MODEO: 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.
MODEO
Largest movements
- Tangible fixed assets -€113,827
down €113,827 (-12.3%), from €926,847 to €813,020
- Receivables within one year +€62,279
up €62,279 (+85.5%), from €72,826 to €135,104
of which Trade receivables: +€62,279
- Debts after one year -€78,757
down €78,757 (-13.0%), from €604,177 to €525,420
- Reserves +€51,002
up €51,002 (+108%), from €47,007 to €98,009
of which Distributable reserves: +€51,002
- Other debts -€23,827
down €23,827 (-9.3%), from €255,112 to €231,285
- Tax, wage and social debts +€21,993
up €21,993 (+122%), from €18,006 to €39,999
of which Remuneration and social security: +€14,363
- Profit (loss) carried forward -€13,693
no longer reported in 2025 (was €13,693)
- Gross operating margin -€31,087
down €31,087 (-19.8%), from €157,339 to €126,252
- Depreciation -€21,177
down €21,177 (-25.4%), from €83,423 to €62,247
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.
Derived cash bridge
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 | €1,040,135 | €994,539 | -€45,597 | -4.4% |
| Fixed assets | 21/28 | €926,996 | €813,169 | -€113,827 | -12.3% |
| Tangible fixed assets | 22/27 | €926,847 | €813,020 | -€113,827 | -12.3% |
| Land and buildings | 22 | €842,366 | €808,769 | -€33,598 | -4.0% |
| Plant, machinery and equipment | 23 | €45,547 | €4,252 | -€41,296 | -90.7% |
| Furniture and vehicles | 24 | €38,934 | - | -€38,934 | |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €113,139 | €181,369 | +€68,230 | +60.3% |
| Amounts receivable within one year | 40/41 | €72,826 | €135,104 | +€62,279 | +85.5% |
| Trade receivables | 40 | €72,627 | €134,905 | +€62,279 | +85.8% |
| Other amounts receivable | 41 | €199 | €199 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,838 | €42,205 | +€5,367 | +14.6% |
| Deferred charges and accrued income | 490/1 | €3,475 | €4,060 | +€585 | +16.8% |
| Total equity and liabilities | 10/49 | €1,040,135 | €994,539 | -€45,597 | -4.4% |
| Equity | 10/15 | €79,300 | €116,609 | +€37,309 | +47.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,007 | €98,009 | +€51,002 | +108% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €45,147 | €96,149 | +€51,002 | +113% |
| Profit (loss) carried forward | 14 | €13,693 | - | -€13,693 | |
| Amounts payable | 17/49 | €960,835 | €877,930 | -€82,905 | -8.6% |
| Amounts payable after more than one year | 17 | €604,177 | €525,420 | -€78,757 | -13.0% |
| Financial debts | 170/4 | €604,177 | €525,420 | -€78,757 | -13.0% |
| Amounts payable within one year | 42/48 | €356,658 | €352,510 | -€4,149 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €81,334 | €78,757 | -€2,577 | -3.2% |
| Trade debts | 44 | €2,207 | €2,469 | +€262 | +11.9% |
| Suppliers | 440/4 | €2,207 | €2,469 | +€262 | +11.9% |
| Taxes, remuneration and social security | 45 | €18,006 | €39,999 | +€21,993 | +122% |
| Taxes | 450/3 | €18,006 | €25,636 | +€7,630 | +42.4% |
| Remuneration and social security | 454/9 | - | €14,363 | +€14,363 | |
| Other amounts payable | 47/48 | €255,112 | €231,285 | -€23,827 | -9.3% |
| Non-recurring operating income | 76A | - | €3,326 | +€3,326 | |
| Remuneration, social security and pensions | 62 | €401 | - | -€401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,423 | €62,247 | -€21,177 | -25.4% |
| Other operating charges | 640/8 | €10,343 | €10,030 | -€313 | -3.0% |
| Gross operating margin | 9900 | €157,339 | €126,252 | -€31,087 | -19.8% |
| Operating profit (loss) | 9901 | €63,171 | €53,975 | -€9,196 | -14.6% |
| Financial income | 75/76B | €0 | €29 | +€28 | +11,340% |
| Recurring financial income | 75 | €0 | €29 | +€28 | +11,340% |
| Financial charges | 65/66B | €13,118 | €11,747 | -€1,371 | -10.5% |
| Recurring financial charges | 65 | €13,118 | €11,747 | -€1,371 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €50,053 | €42,257 | -€7,796 | -15.6% |
| Income taxes | 67/77 | €4,906 | €4,948 | +€42 | +0.9% |
| Profit (loss) for the period | 9904 | €45,147 | €37,309 | -€7,839 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,147 | €37,309 | -€7,839 | -17.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.