MODERNIST GALLERIES: 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.
MODERNIST GALLERIES
Largest movements
- Stocks and contracts +€20,692
up €20,692 (+2.4%), from €847,790 to €868,482
- Tangible fixed assets -€14,451
down €14,451 (-3.0%), from €484,123 to €469,672
of which Land and buildings: -€14,182
- Trade debts +€91,712
up €91,712 (+31.7%), from €289,054 to €380,767
- Other debts +€51,088
up €51,088 (+21.8%), from €233,847 to €284,935
- Short-term financial debts -€43,683
down €43,683 (-30.7%), from €142,286 to €98,603
of which Credit institutions: -€43,683
- Profit (loss) carried forward -€40,931
down €40,931, from €6,471 to -€34,460
- Tax, wage and social debts -€40,146
down €40,146 (-98.8%), from €40,617 to €471
- Financial income -€40,469
down €40,469 (-99.9%), from €40,522 to €53
- Gross operating margin -€18,219
down €18,219, from €8,793 to -€9,426
- Financial charges -€9,417
down €9,417 (-45.3%), from €20,791 to €11,374
- Other operating charges -€1,747
down €1,747 (-24.9%), from €7,005 to €5,258
- Depreciation -€210
down €210 (-1.4%), from €14,910 to €14,701
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 | €1,350,120 | €1,343,779 | -€6,340 | -0.5% |
| Fixed assets | 21/28 | €485,803 | €471,102 | -€14,701 | -3.0% |
| Intangible fixed assets | 21 | €1,000 | €750 | -€250 | -25.0% |
| Tangible fixed assets | 22/27 | €484,123 | €469,672 | -€14,451 | -3.0% |
| Land and buildings | 22 | €483,854 | €469,672 | -€14,182 | -2.9% |
| Furniture and vehicles | 24 | €269 | - | -€269 | |
| Financial fixed assets | 28 | €680 | €680 | = | 0.0% |
| Current assets | 29/58 | €864,317 | €872,677 | +€8,360 | +1.0% |
| Stocks and contracts in progress | 3 | €847,790 | €868,482 | +€20,692 | +2.4% |
| Stocks | 30/36 | €847,790 | €868,482 | +€20,692 | +2.4% |
| Amounts receivable within one year | 40/41 | €12,843 | €2,047 | -€10,796 | -84.1% |
| Trade receivables | 40 | €9,650 | - | -€9,650 | |
| Other amounts receivable | 41 | €3,193 | €2,047 | -€1,146 | -35.9% |
| Cash at bank and in hand | 54/58 | €944 | €3 | -€941 | -99.7% |
| Deferred charges and accrued income | 490/1 | €2,740 | €2,146 | -€594 | -21.7% |
| Total equity and liabilities | 10/49 | €1,350,120 | €1,343,779 | -€6,340 | -0.5% |
| Equity | 10/15 | €108,674 | €67,743 | -€40,931 | -37.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €97,203 | €97,203 | = | 0.0% |
| Distributable reserves | 133 | €97,203 | €97,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,471 | -€34,460 | -€40,931 | |
| Amounts payable | 17/49 | €1,241,446 | €1,276,036 | +€34,591 | +2.8% |
| Amounts payable after more than one year | 17 | €511,262 | €494,443 | -€16,819 | -3.3% |
| Financial debts | 170/4 | €511,262 | €494,443 | -€16,819 | -3.3% |
| Amounts payable within one year | 42/48 | €722,084 | €781,593 | +€59,509 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €16,280 | €16,818 | +€538 | +3.3% |
| Financial debts | 43 | €142,286 | €98,603 | -€43,683 | -30.7% |
| Credit institutions | 430/8 | €43,683 | - | -€43,683 | |
| Other loans | 439 | €98,603 | €98,603 | = | 0.0% |
| Trade debts | 44 | €289,054 | €380,767 | +€91,712 | +31.7% |
| Suppliers | 440/4 | €289,054 | €380,767 | +€91,712 | +31.7% |
| Taxes, remuneration and social security | 45 | €40,617 | €471 | -€40,146 | -98.8% |
| Taxes | 450/3 | €40,617 | €471 | -€40,146 | -98.8% |
| Other amounts payable | 47/48 | €233,847 | €284,935 | +€51,088 | +21.8% |
| Accrued charges and deferred income | 492/3 | €8,099 | - | -€8,099 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,910 | €14,701 | -€210 | -1.4% |
| Other operating charges | 640/8 | €7,005 | €5,258 | -€1,747 | -24.9% |
| Gross operating margin | 9900 | €8,793 | -€9,426 | -€18,219 | |
| Operating profit (loss) | 9901 | -€13,122 | -€29,385 | -€16,262 | -124% |
| Financial income | 75/76B | €40,522 | €53 | -€40,469 | -99.9% |
| Recurring financial income | 75 | €40,522 | €53 | -€40,469 | -99.9% |
| Financial charges | 65/66B | €20,791 | €11,374 | -€9,417 | -45.3% |
| Recurring financial charges | 65 | €20,791 | €11,374 | -€9,417 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €6,608 | -€40,706 | -€47,314 | |
| Income taxes | 67/77 | €137 | €225 | +€88 | +64.5% |
| Profit (loss) for the period | 9904 | €6,471 | -€40,931 | -€47,402 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,471 | -€40,931 | -€47,402 |
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 21 October 2026 via checked.be.