Equity
-€19,478
Debts exceed assets in financial year 2025.
MODASER
Overview
Lifetime
1 annual account with figurespeak €15,356 (2025)
€15,356
lowest -€19,478 (2025)
-€19,478
peak -€19,478 (2025)
-€19,478
€39,433
Board1 name since 2024
1 directorALIKHEL Baryalai
Documentsfilings and deeds
20-07-202611 days before the deadline
2025micro format
Loss of €19,478First year with figures
Key points
from the 2025 annual accountsDebts
€39,433 198% of the balance sheet
Suppliers 2%Taxes and wages 5%Other 93%
Position in the sector
-97.6%
Lower solvency than 95% of companies in land transport. Sector median 37.7% · 5,946 companies.
Checked score
34
Weak
Financially stronger than 6% of micro companies in land transport (NACE 49)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
5.2% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.8% across 9,097 companies (NACE 49, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
10-2025: 3.6%lowest value
11-2025: 3.6%● unchanged vs 10-2025lowest value
12-2025: 3.8%▲ +0.2 percentage points vs 11-2025
01-2026: 4.1%▲ +0.3 percentage points vs 12-2025
02-2026: 4.2%▲ +0.1 percentage points vs 01-2026
03-2026: 4.6%▲ +0.4 percentage points vs 02-2026
04-2026: 5.0%▲ +0.4 percentage points vs 03-2026
05-2026: 5.0%● unchanged vs 04-2026
06-2026: 4.8%▼ -0.2 percentage points vs 05-2026
07-2026: 4.8%● unchanged vs 06-2026
08-2026: 5.1%▲ +0.3 percentage points vs 07-2026
09-2026: 5.2%▲ +0.1 percentage points vs 08-2026
10-2026: 5.2%● unchanged vs 09-2026highest value
11-2026: 5.2%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Founded in 2024
Sector: Land transport and transport via pipelines (NACE 49)
Negative equity -€19,478
Loss of €19,478 (financial year 2025)
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 49, micro). It does better than 5% of them on solvency, 9% on liquidity and 6% on profitability.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 7,639 companies had the same profile as MODASER has now. Each dot stands for 20 companies, two years later.
84.7%
were still trading
5.6%
stopped another way
8.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MODASER itself: 5.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 7,639 companies, not a prediction for MODASER. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.08, below 1. Short-term debt is 197.6% and cash 7.1% of total assets. Equity is negative.
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
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 20-07-2026, 11 days ahead of the deadline.
NBB · 1 filingDeviation from the deadline
2025
11 days early
← before the deadline
after the deadline →
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1013698894
Incorporation
Founding capital of €1,500, 100 shares · Founder: ALIKHEL Baryalai · Appointment: ALIKHEL Baryalai (director) · published on 19-09-2024 · Gazette deed
First establishment
Smaragdstraat 18, Ghent
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MODASER Ghent | €19,955 | €15,356 | -97.6% | - |
| BMA BUSINESS Willebroek | €19,572 | €15,057 | 78.1% | - |
| SMB GROUP Anderlecht | €21,256 | €17,505 | 69.0% | - |
| A&N BUSINESS CO Wemmel | €18,080 | €14,818 | 68.8% | - |
| CTNRs Kontich | €21,347 | €13,286 | 7.0% | - |
| ALPINAX Anderlecht | €21,916 | €15,094 | 53.5% | - |
| MOBILITY SOFT Molenbeek-Saint-Jean | €21,177 | €12,822 | 37.1% | - |
These companies have the same main activity as MODASER: on-demand passenger transport by chauffeured vehicle (NACE 49330). They are comparable in size and age: total assets between €18,100 and €21,900, founded between 2024 and 2025.
Official details
Source: KBO- Status
- Active since 17-09-2024Normal situation
- Activity
- On-demand passenger transport by chauffeured vehicleNACE 49330
- Establishment unit
- 2.363.694.8129000 Ghent, since 17-09-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 17-12-2025
Annual accounts 2025
- €15,356
- ≈ €85,000estimated
- €19,478
- -€19,478
- €19,955
- Employeeson 31-12-2025
- 0
- Filing
- Filed on 20-07-2026, 11 days before the end of the filing period
Insights on MODASER
The computed 12-month bankruptcy probability of MODASER is 5.2% (elevated). The 2025 annual accounts show negative equity (-€19,478) and a net result of -€19,478.
Its solvency ranks better than 5% of 5,946 sector peers (NACE 49, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 20-07-2026, 11 days before the deadline€15,356
-€19,394
-€19,478
-€36,322
-97.6%
0.08
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €85,000. Estimated: probably between €53,000 and €140,000.
Balance sheet
balance sheet total €19,955 on 31-12-2025What the company ownsHow it is paid for
Position in the sector
-97.6%
Lower than 95% of 5,946 companies in 2025.
0.08
Lower than 95% of 5,700 companies in 2025.
-97.6%
Lower than 95% of 5,763 companies in 2025.
MODASER
Middle half of the sector
80% of the sector
Micro accounts in land transport (NACE 49)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 |
|---|---|---|
| Balance sheet: assets | ||
20/58 |
19,955 | |
21/28 |
16,844 | |
22/27 |
16,844 | |
23 |
409 | |
24 |
16,435 | |
29/58 |
3,111 | |
40/41 |
1,689 | |
40 |
1,689 | |
54/58 |
1,422 | |
| Balance sheet: equity and liabilities | ||
10/49 |
19,955 | |
10/15 |
-19,478 | |
14 |
-19,478 | |
17/49 |
39,433 | |
42/48 |
39,433 | |
44 |
754 | |
440/4 |
754 | |
45 |
2,158 | |
450/3 |
1,612 | |
454/9 |
546 | |
47/48 |
36,520 | |
| Income statement | ||
9900 |
15,356 | |
62 |
8,515 | |
630 |
12,142 | |
640/8 |
3,117 | |
66A |
10,975 | |
9901 |
-19,394 | |
65/66B |
84 | |
65 |
84 | |
9903 |
-19,478 | |
9904 |
-19,478 | |
9905 |
-19,478 | |
| Appropriation of the result | ||
9906 |
-19,478 | |
| Social balance sheet | ||
Hours worked1013 |
0 | |
| Document | ||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 20-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00310280 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 |
|---|---|---|
| -7,251 | ||
| -7,336 | ||
| 46,987 | ||
| -36,322 | ||
| -97.6% | ||
| 0.08 | ||
| -97.6% | ||
| -85.84 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 |
|---|---|
| Tangible fixed assets | €46,987 |
| €12,142 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Insights on MODASER
Equity is negative. Debt (€39,433) exceeds the balance-sheet total (€19,955).
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
since 17-09-2024
term without a fixed end
listed in the 2025 annual accounts, filed on 20-07-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 19-09-2024
Mandates through the years
1 name, the dashed line is todayALIKHEL Baryalai
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- ALIKHEL Baryalai
- Director (not named in the articles), from 17-09-2024 to date
Control
Capital
- Contribution
- €1,500
- Shares
- 100
- Contribution per share
- €15
- Equity per share
- -€195 in 2025
- Source
- deed of 19-09-2024
Articles of association
deed of 19-09-2024 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Daily managementDay-to-day management handles the everyday running of the business without the full board.
- The board decides whether the delegates act alone or jointly
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director“Vergoeding van de bestuurders, algemene vergadering beslist of het mandaat al dan niet ten kosteloze titel wordt uitgeoefend”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Monday of June at 18:00
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Shareholders
At incorporation
deed of 19-09-2024 ↗
- ALIKHEL Baryalai 100 shares (100%) · €1,500 in cash
Network & group
No group
MODASER has no parent and no holdings in its annual accounts. ALIKHEL Baryalai is the only director. MODASER shares no director with another company.
Timeline
Timeline
4 events since 2024Filings
Establishments
202420252026
2026
Annual accounts 2025 filed NBBmicro format · 11 days before the deadline
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:1013698894
2024
IncorporationFounding capital of €1,500, 100 shares · Founder: ALIKHEL Baryalai · Appointment: ALIKHEL Baryalai (director) · published on 19-09-20245 points ▸
- Founder, ALIKHEL Baryalai
- Founding capital, €1,500, 100 shares
- Registered office clause, Smaragdstraat 18, 9000 Gent
- Board rule, 1
- Director appointment, ALIKHEL Baryalai (director (not named in the articles))
- The deed holds 2 more points.
First establishment Smaragdstraat 18, Ghent
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Company details
Identity
- Enterprise number
- 1013.698.894
- VAT number
- BE 1013.698.894
- Peppol ID
- 0208:1013698894
- Other Peppol ID
- 9925:BE1013698894
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 17-09-2024
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Monday of June at 18:00deed of 19-09-2024 (in Dutch)
- Meeting accessThe articles set who may attend the meeting and what is needed to be admitted.
- “Mag deelnemen aan de algemene vergadering zonder te kunnen deelnemen aan de stemming indien enkel stemrechten geschorst zijn”deed of 19-09-2024 (in Dutch)
- Voting ruleThe articles set which majority the meeting decides by, for example a simple or a special majority.
- “Modaliteiten die de vennootschap ter beschikking stelt, 2. Uitoefening van het stemrecht langs elektronische weg vóór de algemene…”deed of 19-09-2024 (in Dutch)
- Peppol
- Reachable since 17-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MODASER in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 19-09-2024 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Vlaams Gewest”deed of 19-09-2024 (in Dutch)
Activities
NACEBEL 202549330
On-demand passenger transport by chauffeured vehicle main activity
Codes under NACEBEL 2008
49320
Taxi operation main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Exploitatie van taxi’s - Verhuur van personenauto’s met chauffeur; Goederenvervoer over de weg, met uitzondering van verhuisbedrijven…”deed of 19-09-2024 (in Dutch)
6 activities
- Exploitatie van taxi’s - Verhuur van personenauto’s met chauffeur
- Goederenvervoer over de weg, met uitzondering van verhuisbedrijven
- Overige posterijen en koeriers
- Eetgelegenheden met beperkte bediening
- Detailhandel in niet-gespecialiseerde winkels waarbij voedings- en genotmiddelen overheersen.
- Carwash
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Smaragdstraat 18 registered office 9000 Ghent | 17-09-2024 | 2.363.694.812 |
Buildings and parcels at the address
- Ground area
- 184 m²
- Buildings
- 184 m²
- Volume, LiDAR
- 1,859 m³
- Tallest building
- 13.0 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44808H0653/00L000 | 184 m² | 1 · 184 m² | 13.0 m · 3 |