MODENO: 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
MODENO
NACE 46.412, Wholesale of household textiles and bedding
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€14,024
2025 · €11,274+€2,750
Equity
€1.4m
2025 · €1.4m+€14,024
Cash
€182,185
2025 · €125,172+€57,013
Balance sheet total
€3.9m
2025 · €3.7m+€220,625
Largest movements
Assets
- Stocks and contracts +€185,044
up €185,044 (+10.4%), from €1.8m to €2.0m
- Cash +€57,013
up €57,013 (+45.5%), from €125,172 to €182,185
mainly Debts after one year (+€219,659) and Depreciation (+€149,665)
- Tangible fixed assets -€53,306
down €53,306 (-12.2%), from €436,236 to €382,929
of which Plant, machinery and equipment: -€28,125
- Receivables within one year +€47,154
up €47,154 (+5.8%), from €818,642 to €865,796
of which Trade receivables: +€46,818
Equity and liabilities
- Debts after one year +€219,659
up €219,659 (+17.7%), from €1.2m to €1.5m
Income statement
- Gross operating margin +€26,339
up €26,339 (+2.9%), from €897,901 to €924,241
- Financial income -€9,993
down €9,993 (-59.8%), from €16,708 to €6,715
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
€11,274
Gross operating margin
+€26,339
Staff costs
-€2,523
Depreciation
-€6,518
Write-downs
-€1,600
Other operating charges
+€681
Financial income
-€9,993
Financial charges
-€4,253
Taxes
+€616
Result 2026
€14,024
Cash bridge derived
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
-€51,154
Investment
-€75,379
Financing
+€183,546
Cash 2025
€125,172
From operations (derived)
-€51,154
Net result for the year
+€14,024
Depreciation
+€149,665
Stocks and contracts
-€185,044
Receivables within one year
-€47,154
Deferred charges and accrued income
-€5,700
Trade debts
-€4,725
Tax, wage and social debts
-€5,371
Other debts
+€27,346
Accrued charges and deferred income
+€5,806
Investment (derived)
-€75,379
Investment in fixed assets (net)
-€75,379
Financing
+€183,546
Debts after one year
+€219,659
Current portion of long-term debt
-€36,113
Cash 2026
€182,185
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,686,925 | €3,907,550 | +€220,625 | +6.0% |
| Formation expenses | 20 | €834 | - | -€834 | |
| Fixed assets | 21/28 | €923,724 | €850,273 | -€73,452 | -8.0% |
| Intangible fixed assets | 21 | €110,540 | €90,131 | -€20,409 | -18.5% |
| Tangible fixed assets | 22/27 | €436,236 | €382,929 | -€53,306 | -12.2% |
| Plant, machinery and equipment | 23 | €355,742 | €327,617 | -€28,125 | -7.9% |
| Furniture and vehicles | 24 | €80,494 | €55,312 | -€25,182 | -31.3% |
| Financial fixed assets | 28 | €376,949 | €377,212 | +€263 | +0.1% |
| Current assets | 29/58 | €2,762,366 | €3,057,278 | +€294,911 | +10.7% |
| Stocks and contracts in progress | 3 | €1,784,623 | €1,969,667 | +€185,044 | +10.4% |
| Stocks | 30/36 | €1,784,623 | €1,969,667 | +€185,044 | +10.4% |
| Amounts receivable within one year | 40/41 | €818,642 | €865,796 | +€47,154 | +5.8% |
| Trade receivables | 40 | €793,289 | €840,107 | +€46,818 | +5.9% |
| Other amounts receivable | 41 | €25,353 | €25,689 | +€336 | +1.3% |
| Cash at bank and in hand | 54/58 | €125,172 | €182,185 | +€57,013 | +45.5% |
| Deferred charges and accrued income | 490/1 | €33,930 | €39,630 | +€5,700 | +16.8% |
| Total equity and liabilities | 10/49 | €3,686,925 | €3,907,550 | +€220,625 | +6.0% |
| Equity | 10/15 | €1,413,046 | €1,427,069 | +€14,024 | +1.0% |
| Contributions | 10/11 | €1,075,000 | €1,075,000 | = | 0.0% |
| Capital | 10 | €1,075,000 | €1,075,000 | = | 0.0% |
| Issued capital | 100 | €1,075,000 | €1,075,000 | = | 0.0% |
| Reserves | 13 | €20,257 | €20,958 | +€701 | +3.5% |
| Non-distributable reserves | 130/1 | €20,257 | €20,958 | +€701 | +3.5% |
| Legal reserve | 130 | €20,257 | €20,958 | +€701 | +3.5% |
| Profit (loss) carried forward | 14 | €317,789 | €331,111 | +€13,322 | +4.2% |
| Amounts payable | 17/49 | €2,273,879 | €2,480,481 | +€206,602 | +9.1% |
| Amounts payable after more than one year | 17 | €1,238,841 | €1,458,500 | +€219,659 | +17.7% |
| Financial debts | 170/4 | €1,238,841 | €1,458,500 | +€219,659 | +17.7% |
| Amounts payable within one year | 42/48 | €1,024,052 | €1,005,189 | -€18,863 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €118,730 | €82,617 | -€36,113 | -30.4% |
| Trade debts | 44 | €693,993 | €689,268 | -€4,725 | -0.7% |
| Suppliers | 440/4 | €693,993 | €689,268 | -€4,725 | -0.7% |
| Taxes, remuneration and social security | 45 | €184,706 | €179,335 | -€5,371 | -2.9% |
| Taxes | 450/3 | €79,223 | €82,274 | +€3,051 | +3.9% |
| Remuneration and social security | 454/9 | €105,483 | €97,061 | -€8,422 | -8.0% |
| Other amounts payable | 47/48 | €26,624 | €53,970 | +€27,346 | +102.7% |
| Accrued charges and deferred income | 492/3 | €10,986 | €16,791 | +€5,806 | +52.8% |
| Non-recurring operating income | 76A | €175 | - | -€175 | |
| Remuneration, social security and pensions | 62 | €713,053 | €715,576 | +€2,523 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,147 | €149,665 | +€6,518 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,600 | +€1,600 | |
| Other operating charges | 640/8 | €9,136 | €8,455 | -€681 | -7.5% |
| Gross operating margin | 9900 | €897,901 | €924,241 | +€26,339 | +2.9% |
| Operating profit (loss) | 9901 | €32,565 | €48,945 | +€16,380 | +50.3% |
| Financial income | 75/76B | €16,708 | €6,715 | -€9,993 | -59.8% |
| Recurring financial income | 75 | €16,708 | €6,715 | -€9,993 | -59.8% |
| Financial charges | 65/66B | €28,159 | €32,412 | +€4,253 | +15.1% |
| Recurring financial charges | 65 | €28,159 | €32,412 | +€4,253 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €21,115 | €23,248 | +€2,133 | +10.1% |
| Income taxes | 67/77 | €9,841 | €9,224 | -€616 | -6.3% |
| Profit (loss) for the period | 9904 | €11,274 | €14,024 | +€2,750 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,274 | €14,024 | +€2,750 | +24.4% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.