.3% |
| Financial debts | 170/4 | €270,833 | €240,717 | -€30,116 | -11.1% |
| Other amounts payable | 178/9 | €632,000 | €235,000 | -€397,000 | -62.8% |
| Amounts payable within one year | 42/48 | €388,360 | €354,297 | -€34,063 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €29,208 | €29,838 | +€630 | +2.2% |
| Trade debts | 44 | €4,310 | - | -€4,310 | |
| Suppliers | 440/4 | €4,310 | - | -€4,310 | |
| Taxes, remuneration and social security | 45 | - | €83 | +€83 | |
| Taxes | 450/3 | - | €83 | +€83 | |
| Other amounts payable | 47/48 | €354,841 | €324,376 | -€30,465 | -8.6% |
| Accrued charges and deferred income | 492/3 | €23,776 | €23,776 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,751 | €52,778 | +€1,027 | +2.0% |
| Other operating charges | 640/8 | €968 | €1,211 | +€243 | +25.2% |
| Gross operating margin | 9900 | €56,049 | €40,288 | -€15,760 | -28.1% |
| Operating profit (loss) | 9901 | €3,330 | -€13,700 | -€17,031 | |
| Financial income | 75/76B | €36,375 | €6,834 | -€29,541 | -81.2% |
| Recurring financial income | 75 | €36,375 | €6,834 | -€29,541 | -81.2% |
| Financial charges | 65/66B | €38,483 | €3,336 | -€35,147 | -91.3% |
| Recurring financial charges | 65 | €38,483 | €3,336 | -€35,147 | -91.3% |
| Profit (loss) for the period before taxes | 9903 | €1,222 | -€10,202 | -€11,424 | |
| Profit (loss) for the period | 9904 | €1,222 | -€10,202 | -€11,424 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,222 | -€10,202 | -€11,424 |
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 12 October 2026 via checked.be.