MODRIKAMEN: 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.
MODRIKAMEN
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Cash -€454,396
down €454,396 (-58.0%), from €783,490 to €329,094
mainly Current investments (-€1.0m) and Other debts (-€188,247)
- Receivables within one year -€157,075
down €157,075 (-66.5%), from €236,176 to €79,100
of which Other amounts receivable: -€144,412
- Tangible fixed assets -€67,877
down €67,877 (-2.0%), from €3.4m to €3.3m
of which Land and buildings: -€144,261
- Accrued charges and deferred income +€295,163
up €295,163 (+311%), from €95,000 to €390,163
- Other debts -€188,247
down €188,247 (-31.4%), from €598,727 to €410,480
- Profit (loss) carried forward +€121,537
up €121,537 (+3.5%), from €3.5m to €3.6m
- Trade debts +€52,914
up €52,914 (+15,632%), from €338 to €53,253
- Debts after one year +€50,651
new in 2025: €50,651
- Gross operating margin -€152,407
down €152,407 (-31.2%), from €488,333 to €335,927
- Taxes -€33,166
down €33,166 (-38.1%), from €87,089 to €53,923
- Other operating charges -€9,439
down €9,439 (-85.7%), from €11,012 to €1,574
- Financial income -€6,003
down €6,003 (-40.0%), from €15,025 to €9,021
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 | €4,408,287 | €4,737,142 | +€328,855 | +7.5% |
| Fixed assets | 21/28 | €3,387,143 | €3,319,266 | -€67,877 | -2.0% |
| Tangible fixed assets | 22/27 | €3,383,591 | €3,315,714 | -€67,877 | -2.0% |
| Land and buildings | 22 | €3,297,046 | €3,152,785 | -€144,261 | -4.4% |
| Plant, machinery and equipment | 23 | €40,335 | €34,946 | -€5,389 | -13.4% |
| Furniture and vehicles | 24 | €46,211 | €127,983 | +€81,772 | +177% |
| Financial fixed assets | 28 | €3,552 | €3,552 | = | 0.0% |
| Current assets | 29/58 | €1,021,144 | €1,417,877 | +€396,733 | +38.9% |
| Amounts receivable within one year | 40/41 | €236,176 | €79,100 | -€157,075 | -66.5% |
| Trade receivables | 40 | €36,855 | €24,192 | -€12,663 | -34.4% |
| Other amounts receivable | 41 | €199,320 | €54,908 | -€144,412 | -72.5% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €783,490 | €329,094 | -€454,396 | -58.0% |
| Deferred charges and accrued income | 490/1 | €1,478 | €9,682 | +€8,204 | +555% |
| Total equity and liabilities | 10/49 | €4,408,287 | €4,737,142 | +€328,855 | +7.5% |
| Equity | 10/15 | €3,504,231 | €3,625,768 | +€121,537 | +3.5% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,476,731 | €3,598,268 | +€121,537 | +3.5% |
| Provisions and deferred taxes | 16 | €172,500 | €172,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €172,500 | €172,500 | = | 0.0% |
| Pensions and similar obligations | 160 | €172,500 | €172,500 | = | 0.0% |
| Amounts payable | 17/49 | €731,556 | €938,874 | +€207,318 | +28.3% |
| Amounts payable after more than one year | 17 | - | €50,651 | +€50,651 | |
| Financial debts | 170/4 | - | €50,651 | +€50,651 | |
| Amounts payable within one year | 42/48 | €636,556 | €498,060 | -€138,496 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €469 | €12,329 | +€11,860 | +2,527% |
| Financial debts | 43 | - | €1,466 | +€1,466 | |
| Credit institutions | 430/8 | - | €1,466 | +€1,466 | |
| Trade debts | 44 | €338 | €53,253 | +€52,914 | +15,632% |
| Suppliers | 440/4 | €338 | €53,253 | +€52,914 | +15,632% |
| Taxes, remuneration and social security | 45 | €37,022 | €20,533 | -€16,489 | -44.5% |
| Taxes | 450/3 | €37,022 | €20,533 | -€16,489 | -44.5% |
| Other amounts payable | 47/48 | €598,727 | €410,480 | -€188,247 | -31.4% |
| Accrued charges and deferred income | 492/3 | €95,000 | €390,163 | +€295,163 | +311% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,523 | €162,956 | +€3,432 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,250 | - | -€1,250 | |
| Other operating charges | 640/8 | €11,012 | €1,574 | -€9,439 | -85.7% |
| Gross operating margin | 9900 | €488,333 | €335,927 | -€152,407 | -31.2% |
| Operating profit (loss) | 9901 | €316,548 | €171,397 | -€145,151 | -45.9% |
| Financial income | 75/76B | €15,025 | €9,021 | -€6,003 | -40.0% |
| Recurring financial income | 75 | €15,025 | €9,021 | -€6,003 | -40.0% |
| Financial charges | 65/66B | €4,071 | €4,958 | +€886 | +21.8% |
| Recurring financial charges | 65 | €4,071 | €4,958 | +€886 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €327,501 | €175,460 | -€152,040 | -46.4% |
| Income taxes | 67/77 | €87,089 | €53,923 | -€33,166 | -38.1% |
| Profit (loss) for the period | 9904 | €240,411 | €121,537 | -€118,874 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €240,411 | €121,537 | -€118,874 | -49.4% |
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 17 October 2026 via checked.be.