MODENA GROUP: 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.
MODENA GROUP
Largest movements
- Cash +€477,130
up €477,130 (+43.9%), from €1.1m to €1.6m
mainly Net result for the year (+€639,327) and Trade debts (+€232,716)
- Deferred charges and accrued income +€343,989
up €343,989 (+8493.4%), from €4,050 to €348,039
- Receivables within one year +€158,529
up €158,529 (+214.0%), from €74,074 to €232,602
of which Other amounts receivable: +€87,478
- Profit (loss) carried forward +€639,327
up €639,327 (+57.6%), from €1.1m to €1.8m
- Trade debts +€232,716
up €232,716 (+379.5%), from €61,324 to €294,040
- Tax, wage and social debts +€102,677
up €102,677 (+35.8%), from €287,060 to €389,737
of which Taxes: +€119,814
- Gross operating margin -€407,583
down €407,583 (-28.5%), from €1.4m to €1.0m
- Taxes -€88,167
down €88,167 (-28.0%), from €314,959 to €226,792
- Staff costs -€47,337
down €47,337 (-26.9%), from €176,147 to €128,810
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 | €1,496,355 | €2,470,868 | +€974,514 | +65.1% |
| Fixed assets | 21/28 | €331,822 | €326,688 | -€5,134 | -1.5% |
| Intangible fixed assets | 21 | €128,699 | €110,152 | -€18,547 | -14.4% |
| Tangible fixed assets | 22/27 | €21,623 | €35,036 | +€13,413 | +62.0% |
| Plant, machinery and equipment | 23 | €1,372 | €833 | -€538 | -39.2% |
| Furniture and vehicles | 24 | €10,621 | €7,323 | -€3,298 | -31.1% |
| Other tangible fixed assets | 26 | €9,630 | €26,880 | +€17,250 | +179.1% |
| Financial fixed assets | 28 | €181,500 | €181,500 | = | 0.0% |
| Current assets | 29/58 | €1,164,533 | €2,144,180 | +€979,648 | +84.1% |
| Amounts receivable within one year | 40/41 | €74,074 | €232,602 | +€158,529 | +214.0% |
| Trade receivables | 40 | €14,568 | €85,618 | +€71,050 | +487.7% |
| Other amounts receivable | 41 | €59,506 | €146,984 | +€87,478 | +147.0% |
| Cash at bank and in hand | 54/58 | €1,086,409 | €1,563,539 | +€477,130 | +43.9% |
| Deferred charges and accrued income | 490/1 | €4,050 | €348,039 | +€343,989 | +8493.4% |
| Total equity and liabilities | 10/49 | €1,496,355 | €2,470,868 | +€974,514 | +65.1% |
| Equity | 10/15 | €1,113,855 | €1,753,182 | +€639,327 | +57.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,110,855 | €1,750,182 | +€639,327 | +57.6% |
| Amounts payable | 17/49 | €382,499 | €717,686 | +€335,187 | +87.6% |
| Amounts payable within one year | 42/48 | €382,499 | €717,686 | +€335,187 | +87.6% |
| Current portion of amounts payable after more than one year | 42 | €34,115 | €33,908 | -€206 | -0.6% |
| Trade debts | 44 | €61,324 | €294,040 | +€232,716 | +379.5% |
| Suppliers | 440/4 | €61,324 | €294,040 | +€232,716 | +379.5% |
| Taxes, remuneration and social security | 45 | €287,060 | €389,737 | +€102,677 | +35.8% |
| Taxes | 450/3 | €249,442 | €369,256 | +€119,814 | +48.0% |
| Remuneration and social security | 454/9 | €37,618 | €20,482 | -€17,136 | -45.6% |
| Remuneration, social security and pensions | 62 | €176,147 | €128,810 | -€47,337 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,489 | €27,552 | -€1,938 | -6.6% |
| Other operating charges | 640/8 | €8,884 | €6,505 | -€2,380 | -26.8% |
| Gross operating margin | 9900 | €1,432,188 | €1,024,605 | -€407,583 | -28.5% |
| Operating profit (loss) | 9901 | €1,217,668 | €861,739 | -€355,929 | -29.2% |
| Financial income | 75/76B | €7,612 | €11,057 | +€3,445 | +45.3% |
| Recurring financial income | 75 | €7,612 | €11,057 | +€3,445 | +45.3% |
| Financial charges | 65/66B | €5,745 | €6,676 | +€931 | +16.2% |
| Recurring financial charges | 65 | €5,745 | €6,676 | +€931 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €1,219,535 | €866,119 | -€353,416 | -29.0% |
| Income taxes | 67/77 | €314,959 | €226,792 | -€88,167 | -28.0% |
| Profit (loss) for the period | 9904 | €904,575 | €639,327 | -€265,248 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €904,575 | €639,327 | -€265,248 | -29.3% |
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 3 October 2026 via checked.be.