HAGER Modulec
ActiveHAGER Modulec has been active since 1980 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.34M and a net result of €880k. Equity is shrinking by ~15.7% per year across the filed fiscal years. Its solvency ranks better than 54% of 4812 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
85
/ 100
Excellent▼ -7 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability52▼-1
Solvency92▼-5
Growth56=
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €450k at 30 days acceptable
Liquidity ample (current ratio 1.94 against 2.22 in 2024), but 51.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
48.7%
Return on assets
8%
Age of the figures
8 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
37 d early
2023
43 d early
2022
14 d early
2021
13 d early
2020
9 d late
2019
17 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€24.34M▲ 3.4%
2024 · €23.54M
2018: €16.79M
2019: €17.39M
2020: €18.72M
2021: €21.51M
2022: €21.70M
2023: €25.24M
2024: €23.54M
2018 → 2025
EBIT margin
6.0%▲ 0.2pp
2024 · 5.8%
2018: 7.1%
2019: 6.8%
2020: 10.9%
2021: 7.5%
2022: 5.1%
2023: 6.2%
2024: 5.8%
2018 → 2025
Net result
€880k▼ 3.8%
2024 · €915k
2018: €592k
2019: €592k
2020: €1.23M
2021: €886k
2022: €525k
2023: €1.25M
2024: €915k
2018 → 2025
Working capital
€5.32M▲ 0.7%
2024 · €5.28M
2018: €15.96M
2019: €15.96M
2020: €17.76M
2021: €18.68M
2022: €19.22M
2023: €5.28M
2024: €5.28M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€21.51M-€21.70M▲ 0.9%€25.24M▲ 16.3%€23.54M▼ 6.8%€24.34M▲ 3.4%
Equity€18.71M-€19.24M▲ 2.8%€5.34M▼ 72.3%€5.34M=€5.34M=
Operating result€1.61M-€1.12M▼ 30.7%€1.56M▲ 39.6%€1.37M▼ 12.0%€1.47M▲ 7.2%
Net result€886k-€525k▼ 40.8%€1.25M▲ 139%€915k▼ 27.1%€880k▼ 3.8%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 7% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.96M
Fixed assets
€18k▼ 80.4%
Current assets
€10.95M▲ 14.1%
Equity and liabilities €10.96M
Equity
€5.34M=
Provisions
€0▼ 100%
Debt
€5.63M▲ 30.5%
The debt ratio rises from 44.5% to 51.3%: debt grows faster than equity.
Key figures and ratios
EBITDA
€1.48M▲
2024 · €1.38M
Cash flow
€891k▼
2024 · €926k
Solvency
48.7%▼
2024 · 55.1%
Current ratio
1.94▼
2024 · 2.22
Quick ratio
1.94▼
2024 · 2.22
Debt / equity
1.06▲
2024 · 0.81
ROE
16.5%▼
2024 · 17.1%
ROA
8.0%▼
2024 · 9.4%
Interest coverage
3705.56▲
2024 · 3405.28
Debt
€5.63M▲
2024 · €4.31M
Debt ≤ 1 year
€5.63M▲
2024 · €4.31M
Income taxes
€336k▼
2024 · €350k
Staff costs
€2.50M▼
2024 · €2.63M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€9.69M€10.96M▲
Fixed assets21/28€94k€18k▼
Tangible fixed assets22/27€25k€18k▼
Furniture and vehicles24€20k€14k▼
Other tangible fixed assets26€5k€5k▼
Financial fixed assets28€69k€0▼
Other financial fixed assets284/8€69k€0▼
Amounts receivable and cash guarantees285/8€69k€0▼
Current assets29/58€9.59M€10.95M▲
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€9.59M€10.90M▲
Trade receivables40€128k€910k▲
Other amounts receivable41€9.46M€9.99M▲
Cash at bank and in hand54/58€2k€2k▲
Deferred charges and accrued income490/1€4k€48k▲
Equity and liabilities
Total equity and liabilities10/49€9.69M€10.96M▲
Equity10/15€5.34M€5.34M=
Contributions10/11€4.85M€4.85M=
Capital10€4.85M€4.85M=
Issued capital100€4.85M€4.85M=
Reserves13€485k€485k=
Non-distributable reserves130/1€485k€485k=
Legal reserve130€485k€485k=
Provisions and deferred taxes16€40k€0▼
Provisions for liabilities and charges160/5€40k€0▼
Other liabilities and charges164/5€40k€0▼
Amounts payable17/49€4.31M€5.63M▲
Amounts payable within one year42/48€4.31M€5.63M▲
Trade debts44€2.92M€4.19M▲
Suppliers440/4€2.92M€4.19M▲
Taxes, remuneration and social security45€483k€562k▲
Taxes450/3€28k€91k▲
Remuneration and social security454/9€455k€471k▲
Other amounts payable47/48€915k€880k▼
Income statement
Code20242025
Operating income70/76A€23.97M€24.42M▲
Turnover70€23.54M€24.34M▲
Other operating income74€436k€77k▼
Operating charges60/66A€22.60M€22.95M▲
Goods for resale, raw materials and consumables60€18.11M€18.60M▲
Purchases600/8€18.11M€18.60M▲
Services and other goods61€1.83M€1.85M▲
Remuneration, social security and pensions62€2.63M€2.50M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€11k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-8k€0▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€0€-40k▼
Other operating charges640/8€27k€20k▼
Operating profit (loss)9901€1.37M€1.47M▲
Financial income75/76B€341k€188k▼
Recurring financial income75€341k€188k▼
Income from current assets751€341k€188k▼
Other financial income752/9€0-
Financial charges65/66B€449k€443k▼
Recurring financial charges65€449k€443k▼
Debt charges650€407€400▼
Other financial charges652/9€448k€443k▼
Profit (loss) for the period before taxes9903€1.27M€1.22M▼
Income taxes67/77€350k€336k▼
Taxes670/3€350k€336k▼
Profit (loss) for the period9904€915k€880k▼
Profit (loss) for the period to be appropriated9905€915k€880k▼
Appropriation of the result
Profit (loss) to be appropriated9906€915k€880k▼
Profit (loss) brought forward from the previous period14P€0-
Profit to be distributed694/7€915k€880k▼
Return on contributions (dividend)694€915k€880k▼
Social balance
Average headcount (FTE)908723.022.8▼
The notes to these accounts (43 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €1.25M ▲139%
Net result €1.25M, the highest in the series.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €525k ▼40.8%
Net result drops to €525k, the lowest in the series; recovery starts the following year.
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
09-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 9 days late
2020
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
20-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
15 directors, no change since 2025
Adrien Richter
CurrentDirector · since 24-04-2025
Dominique Albin Jacques WEBER
CurrentDirector · since 08-01-2025
Arnaud Lambert
CurrentDirector · since 27-09-2022
GOLDSTEIN Daphna
CurrentDirector · since 08-01-2021
Heer Stephan Kreutzer
Not recently confirmedDirector · since 04-09-2019
Jean Marie Doolaege
Not recently confirmedManaging director · since 17-07-2006
+ 3 not shown in this overview
24-04-2025
Adrien Richter: Appointed as Director
24-04-2025
Jennifer Udanch: Resigned as Director
08-01-2025
Dominique Albin Jacques WEBER: Appointed as Director
08-01-2025
GOLDSTEIN Daphna: Resigned as Director
08-05-2024
Jennifer Udanch: Appointed as Director
08-05-2024
Patrice Wind: Resigned as Director
27-09-2022
Arnaud Lambert: Appointed as Director
27-09-2022
Jean Marie Doolaege: Resigned as Director
24-08-2021
Patrice Wind: Appointed as Director
08-01-2021
GOLDSTEIN Daphna: Appointed as Director
17-08-2020
Stephan KREUTZER: Resigned as Director
04-09-2019
Heer Stephan Kreutzer: Appointed as Director
04-09-2019
Mevrouw Sophie Breton: Resigned as Director
18-07-2018
Jean Marie Doolaege: Appointed as Managing director
14-07-2015
Sophie Breton: Appointed as Director
14-07-2015
Patrice Wind: Appointed as Director
14-07-2015
Bertrand Schmitt: Resigned as Director
14-07-2015
René Schnabel: Resigned as Director
09-02-2011
Frans Verschelden: Appointed as Auditor
17-07-2006
Jean Marie Doolaege: Appointed as Managing director
29-06-2006
Daniel Hager: Appointed as Director
29-06-2006
Bertrand Schmitt: Resigned as Director
Location & real-estate footprint
Registered office, Dilbeek · 1 establishment unit since 1980
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Noordkustlaan 16C1702 DilbeekGround area
1.1 ha
Building footprint
1,027 m²
Volume, LiDAR
12,757 m³
Parcel 23026A0132/00N006, Flanders · tallest building 18.0 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Noordkustlaan 16C, 1702 Dilbeek
since 19802.018.270.684
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23026A0132/00N006 | Flanders | 1.1 ha | 1 · 1,027 m² | 18.0 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
3 auditors| Forvis MazarsCurrent Statutory auditor | 27-08-2025 → present |
Show 2 earlier auditors
| Ernst & Young bedrijfsrevisoren Statutory auditor succeeded by Forvis Mazars in 2025 | 30-01-2023 → 27-08-2025 |
| Ernst & Young Bedrijfsrevisoren bcvba Statutory auditor succeeded by Ernst & Young bedrijfsrevisoren in 2023 | 14-09-2016 → 30-01-2023 |
Similar companies · same sector, comparable size
MAESTRO PUMPS
BE 0865.070.843
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NORDSON BENELUX
BE 0402.092.714
Zaventem · Eq €5.27M
WAGO BELUX
BE 0505.806.401
Zaventem · Eq €5.43M
MACRONIX EUROPE
BE 0466.731.930
Wemmel · Eq €5.19M
Smans
BE 0462.377.719
Turnhout · Eq €5.16M
Of 1,238 companies in sector 46643 we hold annual accounts for 945. 459 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-12-1980
Fiscal year end31-12
Activities, NACEBEL
46643Wholesale of electrical equipment, including installation materials
Sources
Crossroads Bank for EnterprisesNational Bank · 44 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.