MODALED: 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.
MODALED
Largest movements
- Stocks and contracts +€171,255
up €171,255 (+26.4%), from €648,745 to €820,000
- Tangible fixed assets +€35,356
up €35,356 (+16.2%), from €218,626 to €253,982
of which Plant, machinery and equipment: +€23,805
- Cash +€28,994
up €28,994 (+353.0%), from €8,214 to €37,208
mainly Net result for the year (+€327,790) and Trade debts (+€248,470)
- Trade debts +€248,470
up €248,470 (+248.2%), from €100,114 to €348,585
- Other debts -€102,047
down €102,047 (-31.6%), from €323,360 to €221,313
- Reserves +€82,080
up €82,080 (+28.5%), from €287,581 to €369,661
of which Distributable reserves: +€82,080
- Debts after one year -€23,538
down €23,538 (-19.8%), from €119,094 to €95,556
- Short-term financial debts +€19,147
up €19,147 (+33.3%), from €57,437 to €76,584
of which Other loans: +€17,132
- Gross operating margin +€55,748
up €55,748 (+12.1%), from €460,545 to €516,292
- Staff costs +€28,324
up €28,324 (+55.8%), from €50,741 to €79,064
- Financial charges -€5,267
down €5,267 (-20.2%), from €26,078 to €20,811
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 | €1,025,328 | €1,246,576 | +€221,248 | +21.6% |
| Fixed assets | 21/28 | €265,474 | €290,985 | +€25,511 | +9.6% |
| Intangible fixed assets | 21 | €46,798 | €36,952 | -€9,846 | -21.0% |
| Tangible fixed assets | 22/27 | €218,626 | €253,982 | +€35,356 | +16.2% |
| Land and buildings | 22 | €150,332 | €161,229 | +€10,897 | +7.2% |
| Plant, machinery and equipment | 23 | €24,752 | €48,557 | +€23,805 | +96.2% |
| Furniture and vehicles | 24 | €43,542 | €44,197 | +€654 | +1.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €759,854 | €955,591 | +€195,738 | +25.8% |
| Stocks and contracts in progress | 3 | €648,745 | €820,000 | +€171,255 | +26.4% |
| Stocks | 30/36 | €648,745 | €820,000 | +€171,255 | +26.4% |
| Amounts receivable within one year | 40/41 | €102,565 | €97,117 | -€5,448 | -5.3% |
| Trade receivables | 40 | €79,457 | €96,028 | +€16,571 | +20.9% |
| Other amounts receivable | 41 | €23,108 | €1,089 | -€22,019 | -95.3% |
| Cash at bank and in hand | 54/58 | €8,214 | €37,208 | +€28,994 | +353.0% |
| Deferred charges and accrued income | 490/1 | €329 | €1,266 | +€937 | +284.4% |
| Total equity and liabilities | 10/49 | €1,025,328 | €1,246,576 | +€221,248 | +21.6% |
| Equity | 10/15 | €299,981 | €382,061 | +€82,080 | +27.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €287,581 | €369,661 | +€82,080 | +28.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €285,721 | €367,801 | +€82,080 | +28.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €725,346 | €864,515 | +€139,169 | +19.2% |
| Amounts payable after more than one year | 17 | €119,094 | €95,556 | -€23,538 | -19.8% |
| Financial debts | 170/4 | €119,094 | €95,556 | -€23,538 | -19.8% |
| Amounts payable within one year | 42/48 | €606,252 | €768,959 | +€162,706 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €37,218 | €24,371 | -€12,847 | -34.5% |
| Financial debts | 43 | €57,437 | €76,584 | +€19,147 | +33.3% |
| Credit institutions | 430/8 | €57,437 | €59,451 | +€2,015 | +3.5% |
| Other loans | 439 | - | €17,132 | +€17,132 | |
| Trade debts | 44 | €100,114 | €348,585 | +€248,470 | +248.2% |
| Suppliers | 440/4 | €100,114 | €348,585 | +€248,470 | +248.2% |
| Taxes, remuneration and social security | 45 | €88,123 | €98,106 | +€9,984 | +11.3% |
| Taxes | 450/3 | €76,603 | €73,861 | -€2,742 | -3.6% |
| Remuneration and social security | 454/9 | €11,520 | €24,245 | +€12,726 | +110.5% |
| Other amounts payable | 47/48 | €323,360 | €221,313 | -€102,047 | -31.6% |
| Remuneration, social security and pensions | 62 | €50,741 | €79,064 | +€28,324 | +55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,750 | €51,930 | +€2,181 | +4.4% |
| Other operating charges | 640/8 | €7,349 | €3,229 | -€4,121 | -56.1% |
| Gross operating margin | 9900 | €460,545 | €516,292 | +€55,748 | +12.1% |
| Operating profit (loss) | 9901 | €352,705 | €382,069 | +€29,364 | +8.3% |
| Financial income | 75/76B | €5,404 | €8,226 | +€2,822 | +52.2% |
| Recurring financial income | 75 | €5,404 | €8,226 | +€2,822 | +52.2% |
| Financial charges | 65/66B | €26,078 | €20,811 | -€5,267 | -20.2% |
| Recurring financial charges | 65 | €26,078 | €20,811 | -€5,267 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €332,032 | €369,484 | +€37,452 | +11.3% |
| Income taxes | 67/77 | €40,113 | €41,694 | +€1,581 | +3.9% |
| Profit (loss) for the period | 9904 | €291,919 | €327,790 | +€35,871 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €291,919 | €327,790 | +€35,871 | +12.3% |
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 7 October 2026 via checked.be.