MODERO: 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
MODERO
NACE 69.103, Activities of bailiffs
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.2m
2024 · €5.3m+€929,917
Equity
€19.1m
2024 · €15.9m+€3.2m
Cash
€4.5m
2024 · €15.2m-€10.7m
Balance sheet total
€39.4m
2024 · €45.9m-€6.5m
Largest movements
Assets
- Cash -€10.7m
down €10.7m (-70.1%), from €15.2m to €4.5m
mainly Other debts (-€14.0m) and Receivables within one year (-€4.2m)
- Receivables within one year +€4.2m
up €4.2m (+14.7%), from €28.8m to €33.0m
of which Trade receivables: +€6.5m
Equity and liabilities
- Other debts -€14.0m
down €14.0m (-82.3%), from €17.0m to €3.0m
- Reserves +€3.2m
up €3.2m (+20.3%), from €15.9m to €19.1m
of which Distributable reserves: +€3.2m
- Trade debts +€3.2m
up €3.2m (+43.4%), from €7.3m to €10.5m
Income statement
- Turnover +€9.1m
up €9.1m (+24.3%), from €37.2m to €46.3m
- Services and other goods +€5.4m
up €5.4m (+39.1%), from €13.8m to €19.2m
- Goods and materials +€2.5m
up €2.5m (+41.2%), from €6.1m to €8.7m
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.
Result 2024
€5.3m
Turnover
+€9.1m
Other operating income
-€266,452
Goods and materials
-€2.5m
Services and other goods
-€5.4m
Staff costs
+€293,596
Depreciation
-€725
Other operating charges
-€6,377
Other operating items
+€109,303
Financial income
+€5,272
Financial charges
+€2,241
Taxes
-€337,292
Result 2025
€6.2m
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.
From operations
-€7.3m
Investment
-€501,145
Financing
-€2.8m
Cash 2024
€15.2m
From operations (derived)
-€7.3m
Net result for the year
+€6.2m
Depreciation
+€491,084
Receivables after one year
+€14,588
Receivables within one year
-€4.2m
Deferred charges and accrued income
+€42,283
Trade debts
+€3.2m
Tax, wage and social debts
+€329,875
Advances received
+€192,960
Other debts
-€14.0m
Accrued charges and deferred income
+€410,319
Investment (derived)
-€501,145
Investment in fixed assets (net)
-€501,145
Financing
-€2.8m
Debts after one year
-€173,896
Current portion of long-term debt
+€6,921
Short-term financial debts
+€335,049
Contributions, distributions and other
-€3.0m
Cash 2025
€4.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,935,972 | €39,448,444 | -€6.5m | -14.1% |
| Fixed assets | 21/28 | €1,710,683 | €1,720,744 | +€10,061 | +0.6% |
| Intangible fixed assets | 21 | €298,435 | €396,823 | +€98,388 | +33.0% |
| Tangible fixed assets | 22/27 | €1,346,957 | €1,177,141 | -€169,816 | -12.6% |
| Plant, machinery and equipment | 23 | €546,715 | €553,337 | +€6,622 | +1.2% |
| Furniture and vehicles | 24 | €119,365 | €111,483 | -€7,882 | -6.6% |
| Leasing and similar rights | 25 | €192,414 | €87,855 | -€104,559 | -54.3% |
| Other tangible fixed assets | 26 | €488,463 | €424,466 | -€63,997 | -13.1% |
| Financial fixed assets | 28 | €65,291 | €146,780 | +€81,489 | +124.8% |
| Other financial fixed assets | 284/8 | €65,291 | €146,780 | +€81,489 | +124.8% |
| Shares | 284 | €529 | €529 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €64,762 | €146,251 | +€81,489 | +125.8% |
| Current assets | 29/58 | €44,225,289 | €37,727,700 | -€6.5m | -14.7% |
| Amounts receivable after more than one year | 29 | €49,782 | €35,194 | -€14,588 | -29.3% |
| Other amounts receivable | 291 | €49,782 | €35,194 | -€14,588 | -29.3% |
| Amounts receivable within one year | 40/41 | €28,801,118 | €33,025,680 | +€4.2m | +14.7% |
| Trade receivables | 40 | €25,941,179 | €32,439,422 | +€6.5m | +25.0% |
| Other amounts receivable | 41 | €2,859,939 | €586,258 | -€2.3m | -79.5% |
| Cash at bank and in hand | 54/58 | €15,214,087 | €4,548,807 | -€10.7m | -70.1% |
| Deferred charges and accrued income | 490/1 | €160,302 | €118,019 | -€42,283 | -26.4% |
| Total equity and liabilities | 10/49 | €45,935,972 | €39,448,444 | -€6.5m | -14.1% |
| Equity | 10/15 | €15,912,389 | €19,128,699 | +€3.2m | +20.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €15,850,889 | €19,067,199 | +€3.2m | +20.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €15,844,739 | €19,061,049 | +€3.2m | +20.3% |
| Amounts payable | 17/49 | €30,023,583 | €20,319,745 | -€9.7m | -32.3% |
| Amounts payable after more than one year | 17 | €612,794 | €438,898 | -€173,896 | -28.4% |
| Financial debts | 170/4 | €612,794 | €438,898 | -€173,896 | -28.4% |
| Leasing and similar obligations | 172 | €456,498 | €332,513 | -€123,985 | -27.2% |
| Credit institutions | 173 | €156,296 | €106,385 | -€49,911 | -31.9% |
| Amounts payable within one year | 42/48 | €27,643,022 | €17,702,761 | -€9.9m | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €166,974 | €173,895 | +€6,921 | +4.1% |
| Financial debts | 43 | €500,000 | €835,049 | +€335,049 | +67.0% |
| Credit institutions | 430/8 | €500,000 | €835,049 | +€335,049 | +67.0% |
| Trade debts | 44 | €7,311,718 | €10,483,896 | +€3.2m | +43.4% |
| Suppliers | 440/4 | €7,311,718 | €10,483,896 | +€3.2m | +43.4% |
| Advances received on contracts in progress | 46 | - | €192,960 | +€192,960 | |
| Taxes, remuneration and social security | 45 | €2,683,812 | €3,013,687 | +€329,875 | +12.3% |
| Taxes | 450/3 | €1,676,874 | €1,988,827 | +€311,953 | +18.6% |
| Remuneration and social security | 454/9 | €1,006,938 | €1,024,860 | +€17,922 | +1.8% |
| Other amounts payable | 47/48 | €16,980,518 | €3,003,274 | -€14.0m | -82.3% |
| Accrued charges and deferred income | 492/3 | €1,767,767 | €2,178,086 | +€410,319 | +23.2% |
| Operating income | 70/76A | €37,567,287 | €46,351,057 | +€8.8m | +23.4% |
| Turnover | 70 | €37,229,087 | €46,280,640 | +€9.1m | +24.3% |
| Other operating income | 74 | €322,182 | €55,730 | -€266,452 | -82.7% |
| Non-recurring operating income | 76A | €16,018 | €14,687 | -€1,331 | -8.3% |
| Operating charges | 60/66A | €30,449,254 | €37,973,328 | +€7.5m | +24.7% |
| Goods for resale, raw materials and consumables | 60 | €6,148,066 | €8,683,814 | +€2.5m | +41.2% |
| Purchases | 600/8 | €6,148,066 | €8,683,814 | +€2.5m | +41.2% |
| Services and other goods | 61 | €13,765,371 | €19,150,825 | +€5.4m | +39.1% |
| Remuneration, social security and pensions | 62 | €9,848,929 | €9,555,333 | -€293,596 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490,359 | €491,084 | +€725 | +0.1% |
| Other operating charges | 640/8 | €73,138 | €79,515 | +€6,377 | +8.7% |
| Non-recurring operating charges | 66A | €123,391 | €12,757 | -€110,634 | -89.7% |
| Operating profit (loss) | 9901 | €7,118,033 | €8,377,729 | +€1.3m | +17.7% |
| Financial income | 75/76B | €211,681 | €216,953 | +€5,272 | +2.5% |
| Recurring financial income | 75 | €211,681 | €216,953 | +€5,272 | +2.5% |
| Income from current assets | 751 | €211,681 | €216,953 | +€5,272 | +2.5% |
| Financial charges | 65/66B | €62,614 | €60,373 | -€2,241 | -3.6% |
| Recurring financial charges | 65 | €62,614 | €60,373 | -€2,241 | -3.6% |
| Debt charges | 650 | €54,599 | €52,019 | -€2,580 | -4.7% |
| Other financial charges | 652/9 | €8,015 | €8,354 | +€339 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €7,267,100 | €8,534,309 | +€1.3m | +17.4% |
| Income taxes | 67/77 | €1,980,707 | €2,317,999 | +€337,292 | +17.0% |
| Taxes | 670/3 | €1,982,054 | €2,317,999 | +€335,945 | +16.9% |
| Tax adjustments and reversals of tax provisions | 77 | €1,347 | - | -€1,347 | |
| Profit (loss) for the period | 9904 | €5,286,393 | €6,216,310 | +€929,917 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,286,393 | €6,216,310 | +€929,917 | +17.6% |
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.