MODERO NAMUR: 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.
MODERO NAMUR
Largest movements
- Tangible fixed assets +€366,203
up €366,203 (+882%), from €41,521 to €407,724
of which Other tangible fixed assets: +€309,236
- Cash -€178,959
down €178,959 (-49.2%), from €363,397 to €184,437
mainly Contributions, distributions and other (-€418,882) and Other debts (-€403,957)
- Receivables within one year -€147,740
down €147,740 (-4.8%), from €3.0m to €2.9m
of which Trade receivables: -€151,904
- Other debts -€403,957
down €403,957 (-45.0%), from €897,649 to €493,692
- Profit (loss) carried forward +€251,824
up €251,824 (+70.3%), from €358,229 to €610,053
- Debts after one year +€207,034
up €207,034 (+536%), from €38,623 to €245,656
- Trade debts +€198,818
up €198,818 (+105%), from €189,206 to €388,024
- Accrued charges and deferred income -€181,365
down €181,365 (-77.9%), from €232,820 to €51,455
- Write-downs +€223,025
up €223,025, from -€3,728 to €219,296
- Staff costs +€97,846
up €97,846 (+12.7%), from €772,246 to €870,092
- Taxes -€93,217
down €93,217 (-28.2%), from €330,898 to €237,680
- Gross operating margin -€31,813
down €31,813 (-1.5%), from €2.1m to €2.1m
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 | €3,509,638 | €3,531,119 | +€21,481 | +0.6% |
| Fixed assets | 21/28 | €85,644 | €441,347 | +€355,703 | +415% |
| Intangible fixed assets | 21 | €42,623 | €32,623 | -€10,000 | -23.5% |
| Tangible fixed assets | 22/27 | €41,521 | €407,724 | +€366,203 | +882% |
| Plant, machinery and equipment | 23 | €23,113 | €25,500 | +€2,387 | +10.3% |
| Furniture and vehicles | 24 | €6,668 | €61,248 | +€54,579 | +818% |
| Other tangible fixed assets | 26 | €11,740 | €320,976 | +€309,236 | +2,634% |
| Financial fixed assets | 28 | €1,500 | €1,000 | -€500 | -33.3% |
| Current assets | 29/58 | €3,423,994 | €3,089,772 | -€334,222 | -9.8% |
| Amounts receivable within one year | 40/41 | €3,047,640 | €2,899,900 | -€147,740 | -4.8% |
| Trade receivables | 40 | €3,034,259 | €2,882,355 | -€151,904 | -5.0% |
| Other amounts receivable | 41 | €13,380 | €17,545 | +€4,164 | +31.1% |
| Cash at bank and in hand | 54/58 | €363,397 | €184,437 | -€178,959 | -49.2% |
| Deferred charges and accrued income | 490/1 | €12,958 | €5,435 | -€7,523 | -58.1% |
| Total equity and liabilities | 10/49 | €3,509,638 | €3,531,119 | +€21,481 | +0.6% |
| Equity | 10/15 | €1,128,689 | €1,380,513 | +€251,824 | +22.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €751,860 | €751,860 | = | 0.0% |
| 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 | €750,000 | €750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €358,229 | €610,053 | +€251,824 | +70.3% |
| Amounts payable | 17/49 | €2,380,949 | €2,150,606 | -€230,343 | -9.7% |
| Amounts payable after more than one year | 17 | €38,623 | €245,656 | +€207,034 | +536% |
| Financial debts | 170/4 | €38,623 | €245,656 | +€207,034 | +536% |
| Amounts payable within one year | 42/48 | €2,109,507 | €1,853,495 | -€256,012 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €165,966 | €99,016 | -€66,950 | -40.3% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €189,206 | €388,024 | +€198,818 | +105% |
| Suppliers | 440/4 | €189,206 | €388,024 | +€198,818 | +105% |
| Taxes, remuneration and social security | 45 | €656,687 | €672,764 | +€16,078 | +2.4% |
| Taxes | 450/3 | €554,480 | €544,909 | -€9,571 | -1.7% |
| Remuneration and social security | 454/9 | €102,206 | €127,855 | +€25,649 | +25.1% |
| Other amounts payable | 47/48 | €897,649 | €493,692 | -€403,957 | -45.0% |
| Accrued charges and deferred income | 492/3 | €232,820 | €51,455 | -€181,365 | -77.9% |
| Non-recurring operating income | 76A | €629 | €0 | -€629 | -100% |
| Remuneration, social security and pensions | 62 | €772,246 | €870,092 | +€97,846 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,292 | €24,621 | +€4,330 | +21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,728 | €219,296 | +€223,025 | |
| Other operating charges | 640/8 | €9,524 | €11,836 | +€2,312 | +24.3% |
| Non-recurring operating charges | 66A | - | €13,729 | +€13,729 | |
| Gross operating margin | 9900 | €2,085,632 | €2,053,819 | -€31,813 | -1.5% |
| Operating profit (loss) | 9901 | €1,287,299 | €914,245 | -€373,054 | -29.0% |
| Financial income | 75/76B | €7,813 | €13,119 | +€5,307 | +67.9% |
| Recurring financial income | 75 | €7,813 | €13,119 | +€5,307 | +67.9% |
| Financial charges | 65/66B | €15,370 | €18,978 | +€3,608 | +23.5% |
| Recurring financial charges | 65 | €15,370 | €18,978 | +€3,608 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €1,279,742 | €908,387 | -€371,356 | -29.0% |
| Income taxes | 67/77 | €330,898 | €237,680 | -€93,217 | -28.2% |
| Profit (loss) for the period | 9904 | €948,845 | €670,706 | -€278,138 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €948,845 | €670,706 | -€278,138 | -29.3% |
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 26 October 2026 via checked.be.