MODERN V&A: 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.
MODERN V&A
Largest movements
- Tangible fixed assets -€31,626
down €31,626 (-2.8%), from €1.1m to €1.1m
of which Land and buildings: -€28,373
- Debts after one year -€40,337
down €40,337 (-16.8%), from €240,207 to €199,870
- Turnover +€5,398
up €5,398 (+6.6%), from €82,225 to €87,623
- Gross operating margin +€4,869
up €4,869 (+8.4%), from €58,046 to €62,915
- Financial charges -€2,931
down €2,931 (-12.4%), from €23,550 to €20,619
- Depreciation -€1,115
down €1,115 (-3.4%), from €32,741 to €31,626
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.
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.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,173,711 | €1,148,853 | -€24,858 | -2.1% |
| Fixed assets | 21/28 | €1,113,515 | €1,081,889 | -€31,626 | -2.8% |
| Tangible fixed assets | 22/27 | €1,113,515 | €1,081,889 | -€31,626 | -2.8% |
| Land and buildings | 22 | €1,097,310 | €1,068,937 | -€28,373 | -2.6% |
| Plant, machinery and equipment | 23 | €8,132 | €6,830 | -€1,302 | -16.0% |
| Furniture and vehicles | 24 | €8,073 | €6,122 | -€1,951 | -24.2% |
| Current assets | 29/58 | €60,196 | €66,964 | +€6,768 | +11.2% |
| Cash at bank and in hand | 54/58 | €55,956 | €64,880 | +€8,924 | +15.9% |
| Deferred charges and accrued income | 490/1 | €4,240 | €2,084 | -€2,156 | -50.8% |
| Total equity and liabilities | 10/49 | €1,173,711 | €1,148,853 | -€24,858 | -2.1% |
| Equity | 10/15 | €700,282 | €705,058 | +€4,776 | +0.7% |
| Contributions | 10/11 | €83,304 | €83,304 | = | 0.0% |
| Capital | 10 | €83,304 | €83,304 | = | 0.0% |
| Issued capital | 100 | €83,304 | €83,304 | = | 0.0% |
| Reserves | 13 | €95,998 | €95,998 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,953 | €16,953 | = | 0.0% |
| Legal reserve | 130 | €16,953 | €16,953 | = | 0.0% |
| Tax-exempt reserves | 132 | €44 | €44 | = | 0.0% |
| Distributable reserves | 133 | €79,001 | €79,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €520,980 | €525,756 | +€4,776 | +0.9% |
| Amounts payable | 17/49 | €473,429 | €443,795 | -€29,634 | -6.3% |
| Amounts payable after more than one year | 17 | €240,207 | €199,870 | -€40,337 | -16.8% |
| Financial debts | 170/4 | €240,207 | €199,870 | -€40,337 | -16.8% |
| Amounts payable within one year | 42/48 | €225,082 | €233,955 | +€8,873 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €38,232 | €40,156 | +€1,924 | +5.0% |
| Trade debts | 44 | - | €314 | +€314 | |
| Suppliers | 440/4 | - | €314 | +€314 | |
| Other amounts payable | 47/48 | €186,850 | €193,485 | +€6,635 | +3.6% |
| Accrued charges and deferred income | 492/3 | €8,140 | €9,970 | +€1,830 | +22.5% |
| Turnover | 70 | €82,225 | €87,623 | +€5,398 | +6.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €24,179 | €24,708 | +€529 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,741 | €31,626 | -€1,115 | -3.4% |
| Other operating charges | 640/8 | €5,715 | €5,894 | +€179 | +3.1% |
| Non-recurring operating charges | 66A | €313 | - | -€313 | |
| Gross operating margin | 9900 | €58,046 | €62,915 | +€4,869 | +8.4% |
| Operating profit (loss) | 9901 | €19,277 | €25,395 | +€6,118 | +31.7% |
| Financial income | 75/76B | €51 | - | -€51 | |
| Recurring financial income | 75 | €51 | - | -€51 | |
| Financial charges | 65/66B | €23,550 | €20,619 | -€2,931 | -12.4% |
| Recurring financial charges | 65 | €23,550 | €20,619 | -€2,931 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,222 | €4,776 | +€8,998 | |
| Profit (loss) for the period | 9904 | -€4,222 | €4,776 | +€8,998 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,222 | €4,776 | +€8,998 |
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 23 October 2026 via checked.be.