Modulo: 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.
Modulo
Largest movements
- Receivables within one year -€23,237
down €23,237 (-63.8%), from €36,399 to €13,162
- Intangible fixed assets -€1,900
down €1,900 (-32.4%), from €5,856 to €3,956
- Tangible fixed assets -€1,487
down €1,487 (-16.6%), from €8,965 to €7,478
of which Plant, machinery and equipment: -€948
- Cash -€904
down €904 (-8.7%), from €10,439 to €9,534
mainly Net result for the year (-€16,399) and Trade debts (-€8,971)
- Reserves -€16,399
down €16,399 (-58.5%), from €28,040 to €11,641
- Trade debts -€8,971
down €8,971 (-51.7%), from €17,345 to €8,374
- Other debts -€1,498
down €1,498 (-13.7%), from €10,967 to €9,469
- Tax, wage and social debts -€887
down €887 (-15.6%), from €5,699 to €4,811
- Gross operating margin +€4,450
up €4,450 (+36.4%), from -€12,209 to -€7,760
- Financial charges +€2,166
up €2,166 (+101.9%), from €2,126 to €4,291
- Depreciation +€517
up €517 (+18.0%), from €2,869 to €3,387
- Taxes +€173
up €173 (+155.1%), from €111 to €284
- Other operating charges +€143
up €143 (+26.8%), from €534 to €678
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 | €63,051 | €35,296 | -€27,756 | -44.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €14,821 | €11,435 | -€3,387 | -22.8% |
| Intangible fixed assets | 21 | €5,856 | €3,956 | -€1,900 | -32.4% |
| Tangible fixed assets | 22/27 | €8,965 | €7,478 | -€1,487 | -16.6% |
| Plant, machinery and equipment | 23 | €3,855 | €2,907 | -€948 | -24.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €5,109 | €4,571 | -€538 | -10.5% |
| Current assets | 29/58 | €48,230 | €23,861 | -€24,369 | -50.5% |
| Amounts receivable within one year | 40/41 | €36,399 | €13,162 | -€23,237 | -63.8% |
| Trade receivables | 40 | €36,399 | €13,162 | -€23,237 | -63.8% |
| Cash at bank and in hand | 54/58 | €10,439 | €9,534 | -€904 | -8.7% |
| Deferred charges and accrued income | 490/1 | €1,393 | €1,165 | -€228 | -16.3% |
| Total equity and liabilities | 10/49 | €63,051 | €35,296 | -€27,756 | -44.0% |
| Equity | 10/15 | €29,040 | €12,641 | -€16,399 | -56.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €28,040 | €11,641 | -€16,399 | -58.5% |
| Distributable reserves | 133 | €28,040 | €11,641 | -€16,399 | -58.5% |
| Amounts payable | 17/49 | €34,011 | €22,655 | -€11,356 | -33.4% |
| Amounts payable within one year | 42/48 | €34,011 | €22,655 | -€11,356 | -33.4% |
| Trade debts | 44 | €17,345 | €8,374 | -€8,971 | -51.7% |
| Suppliers | 440/4 | €17,345 | €8,374 | -€8,971 | -51.7% |
| Taxes, remuneration and social security | 45 | €5,699 | €4,811 | -€887 | -15.6% |
| Taxes | 450/3 | €5,699 | €4,811 | -€887 | -15.6% |
| Other amounts payable | 47/48 | €10,967 | €9,469 | -€1,498 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,869 | €3,387 | +€517 | +18.0% |
| Other operating charges | 640/8 | €534 | €678 | +€143 | +26.8% |
| Gross operating margin | 9900 | -€12,209 | -€7,760 | +€4,450 | +36.4% |
| Operating profit (loss) | 9901 | -€15,613 | -€11,824 | +€3,789 | +24.3% |
| Financial income | 75/76B | €18 | €0 | -€18 | -100.0% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -100.0% |
| Financial charges | 65/66B | €2,126 | €4,291 | +€2,166 | +101.9% |
| Recurring financial charges | 65 | €2,126 | €4,291 | +€2,166 | +101.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,721 | -€16,115 | +€1,605 | +9.1% |
| Income taxes | 67/77 | €111 | €284 | +€173 | +155.1% |
| Profit (loss) for the period | 9904 | -€17,832 | -€16,399 | +€1,433 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,832 | -€16,399 | +€1,433 | +8.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.