MODUVAN: 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.
MODUVAN
Largest movements
- Cash +€322,192
up €322,192 (+228.0%), from €141,327 to €463,520
mainly Depreciation (+€265,479) and Trade debts (+€166,168)
- Receivables within one year +€222,119
up €222,119 (+191.3%), from €116,128 to €338,246
of which Trade receivables: +€205,113
- Stocks and contracts -€133,172
down €133,172 (-16.2%), from €820,215 to €687,043
- Tangible fixed assets +€66,043
up €66,043 (+2.3%), from €2.8m to €2.9m
of which Furniture and vehicles: +€128,891
- Deferred charges and accrued income +€50,333
up €50,333 (+225.9%), from €22,280 to €72,612
- Trade debts +€166,168
up €166,168 (+44.5%), from €373,497 to €539,665
- Tax, wage and social debts +€117,603
up €117,603 (+207.3%), from €56,718 to €174,321
of which Remuneration and social security: +€59,041
- Debts after one year +€105,147
up €105,147 (+4.8%), from €2.2m to €2.3m
- Current portion of long-term debt +€90,984
up €90,984 (+36.7%), from €247,630 to €338,614
- Reserves +€85,666
up €85,666 (+18.1%), from €472,629 to €558,295
- Gross operating margin -€36,052
down €36,052 (-3.0%), from €1.2m to €1.2m
- Staff costs +€29,115
up €29,115 (+4.6%), from €626,285 to €655,400
- Depreciation -€22,892
down €22,892 (-7.9%), from €288,371 to €265,479
- Financial charges +€15,741
up €15,741 (+18.0%), from €87,249 to €102,990
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 | €3,952,542 | €4,501,441 | +€548,900 | +13.9% |
| Fixed assets | 21/28 | €2,852,592 | €2,940,020 | +€87,428 | +3.1% |
| Intangible fixed assets | 21 | - | €21,385 | +€21,385 | |
| Tangible fixed assets | 22/27 | €2,849,892 | €2,915,935 | +€66,043 | +2.3% |
| Land and buildings | 22 | €2,199,151 | €2,107,071 | -€92,080 | -4.2% |
| Plant, machinery and equipment | 23 | €311,490 | €317,129 | +€5,639 | +1.8% |
| Furniture and vehicles | 24 | €282,727 | €411,618 | +€128,891 | +45.6% |
| Leasing and similar rights | 25 | €56,524 | €80,117 | +€23,593 | +41.7% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €1,099,950 | €1,561,421 | +€461,472 | +42.0% |
| Stocks and contracts in progress | 3 | €820,215 | €687,043 | -€133,172 | -16.2% |
| Stocks | 30/36 | €820,215 | €687,043 | -€133,172 | -16.2% |
| Amounts receivable within one year | 40/41 | €116,128 | €338,246 | +€222,119 | +191.3% |
| Trade receivables | 40 | €103,649 | €308,762 | +€205,113 | +197.9% |
| Other amounts receivable | 41 | €12,479 | €29,484 | +€17,005 | +136.3% |
| Cash at bank and in hand | 54/58 | €141,327 | €463,520 | +€322,192 | +228.0% |
| Deferred charges and accrued income | 490/1 | €22,280 | €72,612 | +€50,333 | +225.9% |
| Total equity and liabilities | 10/49 | €3,952,542 | €4,501,441 | +€548,900 | +13.9% |
| Equity | 10/15 | €478,829 | €564,495 | +€85,666 | +17.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €472,629 | €558,295 | +€85,666 | +18.1% |
| Distributable reserves | 133 | €472,629 | €558,295 | +€85,666 | +18.1% |
| Amounts payable | 17/49 | €3,473,713 | €3,936,946 | +€463,233 | +13.3% |
| Amounts payable after more than one year | 17 | €2,168,281 | €2,273,428 | +€105,147 | +4.8% |
| Financial debts | 170/4 | €2,168,281 | €2,273,428 | +€105,147 | +4.8% |
| Amounts payable within one year | 42/48 | €1,185,621 | €1,583,267 | +€397,646 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €247,630 | €338,614 | +€90,984 | +36.7% |
| Financial debts | 43 | €500,000 | €527,851 | +€27,851 | +5.6% |
| Credit institutions | 430/8 | €500,000 | €527,851 | +€27,851 | +5.6% |
| Trade debts | 44 | €373,497 | €539,665 | +€166,168 | +44.5% |
| Suppliers | 440/4 | €373,497 | €539,665 | +€166,168 | +44.5% |
| Taxes, remuneration and social security | 45 | €56,718 | €174,321 | +€117,603 | +207.3% |
| Taxes | 450/3 | €56,718 | €115,280 | +€58,562 | +103.3% |
| Remuneration and social security | 454/9 | - | €59,041 | +€59,041 | |
| Other amounts payable | 47/48 | €7,777 | €2,816 | -€4,961 | -63.8% |
| Accrued charges and deferred income | 492/3 | €119,810 | €80,251 | -€39,559 | -33.0% |
| Non-recurring operating income | 76A | €21,522 | €82,278 | +€60,756 | +282.3% |
| Remuneration, social security and pensions | 62 | €626,285 | €655,400 | +€29,115 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €288,371 | €265,479 | -€22,892 | -7.9% |
| Other operating charges | 640/8 | €25,926 | €19,358 | -€6,568 | -25.3% |
| Non-recurring operating charges | 66A | - | €27,547 | +€27,547 | |
| Gross operating margin | 9900 | €1,214,440 | €1,178,389 | -€36,052 | -3.0% |
| Operating profit (loss) | 9901 | €273,858 | €210,604 | -€63,254 | -23.1% |
| Financial income | 75/76B | €256 | €582 | +€326 | +127.2% |
| Recurring financial income | 75 | €256 | €582 | +€326 | +127.2% |
| Financial charges | 65/66B | €87,249 | €102,990 | +€15,741 | +18.0% |
| Recurring financial charges | 65 | €87,249 | €102,990 | +€15,741 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €186,865 | €108,196 | -€78,669 | -42.1% |
| Income taxes | 67/77 | €16,559 | €22,530 | +€5,970 | +36.1% |
| Profit (loss) for the period | 9904 | €170,306 | €85,666 | -€84,639 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €170,306 | €85,666 | -€84,639 | -49.7% |
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 5 October 2026 via checked.be.