MODUS: 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.
MODUS
Largest movements
- Receivables within one year -€24,273
down €24,273 (-30.0%), from €81,042 to €56,769
of which Trade receivables: -€31,215
- Cash -€23,965
down €23,965 (-5.7%), from €420,613 to €396,648
mainly Contributions, distributions and other (-€110,732) and Investment in fixed assets (net) (-€36,377)
- Reserves -€90,932
down €90,932 (-14.7%), from €619,596 to €528,664
of which Distributable reserves: -€90,932
- Other debts +€34,220
up €34,220 (+35.0%), from €97,726 to €131,945
- Gross operating margin +€9,593
up €9,593 (+17.7%), from €54,177 to €63,770
- Depreciation -€1,095
down €1,095 (-2.7%), from €40,778 to €39,683
- Taxes +€924
up €924 (+77.8%), from €1,188 to €2,112
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 | €879,470 | €827,927 | -€51,544 | -5.9% |
| Fixed assets | 21/28 | €377,815 | €374,510 | -€3,306 | -0.9% |
| Tangible fixed assets | 22/27 | €377,815 | €374,510 | -€3,306 | -0.9% |
| Land and buildings | 22 | €360,120 | €365,685 | +€5,565 | +1.5% |
| Plant, machinery and equipment | 23 | €3,261 | €3,047 | -€214 | -6.6% |
| Furniture and vehicles | 24 | €14,435 | €5,778 | -€8,656 | -60.0% |
| Current assets | 29/58 | €501,655 | €453,417 | -€48,238 | -9.6% |
| Amounts receivable within one year | 40/41 | €81,042 | €56,769 | -€24,273 | -30.0% |
| Trade receivables | 40 | €80,481 | €49,266 | -€31,215 | -38.8% |
| Other amounts receivable | 41 | €561 | €7,503 | +€6,942 | +1237.5% |
| Cash at bank and in hand | 54/58 | €420,613 | €396,648 | -€23,965 | -5.7% |
| Total equity and liabilities | 10/49 | €879,470 | €827,927 | -€51,544 | -5.9% |
| Equity | 10/15 | €727,614 | €636,701 | -€90,914 | -12.5% |
| Contributions | 10/11 | €7,438 | €7,438 | = | 0.0% |
| Reserves | 13 | €619,596 | €528,664 | -€90,932 | -14.7% |
| Tax-exempt reserves | 132 | €684 | €684 | = | 0.0% |
| Distributable reserves | 133 | €618,913 | €527,981 | -€90,932 | -14.7% |
| Profit (loss) carried forward | 14 | €100,580 | €100,598 | +€18 | 0.0% |
| Provisions and deferred taxes | 16 | €40,776 | €40,776 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,776 | €40,776 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,776 | €40,776 | = | 0.0% |
| Amounts payable | 17/49 | €111,080 | €150,450 | +€39,370 | +35.4% |
| Amounts payable after more than one year | 17 | €435 | - | -€435 | |
| Other amounts payable | 178/9 | €435 | - | -€435 | |
| Amounts payable within one year | 42/48 | €110,645 | €149,250 | +€38,605 | +34.9% |
| Trade debts | 44 | €4,983 | €5,278 | +€295 | +5.9% |
| Suppliers | 440/4 | €4,983 | €5,278 | +€295 | +5.9% |
| Taxes, remuneration and social security | 45 | €7,936 | €12,026 | +€4,090 | +51.5% |
| Taxes | 450/3 | €7,936 | €12,026 | +€4,090 | +51.5% |
| Other amounts payable | 47/48 | €97,726 | €131,945 | +€34,220 | +35.0% |
| Accrued charges and deferred income | 492/3 | - | €1,200 | +€1,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,778 | €39,683 | -€1,095 | -2.7% |
| Other operating charges | 640/8 | €3,598 | €3,874 | +€276 | +7.7% |
| Gross operating margin | 9900 | €54,177 | €63,770 | +€9,593 | +17.7% |
| Operating profit (loss) | 9901 | €9,802 | €20,213 | +€10,412 | +106.2% |
| Financial income | 75/76B | €2,507 | €2,051 | -€456 | -18.2% |
| Recurring financial income | 75 | €2,507 | €2,051 | -€456 | -18.2% |
| Financial charges | 65/66B | €469 | €334 | -€135 | -28.8% |
| Recurring financial charges | 65 | €469 | €334 | -€135 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €11,839 | €21,930 | +€10,091 | +85.2% |
| Income taxes | 67/77 | €1,188 | €2,112 | +€924 | +77.8% |
| Profit (loss) for the period | 9904 | €10,651 | €19,818 | +€9,167 | +86.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,651 | €19,818 | +€9,167 | +86.1% |
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 3 October 2026 via checked.be.