MODUS RESEARCH: 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 RESEARCH
Largest movements
- Current investments -€200,000
down €200,000 (-47.6%), from €420,000 to €220,000
- Cash +€131,200
up €131,200 (+118.5%), from €110,753 to €241,953
mainly Current investments (+€200,000) and Other debts (+€72,337)
- Receivables within one year -€16,711
down €16,711 (-38.5%), from €43,408 to €26,697
of which Other amounts receivable: -€19,450
- Deferred charges and accrued income -€6,568
down €6,568 (-24.9%), from €26,382 to €19,814
- Reserves -€87,083
down €87,083 (-18.9%), from €461,251 to €374,168
- Tax, wage and social debts -€75,955
down €75,955 (-78.4%), from €96,826 to €20,872
- Other debts +€72,337
up €72,337 (+206.7%), from €35,000 to €107,337
- Current portion of long-term debt +€16,393
up €16,393 (+125.4%), from €13,075 to €29,468
- Debts after one year -€12,752
down €12,752 (-40.1%), from €31,791 to €19,039
- Gross operating margin -€189,488
down €189,488 (-61.2%), from €309,816 to €120,327
- Taxes -€56,049
down €56,049 (-63.1%), from €88,831 to €32,782
- Financial charges +€6,189
up €6,189 (+253.7%), from €2,440 to €8,629
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 | €656,317 | €564,088 | -€92,230 | -14.1% |
| Fixed assets | 21/28 | €55,774 | €55,624 | -€151 | -0.3% |
| Tangible fixed assets | 22/27 | €55,774 | €55,624 | -€151 | -0.3% |
| Land and buildings | 22 | - | €3,377 | +€3,377 | |
| Plant, machinery and equipment | 23 | €4,680 | €14,018 | +€9,339 | +199.6% |
| Furniture and vehicles | 24 | €51,095 | €38,228 | -€12,866 | -25.2% |
| Current assets | 29/58 | €600,543 | €508,464 | -€92,079 | -15.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €43,408 | €26,697 | -€16,711 | -38.5% |
| Trade receivables | 40 | €23,958 | €26,697 | +€2,740 | +11.4% |
| Other amounts receivable | 41 | €19,450 | €0 | -€19,450 | -100.0% |
| Current investments | 50/53 | €420,000 | €220,000 | -€200,000 | -47.6% |
| Cash at bank and in hand | 54/58 | €110,753 | €241,953 | +€131,200 | +118.5% |
| Deferred charges and accrued income | 490/1 | €26,382 | €19,814 | -€6,568 | -24.9% |
| Total equity and liabilities | 10/49 | €656,317 | €564,088 | -€92,230 | -14.1% |
| Equity | 10/15 | €473,651 | €386,568 | -€87,083 | -18.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €461,251 | €374,168 | -€87,083 | -18.9% |
| Distributable reserves | 133 | €461,251 | €374,168 | -€87,083 | -18.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €182,666 | €177,520 | -€5,147 | -2.8% |
| Amounts payable after more than one year | 17 | €31,791 | €19,039 | -€12,752 | -40.1% |
| Financial debts | 170/4 | €31,791 | €19,039 | -€12,752 | -40.1% |
| Amounts payable within one year | 42/48 | €149,637 | €158,481 | +€8,844 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €13,075 | €29,468 | +€16,393 | +125.4% |
| Financial debts | 43 | €28 | €327 | +€299 | +1070.4% |
| Credit institutions | 430/8 | €28 | €327 | +€299 | +1070.4% |
| Trade debts | 44 | €4,708 | €478 | -€4,230 | -89.9% |
| Suppliers | 440/4 | €4,708 | €478 | -€4,230 | -89.9% |
| Taxes, remuneration and social security | 45 | €96,826 | €20,872 | -€75,955 | -78.4% |
| Taxes | 450/3 | €96,826 | €20,872 | -€75,955 | -78.4% |
| Other amounts payable | 47/48 | €35,000 | €107,337 | +€72,337 | +206.7% |
| Accrued charges and deferred income | 492/3 | €1,239 | €0 | -€1,239 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,948 | €16,535 | +€1,587 | +10.6% |
| Other operating charges | 640/8 | €5,020 | €2,581 | -€2,440 | -48.6% |
| Non-recurring operating charges | 66A | €1,093 | €0 | -€1,093 | -100.0% |
| Gross operating margin | 9900 | €309,816 | €120,327 | -€189,488 | -61.2% |
| Operating profit (loss) | 9901 | €288,754 | €100,712 | -€188,042 | -65.1% |
| Financial income | 75/76B | €11,530 | €9,120 | -€2,410 | -20.9% |
| Recurring financial income | 75 | €11,530 | €9,120 | -€2,410 | -20.9% |
| Financial charges | 65/66B | €2,440 | €8,629 | +€6,189 | +253.7% |
| Recurring financial charges | 65 | €2,440 | €8,629 | +€6,189 | +253.7% |
| Profit (loss) for the period before taxes | 9903 | €297,844 | €101,203 | -€196,642 | -66.0% |
| Income taxes | 67/77 | €88,831 | €32,782 | -€56,049 | -63.1% |
| Profit (loss) for the period | 9904 | €209,013 | €68,421 | -€140,592 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €209,013 | €68,421 | -€140,592 | -67.3% |
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 29 September 2026 via checked.be.