Moda - Rigi
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 PDF all 45 filings
Turnover
≈ €950,000
Estimated: probably between €740,000 and €1.6m
Total assets
€864,221▲ 22.8%
2024 · €703,558
Net result
€24,854
2024 · -€60,431
Working capital
€279,525▲ 25.7%
2024 · €222,417
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,830
2025
20182025
Net result
€24,854
2025
middle half of the sector
20182025
Equity
€432,729
▲ 6.1%
2025
middle half of the sector
20182025
Total assets
€864,221
▲ 22.8%
2025
middle half of the sector
20182025
Debt
€426,765
▲ 48.5%
2025
20182025
Working capital
€279,525
▲ 25.7%
2025
middle half of the sector
20182025
Solvency
50.1%
▼ 7.9pp
2025
middle half of the sector
20182025
Current ratio
1.65
▼ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
2.9%
▲ 11.5pp
2025
middle half of the sector
20182025
Staff (FTE)
4.1
=
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
Operating result€251,344--€8,262-€68,088▼ 724%€87,042-€21,063-€22,380▼ 6.3%-€61,904▼ 177%€28,830
Net result€186,163--€10,854-€68,764below the sector's middle half▼ 534%€79,755within the sector's middle half-€23,091below the sector's middle half-€23,628below the sector's middle half▼ 2.3%-€60,431below the sector's middle half▼ 156%€24,854within the sector's middle half
Equity€609,270-€598,416▼ 1.8%€529,653within the sector's middle half▼ 11.5%€609,408within the sector's middle half▲ 15.1%€585,517within the sector's middle half▼ 3.9%€468,305within the sector's middle half▼ 20.0%€407,874within the sector's middle half▼ 12.9%€432,729within the sector's middle half▲ 6.1%
Total assets€680,513-€826,658▲ 21.5%€703,795within the sector's middle half▼ 14.9%€796,864within the sector's middle half▲ 13.2%€786,906within the sector's middle half▼ 1.2%€752,922within the sector's middle half▼ 4.3%€703,558within the sector's middle half▼ 6.6%€864,221within the sector's middle half▲ 22.8%
Debt€40,383-€202,041▲ 400%€151,971▼ 24.8%€168,811▲ 11.1%€186,224▲ 10.3%€272,930▲ 46.6%€287,477▲ 5.3%€426,765▲ 48.5%
Working capital€487,183-€274,130▼ 43.7%€228,998within the sector's middle half▼ 16.5%€345,847within the sector's middle half▲ 51.0%€301,843within the sector's middle half▼ 12.7%€234,616within the sector's middle half▼ 22.3%€222,417within the sector's middle half▼ 5.2%€279,525within the sector's middle half▲ 25.7%
Solvency89.5%-72.4%▼ 17.1pp75.3%above the sector's middle half▲ 2.9pp76.5%above the sector's middle half▲ 1.2pp74.4%above the sector's middle half▼ 2.1pp62.2%above the sector's middle half▼ 12.2pp58.0%within the sector's middle half▼ 4.2pp50.1%within the sector's middle half▼ 7.9pp
Current ratio13.06-2.43▼ 10.642.56within the sector's middle half▲ 0.133.05above the sector's middle half▲ 0.492.62within the sector's middle half▼ 0.431.86within the sector's middle half▼ 0.761.77within the sector's middle half▼ 0.091.65within the sector's middle half▼ 0.12
Return on assets (ROA)27.4%--1.3%▼ 28.7pp-9.8%below the sector's middle half▼ 8.5pp10.0%within the sector's middle half▲ 19.8pp-2.9%below the sector's middle half▼ 12.9pp-3.1%below the sector's middle half▼ 0.2pp-8.6%below the sector's middle half▼ 5.5pp2.9%within the sector's middle half▲ 11.5pp
Staff (FTE)3-3.4▲ 13.3%2.9within the sector's middle half▼ 14.7%2.9within the sector's middle half=3.2within the sector's middle half▲ 10.3%3.7within the sector's middle half▲ 15.6%4.1within the sector's middle half▲ 10.8%4.1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a profit of €28,830, after a loss of €61,904 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €864,221
Fixed assets
€157,932 ▼ 18.5%
Current assets
€706,290 ▲ 38.5%
Equity and liabilities €864,221
Equity
€432,729 ▲ 6.1%
Provisions
€4,728 ▼ 42.4%
Debt
€426,765 ▲ 48.5%
Debt's share of the balance-sheet total rises from 40.9% to 49.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€86,111▲
2024 · -€7,033
Cash flow
€82,135▲
2024 · -€5,559
Quick ratio
0.59▼
2024 · 0.60
Debt to equity
0.99▲
2024 · 0.70
ROE
5.7%▲
2024 · -14.8%
Interest coverage
22.44▲
2024 · -3.74
Debt ≤ 1 year
€426,765▲
2024 · €287,477
Income taxes
€3,618▲
2024 · €147
Staff costs
€173,727▲
2024 · €167,578
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 | 4 | 2 | 4 | 5 | 5 |
| full-time | 2 | 1 | 2 | 4 | 4 |
| part-time | 2 | 1 | 2 | 1 | 1 |
| in full-time equivalents | 3.2 | 1.8 | 3.6 | 4.8 | 4.8 |
| Average over the year, in full-time equivalents | 2.9 | 3.2 | 3.7 | 4.1 | 4.1 |
| On a permanent contract | 3 | 2 | 4 | 4 | 4 |
| Joined | 3 | 4 | 5 | 3 | 4 |
| Left | 2 | 6 | 3 | 2 | 3 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,277 | €68,096 | €3,005 | €3,160 | €12,082 |
| Intangible fixed assets | - | €1,000 | - | - | €9,466 |
| Depreciation and write-downs of the year | €50,897 | €52,462 | €56,469 | €54,871 | €57,281 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €78,215 | €112,008 | €162,300 | €167,578 | €173,727 | ▲ 3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,674 | €61,159 | €55,006 | €50,897 | €52,462 | €56,469 | €54,871 | €57,281 | ▲ 4.4% |
| Other operating charges640/8 | - | - | - | €2,017 | €684 | €729 | €834 | €784 | ▼ 6.1% |
| Gross operating margin9900 | €375,053 | €141,159 | €51,671 | €218,171 | €144,090 | €197,119 | €161,379 | €260,622 | ▲ 61.5% |
| Operating profit (loss)9901 | €251,344 | -€8,262 | -€68,088 | €87,042 | -€21,063 | -€22,380 | -€61,904 | €28,830 | - |
| Financial income75/76B | - | - | - | €251 | €0 | - | €23 | €0 | ▼ 100% |
| Recurring financial income75 | €221 | €0 | €1,303 | €251 | €0 | - | €23 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €4,595 | €4,515 | €4,539 | €1,882 | €3,837 | ▲ 104% |
| Recurring financial charges65 | €7,742 | €7,253 | €3,874 | €4,595 | €4,515 | €4,539 | €1,882 | €3,837 | ▲ 104% |
| Profit (loss) for the period before taxes9903 | €243,824 | -€15,516 | -€70,659 | €82,697 | -€25,578 | -€26,919 | -€63,763 | €24,993 | - |
| Transfer from deferred taxes780 | - | - | - | €3,526 | €3,479 | €3,479 | €3,479 | €3,479 | = |
| Income taxes67/77 | €26,802 | -€3 | €2,135 | €6,469 | €992 | €188 | €147 | €3,618 | ▲ 25× |
| Profit (loss) for the period9904 | €186,163 | -€10,854 | -€68,764 | €79,755 | -€23,091 | -€23,628 | -€60,431 | €24,854 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €15,856 | €31,034 | €10,438 | €10,438 | €10,438 | = |
| Profit (loss) for the period to be appropriated9905 | €93,584 | €3,123 | -€36,675 | €95,611 | €7,943 | -€13,190 | -€49,993 | €35,292 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €680,513 | €826,658 | €703,795 | €796,864 | €786,906 | €752,922 | €703,558 | €864,221 | ▲ 22.8% |
| Fixed assets21/28 | €152,947 | €360,487 | €327,825 | €282,205 | €298,839 | €245,376 | €193,665 | €157,932 | ▼ 18.5% |
| Intangible fixed assets21 | €5,338 | €10,646 | €8,265 | €4,750 | €3,314 | €858 | €434 | €8,806 | ▲ 20× |
| Tangible fixed assets22/27 | €147,609 | €349,840 | €319,560 | €277,455 | €295,525 | €244,517 | €193,230 | €149,125 | ▼ 22.8% |
| Plant, machinery and equipment23 | - | - | - | €274,303 | €289,566 | €239,631 | €189,417 | €138,652 | ▼ 26.8% |
| Furniture and vehicles24 | - | - | - | €3,152 | €5,959 | €4,886 | €3,813 | €10,473 | ▲ 175% |
| Current assets29/58 | €527,566 | €466,171 | €375,970 | €514,659 | €488,067 | €507,546 | €509,894 | €706,290 | ▲ 38.5% |
| Stocks and contracts in progress3 | €314,023 | €375,844 | €249,511 | €193,410 | €277,260 | €291,069 | €336,020 | €453,309 | ▲ 34.9% |
| Stocks30/36 | - | - | - | €193,410 | €277,260 | €291,069 | €336,020 | €453,309 | ▲ 34.9% |
| Amounts receivable within one year40/41 | €21,493 | €14,019 | €6,198 | €691 | €2,226 | €15,272 | €9,314 | €23,373 | ▲ 151% |
| Trade receivables40 | - | - | - | €0 | €2,226 | €15,272 | €9,314 | €23,246 | ▲ 150% |
| Other amounts receivable41 | - | - | - | €691 | €0 | - | - | €127 | - |
| Current investments50/53 | €53 | €53 | €53 | €53 | €53 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €189,590 | €68,426 | €120,208 | €316,214 | €203,818 | €196,990 | €131,309 | €222,998 | ▲ 69.8% |
| Deferred charges and accrued income490/1 | - | - | - | €4,291 | €4,710 | €4,214 | €33,250 | €6,610 | ▼ 80.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €680,513 | €826,658 | €703,795 | €796,864 | €786,906 | €752,922 | €703,558 | €864,221 | ▲ 22.8% |
| Equity10/15 | €609,270 | €598,416 | €529,653 | €609,408 | €585,517 | €468,305 | €407,874 | €432,729 | ▲ 6.1% |
| Contributions10/11 | €62,000 | €62,000 | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €547,270 | €536,416 | €566,327 | €547,408 | €523,517 | €406,305 | €345,874 | €370,729 | ▲ 7.2% |
| Non-distributable reserves130/1 | - | - | - | €20,926 | €20,926 | €20,926 | €20,926 | €20,926 | = |
| Reserves not available under the articles1311 | - | - | - | €20,926 | €20,926 | €20,926 | €0 | - | - |
| Other1319 | - | - | - | - | - | - | €20,926 | €20,926 | = |
| Tax-exempt reserves132 | - | - | - | €76,530 | €45,496 | €35,058 | €24,620 | €14,183 | ▼ 42.4% |
| Distributable reserves133 | - | - | - | €449,952 | €457,095 | €350,321 | €300,328 | €335,619 | ▲ 11.8% |
| Profit (loss) carried forward14 | - | - | -€36,675 | €0 | €0 | €0 | €0 | - | - |
| Provisions and deferred taxes16 | €30,860 | €26,201 | €22,171 | €18,644 | €15,165 | €11,686 | €8,207 | €4,728 | ▼ 42.4% |
| Deferred taxes168 | - | - | - | €18,644 | €15,165 | €11,686 | €8,207 | €4,728 | ▼ 42.4% |
| Amounts payable17/49 | €40,383 | €202,041 | €151,971 | €168,811 | €186,224 | €272,930 | €287,477 | €426,765 | ▲ 48.5% |
| Amounts payable within one year42/48 | €40,383 | €192,041 | €146,971 | €168,811 | €186,224 | €272,930 | €287,477 | €426,765 | ▲ 48.5% |
| Trade debts44 | €29,505 | €67,188 | €6,482 | €14,314 | €33,907 | €12,422 | €10,607 | €49,824 | ▲ 370% |
| Suppliers440/4 | - | - | - | €14,314 | €33,907 | €12,422 | €10,607 | €49,824 | ▲ 370% |
| Taxes, remuneration and social security45 | - | - | - | €38,733 | €35,168 | €49,907 | €70,280 | €41,652 | ▼ 40.7% |
| Taxes450/3 | - | - | - | €30,159 | €25,178 | €29,408 | €40,535 | €25,950 | ▼ 36.0% |
| Remuneration and social security454/9 | - | - | - | €8,573 | €9,990 | €20,499 | €29,745 | €15,702 | ▼ 47.2% |
| Other amounts payable47/48 | - | - | - | €115,765 | €117,149 | €210,601 | €206,590 | €335,290 | ▲ 62.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €186,163 | -€10,854 | -€68,764 | €79,755 | -€23,091 | -€23,628 | -€60,431 | €24,854 | - |
| + Depreciation and write-downs630 | €40,674 | €61,159 | €55,006 | €50,897 | €52,462 | €56,469 | €54,871 | €57,281 | ▲ 4.4% |
| Operating cash flow (approximation) | €226,837 | €50,305 | -€13,758 | €130,652 | €29,371 | €32,841 | -€5,559 | €82,135 | - |
| Investment in fixed assets (approximation) | - | -€268,700 | -€22,345 | -€5,277 | -€69,096 | -€3,005 | -€3,160 | -€21,548 | ▼ 582% |
| Change in cash | - | -€121,163 | €51,781 | €196,006 | -€112,396 | -€6,828 | -€65,681 | €91,689 | - |
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, 17,041 companies had the same profile as Moda - Rigi has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Moda - Rigi itself: 0.1% 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 17,041 companies, not a prediction for Moda - Rigi. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00164432 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00142976 | |
| 31-12-2023 | abbreviated format | 12-06-2024 | 2024-00122567 | |
| 31-12-2022 | abbreviated format | 12-06-2023 | 2023-00121113 | |
| 31-12-2021 | abbreviated format | 13-06-2022 | 2022-20059083 | |
| 31-12-2020 | abbreviated format | 14-06-2021 | 2021-19600097 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-20600526 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-56800388 | |
| 31-12-2017 | abbreviated format | 18-06-2018 | 2018-19600478 | |
| 31-12-2016 | abbreviated format | 12-06-2017 | 2017-16600240 |