Modulux: 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.
Modulux
Largest movements
- Tangible fixed assets +€393,534
up €393,534 (+148.9%), from €264,321 to €657,855
of which Land and buildings: +€400,488
- Receivables after one year -€245,000
down €245,000 (-25.0%), from €981,157 to €736,157
- Cash -€29,912
down €29,912 (-34.0%), from €87,900 to €57,988
mainly Investment in fixed assets (net) (-€428,523) and Other debts (-€25,089)
- Receivables within one year -€27,278
down €27,278 (-3.4%), from €809,125 to €781,847
of which Trade receivables: -€41,514
- Reserves +€100,544
up €100,544 (+7.3%), from €1.4m to €1.5m
of which Distributable reserves: +€110,640
- Other debts -€25,089
down €25,089 (-87.0%), from €28,839 to €3,750
- Depreciation +€23,659
up €23,659 (+208.8%), from €11,330 to €34,989
- Gross operating margin -€18,055
down €18,055 (-4.3%), from €423,654 to €405,599
- Taxes -€6,219
down €6,219 (-18.6%), from €33,464 to €27,245
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 | €2,147,878 | €2,239,228 | +€91,350 | +4.3% |
| Fixed assets | 21/28 | €265,756 | €659,290 | +€393,534 | +148.1% |
| Tangible fixed assets | 22/27 | €264,321 | €657,855 | +€393,534 | +148.9% |
| Land and buildings | 22 | €197,361 | €597,849 | +€400,488 | +202.9% |
| Furniture and vehicles | 24 | €66,961 | €60,006 | -€6,954 | -10.4% |
| Financial fixed assets | 28 | €1,435 | €1,435 | = | 0.0% |
| Current assets | 29/58 | €1,882,122 | €1,579,938 | -€302,184 | -16.1% |
| Amounts receivable after more than one year | 29 | €981,157 | €736,157 | -€245,000 | -25.0% |
| Other amounts receivable | 291 | €981,157 | €736,157 | -€245,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €809,125 | €781,847 | -€27,278 | -3.4% |
| Trade receivables | 40 | €795,346 | €753,832 | -€41,514 | -5.2% |
| Other amounts receivable | 41 | €13,779 | €28,016 | +€14,236 | +103.3% |
| Cash at bank and in hand | 54/58 | €87,900 | €57,988 | -€29,912 | -34.0% |
| Deferred charges and accrued income | 490/1 | €3,939 | €3,946 | +€6 | +0.2% |
| Total equity and liabilities | 10/49 | €2,147,878 | €2,239,228 | +€91,350 | +4.3% |
| Equity | 10/15 | €2,008,011 | €2,108,555 | +€100,544 | +5.0% |
| Contributions | 10/11 | €624,810 | €624,810 | = | 0.0% |
| Reserves | 13 | €1,383,201 | €1,483,745 | +€100,544 | +7.3% |
| Tax-exempt reserves | 132 | €63,657 | €53,561 | -€10,096 | -15.9% |
| Distributable reserves | 133 | €1,319,544 | €1,430,184 | +€110,640 | +8.4% |
| Provisions and deferred taxes | 16 | €32,179 | €26,980 | -€5,199 | -16.2% |
| Deferred taxes | 168 | €32,179 | €26,980 | -€5,199 | -16.2% |
| Amounts payable | 17/49 | €107,688 | €103,693 | -€3,995 | -3.7% |
| Amounts payable within one year | 42/48 | €105,570 | €102,835 | -€2,735 | -2.6% |
| Trade debts | 44 | €8,312 | €28,032 | +€19,720 | +237.2% |
| Suppliers | 440/4 | €8,312 | €28,032 | +€19,720 | +237.2% |
| Advances received on contracts in progress | 46 | - | €774 | +€774 | |
| Taxes, remuneration and social security | 45 | €68,418 | €70,278 | +€1,860 | +2.7% |
| Taxes | 450/3 | €29,380 | €29,855 | +€476 | +1.6% |
| Remuneration and social security | 454/9 | €39,038 | €40,422 | +€1,384 | +3.5% |
| Other amounts payable | 47/48 | €28,839 | €3,750 | -€25,089 | -87.0% |
| Accrued charges and deferred income | 492/3 | €2,118 | €858 | -€1,260 | -59.5% |
| Non-recurring operating income | 76A | €13,329 | - | -€13,329 | |
| Remuneration, social security and pensions | 62 | €246,739 | €242,770 | -€3,969 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,330 | €34,989 | +€23,659 | +208.8% |
| Other operating charges | 640/8 | €6,354 | €6,510 | +€156 | +2.5% |
| Non-recurring operating charges | 66A | €12,727 | - | -€12,727 | |
| Gross operating margin | 9900 | €423,654 | €405,599 | -€18,055 | -4.3% |
| Operating profit (loss) | 9901 | €146,505 | €121,330 | -€25,175 | -17.2% |
| Financial income | 75/76B | €3,044 | €2,555 | -€489 | -16.1% |
| Recurring financial income | 75 | €3,044 | €2,555 | -€489 | -16.1% |
| Financial charges | 65/66B | €2,767 | €1,294 | -€1,473 | -53.2% |
| Recurring financial charges | 65 | €2,767 | €1,294 | -€1,473 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | €146,782 | €122,590 | -€24,191 | -16.5% |
| Transfer from deferred taxes | 780 | €5,199 | €5,199 | = | 0.0% |
| Income taxes | 67/77 | €33,464 | €27,245 | -€6,219 | -18.6% |
| Profit (loss) for the period | 9904 | €118,516 | €100,544 | -€17,972 | -15.2% |
| Transfer from tax-exempt reserves | 789 | €10,096 | €10,096 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €128,612 | €110,640 | -€17,972 | -14.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.