Modulor: 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.
Modulor
Largest movements
- Current investments +€133,752
up €133,752 (+6.6%), from €2.0m to €2.2m
- Tangible fixed assets -€110,930
down €110,930 (-3.2%), from €3.4m to €3.3m
of which Land and buildings: -€133,330
- Receivables within one year +€82,119
up €82,119 (+8.5%), from €964,213 to €1.0m
- Reserves +€125,248
up €125,248 (+2.9%), from €4.4m to €4.5m
of which Distributable reserves: +€125,248
- Debts after one year -€88,425
down €88,425 (-7.9%), from €1.1m to €1.0m
- Gross operating margin +€107,767
up €107,767 (+82.1%), from €131,318 to €239,085
- Financial income +€38,523
up €38,523 (+43.6%), from €88,414 to €126,937
- Financial charges -€30,164
down €30,164 (-28.3%), from €106,406 to €76,242
- Depreciation -€7,728
down €7,728 (-5.5%), from €141,057 to €133,330
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 | €6,579,367 | €6,618,713 | +€39,347 | +0.6% |
| Fixed assets | 21/28 | €3,424,754 | €3,313,844 | -€110,911 | -3.2% |
| Tangible fixed assets | 22/27 | €3,422,300 | €3,311,370 | -€110,930 | -3.2% |
| Land and buildings | 22 | €2,830,149 | €2,696,819 | -€133,330 | -4.7% |
| Other tangible fixed assets | 26 | €592,151 | €614,551 | +€22,400 | +3.8% |
| Financial fixed assets | 28 | €2,454 | €2,473 | +€19 | +0.8% |
| Current assets | 29/58 | €3,154,612 | €3,304,870 | +€150,257 | +4.8% |
| Amounts receivable within one year | 40/41 | €964,213 | €1,046,331 | +€82,119 | +8.5% |
| Other amounts receivable | 41 | €964,213 | €1,046,331 | +€82,119 | +8.5% |
| Current investments | 50/53 | €2,025,520 | €2,159,272 | +€133,752 | +6.6% |
| Cash at bank and in hand | 54/58 | €164,879 | €99,266 | -€65,613 | -39.8% |
| Total equity and liabilities | 10/49 | €6,579,367 | €6,618,713 | +€39,347 | +0.6% |
| Equity | 10/15 | €4,418,133 | €4,543,381 | +€125,248 | +2.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €4,355,633 | €4,480,881 | +€125,248 | +2.9% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €4,349,383 | €4,474,631 | +€125,248 | +2.9% |
| Amounts payable | 17/49 | €2,161,233 | €2,075,332 | -€85,902 | -4.0% |
| Amounts payable after more than one year | 17 | €1,123,895 | €1,035,470 | -€88,425 | -7.9% |
| Financial debts | 170/4 | €1,123,895 | €1,035,470 | -€88,425 | -7.9% |
| Amounts payable within one year | 42/48 | €1,037,339 | €1,039,862 | +€2,523 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €106,156 | €99,977 | -€6,179 | -5.8% |
| Financial debts | 43 | €900,000 | €900,000 | = | 0.0% |
| Credit institutions | 430/8 | €900,000 | €900,000 | = | 0.0% |
| Trade debts | 44 | €15,276 | €25,479 | +€10,202 | +66.8% |
| Suppliers | 440/4 | €15,276 | €25,479 | +€10,202 | +66.8% |
| Taxes, remuneration and social security | 45 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Taxes | 450/3 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Other amounts payable | 47/48 | €12,907 | €12,907 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,057 | €133,330 | -€7,728 | -5.5% |
| Other operating charges | 640/8 | €29,832 | €31,048 | +€1,216 | +4.1% |
| Gross operating margin | 9900 | €131,318 | €239,085 | +€107,767 | +82.1% |
| Operating profit (loss) | 9901 | -€39,571 | €74,708 | +€114,279 | |
| Financial income | 75/76B | €88,414 | €126,937 | +€38,523 | +43.6% |
| Recurring financial income | 75 | €88,414 | €126,937 | +€38,523 | +43.6% |
| Financial charges | 65/66B | €106,406 | €76,242 | -€30,164 | -28.3% |
| Recurring financial charges | 65 | €106,406 | €76,242 | -€30,164 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | -€57,563 | €125,402 | +€182,966 | |
| Income taxes | 67/77 | €149 | €154 | +€5 | +3.3% |
| Profit (loss) for the period | 9904 | -€57,712 | €125,248 | +€182,961 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,712 | €125,248 | +€182,961 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.