MODDER: 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.
What changed
MODDER
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€1.9m
2025 · €2.9m-€1.0m
Equity
€14.1m
2025 · €12.2m+€1.9m
Cash
€24,522
2025 · €47,002-€22,480
Balance sheet total
€18.4m
2025 · €17.2m+€1.2m
Largest movements
Assets
- Receivables within one year +€967,077
up €967,077 (+14.2%), from €6.8m to €7.8m
of which Other amounts receivable: +€964,487
- Current investments +€430,000
up €430,000 (+108%), from €400,000 to €830,000
Equity and liabilities
- Reserves +€1.9m
up €1.9m (+38.7%), from €5.0m to €6.9m
of which Distributable reserves: +€1.9m
- Debts after one year -€470,570
down €470,570 (-21.9%), from €2.1m to €1.7m
Income statement
- Gross operating margin -€879,031
down €879,031 (-59.5%), from €1.5m to €597,987
- Financial income -€191,470
down €191,470 (-9.3%), from €2.1m to €1.9m
- Depreciation -€18,969
down €18,969 (-14.8%), from €128,572 to €109,603
- Other operating charges -€17,721
down €17,721 (-66.6%), from €26,604 to €8,883
- Financial charges -€15,465
down €15,465 (-6.1%), from €253,582 to €238,117
From the 2025 result to the 2026 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.
Result 2025
€2.9m
Gross operating margin
-€879,031
Depreciation
+€18,969
Other operating charges
+€17,721
Financial income
-€191,470
Financial charges
+€15,465
Taxes
-€13,218
Result 2026
€1.9m
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.0m
Investment
-€440,163
Financing
-€607,671
Cash 2025
€47,002
From operations (derived)
+€1.0m
Net result for the year
+€1.9m
Depreciation
+€109,603
Receivables after one year
+€120,583
Receivables within one year
-€967,077
Deferred charges and accrued income
-€21,998
Smaller working-capital items
-€1,854
Tax, wage and social debts
-€24,005
Other debts
-€107,841
Investment (derived)
-€440,163
Investment in fixed assets (net)
-€10,163
Current investments
-€430,000
Financing
-€607,671
Debts after one year
-€470,570
Current portion of long-term debt
-€16,351
Short-term financial debts
-€120,750
Cash 2026
€24,522
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,198,497 | €18,375,069 | +€1.2m | +6.8% |
| Fixed assets | 21/28 | €9,488,384 | €9,388,944 | -€99,440 | -1.0% |
| Tangible fixed assets | 22/27 | €2,651,356 | €2,551,916 | -€99,440 | -3.8% |
| Land and buildings | 22 | €2,623,119 | €2,527,202 | -€95,918 | -3.7% |
| Plant, machinery and equipment | 23 | €8,169 | €5,953 | -€2,216 | -27.1% |
| Furniture and vehicles | 24 | €20,068 | €18,762 | -€1,306 | -6.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €6,837,028 | €6,837,028 | = | 0.0% |
| Current assets | 29/58 | €7,710,113 | €8,986,125 | +€1.3m | +16.5% |
| Amounts receivable after more than one year | 29 | €406,236 | €285,654 | -€120,583 | -29.7% |
| Trade receivables | 290 | €94,986 | - | -€94,986 | |
| Other amounts receivable | 291 | €311,250 | €285,654 | -€25,596 | -8.2% |
| Amounts receivable within one year | 40/41 | €6,829,474 | €7,796,551 | +€967,077 | +14.2% |
| Trade receivables | 40 | €26,616 | €29,206 | +€2,590 | +9.7% |
| Other amounts receivable | 41 | €6,802,858 | €7,767,345 | +€964,487 | +14.2% |
| Current investments | 50/53 | €400,000 | €830,000 | +€430,000 | +108% |
| Cash at bank and in hand | 54/58 | €47,002 | €24,522 | -€22,480 | -47.8% |
| Deferred charges and accrued income | 490/1 | €27,401 | €49,398 | +€21,998 | +80.3% |
| Total equity and liabilities | 10/49 | €17,198,497 | €18,375,069 | +€1.2m | +6.8% |
| Equity | 10/15 | €12,200,048 | €14,117,991 | +€1.9m | +15.7% |
| Contributions | 10/11 | €3,830,000 | €3,830,000 | = | 0.0% |
| Reserves | 13 | €4,959,961 | €6,877,904 | +€1.9m | +38.7% |
| Tax-exempt reserves | 132 | €323,611 | €340,115 | +€16,504 | +5.1% |
| Distributable reserves | 133 | €4,636,350 | €6,537,789 | +€1.9m | +41.0% |
| Profit (loss) carried forward | 14 | €3,410,087 | €3,410,087 | = | 0.0% |
| Provisions and deferred taxes | 16 | €33,338 | €31,823 | -€1,515 | -4.5% |
| Deferred taxes | 168 | €33,338 | €31,823 | -€1,515 | -4.5% |
| Amounts payable | 17/49 | €4,965,111 | €4,225,256 | -€739,855 | -14.9% |
| Amounts payable after more than one year | 17 | €2,147,677 | €1,677,107 | -€470,570 | -21.9% |
| Financial debts | 170/4 | €2,147,677 | €1,677,107 | -€470,570 | -21.9% |
| Amounts payable within one year | 42/48 | €2,815,968 | €2,547,390 | -€268,578 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €486,921 | €470,570 | -€16,351 | -3.4% |
| Financial debts | 43 | €120,750 | - | -€120,750 | |
| Credit institutions | 430/8 | €120,750 | - | -€120,750 | |
| Trade debts | 44 | €11,614 | €11,983 | +€369 | +3.2% |
| Suppliers | 440/4 | €11,614 | €11,983 | +€369 | +3.2% |
| Taxes, remuneration and social security | 45 | €52,079 | €28,074 | -€24,005 | -46.1% |
| Taxes | 450/3 | €52,079 | €28,074 | -€24,005 | -46.1% |
| Other amounts payable | 47/48 | €2,144,604 | €2,036,763 | -€107,841 | -5.0% |
| Accrued charges and deferred income | 492/3 | €1,466 | €759 | -€708 | -48.3% |
| Non-recurring operating income | 76A | €888,629 | €45,092 | -€843,536 | -94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,572 | €109,603 | -€18,969 | -14.8% |
| Other operating charges | 640/8 | €26,604 | €8,883 | -€17,721 | -66.6% |
| Gross operating margin | 9900 | €1,477,018 | €597,987 | -€879,031 | -59.5% |
| Operating profit (loss) | 9901 | €1,321,841 | €479,501 | -€842,340 | -63.7% |
| Financial income | 75/76B | €2,065,933 | €1,874,462 | -€191,470 | -9.3% |
| Recurring financial income | 75 | €2,065,933 | €1,874,462 | -€191,470 | -9.3% |
| Financial charges | 65/66B | €253,582 | €238,117 | -€15,465 | -6.1% |
| Recurring financial charges | 65 | €253,582 | €238,117 | -€15,465 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €3,134,192 | €2,115,846 | -€1.0m | -32.5% |
| Transfer from deferred taxes | 780 | €1,515 | €1,515 | = | 0.0% |
| Income taxes | 67/77 | €186,200 | €199,418 | +€13,218 | +7.1% |
| Profit (loss) for the period | 9904 | €2,949,508 | €1,917,943 | -€1.0m | -35.0% |
| Transfer from tax-exempt reserves | 789 | €4,546 | €67,696 | +€63,150 | +1,389% |
| Transfer to tax-exempt reserves | 689 | €96,830 | €84,200 | -€12,630 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,857,224 | €1,901,439 | -€955,784 | -33.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.