MODEX: 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.
MODEX
Largest movements
- Tangible fixed assets -€58,426
down €58,426 (-9.0%), from €647,471 to €589,044
- Cash +€14,097
up €14,097 (+36.7%), from €38,453 to €52,550
mainly Depreciation (+€63,184) and Net result for the year (+€33,153)
- Reserves +€33,153
up €33,153 (+24.9%), from €133,357 to €166,510
- Debts after one year -€27,578
down €27,578 (-5.9%), from €470,647 to €443,069
- Other debts -€27,077
down €27,077 (-44.9%), from €60,328 to €33,251
- Tax, wage and social debts -€16,554
down €16,554 (-77.6%), from €21,333 to €4,779
- Current portion of long-term debt -€10,713
down €10,713 (-27.0%), from €39,730 to €29,017
- Depreciation -€48,355
down €48,355 (-43.4%), from €111,539 to €63,184
- Gross operating margin -€47,737
down €47,737 (-26.8%), from €178,267 to €130,530
- Financial charges +€10,316
up €10,316 (+117%), from €8,837 to €19,153
- Taxes -€2,334
down €2,334 (-14.3%), from €16,345 to €14,012
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 | €742,524 | €701,575 | -€40,949 | -5.5% |
| Fixed assets | 21/28 | €647,471 | €589,044 | -€58,426 | -9.0% |
| Tangible fixed assets | 22/27 | €647,471 | €589,044 | -€58,426 | -9.0% |
| Land and buildings | 22 | €513,704 | €496,266 | -€17,438 | -3.4% |
| Plant, machinery and equipment | 23 | €101,557 | €72,761 | -€28,797 | -28.4% |
| Furniture and vehicles | 24 | €25,810 | €18,610 | -€7,200 | -27.9% |
| Leasing and similar rights | 25 | €6,399 | €1,408 | -€4,991 | -78.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €95,054 | €112,531 | +€17,477 | +18.4% |
| Stocks and contracts in progress | 3 | €15,273 | €13,996 | -€1,276 | -8.4% |
| Stocks | 30/36 | €15,273 | €13,996 | -€1,276 | -8.4% |
| Amounts receivable within one year | 40/41 | €35,289 | €34,908 | -€380 | -1.1% |
| Trade receivables | 40 | €26,313 | €27,953 | +€1,640 | +6.2% |
| Other amounts receivable | 41 | €8,976 | €6,955 | -€2,021 | -22.5% |
| Cash at bank and in hand | 54/58 | €38,453 | €52,550 | +€14,097 | +36.7% |
| Deferred charges and accrued income | 490/1 | €6,039 | €11,076 | +€5,037 | +83.4% |
| Total equity and liabilities | 10/49 | €742,524 | €701,575 | -€40,949 | -5.5% |
| Equity | 10/15 | €138,357 | €171,510 | +€33,153 | +24.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €133,357 | €166,510 | +€33,153 | +24.9% |
| Distributable reserves | 133 | €133,357 | €166,510 | +€33,153 | +24.9% |
| Amounts payable | 17/49 | €604,167 | €530,065 | -€74,103 | -12.3% |
| Amounts payable after more than one year | 17 | €470,647 | €443,069 | -€27,578 | -5.9% |
| Financial debts | 170/4 | €470,647 | €443,069 | -€27,578 | -5.9% |
| Amounts payable within one year | 42/48 | €131,307 | €83,583 | -€47,724 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €39,730 | €29,017 | -€10,713 | -27.0% |
| Trade debts | 44 | €9,917 | €16,536 | +€6,620 | +66.8% |
| Suppliers | 440/4 | €9,917 | €16,536 | +€6,620 | +66.8% |
| Taxes, remuneration and social security | 45 | €21,333 | €4,779 | -€16,554 | -77.6% |
| Taxes | 450/3 | €21,333 | €4,779 | -€16,554 | -77.6% |
| Other amounts payable | 47/48 | €60,328 | €33,251 | -€27,077 | -44.9% |
| Accrued charges and deferred income | 492/3 | €2,213 | €3,413 | +€1,200 | +54.2% |
| Non-recurring operating income | 76A | - | €1,371 | +€1,371 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,539 | €63,184 | -€48,355 | -43.4% |
| Other operating charges | 640/8 | €2,402 | €2,126 | -€276 | -11.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €178,267 | €130,530 | -€47,737 | -26.8% |
| Operating profit (loss) | 9901 | €64,327 | €65,220 | +€893 | +1.4% |
| Financial income | 75/76B | €1,365 | €1,098 | -€267 | -19.5% |
| Recurring financial income | 75 | €1,365 | €1,098 | -€267 | -19.5% |
| Financial charges | 65/66B | €8,837 | €19,153 | +€10,316 | +117% |
| Recurring financial charges | 65 | €8,837 | €19,153 | +€10,316 | +117% |
| Profit (loss) for the period before taxes | 9903 | €56,855 | €47,165 | -€9,690 | -17.0% |
| Income taxes | 67/77 | €16,345 | €14,012 | -€2,334 | -14.3% |
| Profit (loss) for the period | 9904 | €40,510 | €33,153 | -€7,356 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,510 | €33,153 | -€7,356 | -18.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.