MODASEAM: 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.
MODASEAM
Largest movements
- Receivables within one year -€13,248
down €13,248 (-53.9%), from €24,560 to €11,312
of which Trade receivables: -€14,352
- Cash +€9,652
up €9,652 (+28.9%), from €33,393 to €43,044
mainly Receivables within one year (+€13,248) and Net result for the year (+€12,444)
- Reserves +€12,444
up €12,444 (+24.7%), from €50,406 to €62,850
- Debts after one year -€10,661
down €10,661 (-6.2%), from €172,542 to €161,881
- Tax, wage and social debts -€4,008
down €4,008 (-52.0%), from €7,714 to €3,706
of which Taxes: -€4,008
- Other debts -€3,661
down €3,661 (-100%), from €3,661 to €0
- Gross operating margin -€20,325
down €20,325 (-36.4%), from €55,849 to €35,525
- Taxes -€6,014
down €6,014 (-37.4%), from €16,065 to €10,050
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 | €265,006 | €259,281 | -€5,725 | -2.2% |
| Fixed assets | 21/28 | €207,053 | €204,924 | -€2,129 | -1.0% |
| Tangible fixed assets | 22/27 | €207,053 | €204,924 | -€2,129 | -1.0% |
| Land and buildings | 22 | €207,053 | €202,356 | -€4,697 | -2.3% |
| Plant, machinery and equipment | 23 | - | €2,568 | +€2,568 | |
| Current assets | 29/58 | €57,953 | €54,356 | -€3,596 | -6.2% |
| Amounts receivable within one year | 40/41 | €24,560 | €11,312 | -€13,248 | -53.9% |
| Trade receivables | 40 | €23,043 | €8,691 | -€14,352 | -62.3% |
| Other amounts receivable | 41 | €1,516 | €2,621 | +€1,105 | +72.9% |
| Cash at bank and in hand | 54/58 | €33,393 | €43,044 | +€9,652 | +28.9% |
| Total equity and liabilities | 10/49 | €265,006 | €259,281 | -€5,725 | -2.2% |
| Equity | 10/15 | €69,006 | €81,450 | +€12,444 | +18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,406 | €62,850 | +€12,444 | +24.7% |
| Distributable reserves | 133 | €50,406 | €62,850 | +€12,444 | +24.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €196,000 | €177,831 | -€18,169 | -9.3% |
| Amounts payable after more than one year | 17 | €172,542 | €161,881 | -€10,661 | -6.2% |
| Financial debts | 170/4 | €172,542 | €161,881 | -€10,661 | -6.2% |
| Amounts payable within one year | 42/48 | €23,458 | €15,950 | -€7,508 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €11,217 | €11,536 | +€319 | +2.8% |
| Financial debts | 43 | €39 | €11 | -€28 | -71.8% |
| Credit institutions | 430/8 | €39 | €11 | -€28 | -71.8% |
| Trade debts | 44 | €827 | €697 | -€130 | -15.7% |
| Suppliers | 440/4 | €827 | €697 | -€130 | -15.7% |
| Taxes, remuneration and social security | 45 | €7,714 | €3,706 | -€4,008 | -52.0% |
| Taxes | 450/3 | €7,714 | €3,706 | -€4,008 | -52.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,661 | €0 | -€3,661 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,697 | €4,898 | +€201 | +4.3% |
| Other operating charges | 640/8 | €2,057 | €2,132 | +€75 | +3.6% |
| Gross operating margin | 9900 | €55,849 | €35,525 | -€20,325 | -36.4% |
| Operating profit (loss) | 9901 | €49,095 | €28,495 | -€20,600 | -42.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €6,541 | €6,001 | -€540 | -8.3% |
| Recurring financial charges | 65 | €6,541 | €6,001 | -€540 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €42,554 | €22,494 | -€20,060 | -47.1% |
| Income taxes | 67/77 | €16,065 | €10,050 | -€6,014 | -37.4% |
| Profit (loss) for the period | 9904 | €26,489 | €12,444 | -€14,045 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,489 | €12,444 | -€14,045 | -53.0% |
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 16 October 2026 via checked.be.