MODECO: 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.
What changed
MODECO
NACE 43.320, Joinery installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€187,876
2024 · -€111,041-€76,836
Equity
€306,311
2024 · €499,947-€193,637
Cash
€46,496
2024 · €19,270+€27,226
Balance sheet total
€1.1m
2024 · €1.3m-€181,257
Largest movements
Assets
- Tangible fixed assets -€118,814
down €118,814 (-14.0%), from €849,012 to €730,198
- Receivables within one year -€102,977
down €102,977 (-45.0%), from €228,798 to €125,821
of which Trade receivables: -€103,328
- Cash +€27,226
up €27,226 (+141.3%), from €19,270 to €46,496
mainly Depreciation (+€136,159) and Receivables within one year (+€102,977)
Equity and liabilities
- Profit (loss) carried forward -€187,876
down €187,876, from €73,102 to -€114,774
- Current portion of long-term debt +€21,901
up €21,901 (+26.9%), from €81,272 to €103,173
- Debts after one year -€15,011
down €15,011 (-2.7%), from €552,839 to €537,828
- Trade debts +€14,366
up €14,366 (+15.2%), from €94,458 to €108,824
Income statement
- Gross operating margin -€187,959
down €187,959 (-23.4%), from €804,645 to €616,686
- Staff costs -€119,121
down €119,121 (-15.5%), from €767,000 to €647,878
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.
Result 2024
-€111,041
Gross operating margin
-€187,959
Staff costs
+€119,121
Depreciation
-€2,354
Write-downs
+€3,363
Other operating charges
-€1,788
Financial income
-€7,328
Financial charges
+€1,420
Taxes
+€108
Deferred taxes and other
-€1,418
Result 2025
-€187,876
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.
From operations
+€55,721
Investment
-€29,624
Financing
+€1,129
Cash 2024
€19,270
From operations (derived)
+€55,721
Net result for the year
-€187,876
Depreciation
+€136,159
Stocks and contracts
+€940
Receivables within one year
+€102,977
Deferred charges and accrued income
-€1,971
Provisions
-€1,535
Trade debts
+€14,366
Tax, wage and social debts
-€2,001
Other debts
+€2,752
Accrued charges and deferred income
-€8,091
Investment (derived)
-€29,624
Investment in fixed assets (net)
-€29,624
Financing
+€1,129
Debts after one year
-€15,011
Current portion of long-term debt
+€21,901
Contributions, distributions and other
-€5,760
Cash 2025
€46,496
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,307,596 | €1,126,339 | -€181,257 | -13.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €917,810 | €811,275 | -€106,535 | -11.6% |
| Intangible fixed assets | 21 | €68,658 | €80,937 | +€12,279 | +17.9% |
| Tangible fixed assets | 22/27 | €849,012 | €730,198 | -€118,814 | -14.0% |
| Land and buildings | 22 | €557,243 | €515,888 | -€41,355 | -7.4% |
| Plant, machinery and equipment | 23 | €239,855 | €184,623 | -€55,231 | -23.0% |
| Furniture and vehicles | 24 | €47,473 | €26,560 | -€20,913 | -44.1% |
| Other tangible fixed assets | 26 | €4,441 | €3,127 | -€1,314 | -29.6% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €389,786 | €315,064 | -€74,722 | -19.2% |
| Stocks and contracts in progress | 3 | €136,112 | €135,172 | -€940 | -0.7% |
| Stocks | 30/36 | €136,112 | €135,172 | -€940 | -0.7% |
| Amounts receivable within one year | 40/41 | €228,798 | €125,821 | -€102,977 | -45.0% |
| Trade receivables | 40 | €224,162 | €120,834 | -€103,328 | -46.1% |
| Other amounts receivable | 41 | €4,636 | €4,987 | +€351 | +7.6% |
| Cash at bank and in hand | 54/58 | €19,270 | €46,496 | +€27,226 | +141.3% |
| Deferred charges and accrued income | 490/1 | €5,605 | €7,576 | +€1,971 | +35.2% |
| Total equity and liabilities | 10/49 | €1,307,596 | €1,126,339 | -€181,257 | -13.9% |
| Equity | 10/15 | €499,947 | €306,311 | -€193,637 | -38.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €359,425 | €359,425 | = | 0.0% |
| Distributable reserves | 133 | €359,425 | €359,425 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,102 | -€114,774 | -€187,876 | |
| Investment grants | 15 | €46,960 | €41,200 | -€5,760 | -12.3% |
| Provisions and deferred taxes | 16 | €13,225 | €11,690 | -€1,535 | -11.6% |
| Deferred taxes | 168 | €13,225 | €11,690 | -€1,535 | -11.6% |
| Amounts payable | 17/49 | €794,424 | €808,339 | +€13,915 | +1.8% |
| Amounts payable after more than one year | 17 | €552,839 | €537,828 | -€15,011 | -2.7% |
| Financial debts | 170/4 | €552,839 | €537,828 | -€15,011 | -2.7% |
| Amounts payable within one year | 42/48 | €233,210 | €270,228 | +€37,018 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €81,272 | €103,173 | +€21,901 | +26.9% |
| Trade debts | 44 | €94,458 | €108,824 | +€14,366 | +15.2% |
| Suppliers | 440/4 | €94,458 | €108,824 | +€14,366 | +15.2% |
| Taxes, remuneration and social security | 45 | €57,480 | €55,479 | -€2,001 | -3.5% |
| Taxes | 450/3 | €33,376 | €5,424 | -€27,951 | -83.7% |
| Remuneration and social security | 454/9 | €24,104 | €50,054 | +€25,950 | +107.7% |
| Other amounts payable | 47/48 | - | €2,752 | +€2,752 | |
| Accrued charges and deferred income | 492/3 | €8,375 | €284 | -€8,091 | -96.6% |
| Remuneration, social security and pensions | 62 | €767,000 | €647,878 | -€119,121 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,805 | €136,159 | +€2,354 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,363 | - | -€3,363 | |
| Other operating charges | 640/8 | €6,067 | €7,855 | +€1,788 | +29.5% |
| Gross operating margin | 9900 | €804,645 | €616,686 | -€187,959 | -23.4% |
| Operating profit (loss) | 9901 | -€105,590 | -€175,207 | -€69,617 | -65.9% |
| Financial income | 75/76B | €14,942 | €7,614 | -€7,328 | -49.0% |
| Recurring financial income | 75 | €14,942 | €6,114 | -€8,828 | -59.1% |
| Non-recurring financial income | 76B | - | €1,500 | +€1,500 | |
| Financial charges | 65/66B | €22,102 | €20,682 | -€1,420 | -6.4% |
| Recurring financial charges | 65 | €22,102 | €20,682 | -€1,420 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€112,749 | -€188,275 | -€75,526 | -67.0% |
| Transfer from deferred taxes | 780 | €2,953 | €1,535 | -€1,418 | -48.0% |
| Income taxes | 67/77 | €1,245 | €1,137 | -€108 | -8.7% |
| Profit (loss) for the period | 9904 | -€111,041 | -€187,876 | -€76,836 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€111,041 | -€187,876 | -€76,836 | -69.2% |
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 1 October 2026 via checked.be.