Modal Shifters: 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.
Modal Shifters
Largest movements
- Cash -€3,873
down €3,873 (-64.7%), from €5,986 to €2,113
- Profit (loss) carried forward -€14,438
down €14,438 (-0.7%), from -€2.1m to -€2.1m
- Other debts +€11,040
up €11,040 (+16.6%), from €66,330 to €77,370
- Trade debts -€541
down €541 (-55.1%), from €982 to €441
- Financial charges -€2.1m
down €2.1m (-99.7%), from €2.1m to €6,314
of which Non-recurring financial charges: -€2.1m
- Gross operating margin +€2,072
up €2,072 (+94.7%), from -€2,189 to -€117
- Purchases and services -€2,072
down €2,072 (-94.7%), from €2,189 to €117
- Other operating charges -€415
down €415 (-42.3%), from €982 to €567
From the 2023 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,259 | €23,319 | -€3,940 | -14.5% |
| Fixed assets | 21/28 | €21,206 | €21,206 | = | 0.0% |
| Financial fixed assets | 28 | €21,206 | €21,206 | = | 0.0% |
| Current assets | 29/58 | €6,053 | €2,113 | -€3,940 | -65.1% |
| Amounts receivable within one year | 40/41 | €67 | - | -€67 | |
| Other amounts receivable | 41 | €67 | - | -€67 | |
| Cash at bank and in hand | 54/58 | €5,986 | €2,113 | -€3,873 | -64.7% |
| Total equity and liabilities | 10/49 | €27,259 | €23,319 | -€3,940 | -14.5% |
| Equity | 10/15 | -€40,053 | -€54,492 | -€14,439 | -36.0% |
| Contributions | 10/11 | €2,030,001 | €2,030,001 | = | 0.0% |
| Capital | 10 | €2,000,001 | €2,000,001 | = | 0.0% |
| Issued capital | 100 | €2,000,001 | €2,000,001 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Share premium | 1100/10 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,287 | €3,287 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,287 | €3,287 | = | 0.0% |
| Legal reserve | 130 | €3,287 | €3,287 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,073,341 | -€2,087,779 | -€14,438 | -0.7% |
| Amounts payable | 17/49 | €67,312 | €77,810 | +€10,498 | +15.6% |
| Amounts payable within one year | 42/48 | €67,312 | €77,810 | +€10,498 | +15.6% |
| Trade debts | 44 | €982 | €441 | -€541 | -55.1% |
| Suppliers | 440/4 | €982 | €441 | -€541 | -55.1% |
| Other amounts payable | 47/48 | €66,330 | €77,370 | +€11,040 | +16.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,189 | €117 | -€2,072 | -94.7% |
| Other operating charges | 640/8 | €982 | €567 | -€415 | -42.3% |
| Gross operating margin | 9900 | -€2,189 | -€117 | +€2,072 | +94.7% |
| Operating profit (loss) | 9901 | -€3,170 | -€684 | +€2,486 | +78.4% |
| Financial charges | 65/66B | €2,104,857 | €6,314 | -€2.1m | -99.7% |
| Recurring financial charges | 65 | €5,506 | €6,314 | +€808 | +14.7% |
| Non-recurring financial charges | 66B | €2,099,351 | - | -€2.1m | |
| Profit (loss) for the period before taxes | 9903 | -€2,108,028 | -€6,998 | +€2.1m | +99.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.