MODULCO: 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.
MODULCO
Largest movements
- Cash -€208,848
down €208,848 (-22.0%), from €950,089 to €741,241
mainly Investment in fixed assets (net) (-€495,707) and Debts after one year (-€319,650)
- Tangible fixed assets -€175,686
down €175,686 (-9.2%), from €1.9m to €1.7m
of which Leasing and similar rights: -€497,930
- Receivables within one year +€115,125
up €115,125 (+10.4%), from €1.1m to €1.2m
of which Other amounts receivable: +€424,960
- Stocks and contracts -€99,551
down €99,551 (-23.0%), from €431,954 to €332,403
- Debts after one year -€319,650
down €319,650 (-52.9%), from €604,046 to €284,397
- Current portion of long-term debt -€184,099
down €184,099 (-32.6%), from €565,562 to €381,462
- Tax, wage and social debts -€124,754
down €124,754 (-36.8%), from €338,949 to €214,195
of which Taxes: -€119,324
- Trade debts +€120,593
up €120,593 (+21.7%), from €556,658 to €677,251
- Profit (loss) carried forward +€113,180
up €113,180 (+7.8%), from €1.5m to €1.6m
- Gross operating margin -€272,791
down €272,791 (-10.4%), from €2.6m to €2.3m
- Staff costs +€154,966
up €154,966 (+14.5%), from €1.1m to €1.2m
- Depreciation -€74,066
down €74,066 (-9.8%), from €757,109 to €683,043
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 | €4,472,589 | €4,101,224 | -€371,365 | -8.3% |
| Fixed assets | 21/28 | €1,940,590 | €1,753,255 | -€187,335 | -9.7% |
| Intangible fixed assets | 21 | €29,436 | €17,786 | -€11,650 | -39.6% |
| Tangible fixed assets | 22/27 | €1,910,812 | €1,735,127 | -€175,686 | -9.2% |
| Land and buildings | 22 | €348,703 | €340,847 | -€7,856 | -2.3% |
| Plant, machinery and equipment | 23 | €213,781 | €532,013 | +€318,232 | +148.9% |
| Furniture and vehicles | 24 | €176,677 | €179,035 | +€2,359 | +1.3% |
| Leasing and similar rights | 25 | €1,162,143 | €664,213 | -€497,930 | -42.8% |
| Assets under construction and advance payments | 27 | €9,509 | €19,018 | +€9,509 | +100.0% |
| Financial fixed assets | 28 | €342 | €342 | = | 0.0% |
| Current assets | 29/58 | €2,531,999 | €2,347,969 | -€184,030 | -7.3% |
| Stocks and contracts in progress | 3 | €431,954 | €332,403 | -€99,551 | -23.0% |
| Stocks | 30/36 | €431,954 | €332,403 | -€99,551 | -23.0% |
| Amounts receivable within one year | 40/41 | €1,111,329 | €1,226,455 | +€115,125 | +10.4% |
| Trade receivables | 40 | €1,110,683 | €800,848 | -€309,835 | -27.9% |
| Other amounts receivable | 41 | €646 | €425,607 | +€424,960 | +65763.0% |
| Cash at bank and in hand | 54/58 | €950,089 | €741,241 | -€208,848 | -22.0% |
| Deferred charges and accrued income | 490/1 | €38,626 | €47,870 | +€9,244 | +23.9% |
| Total equity and liabilities | 10/49 | €4,472,589 | €4,101,224 | -€371,365 | -8.3% |
| Equity | 10/15 | €2,222,600 | €2,326,680 | +€104,080 | +4.7% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €54,905 | €54,905 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,013 | €29,013 | = | 0.0% |
| Reserves not available under the articles | 1311 | €29,013 | €29,013 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,892 | €25,892 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,458,595 | €1,571,775 | +€113,180 | +7.8% |
| Investment grants | 15 | €9,100 | €0 | -€9,100 | -100.0% |
| Amounts payable | 17/49 | €2,249,989 | €1,774,544 | -€475,445 | -21.1% |
| Amounts payable after more than one year | 17 | €604,046 | €284,397 | -€319,650 | -52.9% |
| Financial debts | 170/4 | €604,046 | €284,397 | -€319,650 | -52.9% |
| Amounts payable within one year | 42/48 | €1,631,683 | €1,481,535 | -€150,148 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €565,562 | €381,462 | -€184,099 | -32.6% |
| Trade debts | 44 | €556,658 | €677,251 | +€120,593 | +21.7% |
| Suppliers | 440/4 | €556,658 | €677,251 | +€120,593 | +21.7% |
| Advances received on contracts in progress | 46 | €170,515 | €158,627 | -€11,888 | -7.0% |
| Taxes, remuneration and social security | 45 | €338,949 | €214,195 | -€124,754 | -36.8% |
| Taxes | 450/3 | €227,646 | €108,322 | -€119,324 | -52.4% |
| Remuneration and social security | 454/9 | €111,303 | €105,873 | -€5,430 | -4.9% |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €14,259 | €8,612 | -€5,648 | -39.6% |
| Non-recurring operating income | 76A | - | €6,535 | +€6,535 | |
| Remuneration, social security and pensions | 62 | €1,071,172 | €1,226,138 | +€154,966 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €757,109 | €683,043 | -€74,066 | -9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,541 | €13,849 | -€10,692 | -43.6% |
| Other operating charges | 640/8 | €27,732 | €28,624 | +€892 | +3.2% |
| Non-recurring operating charges | 66A | - | €1,352 | +€1,352 | |
| Gross operating margin | 9900 | €2,615,238 | €2,342,447 | -€272,791 | -10.4% |
| Operating profit (loss) | 9901 | €734,685 | €389,442 | -€345,242 | -47.0% |
| Financial income | 75/76B | €15,782 | €16,192 | +€410 | +2.6% |
| Recurring financial income | 75 | €9,134 | €16,192 | +€7,059 | +77.3% |
| Non-recurring financial income | 76B | €6,649 | - | -€6,649 | |
| Financial charges | 65/66B | €29,253 | €23,760 | -€5,493 | -18.8% |
| Recurring financial charges | 65 | €29,253 | €23,760 | -€5,493 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €721,214 | €381,875 | -€339,340 | -47.1% |
| Income taxes | 67/77 | €199,328 | €218,695 | +€19,367 | +9.7% |
| Profit (loss) for the period | 9904 | €521,886 | €163,180 | -€358,706 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €521,886 | €163,180 | -€358,706 | -68.7% |
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.