MODALED
ActiveSummary
MODALED has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €382,061 and a net result of €327,790. Equity has been growing by about 35% per year since 2018. Its solvency ranks better than 33% of 9,895 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 05-10-2010 Normal situation
- Activity
- General electrical installation work NACE 43211and 1 other
- Joint committees
- 201 Paritair Comité voor de zelfstandige kleinhandel
- 149 Paritair Comité voor de sectors die aan de metaal-, machine- en elektrische bouw verwant zijn · annual accounts 2025
- Establishment unit
- 2.192.773.783 8660 De Panne, since 26-10-2010
- Financial year end
- 31 December
- Peppol
- Reachable since 04-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €516,292
- ▲ 12.1%
- Turnover
- ≈ €1.2m
- estimated
- Profit
- €327,790
- ▲ 12.3%
- Equity
- €382,061
- ▲ 27.4%
- Total assets
- €1.2m
- ▲ 21.6%
- Staff
- ≈ 1.4 FTE
- estimated
Score breakdownraises riskSector: Specialised construction activities (NACE 43)lowers riskSize: total assets €1.2mFigures for financial year 2025 (filed on 06-05-2026)Founded in 2010Show the evidence
Checked score
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 32% of them on solvency, 12% on liquidity, 92% on profitability and 73% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 5 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-05-2026 PDF all 15 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 8% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
- 2024 Net result +1,472% on 2023. The accounts now follow the abbreviated format, last year the micro format.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1.1 | 1 | 1.2 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 0 | - | 1 |
| Left | 1 | - | 1 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €50,451 | €84,403 | €23,405 | €24,578 | €75,291 |
| Intangible fixed assets | - | - | €25,293 | €32,944 | €2,150 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €33,692 | €37,857 | €45,450 | €49,750 | €51,930 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €1,250 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €62,384 | €39,414 | €40,744 | €50,741 | €79,064 | ▲ 55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,506 | €22,146 | €32,992 | €33,692 | €37,857 | €45,450 | €49,750 | €51,930 | ▲ 4.4% |
| Other operating charges640/8 | - | - | - | €2,675 | €2,691 | €6,346 | €7,349 | €3,229 | ▼ 56.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €18,398 | - | - | - |
| Gross operating margin9900 | €80,194 | €114,609 | €97,761 | €177,547 | €187,203 | €162,447 | €460,545 | €516,292 | ▲ 12.1% |
| Operating profit (loss)9901 | €19,285 | €24,625 | €28,295 | €78,796 | €107,241 | €51,509 | €352,705 | €382,069 | ▲ 8.3% |
| Financial income75/76B | - | - | - | €408 | €444 | €657 | €5,404 | €8,226 | ▲ 52.2% |
| Recurring financial income75 | €371 | €1 | €220 | €408 | €444 | €657 | €5,404 | €8,226 | ▲ 52.2% |
| Financial charges65/66B | - | - | - | €14,896 | €18,082 | €25,363 | €26,078 | €20,811 | ▼ 20.2% |
| Recurring financial charges65 | €4,912 | €11,836 | €13,920 | €14,896 | €18,082 | €25,363 | €26,078 | €20,811 | ▼ 20.2% |
| Profit (loss) for the period before taxes9903 | €14,745 | €12,790 | €14,595 | €64,308 | €89,602 | €26,803 | €332,032 | €369,484 | ▲ 11.3% |
| Income taxes67/77 | €3,474 | €3,451 | €1,615 | €18,136 | €21,098 | €8,228 | €40,113 | €41,694 | ▲ 3.9% |
| Profit (loss) for the period9904 | €11,271 | €9,340 | €12,979 | €46,172 | €68,504 | €18,575 | €291,919 | €327,790 | ▲ 12.3% |
| Profit (loss) for the period to be appropriated9905 | €11,271 | €9,340 | €12,979 | €46,172 | €68,504 | €18,575 | €291,919 | €327,790 | ▲ 12.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.4m | €0.4m | €0.5m | €0.6m | €0.7m | €1.0m | €1.2m | ▲ 21.6% |
| Fixed assets21/28 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 9.6% |
| Intangible fixed assets21 | - | €0.005m | €0.007m | €0.005m | €0.003m | €0.03m | €0.05m | €0.04m | ▼ 21.0% |
| Tangible fixed assets22/27 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 16.2% |
| Land and buildings22 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 96.2% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.05m | €0.05m | €0.04m | €0.04m | ▲ 1.5% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0 | €0 | €0 | = |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €0.06m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.8m | €1.0m | ▲ 25.8% |
| Stocks and contracts in progress3 | €0.02m | €0.06m | €0.09m | €0.2m | €0.2m | €0.3m | €0.6m | €0.8m | ▲ 26.4% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.3m | €0.6m | €0.8m | ▲ 26.4% |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.04m | €0.03m | €0.06m | €0.09m | €0.1m | €0.1m | ▼ 5.3% |
| Trade receivables40 | - | - | - | €0.03m | €0.05m | €0.06m | €0.08m | €0.1m | ▲ 20.9% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.006m | €0.02m | €0.02m | €0.001m | ▼ 95.3% |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.03m | €0.03m | €0.02m | €0.03m | €0.008m | €0.04m | ▲ 353% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.02m | €0.003m | €329 | €0.001m | ▲ 284% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.4m | €0.4m | €0.5m | €0.6m | €0.7m | €1.0m | €1.2m | ▲ 21.6% |
| Equity10/15 | €0.05m | €0.06m | €0.07m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 27.4% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.04m | €0.05m | €0.06m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 28.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 28.7% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.1m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.7m | €0.9m | ▲ 19.2% |
| Amounts payable after more than one year17 | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 19.8% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 19.8% |
| Amounts payable within one year42/48 | €0.04m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.6m | €0.8m | ▲ 26.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.02m | ▼ 34.5% |
| Financial debts43 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.08m | ▲ 33.3% |
| Credit institutions430/8 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 3.5% |
| Other loans439 | - | - | - | - | - | - | - | €0.02m | - |
| Trade debts44 | €0.02m | €0.03m | €0.02m | €0.04m | €0.05m | €0.06m | €0.1m | €0.3m | ▲ 248% |
| Suppliers440/4 | - | - | - | €0.04m | €0.05m | €0.06m | €0.1m | €0.3m | ▲ 248% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.06m | €0.05m | €0.09m | €0.1m | ▲ 11.3% |
| Taxes450/3 | - | - | - | €0.03m | €0.05m | €0.04m | €0.08m | €0.07m | ▼ 3.6% |
| Remuneration and social security454/9 | - | - | - | €0.009m | €0.007m | €0.008m | €0.01m | €0.02m | ▲ 110% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.03m | €0.1m | €0.3m | €0.2m | ▼ 31.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,271 | €9,340 | €12,979 | €46,172 | €68,504 | €18,575 | €291,919 | €327,790 | ▲ 12.3% |
| + Depreciation and write-downs630 | €20,506 | €22,146 | €32,992 | €33,692 | €37,857 | €45,450 | €49,750 | €51,930 | ▲ 4.4% |
| Operating cash flow (approximation) | €31,777 | €31,486 | €45,971 | €79,864 | €106,361 | €64,025 | €341,668 | €379,720 | ▲ 11.1% |
| Investment in fixed assets (approximation) | - | -€121,632 | -€15,346 | -€50,451 | -€84,403 | -€30,300 | -€57,522 | -€77,441 | ▼ 34.6% |
| Change in cash | - | €5,798 | €6,417 | -€6,037 | -€8,239 | €14,425 | -€24,297 | €28,994 | - |
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, 17,811 companies had the same profile as MODALED has now. Two years later, 0.3% had gone bankrupt and 96.5% were still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of MODALED 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 17,811 companies, not a prediction for MODALED. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-05-2026 | 2026-00103709 | |
| 31-12-2024 | abbreviated format | 09-05-2025 | 2025-00092685 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00411549 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379571 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20305002 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53200451 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-48100211 | |
| 31-12-2018 | micro format | 24-08-2019 | 2019-51600008 | |
| 31-12-2017 | micro format | 07-03-2018 | 2018-06400178 | |
| 31-12-2016 | abbreviated format | 05-03-2018 | 2018-06300189 |
Board & ownership
Directors
Board 1
Permanent representatives 1
Owners and capital
Owners
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| MODAMAN |
|
| Steve VERMEULEN |
|
Network & group
MODALED shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of MODALED. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
24-09
Gazette deed
Resignation: Steve VERMEULEN (director)Appointment: MODAMAN (director) · Permanent representative: Steve VERMEULEN · Director discharge9 points ▸
- General meeting, 25-10-2024
- Director resignation, Steve VERMEULEN (director (not named in the articles))
- Director discharge, Steve VERMEULEN (director (not named in the articles))
- Director appointment, MODAMAN (director (not named in the articles))
- Permanent representative, Steve VERMEULEN
- General meeting, “verklaart kennis te hebben genomen van en akkoord te gaan met de benoeming door de rechtspersoon MODAMAN van Steve VERMEULEN als zijn vaste vertegenwoordiger” (deed in Dutch)
- Power of attorney, MARVAN FIDUCIAIRE
- Power of attorney, Steve Van Houtte
- Power of attorney
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0829.912.006
Financial year and general meeting
Accounts at the NBBEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 38008B0359/00A000 | Flanders | 203 m² | 1 · 201 m² | 9.9 m · 2 |