MODULON: 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.
MODULON
Largest movements
- Cash +€74,252
up €74,252 (+129%), from €57,656 to €131,908
mainly Receivables within one year (+€49,592) and Stocks and contracts (+€44,409)
- Receivables within one year -€49,592
down €49,592 (-51.1%), from €97,135 to €47,543
of which Trade receivables: -€46,347
- Stocks and contracts -€44,409
down €44,409 (-25.8%), from €172,407 to €127,998
of which Stocks: -€24,409
- Tangible fixed assets -€7,775
down €7,775 (-16.4%), from €47,547 to €39,772
of which Furniture and vehicles: -€5,524
- Trade debts -€32,627
down €32,627 (-51.8%), from €62,926 to €30,299
- Reserves +€14,731
up €14,731 (+7.5%), from €197,208 to €211,938
of which Distributable reserves: +€14,731
- Other debts -€7,185
down €7,185 (-12.1%), from €59,218 to €52,033
- Tax, wage and social debts -€4,415
down €4,415 (-60.4%), from €7,309 to €2,894
of which Remuneration and social security: -€3,652
- Gross operating margin +€76,934
up €76,934 (+66.5%), from €115,703 to €192,637
- Staff costs +€52,251
up €52,251 (+55.8%), from €93,609 to €145,859
- Taxes +€4,855
up €4,855 (+70.1%), from €6,931 to €11,786
- Depreciation +€4,544
up €4,544 (+60.2%), from €7,553 to €12,098
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €388,660 | €359,164 | -€29,497 | -7.6% |
| Fixed assets | 21/28 | €47,547 | €39,772 | -€7,775 | -16.4% |
| Tangible fixed assets | 22/27 | €47,547 | €39,772 | -€7,775 | -16.4% |
| Plant, machinery and equipment | 23 | €26,977 | €24,727 | -€2,251 | -8.3% |
| Furniture and vehicles | 24 | €20,570 | €15,046 | -€5,524 | -26.9% |
| Current assets | 29/58 | €341,113 | €319,391 | -€21,722 | -6.4% |
| Stocks and contracts in progress | 3 | €172,407 | €127,998 | -€44,409 | -25.8% |
| Stocks | 30/36 | €127,407 | €102,998 | -€24,409 | -19.2% |
| Contracts in progress | 37 | €45,000 | €25,000 | -€20,000 | -44.4% |
| Amounts receivable within one year | 40/41 | €97,135 | €47,543 | -€49,592 | -51.1% |
| Trade receivables | 40 | €79,390 | €33,043 | -€46,347 | -58.4% |
| Other amounts receivable | 41 | €17,745 | €14,501 | -€3,244 | -18.3% |
| Cash at bank and in hand | 54/58 | €57,656 | €131,908 | +€74,252 | +129% |
| Deferred charges and accrued income | 490/1 | €13,915 | €11,943 | -€1,972 | -14.2% |
| Total equity and liabilities | 10/49 | €388,660 | €359,164 | -€29,497 | -7.6% |
| Equity | 10/15 | €259,208 | €273,938 | +€14,731 | +5.7% |
| 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 | €197,208 | €211,938 | +€14,731 | +7.5% |
| Non-distributable reserves | 130/1 | €6,622 | €6,622 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €422 | €422 | = | 0.0% |
| Distributable reserves | 133 | €190,586 | €205,317 | +€14,731 | +7.7% |
| Amounts payable | 17/49 | €129,453 | €85,225 | -€44,227 | -34.2% |
| Amounts payable within one year | 42/48 | €129,453 | €85,225 | -€44,227 | -34.2% |
| Trade debts | 44 | €62,926 | €30,299 | -€32,627 | -51.8% |
| Suppliers | 440/4 | €62,926 | €30,299 | -€32,627 | -51.8% |
| Taxes, remuneration and social security | 45 | €7,309 | €2,894 | -€4,415 | -60.4% |
| Taxes | 450/3 | €2,065 | €1,302 | -€764 | -37.0% |
| Remuneration and social security | 454/9 | €5,244 | €1,592 | -€3,652 | -69.6% |
| Other amounts payable | 47/48 | €59,218 | €52,033 | -€7,185 | -12.1% |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €93,609 | €145,859 | +€52,251 | +55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,553 | €12,098 | +€4,544 | +60.2% |
| Other operating charges | 640/8 | €3,874 | €3,405 | -€469 | -12.1% |
| Non-recurring operating charges | 66A | - | €209 | +€209 | |
| Gross operating margin | 9900 | €115,703 | €192,637 | +€76,934 | +66.5% |
| Operating profit (loss) | 9901 | €10,667 | €31,065 | +€20,398 | +191% |
| Financial income | 75/76B | €126 | €0 | -€126 | -100.0% |
| Recurring financial income | 75 | €126 | €0 | -€126 | -100.0% |
| Financial charges | 65/66B | €4,493 | €4,549 | +€56 | +1.2% |
| Recurring financial charges | 65 | €3,345 | €4,549 | +€1,204 | +36.0% |
| Non-recurring financial charges | 66B | €1,148 | - | -€1,148 | |
| Profit (loss) for the period before taxes | 9903 | €6,301 | €26,517 | +€20,216 | +321% |
| Income taxes | 67/77 | €6,931 | €11,786 | +€4,855 | +70.1% |
| Profit (loss) for the period | 9904 | -€630 | €14,731 | +€15,361 | |
| Transfer from tax-exempt reserves | 789 | €12,876 | - | -€12,876 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,246 | €14,731 | +€2,485 | +20.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.