HAGER Modulec
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 44 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€24.3m▲ 3.4%
2024 · €23.5m
EBIT margin
6.0%▲ 0.2pp
2024 · 5.8%
Net result
€879,993▼ 3.8%
2024 · €914,804
Working capital
€5.3m▲ 0.7%
2024 · €5.3m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€24.3m
▲ 3.4%
2025
20182025
Operating result
€1.5m
▲ 7.2%
2025
20182025
Net result
€879,993
▼ 3.8%
2025
highest quarter of the sector
20182025
EBIT margin
6.0%
▲ 0.2pp
2025
20182025
Equity
€5.3m
=
2025
middle half of the sector
20182025
Total assets
€11.0m
▲ 13.2%
2025
middle half of the sector
20182025
Debt
€5.6m
▲ 30.5%
2025
20182025
Working capital
€5.3m
▲ 0.7%
2025
highest quarter of the sector
20182025
Solvency
48.7%
▼ 6.4pp
2025
middle half of the sector
20182025
Current ratio
1.94
▼ 0.28
2025
middle half of the sector
20182025
Return on assets (ROA)
8.0%
▼ 1.4pp
2025
middle half of the sector
20182025
Staff (FTE)
22.8
▼ 0.9%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€16.8m-€17.4m▲ 3.6%€18.7m▲ 7.7%€21.5m▲ 14.9%€21.7m▲ 0.9%€25.2m▲ 16.3%€23.5m▼ 6.8%€24.3m▲ 3.4%
Operating result€1.2m-€1.0m▼ 14.1%€2.0m▲ 99.6%€1.6m▼ 20.6%€1.1m▼ 30.7%€1.6m▲ 39.6%€1.4m▼ 12.0%€1.5m▲ 7.2%
Net result€0.6m-€0.5m▼ 23.0%€1.2mabove the sector's middle half▲ 169%€0.9mabove the sector's middle half▼ 27.9%€0.5mwithin the sector's middle half▼ 40.8%€1.3mabove the sector's middle half▲ 139%€0.9mabove the sector's middle half▼ 27.1%€0.9mabove the sector's middle half▼ 3.8%
EBIT margin7.1%-5.9%▼ 1.2pp10.9%▲ 5.0pp7.5%▼ 3.4pp5.1%▼ 2.3pp6.2%▲ 1.0pp5.8%▼ 0.3pp6.0%▲ 0.2pp
Equity€16.1m-€16.6m▲ 2.8%€17.8mabove the sector's middle half▲ 7.4%€18.7mabove the sector's middle half▲ 5.0%€19.2mabove the sector's middle half▲ 2.8%€5.3mabove the sector's middle half▼ 72.3%€5.3mabove the sector's middle half=€5.3mwithin the sector's middle half=
Total assets€19.2m-€18.9m▼ 1.9%€21.8mabove the sector's middle half▲ 15.4%€23.4mabove the sector's middle half▲ 7.5%€24.3mabove the sector's middle half▲ 3.6%€12.3mwithin the sector's middle half▼ 49.2%€9.7mwithin the sector's middle half▼ 21.3%€11.0mwithin the sector's middle half▲ 13.2%
Debt€3.1m-€2.3m▼ 26.5%€4.0m▲ 73.1%€4.7m▲ 19.1%€5.0m▲ 6.5%€6.9m▲ 38.2%€4.3m▼ 37.8%€5.6m▲ 30.5%
Working capital€16.0m-€16.4m▲ 3.0%€17.8mabove the sector's middle half▲ 8.0%€18.7mabove the sector's middle half▲ 5.2%€19.2mabove the sector's middle half▲ 2.9%€5.3mabove the sector's middle half▼ 72.5%€5.3mabove the sector's middle half=€5.3mabove the sector's middle half▲ 0.7%
Solvency83.8%-87.9%▲ 4.1pp81.8%above the sector's middle half▼ 6.1pp79.9%above the sector's middle half▼ 2.0pp79.3%above the sector's middle half▼ 0.6pp43.3%within the sector's middle half▼ 36.0pp55.1%within the sector's middle half▲ 11.7pp48.7%within the sector's middle half▼ 6.4pp
Current ratio6.14-8.20▲ 2.065.49above the sector's middle half▼ 2.714.97above the sector's middle half▼ 0.534.83above the sector's middle half▼ 0.141.76within the sector's middle half▼ 3.072.22within the sector's middle half▲ 0.461.94within the sector's middle half▼ 0.28
Return on assets (ROA)3.1%-2.4%▼ 0.7pp5.6%within the sector's middle half▲ 3.2pp3.8%within the sector's middle half▼ 1.9pp2.2%within the sector's middle half▼ 1.6pp10.2%above the sector's middle half▲ 8.0pp9.4%above the sector's middle half▼ 0.7pp8.0%within the sector's middle half▼ 1.4pp
Staff (FTE)24.3-23.1▼ 4.9%23.2within the sector's middle half▲ 0.4%24within the sector's middle half▲ 3.4%24.7within the sector's middle half▲ 2.9%23.8within the sector's middle half▼ 3.6%23within the sector's middle half▼ 3.4%22.8within the sector's middle half▼ 0.9%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 7% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.0m
Fixed assets
€18,490 ▼ 80.4%
Current assets
€10.9m ▲ 14.1%
Equity and liabilities €11.0m
Equity
€5.3m =
Provisions
€0 ▼ 100%
Debt
€5.6m ▲ 30.5%
Debt's share of the balance-sheet total rises from 44.5% to 51.3%. Debt is higher.
Key figures and ratios
EBITDA
€1.5m▲
2024 · €1.4m
Cash flow
€890,732▼
2024 · €926,375
Debt to equity
1.06▲
2024 · 0.81
ROE
16.5%▼
2024 · 17.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€5.6m▲
2024 · €4.3m
Income taxes
€336,373▼
2024 · €350,297
Customer credit
14 days▲
2024 · 2 days
Supplier credit
82 days▲
2024 · 59 days
Staff costs
€2.5m▼
2024 · €2.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 25 | 23 | 24 | 23 | 23 |
| full-time | 23 | 21 | 22 | 21 | 22 |
| part-time | 2 | 2 | 2 | 2 | 1 |
| in full-time equivalents | 24.7 | 22.7 | 23.6 | 22.6 | 22.8 |
| Average over the year, in full-time equivalents | 24 | 24.7 | 23.8 | 23 | 22.8 |
| On a permanent contract | 24 | 22 | 23 | 22 | 22 |
| Joined | 3 | 1 | 2 | 1 | 0 |
| Left | 1 | 3 | 1 | 2 | 0 |
| Agency workers, average number | 4 | - | - | - | - |
| Training hours | - | 12 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €88,191 | - | - | - | - |
| Overdue social security (RSZ) debts | €93,981 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | €0 | €25.0m | €25.0m | €25.0m | €25.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,859 | €11,134 | €21,483 | €6,401 | €4,311 |
| Depreciation and write-downs of the year | €36,579 | €25,834 | €7,939 | €11,571 | €10,739 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €9,500 | €9,500 | €9,500 | €9,500 | €20,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €21.9m | €22.1m | €25.9m | €24.0m | €24.4m | ▲ 1.9% |
| Turnover70 | €16.8m | €17.4m | €18.7m | €21.5m | €21.7m | €25.2m | €23.5m | €24.3m | ▲ 3.4% |
| Other operating income74 | - | - | - | €0.3m | €0.4m | €0.7m | €0.4m | €0.08m | ▼ 82.4% |
| Non-recurring operating income76A | - | - | - | €0 | €0.05m | €0 | - | - | - |
| Operating charges60/66A | - | - | - | €20.2m | €21.0m | €24.4m | €22.6m | €22.9m | ▲ 1.5% |
| Goods for resale, raw materials and consumables60 | - | - | - | €15.6m | €16.1m | €19.1m | €18.1m | €18.6m | ▲ 2.7% |
| Purchases600/8 | - | - | - | €15.6m | €16.1m | €19.1m | €18.1m | €18.6m | ▲ 2.7% |
| Services and other goods61 | - | - | - | €2.0m | €2.2m | €2.2m | €1.8m | €1.9m | ▲ 1.4% |
| Remuneration, social security and pensions62 | - | - | - | €2.7m | €2.7m | €2.9m | €2.6m | €2.5m | ▼ 4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.04m | €0.04m | €0.04m | €0.03m | €0.008m | €0.01m | €0.01m | ▼ 7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.001m | -€0.001m | €0.001m | -€0.008m | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €0.04m | €0 | -€0.04m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 25.4% |
| Operating profit (loss)9901 | €1.2m | €1.0m | €2.0m | €1.6m | €1.1m | €1.6m | €1.4m | €1.5m | ▲ 7.2% |
| Financial income75/76B | - | - | - | - | €0.06m | €0.6m | €0.3m | €0.2m | ▼ 44.8% |
| Recurring financial income75 | €75 | €99 | €0 | - | €0.06m | €0.6m | €0.3m | €0.2m | ▼ 44.8% |
| Income from current assets751 | - | - | - | - | €0.06m | €0.6m | €0.3m | €0.2m | ▼ 44.8% |
| Other financial income752/9 | - | - | - | - | - | €17 | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 1.3% |
| Recurring financial charges65 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 1.3% |
| Debt charges650 | - | €0 | - | €387 | €0.001m | €0.001m | €407 | €400 | ▼ 1.6% |
| Other financial charges652/9 | - | - | - | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 1.3% |
| Profit (loss) for the period before taxes9903 | €0.9m | €0.7m | €1.7m | €1.2m | €0.8m | €1.7m | €1.3m | €1.2m | ▼ 3.9% |
| Income taxes67/77 | €0.3m | €0.3m | €0.4m | €0.3m | €0.2m | €0.5m | €0.4m | €0.3m | ▼ 4.0% |
| Taxes670/3 | - | - | - | €0.3m | €0.2m | €0.5m | €0.4m | €0.3m | ▼ 4.0% |
| Profit (loss) for the period9904 | €0.6m | €0.5m | €1.2m | €0.9m | €0.5m | €1.3m | €0.9m | €0.9m | ▼ 3.8% |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.5m | €1.2m | €0.9m | €0.5m | €1.3m | €0.9m | €0.9m | ▼ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19.2m | €18.9m | €21.8m | €23.4m | €24.3m | €12.3m | €9.7m | €11.0m | ▲ 13.2% |
| Formation expenses20 | - | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.2m | €0.2m | €0.06m | €0.03m | €0.02m | €0.1m | €0.09m | €0.02m | ▼ 80.4% |
| Intangible fixed assets21 | - | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.06m | €0.03m | €0.02m | €0.03m | €0.02m | €0.02m | ▼ 25.8% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.03m | €0.02m | €0.01m | ▼ 28.6% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.004m | €0.001m | €0.005m | €0.005m | ▼ 15.4% |
| Financial fixed assets28 | €0.07m | €0.05m | €0 | - | - | €0.07m | €0.07m | €0 | ▼ 100% |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.07m | €0.07m | €0 | ▼ 100% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0.07m | €0.07m | €0 | ▼ 100% |
| Current assets29/58 | €19.1m | €18.7m | €21.7m | €23.4m | €24.2m | €12.2m | €9.6m | €10.9m | ▲ 14.1% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €19.0m | €18.7m | €21.7m | €23.4m | €24.2m | €12.2m | €9.6m | €10.9m | ▲ 13.6% |
| Trade receivables40 | - | - | - | €1.3m | €0.7m | €0.7m | €0.1m | €0.9m | ▲ 609% |
| Other amounts receivable41 | - | - | - | €22.1m | €23.5m | €11.5m | €9.5m | €10.0m | ▲ 5.6% |
| Cash at bank and in hand54/58 | €0.001m | €0.001m | €0.001m | €0.005m | €0.001m | €0.002m | €0.002m | €0.002m | ▲ 54.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.01m | €0.05m | €0.004m | €0.05m | ▲ 11× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19.2m | €18.9m | €21.8m | €23.4m | €24.3m | €12.3m | €9.7m | €11.0m | ▲ 13.2% |
| Equity10/15 | €16.1m | €16.6m | €17.8m | €18.7m | €19.2m | €5.3m | €5.3m | €5.3m | = |
| Contributions10/11 | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Capital10 | - | - | - | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Issued capital100 | - | - | - | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Non-distributable reserves130/1 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Legal reserve130 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €10.8m | €11.3m | €12.5m | €13.4m | €13.9m | €0 | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.04m | €0.04m | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €0.04m | €0.04m | €0 | ▼ 100% |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.04m | €0.04m | €0 | ▼ 100% |
| Amounts payable17/49 | €3.1m | €2.3m | €4.0m | €4.7m | €5.0m | €6.9m | €4.3m | €5.6m | ▲ 30.5% |
| Amounts payable within one year42/48 | €3.1m | €2.3m | €4.0m | €4.7m | €5.0m | €6.9m | €4.3m | €5.6m | ▲ 30.5% |
| Trade debts44 | €2.6m | €1.9m | €3.4m | €4.0m | €4.4m | €5.0m | €2.9m | €4.2m | ▲ 43.7% |
| Suppliers440/4 | - | - | - | €4.0m | €4.4m | €5.0m | €2.9m | €4.2m | ▲ 43.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | €0.7m | €0.7m | €0.5m | €0.6m | ▲ 16.4% |
| Taxes450/3 | - | - | - | €0.09m | €0.1m | €0.04m | €0.03m | €0.09m | ▲ 228% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.6m | €0.7m | €0.5m | €0.5m | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | - | - | €1.3m | €0.9m | €0.9m | ▼ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.5m | €1.2m | €0.9m | €0.5m | €1.3m | €0.9m | €0.9m | ▼ 3.8% |
| + Depreciation and write-downs630 | €0.03m | €0.04m | €0.04m | €0.04m | €0.03m | €0.008m | €0.01m | €0.01m | ▼ 7.2% |
| Operating cash flow (approximation) | €0.6m | €0.5m | €1.3m | €0.9m | €0.6m | €1.3m | €0.9m | €0.9m | ▼ 3.8% |
| Investment in fixed assets (approximation) | - | -€0.01m | €0.05m | -€0.006m | -€0.01m | -€0.09m | -€0.009m | €0.07m | - |
| Change in cash | - | -€0.001m | €187 | €0.004m | -€0.003m | €202 | -€41 | €0.001m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 20,136 companies had the same profile as HAGER Modulec has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of HAGER Modulec itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for HAGER Modulec. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 44 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00251343 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00188874 | |
| 31-12-2023 | full format | 18-06-2024 | 2024-00149666 | |
| 31-12-2022 | full format | 17-07-2023 | 2023-00247826 | |
| 31-12-2021 | full format | 18-07-2022 | 2022-20199866 | |
| 31-12-2020 | full format | 09-08-2021 | 2021-47600500 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-31000548 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-29500418 | |
| 31-12-2017 | full format | 27-06-2018 | 2018-22900089 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-18900193 |