MODIFA: 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.
MODIFA
Largest movements
- Stocks and contracts -€140,268
down €140,268 (-59.4%), from €236,213 to €95,945
- Tangible fixed assets -€33,936
down €33,936 (-20.8%), from €163,275 to €129,339
of which Furniture and vehicles: -€19,220
- Cash +€15,970
up €15,970 (+3063.4%), from €521 to €16,491
mainly Stocks and contracts (+€140,268) and Other debts (+€58,820)
- Receivables within one year -€6,519
down €6,519 (-34.0%), from €19,178 to €12,659
of which Other amounts receivable: -€7,547
- Advances received -€78,138
down €78,138 (-80.4%), from €97,138 to €19,000
- Profit (loss) carried forward -€75,813
down €75,813 (-15.6%), from -€487,469 to -€563,282
- Other debts +€58,820
up €58,820 (+53.0%), from €110,926 to €169,746
- Debts after one year -€37,636
down €37,636 (-32.6%), from €115,454 to €77,818
- Trade debts -€16,711
down €16,711 (-24.3%), from €68,729 to €52,018
of which Suppliers: -€16,711
- Gross operating margin -€87,696
down €87,696 (-32.2%), from €272,196 to €184,500
- Staff costs +€16,335
up €16,335 (+8.4%), from €194,609 to €210,943
- Depreciation +€5,889
up €5,889 (+16.6%), from €35,470 to €41,359
- Financial income -€5,300
down €5,300 (-100.0%), from €5,300 to €0
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €425,702 | €260,570 | -€165,132 | -38.8% |
| Fixed assets | 21/28 | €169,271 | €135,084 | -€34,186 | -20.2% |
| Intangible fixed assets | 21 | €250 | - | -€250 | |
| Tangible fixed assets | 22/27 | €163,275 | €129,339 | -€33,936 | -20.8% |
| Land and buildings | 22 | €99,411 | €86,719 | -€12,692 | -12.8% |
| Furniture and vehicles | 24 | €51,437 | €32,217 | -€19,220 | -37.4% |
| Other tangible fixed assets | 26 | €12,428 | €10,403 | -€2,024 | -16.3% |
| Financial fixed assets | 28 | €5,746 | €5,746 | = | 0.0% |
| Current assets | 29/58 | €256,432 | €125,485 | -€130,946 | -51.1% |
| Stocks and contracts in progress | 3 | €236,213 | €95,945 | -€140,268 | -59.4% |
| Contracts in progress | 37 | €236,213 | €95,945 | -€140,268 | -59.4% |
| Amounts receivable within one year | 40/41 | €19,178 | €12,659 | -€6,519 | -34.0% |
| Trade receivables | 40 | €11,631 | €12,659 | +€1,028 | +8.8% |
| Other amounts receivable | 41 | €7,547 | - | -€7,547 | |
| Cash at bank and in hand | 54/58 | €521 | €16,491 | +€15,970 | +3063.4% |
| Deferred charges and accrued income | 490/1 | €519 | €390 | -€129 | -24.8% |
| Total equity and liabilities | 10/49 | €425,702 | €260,570 | -€165,132 | -38.8% |
| Equity | 10/15 | -€77,855 | -€153,668 | -€75,813 | -97.4% |
| Contributions | 10/11 | €409,368 | €409,368 | = | 0.0% |
| Capital | 10 | €409,368 | €409,368 | = | 0.0% |
| Issued capital | 100 | €409,368 | €409,368 | = | 0.0% |
| Reserves | 13 | €246 | €246 | = | 0.0% |
| Non-distributable reserves | 130/1 | €246 | €246 | = | 0.0% |
| Legal reserve | 130 | €246 | €246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€487,469 | -€563,282 | -€75,813 | -15.6% |
| Amounts payable | 17/49 | €503,557 | €414,238 | -€89,319 | -17.7% |
| Amounts payable after more than one year | 17 | €115,454 | €77,818 | -€37,636 | -32.6% |
| Financial debts | 170/4 | €115,454 | €77,818 | -€37,636 | -32.6% |
| Amounts payable within one year | 42/48 | €388,104 | €336,420 | -€51,684 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €43,327 | €37,348 | -€5,979 | -13.8% |
| Financial debts | 43 | €33,437 | €26,389 | -€7,047 | -21.1% |
| Credit institutions | 430/8 | €33,437 | €26,389 | -€7,047 | -21.1% |
| Trade debts | 44 | €68,729 | €52,018 | -€16,711 | -24.3% |
| Suppliers | 440/4 | €43,729 | €27,018 | -€16,711 | -38.2% |
| Bills of exchange payable | 441 | €25,000 | €25,000 | = | 0.0% |
| Advances received on contracts in progress | 46 | €97,138 | €19,000 | -€78,138 | -80.4% |
| Taxes, remuneration and social security | 45 | €34,547 | €31,918 | -€2,628 | -7.6% |
| Taxes | 450/3 | €7,729 | €12,068 | +€4,339 | +56.1% |
| Remuneration and social security | 454/9 | €26,818 | €19,850 | -€6,968 | -26.0% |
| Other amounts payable | 47/48 | €110,926 | €169,746 | +€58,820 | +53.0% |
| Remuneration, social security and pensions | 62 | €194,609 | €210,943 | +€16,335 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,470 | €41,359 | +€5,889 | +16.6% |
| Gross operating margin | 9900 | €272,196 | €184,500 | -€87,696 | -32.2% |
| Operating profit (loss) | 9901 | €42,117 | -€67,802 | -€109,920 | |
| Financial income | 75/76B | €5,300 | €0 | -€5,300 | -100.0% |
| Recurring financial income | 75 | €5,300 | €0 | -€5,300 | -100.0% |
| Financial charges | 65/66B | €8,321 | €7,227 | -€1,094 | -13.1% |
| Recurring financial charges | 65 | €8,321 | €7,227 | -€1,094 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €39,096 | -€75,029 | -€114,126 | |
| Income taxes | 67/77 | €646 | €784 | +€138 | +21.3% |
| Profit (loss) for the period | 9904 | €38,450 | -€75,813 | -€114,263 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,450 | -€75,813 | -€114,263 |
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 4 October 2026 via checked.be.