MODD: 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.
MODD
Largest movements
- Tangible fixed assets +€58,322
up €58,322 (+26.5%), from €219,823 to €278,145
of which Land and buildings: +€64,548
- Cash +€9,303
up €9,303 (+7.1%), from €130,943 to €140,246
mainly Net result for the year (+€114,150) and Provisions (+€62,459)
- Reserves +€165,546
up €165,546 (+97.6%), from €169,639 to €335,185
of which Tax-exempt reserves: +€165,546
- Debts after one year -€75,659
down €75,659 (-43.6%), from €173,590 to €97,931
of which Financial debts: -€74,909
- Provisions +€62,459
up €62,459 (+286.1%), from €21,832 to €84,291
- Profit (loss) carried forward -€51,396
down €51,396 (-1159.8%), from -€4,432 to -€55,827
- Current portion of long-term debt -€32,073
down €32,073 (-81.3%), from €39,427 to €7,354
- Gross operating margin +€221,099
up €221,099, from -€1,338 to €219,762
- Depreciation +€13,932
up €13,932 (+64.2%), from €21,686 to €35,618
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 | €447,488 | €513,554 | +€66,067 | +14.8% |
| Fixed assets | 21/28 | €219,823 | €278,145 | +€58,322 | +26.5% |
| Tangible fixed assets | 22/27 | €219,823 | €278,145 | +€58,322 | +26.5% |
| Land and buildings | 22 | €209,908 | €274,456 | +€64,548 | +30.8% |
| Plant, machinery and equipment | 23 | €496 | - | -€496 | |
| Furniture and vehicles | 24 | €9,418 | €3,689 | -€5,729 | -60.8% |
| Current assets | 29/58 | €227,665 | €235,410 | +€7,745 | +3.4% |
| Amounts receivable within one year | 40/41 | €2,101 | - | -€2,101 | |
| Trade receivables | 40 | €1,006 | - | -€1,006 | |
| Other amounts receivable | 41 | €1,095 | - | -€1,095 | |
| Current investments | 50/53 | €93,716 | €93,949 | +€233 | +0.2% |
| Cash at bank and in hand | 54/58 | €130,943 | €140,246 | +€9,303 | +7.1% |
| Deferred charges and accrued income | 490/1 | €905 | €1,215 | +€310 | +34.3% |
| Total equity and liabilities | 10/49 | €447,488 | €513,554 | +€66,067 | +14.8% |
| Equity | 10/15 | €183,808 | €297,958 | +€114,150 | +62.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €169,639 | €335,185 | +€165,546 | +97.6% |
| Non-distributable reserves | 130/1 | €2,150 | €2,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,150 | €2,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,327 | €252,872 | +€165,546 | +189.6% |
| Distributable reserves | 133 | €80,163 | €80,163 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,432 | -€55,827 | -€51,396 | -1159.8% |
| Provisions and deferred taxes | 16 | €21,832 | €84,291 | +€62,459 | +286.1% |
| Deferred taxes | 168 | €21,832 | €84,291 | +€62,459 | +286.1% |
| Amounts payable | 17/49 | €241,848 | €131,306 | -€110,542 | -45.7% |
| Amounts payable after more than one year | 17 | €173,590 | €97,931 | -€75,659 | -43.6% |
| Financial debts | 170/4 | €172,840 | €97,931 | -€74,909 | -43.3% |
| Other amounts payable | 178/9 | €750 | - | -€750 | |
| Amounts payable within one year | 42/48 | €68,258 | €33,375 | -€34,883 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €39,427 | €7,354 | -€32,073 | -81.3% |
| Trade debts | 44 | €851 | €8 | -€843 | -99.0% |
| Suppliers | 440/4 | €851 | €8 | -€843 | -99.0% |
| Other amounts payable | 47/48 | €27,980 | €26,013 | -€1,967 | -7.0% |
| Non-recurring operating income | 76A | - | €236,253 | +€236,253 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,686 | €35,618 | +€13,932 | +64.2% |
| Other operating charges | 640/8 | €2,556 | €1,937 | -€619 | -24.2% |
| Gross operating margin | 9900 | -€1,338 | €219,762 | +€221,099 | |
| Operating profit (loss) | 9901 | -€25,580 | €182,207 | +€207,786 | |
| Financial income | 75/76B | €2,241 | €1,294 | -€947 | -42.2% |
| Recurring financial income | 75 | €2,241 | €1,294 | -€947 | -42.2% |
| Financial charges | 65/66B | €7,669 | €6,606 | -€1,063 | -13.9% |
| Recurring financial charges | 65 | €7,669 | €6,606 | -€1,063 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,008 | €176,895 | +€207,903 | |
| Transfer from deferred taxes | 780 | €1,376 | €2,062 | +€686 | +49.8% |
| Transfer to deferred taxes | 680 | - | €64,521 | +€64,521 | |
| Income taxes | 67/77 | €215 | €286 | +€71 | +33.0% |
| Profit (loss) for the period | 9904 | -€29,847 | €114,150 | +€143,997 | |
| Transfer from tax-exempt reserves | 789 | €5,505 | €11,644 | +€6,138 | +111.5% |
| Transfer to tax-exempt reserves | 689 | - | €177,189 | +€177,189 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,341 | -€51,396 | -€27,054 | -111.1% |
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 28 September 2026 via checked.be.