Modigliani: 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.
Modigliani
Largest movements
- Receivables within one year +€56,844
up €56,844 (+45.3%), from €125,602 to €182,446
of which Other amounts receivable: +€34,048
- Cash +€53,536
up €53,536 (+727.6%), from €7,358 to €60,894
mainly Net result for the year (+€124,790) and Tax, wage and social debts (+€18,318)
- Tangible fixed assets -€9,009
down €9,009 (-14.0%), from €64,261 to €55,252
of which Leasing and similar rights: -€12,034
- Profit (loss) carried forward +€104,737
no longer reported in 2025 (was -€104,737)
- Other debts -€21,175
down €21,175 (-24.1%), from €88,040 to €66,865
- Reserves +€20,053
up €20,053 (+19.6%), from €102,400 to €122,453
- Tax, wage and social debts +€18,318
up €18,318 (+223.6%), from €8,192 to €26,511
- Current portion of long-term debt -€16,013
down €16,013 (-52.0%), from €30,779 to €14,766
- Gross operating margin +€85,061
up €85,061 (+74.7%), from €113,899 to €198,960
- Taxes +€27,935
up €27,935 (+120.4%), from €23,192 to €51,127
- Depreciation +€9,904
up €9,904 (+214.4%), from €4,620 to €14,525
- Financial charges +€3,670
up €3,670 (+146.2%), from €2,511 to €6,181
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 | €198,387 | €300,093 | +€101,706 | +51.3% |
| Fixed assets | 21/28 | €64,261 | €55,252 | -€9,009 | -14.0% |
| Tangible fixed assets | 22/27 | €64,261 | €55,252 | -€9,009 | -14.0% |
| Land and buildings | 22 | €2,322 | €5,815 | +€3,492 | +150.4% |
| Plant, machinery and equipment | 23 | €3,750 | €3,394 | -€356 | -9.5% |
| Furniture and vehicles | 24 | €223 | €111 | -€112 | -50.0% |
| Leasing and similar rights | 25 | €57,965 | €45,932 | -€12,034 | -20.8% |
| Current assets | 29/58 | €134,126 | €244,841 | +€110,715 | +82.5% |
| Amounts receivable within one year | 40/41 | €125,602 | €182,446 | +€56,844 | +45.3% |
| Trade receivables | 40 | - | €22,796 | +€22,796 | |
| Other amounts receivable | 41 | €125,602 | €159,650 | +€34,048 | +27.1% |
| Cash at bank and in hand | 54/58 | €7,358 | €60,894 | +€53,536 | +727.6% |
| Deferred charges and accrued income | 490/1 | €1,166 | €1,500 | +€334 | +28.7% |
| Total equity and liabilities | 10/49 | €198,387 | €300,093 | +€101,706 | +51.3% |
| Equity | 10/15 | €21,663 | €146,453 | +€124,790 | +576.1% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €102,400 | €122,453 | +€20,053 | +19.6% |
| Distributable reserves | 133 | €102,400 | €122,453 | +€20,053 | +19.6% |
| Profit (loss) carried forward | 14 | -€104,737 | - | +€104,737 | |
| Amounts payable | 17/49 | €176,724 | €153,640 | -€23,084 | -13.1% |
| Amounts payable after more than one year | 17 | €47,016 | €35,583 | -€11,433 | -24.3% |
| Financial debts | 170/4 | €47,016 | €35,583 | -€11,433 | -24.3% |
| Amounts payable within one year | 42/48 | €129,708 | €118,057 | -€11,651 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €30,779 | €14,766 | -€16,013 | -52.0% |
| Financial debts | 43 | - | €517 | +€517 | |
| Credit institutions | 430/8 | - | €517 | +€517 | |
| Trade debts | 44 | €2,696 | €9,398 | +€6,702 | +248.6% |
| Suppliers | 440/4 | €2,696 | €9,398 | +€6,702 | +248.6% |
| Taxes, remuneration and social security | 45 | €8,192 | €26,511 | +€18,318 | +223.6% |
| Taxes | 450/3 | €8,192 | €26,511 | +€18,318 | +223.6% |
| Other amounts payable | 47/48 | €88,040 | €66,865 | -€21,175 | -24.1% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,620 | €14,525 | +€9,904 | +214.4% |
| Other operating charges | 640/8 | €1,390 | €2,705 | +€1,316 | +94.7% |
| Gross operating margin | 9900 | €113,899 | €198,960 | +€85,061 | +74.7% |
| Operating profit (loss) | 9901 | €107,889 | €181,730 | +€73,841 | +68.4% |
| Financial income | 75/76B | €336 | €368 | +€32 | +9.4% |
| Recurring financial income | 75 | €336 | €368 | +€32 | +9.4% |
| Financial charges | 65/66B | €2,511 | €6,181 | +€3,670 | +146.2% |
| Recurring financial charges | 65 | €2,511 | €6,181 | +€3,670 | +146.2% |
| Profit (loss) for the period before taxes | 9903 | €105,715 | €175,917 | +€70,202 | +66.4% |
| Income taxes | 67/77 | €23,192 | €51,127 | +€27,935 | +120.4% |
| Profit (loss) for the period | 9904 | €82,523 | €124,790 | +€42,268 | +51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,523 | €124,790 | +€42,268 | +51.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.