Modaman: 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.
Modaman
Largest movements
- Tangible fixed assets +€298,007
up €298,007 (+281.0%), from €106,061 to €404,069
of which Land and buildings: +€299,346
- Receivables within one year +€175,698
up €175,698 (+247.0%), from €71,147 to €246,845
of which Trade receivables: +€176,525
- Cash -€14,786
down €14,786 (-96.9%), from €15,262 to €476
mainly Investment in fixed assets (net) (-€317,044) and Receivables within one year (-€175,698)
- Debts after one year +€253,935
up €253,935 (+347.2%), from €73,142 to €327,077
- Reserves +€153,792
up €153,792 (+379.4%), from €40,534 to €194,327
- Other debts +€41,573
up €41,573 (+285.1%), from €14,580 to €56,153
- Short-term financial debts +€23,160
new in 2025: €23,160
of which Credit institutions: +€21,449
- Tax, wage and social debts -€17,661
down €17,661 (-49.4%), from €35,714 to €18,054
of which Taxes: -€10,228
- Gross operating margin +€158,948
up €158,948 (+161.4%), from €98,452 to €257,400
- Taxes +€37,253
up €37,253 (+488.9%), from €7,620 to €44,873
- Staff costs -€10,764
down €10,764 (-25.4%), from €42,393 to €31,629
- Depreciation +€3,850
up €3,850 (+25.3%), from €15,187 to €19,037
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 | €197,882 | €651,390 | +€453,508 | +229.2% |
| Fixed assets | 21/28 | €106,061 | €404,069 | +€298,007 | +281.0% |
| Tangible fixed assets | 22/27 | €106,061 | €404,069 | +€298,007 | +281.0% |
| Land and buildings | 22 | €103,342 | €402,688 | +€299,346 | +289.7% |
| Furniture and vehicles | 24 | €2,719 | €1,381 | -€1,339 | -49.2% |
| Current assets | 29/58 | €91,821 | €247,321 | +€155,500 | +169.4% |
| Amounts receivable within one year | 40/41 | €71,147 | €246,845 | +€175,698 | +247.0% |
| Trade receivables | 40 | €70,000 | €246,525 | +€176,525 | +252.2% |
| Other amounts receivable | 41 | €1,147 | €320 | -€827 | -72.1% |
| Cash at bank and in hand | 54/58 | €15,262 | €476 | -€14,786 | -96.9% |
| Deferred charges and accrued income | 490/1 | €5,412 | €0 | -€5,412 | -100.0% |
| Total equity and liabilities | 10/49 | €197,882 | €651,390 | +€453,508 | +229.2% |
| Equity | 10/15 | €50,534 | €204,327 | +€153,792 | +304.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €40,534 | €194,327 | +€153,792 | +379.4% |
| Distributable reserves | 133 | €40,534 | €194,327 | +€153,792 | +379.4% |
| Amounts payable | 17/49 | €147,348 | €447,063 | +€299,715 | +203.4% |
| Amounts payable after more than one year | 17 | €73,142 | €327,077 | +€253,935 | +347.2% |
| Financial debts | 170/4 | €73,142 | €327,077 | +€253,935 | +347.2% |
| Amounts payable within one year | 42/48 | €74,206 | €119,986 | +€45,780 | +61.7% |
| Current portion of amounts payable after more than one year | 42 | €4,168 | €19,886 | +€15,718 | +377.1% |
| Financial debts | 43 | - | €23,160 | +€23,160 | |
| Credit institutions | 430/8 | - | €21,449 | +€21,449 | |
| Other loans | 439 | - | €1,710 | +€1,710 | |
| Trade debts | 44 | €2,583 | €2,733 | +€151 | +5.8% |
| Suppliers | 440/4 | €2,583 | €2,733 | +€151 | +5.8% |
| Advances received on contracts in progress | 46 | €17,160 | €0 | -€17,160 | -100.0% |
| Taxes, remuneration and social security | 45 | €35,714 | €18,054 | -€17,661 | -49.4% |
| Taxes | 450/3 | €25,107 | €14,879 | -€10,228 | -40.7% |
| Remuneration and social security | 454/9 | €10,607 | €3,174 | -€7,433 | -70.1% |
| Other amounts payable | 47/48 | €14,580 | €56,153 | +€41,573 | +285.1% |
| Remuneration, social security and pensions | 62 | €42,393 | €31,629 | -€10,764 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,187 | €19,037 | +€3,850 | +25.3% |
| Other operating charges | 640/8 | €663 | €2,279 | +€1,616 | +243.8% |
| Gross operating margin | 9900 | €98,452 | €257,400 | +€158,948 | +161.4% |
| Operating profit (loss) | 9901 | €40,209 | €204,455 | +€164,247 | +408.5% |
| Financial income | 75/76B | €14 | €0 | -€14 | -100.0% |
| Recurring financial income | 75 | €14 | €0 | -€14 | -100.0% |
| Financial charges | 65/66B | €3,406 | €5,790 | +€2,384 | +70.0% |
| Recurring financial charges | 65 | €3,406 | €5,790 | +€2,384 | +70.0% |
| Profit (loss) for the period before taxes | 9903 | €36,817 | €198,665 | +€161,848 | +439.6% |
| Income taxes | 67/77 | €7,620 | €44,873 | +€37,253 | +488.9% |
| Profit (loss) for the period | 9904 | €29,197 | €153,792 | +€124,595 | +426.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,197 | €153,792 | +€124,595 | +426.7% |
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.