Modul - System: 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.
Modul - System
Largest movements
- Cash -€134,293
down €134,293 (-26.2%), from €512,228 to €377,935
mainly Tax, wage and social debts (-€119,462) and Stocks and contracts (-€68,446)
- Stocks and contracts +€68,446
up €68,446 (+29.8%), from €229,372 to €297,818
- Receivables within one year +€48,467
up €48,467 (+12.6%), from €384,696 to €433,162
- Tangible fixed assets -€17,318
down €17,318 (-31.8%), from €54,503 to €37,185
of which Furniture and vehicles: -€12,934
- Tax, wage and social debts -€119,462
down €119,462 (-40.6%), from €293,902 to €174,440
of which Taxes: -€114,162
- Reserves +€106,367
up €106,367 (+14.2%), from €750,911 to €857,278
of which Distributable reserves: +€106,367
- Trade debts -€23,419
down €23,419 (-26.8%), from €87,292 to €63,872
- Gross operating margin -€168,319
down €168,319 (-17.5%), from €959,718 to €791,400
- Write-downs -€75,885
down €75,885, from €51,171 to -€24,714
- Taxes -€19,940
down €19,940 (-30.2%), from €65,957 to €46,017
- Depreciation -€17,053
down €17,053 (-46.5%), from €36,712 to €19,659
- Staff costs +€12,405
up €12,405 (+2.0%), from €625,295 to €637,700
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 | €1,198,105 | €1,169,590 | -€28,514 | -2.4% |
| Fixed assets | 21/28 | €55,003 | €37,685 | -€17,318 | -31.5% |
| Tangible fixed assets | 22/27 | €54,503 | €37,185 | -€17,318 | -31.8% |
| Plant, machinery and equipment | 23 | €4,842 | €3,542 | -€1,300 | -26.9% |
| Furniture and vehicles | 24 | €23,672 | €10,738 | -€12,934 | -54.6% |
| Other tangible fixed assets | 26 | €25,990 | €22,906 | -€3,084 | -11.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,143,101 | €1,131,905 | -€11,196 | -1.0% |
| Stocks and contracts in progress | 3 | €229,372 | €297,818 | +€68,446 | +29.8% |
| Stocks | 30/36 | €229,372 | €297,818 | +€68,446 | +29.8% |
| Amounts receivable within one year | 40/41 | €384,696 | €433,162 | +€48,467 | +12.6% |
| Trade receivables | 40 | €384,696 | €433,162 | +€48,467 | +12.6% |
| Cash at bank and in hand | 54/58 | €512,228 | €377,935 | -€134,293 | -26.2% |
| Deferred charges and accrued income | 490/1 | €16,805 | €22,989 | +€6,184 | +36.8% |
| Total equity and liabilities | 10/49 | €1,198,105 | €1,169,590 | -€28,514 | -2.4% |
| Equity | 10/15 | €812,911 | €919,278 | +€106,367 | +13.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €750,911 | €857,278 | +€106,367 | +14.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €744,711 | €851,078 | +€106,367 | +14.3% |
| Amounts payable | 17/49 | €385,194 | €250,312 | -€134,882 | -35.0% |
| Amounts payable within one year | 42/48 | €381,194 | €238,312 | -€142,882 | -37.5% |
| Trade debts | 44 | €87,292 | €63,872 | -€23,419 | -26.8% |
| Suppliers | 440/4 | €87,292 | €63,872 | -€23,419 | -26.8% |
| Taxes, remuneration and social security | 45 | €293,902 | €174,440 | -€119,462 | -40.6% |
| Taxes | 450/3 | €183,956 | €69,793 | -€114,162 | -62.1% |
| Remuneration and social security | 454/9 | €109,946 | €104,646 | -€5,300 | -4.8% |
| Accrued charges and deferred income | 492/3 | €4,000 | €12,000 | +€8,000 | +200.0% |
| Remuneration, social security and pensions | 62 | €625,295 | €637,700 | +€12,405 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,712 | €19,659 | -€17,053 | -46.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €51,171 | -€24,714 | -€75,885 | |
| Other operating charges | 640/8 | €3,427 | €4,699 | +€1,272 | +37.1% |
| Gross operating margin | 9900 | €959,718 | €791,400 | -€168,319 | -17.5% |
| Operating profit (loss) | 9901 | €243,114 | €154,056 | -€89,058 | -36.6% |
| Financial income | 75/76B | €128 | €36 | -€93 | -72.1% |
| Recurring financial income | 75 | €128 | €36 | -€93 | -72.1% |
| Financial charges | 65/66B | €1,473 | €1,707 | +€234 | +15.9% |
| Recurring financial charges | 65 | €1,473 | €1,707 | +€234 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €241,769 | €152,384 | -€89,385 | -37.0% |
| Income taxes | 67/77 | €65,957 | €46,017 | -€19,940 | -30.2% |
| Profit (loss) for the period | 9904 | €175,812 | €106,367 | -€69,445 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €175,812 | €106,367 | -€69,445 | -39.5% |
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 5 October 2026 via checked.be.