MODDER

Active Private limited companyfounded 2012active for 13 yearsArdooisesteenweg 321, 8800 RoeselareKBO/BCE: BE 0502.439.016

MODDER

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Overview

Lifetime

13 annual accounts with figures on one time axis

Compare with

Gross marginpeak €1.5m (2025)

€597,987▼ 59.5%

Resultlowest -€102,877 (2017)

€1.9m▼ 35.0%

Equitypeak €14.1m (2026)

€14.1m▲ 15.7%

Debts

€4.2m▼ 14.9%

Staffpeak 1 FTE (2014)

-not published

Board2 names since 2012

2 directorsSOBRY Liselotte and 1 other

Owners2 names in the annual accounts

Documentsfilings and deeds

09-10-202622 days before the deadline

2026abbreviated format

Gross margin from €1.5m to €597,987Result from €2.9m to €1.9mEquity from €12.2m to €14.1mCash from €47,002 to €24,522

Key points

from the 2026 annual accounts

Equity

€14.1m ▲ 15.7%

MODDER has made a profit without a break since 2020.

Result

€1.9m ▼ 35.0%

The result fell in 2026 from €2.9m to €1.9m.

Turnover

≈ €670,000 estimated

The abbreviated format states no turnover.

Investments

€12,071 0.1 × depreciation

Green is investment, beige is depreciation.

Filings

13 annual accounts since 2014

The last five annual accounts were filed 0 to 26 days before the end of the period.

Position in the sector

€1.9m

Higher net result than 95% of companies in real estate. Sector median €13,426 · 382 companies.

Checked score

Excellent

Financially stronger than 69% of medium-sized companies in real estate (NACE 68)

Probability in this band: under 0.55%

Bankruptcy probability within 12 months 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 1,720 companies (NACE 68, medium-sized).

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1%lowest value 01-2025: 0.1%● unchanged vs 12-2024lowest value 02-2025: 0.1%● unchanged vs 01-2025lowest value 03-2025: 0.1%● unchanged vs 02-2025lowest value 04-2025: 0.1%● unchanged vs 03-2025lowest value 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.1%● unchanged vs 07-2026 09-2026: 0.2%▲ +0.1 percentage points vs 08-2026highest value 10-2026: 0.1%▼ -0.1 percentage points vs 09-2026 11-2026: 0.1%● unchanged vs 10-2026

Financial strength

Strong

Solvency

100+4equity 76.8% of total assets

Liquidity

48+2short-term debt 13.9% · cash 0.1%

Profitability

52-36return on assets 10.4%

Score breakdown

raises risk

Liquidity: current ratio 3.53, cash €24,522

lowers risk

Figures for financial year 2026 (filed on 10-10-2026)

Size: total assets €18.4m

Founded in 2012

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 68, medium-sized). It does better than 92% of them on solvency, 43% on liquidity, 61% on profitability and 78% on growth.

The bankruptcy probability was computed on 05-11-2026 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 31-03-2026.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 546 companies had the same profile as MODDER has now. Each dot stands for 2 companies, two years later.

95.2%

were still trading

4.2%

stopped another way

0.4%

went bankrupt

Medium-sized
10 to 20 years old
solvency 30% or more
a profit of 5% of the balance sheet or more

Another 0.2% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of MODDER itself: 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 546 companies, not a prediction for MODDER. 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

Credit of up to €1,300,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 3.53 (2.74 in 2025), above the usual 1.5. Short-term debt is 13.9% and cash 0.1% of total assets. 23.2% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.

lowers riskraises riskneutral

Liquidity: current ratio 3.53, cash €24,522

NBB · annual accounts

Figures for financial year 2026 (filed on 10-10-2026)

NBB · annual accounts

Size: total assets €18.4m

Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.

NBB · annual accounts

Founded in 2012

Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.

KBO

Latest accounts filed on time

The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 09-10-2026, 22 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2026

22 days early

2025

21 days early

2024

on the day

2023

26 days early

2022

26 days early

2021

26 days early

2020

29 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 21 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 9 October (5 of the last 5 accounts filed within 30 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

06-11-2026 today31-03-2027 year end31-10-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Board and ownership

SOBRY Liselotte

Director, since 19-12-2012

VANDAELE Mathias

Director, since 19-12-2012

Liselotte Sobry 50%annual accounts 31-03-2023
Mathias Vandaele 50%annual accounts 31-03-2023

Shares in 12 companies, including VENDER and HECTAAR

Board & ownership

Recent changes

21-10-2026

Registered in the Peppol Directory Reachable for e-invoices through 0208:0502439016

08-12-2023

2 directors resigning, 2 reappointments Resignations: VANDAELE Mathias and SOBRY Liselotte · Reappointments: VANDAELE Mathias (director) and SOBRY Liselotte (director) · General meeting of 27-11-2023 · Gazette deed

26-03-2019

Environmental permit granted Aanleg van nieuwe verkeersweg · Kuurne

02-01-2013

First establishment Ardooisesteenweg 321, Roeselare

All 26 events

Comparable companies

same main activity, similar in size and age

Company	Total assets	Gross margin	Solvency	Staff
MODDER Roeselare	€18.4m	€597,987	76.8%	-
AVANIM Antwerp	€21.3m	€511,533	-1.0%	1.9
RSD INVEST Rijkevorsel	€17.2m	€607,855	22.5%	-
DBD Properties Ghent	€18.6m	€652,082	31.9%	0
Excelsior Seniors Brussels	€17.6m	€883,326	98.4%	-
Vastgoed Albe Uccle	€20.5m	€848,290	-31.5%	-
A3M Dilbeek	€13.2m	€617,069	72.6%	2

These companies have the same main activity as MODDER: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €13m and €21m, founded between 2011 and 2016.

Official details

Source: KBO

Status: Active since 19-12-2012Normal situation
Activity: Renting and operating of own or leased residential real estate, excluding social housingNACE 68201and 2 others
Establishment unit: 2.215.574.6248800 Roeselare, since 02-01-2013
Financial year end: 31 March
Peppol: Reachable since 21-10-2026

Company details

Annual accounts to 31-03-2026

Gross margin: €597,987▼ 59.5%
Profit: €1.9m▼ 35.0%
Equity: €14.1m▲ 15.7%
Total assets: €18.4m▲ 6.8%
Filing: Filed on 09-10-2026, 22 days before the end of the filing period

Financials

Companies linked to MODDER

Subsidiaries and holdings

and 2 more

Insights on MODDER

MODDER files the abbreviated format. That format states no turnover. The gross margin rose from €136,549 in 2014 to €597,987 in 2026.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2026

abbreviated format, filed on 09-10-2026, 22 days before the deadline

Gross margin

€597,987

▼ 59.5%

Operating result

€479,501

▼ 63.7%

Profit

€1.9m

▼ 35.0%

Working capital

€6.4m

▲ 31.6%

Solvency

76.8%

▲ 5.9 percentage points

Current ratio

3.53

▲ 0.79

Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €670,000. Estimated: probably between €600,000 and €740,000.

Balance sheet

balance sheet total €18.4m on 31-03-2026

What the company ownsHow it is paid for

Change in equityin €m

Change in cashin €m

Position in the sector

Compare with sector

Solvency76.8%

Higher than 80% of 11,288 companies in 2025.

Current ratio3.53

Higher than 75% of 10,839 companies in 2025.

Return on assets10.4%

Higher than 91% of 11,173 companies in 2025.

MODDER Middle half of the sector 80% of the sector Abbreviated accounts in real estate (NACE 68)

Staff

Staff cost per FTE

Staff costs divided by the average number of full-time equivalents.

Blue and white collar

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Balance sheet: assets
Total assets`20/58`	18.4m	17.2m	14.1m	13.2m	12.3m	11.5m	8.7m	7.3m	7.0m	6.2m	6.3m	6.1m	4.9m
Fixed assets`21/28`	9.4m	9.5m	7.5m	7.6m	7.3m	7.0m	4.4m	3.6m	3.4m	3.1m	3.9m	4.1m	4.5m
Tangible fixed assets`22/27`	2.6m	2.7m	2.8m	3.0m	2.7m	2.3m	1.4m	672,679	599,302	434,174	299,629	175,130	195,845
Land and buildings`22`	2.5m	2.6m	2.7m	2.8m	2.4m	2.1m	1.2m	640,355	598,350	430,894	278,601	130,675	130,675
Plant, machinery and equipment`23`	5,953	8,169	13,409	18,649	7,302	9,492	-	0	410	2,721	5,665	8,608	9,500
Furniture and vehicles`24`	18,762	20,068	25,430	28,971	6,559	3,338	2,062	2,449	541	559	536	1,250	1,304
Leasing and similar rights`25`	-	0	58,372	101,441	37,524	-	-	-	-	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	0	237,714	177,675	220,220	29,875	-	-	-	-	-
Financial fixed assets`28`	6.8m	6.8m	4.7m	4.6m	4.6m	4.6m	3.0m	3.0m	2.8m	2.7m	3.6m	3.9m	4.3m
Current assets`29/58`	9.0m	7.7m	6.6m	5.6m	5.0m	4.5m	4.3m	3.6m	3.7m	3.2m	2.4m	2.0m	416,649
Amounts receivable after more than one year`29`	285,654	406,236	617,969	300,000	720,000	720,000	772,000	720,000	720,000	720,000	720,000	-	-
Trade receivables`290`	-	94,986	102,969	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	285,654	311,250	515,000	300,000	720,000	720,000	772,000	720,000	720,000	720,000	720,000	-	-
Amounts receivable within one year`40/41`	7.8m	6.8m	5.3m	5.3m	4.1m	3.8m	3.2m	2.9m	2.8m	2.2m	1.7m	1.8m	408,387
Trade receivables`40`	29,206	26,616	0	18,150	17,964	17,416	17,791	20,157	11,387	12,100	3,025	16,873	18,867
Other amounts receivable`41`	7.8m	6.8m	5.3m	5.3m	4.1m	3.7m	3.1m	2.9m	2.8m	2.2m	1.7m	1.8m	389,520
Current investments`50/53`	830,000	400,000	585,000	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	24,522	47,002	55,718	890	162,865	24,603	312,154	2,178	183,775	167,699	298	131,560	5,241
Deferred charges and accrued income`490/1`	49,398	27,401	28,483	23,998	9,287	9,162	9,905	3,994	2,668	35,510	4,716	4,466	3,021
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	18.4m	17.2m	14.1m	13.2m	12.3m	11.5m	8.7m	7.3m	7.0m	6.2m	6.3m	6.1m	4.9m
Equity`10/15`	14.1m	12.2m	9.3m	7.7m	6.6m	5.7m	5.0m	4.7m	4.8m	4.7m	4.8m	4.2m	3.9m
Contributions`10/11`	3.8m	3.8m	3.8m	3.8m	3.8m	3.8m	-	3.8m	3.8m	3.8m	3.8m	3.8m	3.8m
Issued capital`100`	-	-	-	-	-	-	-	3.8m	3.8m	3.8m	3.8m	3.8m	3.8m
Contributions outside capital`11`	-	-	-	-	-	3.8m	3.8m	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	3.8m	3.8m	-	-	-	-	-	-
Reserves`13`	6.9m	5.0m	2.0m	416,898	307,792	244,642	181,492	181,202	181,025	70,400	70,400	19,650	1,650
Non-distributable reserves`130/1`	-	-	0	53,150	53,150	53,150	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	53,150	53,150	53,150	47,150	47,150	19,650	1,650
Reserves not available under the articles`1311`	-	-	0	53,150	53,150	53,150	-	-	-	-	-	-	-
Tax-exempt reserves`132`	340,115	323,611	231,327	235,873	126,767	63,617	105,092	104,802	127,875	23,250	23,250	-	-
Distributable reserves`133`	6.5m	4.6m	1.8m	127,875	127,875	127,875	23,250	23,250	-	-	-	-	-
Profit (loss) carried forward`14`	3.4m	3.4m	3.4m	3.4m	2.4m	1.6m	972,080	688,791	764,680	757,753	860,630	366,185	30,603
Provisions and deferred taxes`16`	31,823	33,338	34,853	36,369	-	-	-	73,503	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	73,503	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	73,503	-	-	-	-	-
Deferred taxes`168`	31,823	33,338	34,853	36,369	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	4.2m	5.0m	4.8m	5.5m	5.7m	5.8m	3.7m	2.5m	2.2m	1.6m	1.5m	1.8m	1.0m
Amounts payable after more than one year`17`	1.7m	2.1m	2.2m	2.7m	2.9m	3.0m	1.7m	992,728	875,254	753,209	602,054	22,428	42,362
Financial debts`170/4`	1.7m	2.1m	2.2m	2.7m	2.9m	3.0m	1.7m	992,728	875,254	753,209	602,054	22,428	42,362
Amounts payable within one year`42/48`	2.5m	2.8m	2.6m	2.8m	2.8m	2.8m	2.0m	1.5m	1.4m	834,838	932,336	1.8m	982,879
Current portion of amounts payable after more than one year`42`	470,570	486,921	465,858	509,340	489,141	437,304	146,845	72,666	42,955	19,046	20,374	19,934	19,503
Financial debts`43`	-	120,750	16,571	180,829	-	-	-	-	-	-	-	-	-
Credit institutions`430/8`	-	120,750	16,571	180,829	-	-	-	-	-	-	-	-	-
Trade debts`44`	11,983	11,614	5,526	6,892	11,659	7,991	10,943	11,935	13,219	96,678	36,192	28,722	5,012
Suppliers`440/4`	11,983	11,614	5,526	6,892	11,659	7,991	10,943	11,935	13,219	96,678	36,192	28,722	5,012
Taxes, remuneration and social security`45`	28,074	52,079	38,934	31,105	30,216	33,726	33,591	31,562	45,076	101,713	57,787	50,739	35,331
Taxes`450/3`	28,074	52,079	38,934	31,105	26,327	31,938	29,428	27,578	41,214	97,877	54,046	47,024	32,880
Remuneration and social security`454/9`	-	-	-	-	3,889	1,788	4,163	3,984	3,862	3,836	3,741	3,716	2,451
Other amounts payable`47/48`	2.0m	2.1m	2.1m	2.1m	2.2m	2.4m	1.8m	1.4m	1.3m	617,401	817,983	1.7m	923,032
Accrued charges and deferred income`492/3`	759	1,466	1,794	1,238	804	1,578	1,554	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	45,092	888,629	6,157	-	-	-	-	13,698	-	-	-	-	-
Gross operating margin`9900`	597,987	1.5m	613,468	540,384	474,461	824,280	385,594	-45,971	151,980	261,621	126,525	159,067	136,549
Remuneration, social security and pensions`62`	-	-	11,922	1,201	31,125	20,314	37,015	34,997	34,545	34,234	32,928	32,204	17,988
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	109,603	128,572	151,622	138,406	96,801	74,986	136,273	26,059	53,639	63,082	61,520	23,428	43,902
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-2,570	-	-	-73,503	73,503	-	-	-	-	-
Other operating charges`640/8`	8,883	26,604	14,845	26,388	8,931	11,079	8,282	5,348	2,842	3,569	3,093	3,055	4,156
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	325,000	-	-	-
Operating profit (loss)`9901`	479,501	1.3m	435,079	376,959	337,604	717,902	277,528	-185,879	60,954	160,736	28,984	100,381	70,504
Financial income`75/76B`	1.9m	2.1m	1.5m	1.1m	886,265	211,741	281,292	263,745	232,654	251,396	666,392	376,671	58,948
Recurring financial income`75`	1.9m	2.1m	1.5m	904,982	886,265	211,741	281,292	263,745	232,654	251,396	666,392	376,671	58,948
Non-recurring financial income`76B`	-	-	-	151,536	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	238,117	253,582	217,601	185,535	190,855	156,379	250,606	153,594	121,177	429,294	104,109	88,783	75,465
Recurring financial charges`65`	238,117	253,582	217,601	185,535	180,439	156,379	250,606	153,594	121,177	104,294	104,109	88,783	75,465
Non-recurring financial charges`66B`	-	-	-	-	10,416	-	-	-	-	325,000	-	-	-
Profit (loss) for the period before taxes`9903`	2.1m	3.1m	1.8m	1.2m	1.0m	773,263	308,214	-75,728	172,430	-17,163	591,268	388,270	53,987
Transfer from deferred taxes`780`	1,515	1,515	1,515	1,515	-	-	-	-	-	-	-	-	-
Transfer to deferred taxes`680`	-	-	0	37,884	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	199,418	186,200	159,143	121,884	124,593	97,960	24,635	-15	54,878	85,714	46,073	34,687	21,734
Profit (loss) for the period`9904`	1.9m	2.9m	1.6m	1.1m	908,421	675,303	283,580	-75,713	117,552	-102,877	545,195	353,582	32,253
Transfer from tax-exempt reserves`789`	67,696	4,546	4,546	4,546	-	104,625	-	23,250	-	-	-	-	-
Transfer to tax-exempt reserves`689`	84,200	96,830	0	113,652	63,150	63,150	290	177	104,625	-	23,250	-	-
Profit (loss) for the period to be appropriated`9905`	1.9m	2.9m	1.6m	980,583	845,271	716,778	283,289	-52,640	12,927	-102,877	521,945	353,582	32,253
Appropriation of the result
Profit (loss) to be appropriated`9906`	5.3m	6.3m	5.0m	3.4m	2.4m	1.7m	972,080	712,041	770,680	757,753	888,130	384,185	32,253
Profit (loss) brought forward from the previous period`14P`	3.4m	3.4m	3.4m	2.4m	1.6m	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	1.9m	2.9m	1.6m	-	-	104,625	-	23,250	6,000	-	27,500	18,000	1,650
To the legal reserve`6920`	-	-	-	-	-	-	-	-	6,000	-	27,500	18,000	1,650
To other reserves`6921`	1.9m	2.9m	1.6m	-	-	104,625	-	23,250	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	0	-	1	1	1	1	1	1	1	1	1
Hours worked`1013`	-	-	-	-	1,233	815	1,775	1,749	1,718	1,778	1,702	1,702	1,280
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 19 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 2026 at the NBB, filed on 09-10-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-03-2026	abbreviated format	09-10-2026	2026-00552677	PDF
31-03-2025	abbreviated format	10-10-2025	2025-00540945	PDF
31-03-2024	abbreviated format	31-10-2024	2024-00523970	PDF
31-03-2023	abbreviated format	05-10-2023	2023-00481338	PDF
31-03-2022	abbreviated format	05-10-2022	2022-20453669	PDF
31-03-2021	abbreviated format	05-10-2021	2021-71000175	PDF
31-03-2020	abbreviated format	02-10-2020	2020-58400096	PDF
31-03-2019	abbreviated format	24-10-2019	2019-71200237	PDF
31-03-2018	abbreviated format	17-10-2018	2018-69500016	PDF
31-03-2017	abbreviated format	18-09-2017	2017-61600030	PDF
31-03-2016	abbreviated format	20-10-2016	2016-66100123	PDF
31-03-2015	abbreviated format	16-09-2015	2015-58900471	PDF
31-03-2014	abbreviated format	24-11-2014	2014-67400517	PDF

Subsidies and aid

Flemish government 2025, 1 entry, €192 awarded, €192 paid

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

€192

Key figures and ratios

per financial year, computed from the annual accounts

Line	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
EBITDA	589,104	1.5m	586,701	515,365	434,406	792,888	413,801	-159,820	114,593	223,818	90,504	123,809	114,406
Cash flow	2.0m	3.1m	1.7m	1.2m	1.0m	750,289	419,852	-49,654	171,191	-39,795	606,715	377,010	76,155
Investment in fixed assets	12,071	2.4m	54,854	557,968	423,317	2.6m	942,287	299,437	308,766	203,827	186,019	2,713	4.5m
Change in cash	-22,480	-8,716	54,828	-161,975	138,262	-287,551	309,976	-181,597	16,076	167,402	-131,263	126,319	-
Working capital	6.4m	4.9m	4.0m	2.8m	2.2m	1.7m	2.3m	2.1m	2.3m	2.3m	1.5m	138,133	-566,230
Solvency	76.8%	70.9%	65.5%	58.0%	53.5%	49.2%	57.4%	64.7%	68.0%	74.6%	75.6%	69.6%	79.0%
Current ratio	3.53	2.74	2.53	1.98	1.80	1.59	2.14	2.43	2.68	3.77	2.62	1.08	0.42
Debt to equity	0.30	0.41	0.52	0.72	0.87	1.03	0.74	0.53	0.47	0.34	0.32	0.44	0.27
ROE	13.6%	24.2%	17.2%	14.2%	13.8%	11.9%	5.7%	-1.6%	2.5%	-2.2%	11.5%	8.4%	0.8%
ROA	10.4%	17.1%	11.3%	8.3%	7.4%	5.9%	3.3%	-1.0%	1.7%	-1.6%	8.7%	5.8%	0.7%
Interest coverage	2.47	5.72	2.70	2.78	2.41	-	-	-	-	-	-	-	-

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	31-03-2022
Employees at the balance-sheet date	1
full-time	1
in full-time equivalents	1
Average over the year, in full-time equivalents	1
On a permanent contract	1

Source: social balance sheet in the 2022 annual accounts

Securities and guarantees

on own assets and for others

Item	31-03-2026	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Debts secured on the company's own assets	€1.5m	€2.0m	€2.1m	€2.6m	€2.8m
Mortgage mandates	€2.5m	€2.6m	€2.6m	€2.7m	€2.6m
Carrying value of the mortgaged assets	€2.5m	€2.6m	€2.6m	€2.7m	€2.6m

Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	31-03-2026	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Tangible fixed assets	€12,071	€6,668	€3,854	€547,050	€420,817
Financial fixed assets	-	€2.4m	€51,000	€10,918	€2,500
Depreciation and write-downs of the year	€109,603	€128,572	€151,622	€138,406	€96,801

Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)

Insights on MODDER

The operating result for 2026 is 64% lower than in 2025.

Debt's share of the balance-sheet total falls from 28.9% to 23.0%. Equity is higher and debt is lower.

Board & ownership

Board

2 directors, last change in 2023

SOBRY Liselotte

Director (not named in the articles)

since 19-12-2012 term without a fixed end

earlier director, until 08-12-2023

listed in the 2026 annual accounts, filed on 09-10-2026

VANDAELE Mathias

Director (not named in the articles)

since 19-12-2012 term without a fixed end

earlier director, until 08-12-2023

listed in the 2026 annual accounts, filed on 09-10-2026

Signing authority: Each director alone
deed of 08-12-2023

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today

SOBRY Liselotte
Director (not named in the articles)

VANDAELE Mathias
Director (not named in the articles)

BoardEarliermandate already running before its first mention

Mandates as a list

SOBRY Liselotte
- Director (not named in the articles), from 19-12-2012 to date
- Director, until 08-12-2023
VANDAELE Mathias
- Director (not named in the articles), from 19-12-2012 to date
- Director, until 08-12-2023

See the board, name and registered office on a given date →

Control

Shareholder

Liselotte Sobry

1,915 voting rights

50%

This company

MODDER

Equity €14.1m

Profit €1.9m in 2026

and 1 other shareholder

Capital

Contribution: €3,830,000
Source: 2026 annual accounts

Owners through the years

as the annual accounts name them

Liselotte Sobry
natural person

50%

Mathias Vandaele
natural person

50%

Owners as a list

Liselotte Sobry
- 2018 to 2023: 50%
Mathias Vandaele
- 2018 to 2023: 50%

Source: shareholder structure in its own accounts

Articles of association

deed of 08-12-2023 (in Dutch)

Duration: Unlimited
Board rule: At least 1 director
Annual meeting: Second Friday of September at 09:00

Shareholders

2 owners

Liselotte Sobrynatural person
Sourceown accounts 31-03-2023

50%1,915 voting rights
Mathias Vandaelenatural person
Sourceown accounts 31-03-2023

50%1,915 voting rights

Network & group

Holdings

own accounts to 31-03-2026, the bar shows equity in euros

This companyMODDER12 holdings, 1 country accounts to 31-03-2026

Belgium 12 Equity Result

BE LANDMAAT50% €27.4m result €4.0m
BE HECTAAR50% €25.6m result €7.0m
BE Sovako27.1% €4.9m result €13,571
BE ROFIO S50% €2.4m result -€364,710
BE NATUURSTEENFAMILIE23.33% €1.3m result €537,794
BE KASTER KEUKENS25% €762,555 result -€778,477
BE VENDER €383,597 result €1,186
BE FLUO33.33% €98,786 result €65,595
BE KASTER CONSTRUCT25% €62,768 result €18,257
BE FIFO11.11% €7,012 result -€1,988
BE DAGMAAT25% -€322,589 result -€64,811
BE WUNDER25% -€399,254 result -€58,605

Source: list of holdings in its own 31-03-2026 accounts. Every holding stands with its own latest accounts.

Heads the group MODDER Group, risk and exposure

At the same address

Ardooisesteenweg 321, 8800 Roeselare · 2 other companies

ROFIO S establishment since 15-03-2013 · founded in 2013	total assets €11.4m (2025) 0523.897.790
VENDER registered office since 18-06-2007 · founded in 2007	total assets €729,346 (2025) 0889.758.630

Earlier ties

BELI TECH via Mathias Vandaele, no longer at BELI TECH · Director · deed of 07-04-2025 founded in 2005	total assets €14.2m (2025)
VANDAELE MATHIAS via Mathias Vandaele, no longer at VANDAELE MATHIAS · Permanent representative · deed of 26-01-2026 founded in 2011	total assets €4.5m (2025)

Holdings and subsidiaries

12 holdings

Share, source and own figures per holding (12)

Source for every holding own accounts 31-03-2026

VENDERsubsidiary
Equity €383,597 Profit of €1,186 in 2025 (profit of €14,938 in 2024) Checked score 86
Alsoaccounts VENDER 30-06-2025

100%
HECTAAR
Equity €25.6m Profit of €7.0m in 2025 (profit of €4.2m in 2024) Checked score 89

50%
LANDMAAT
Equity €27.4m Profit of €4.0m in 2025 (profit of €2.6m in 2024) Checked score 89

50%
ROFIO S
Equity €2.4m Loss of €364,710 in 2025 (loss of €175,476 in 2024) Checked score 71
Alsoaccounts ROFIO S 2025

50%
FLUO
Equity €98,786 Profit of €65,595 in 2025 (profit of €61,039 in 2024) Checked score 68
Alsoaccounts FLUO 30-09-2025

33.33%
SOVAKO
Equity €4.9m Profit of €13,571 in 2025 Checked score 68

27.1%
DAGMAAT
Equity -€322,589 Loss of €64,811 in 2025 (loss of €84,022 in 2024) Checked score 46

25%
KASTER CONSTRUCT
Equity €62,768 Profit of €18,257 in 2025 (profit of €4,744 in 2024) Checked score 70

25%
KASTER KEUKENS
Equity €762,555 Loss of €778,477 in 2025 (profit of €406,465 in 2024) Checked score 54

25%
Wünder
Equity -€399,254 Loss of €58,605 in 2025 (loss of €120,939 in 2024) Checked score 52

25%
Natuursteen Familie
Equity €1.3m Profit of €537,794 in 2025 (profit of €856,800 in 2024) Checked score 96

23.33%
FIFO
Equity €7,012 Loss of €1,988 in 2025 Checked score 82

11.11%

Holdings through the years 2014 to 2026

Holdings through the years
Name	2014	2019	2021	2022	2025
VENDER 2014 to 2026: 100%	100%
HECTAAR 2014 to 2026: 50%	50%
LANDMAAT 2014 to 2026: 50%	50%
ROFIO S 2021 to 2026: 50%			50%
FLUO 2022 to 2026: 33.33%				33.33%
SOVAKO 2025 to 2026: 27.1%					27.1%
DAGMAAT 2021 to 2026: 25%			25%
KASTER CONSTRUCT 2022 to 2026: 25%				25%
KASTER KEUKENS 2021 to 2026: 25%			25%
Wünder 2019 to 2021: 33% 2022 to 2026: 25%		33%		25%
Natuursteen Familie 2025 to 2026: 23.33%					23.33%
FIFO 2025 to 2026: 11.11%					11.11%
Afriwise 2021 to 2024: 10.2%			10.2%
LOTHIAS 2014 to 2016: 100%	100%

Source: list of holdings in its own accounts

Board mandates elsewhere

6 board mandates

Board mandates of MODDERMODDER sits on their board6

DAGMAAT

Director

Founded in 2020 · 5.7 FTE (2025) · negative equity

KASTER KEUKENS

Director

Founded in 2018 · 44 FTE (2025)

SOVAKO

Director

Founded in 2024 · total assets €5.3m (2025)

KASTER CONSTRUCT

Director

Founded in 2021 · 6.3 FTE (2025)

Valleipark

Director

Founded in 2011 · total assets €443,194 (2026)

FLUO

Director

Founded in 2018 · 1 FTE (2025)

Connections & network

Depth

The network starts from the earlier ties.

This company Company Director Shareholding +N: links not shown yet

Timeline

26 events since 2012

Board

Filings

Financial

Permits

Establishments

20122014201620182020202220242026

Deadline for the 2027 accounts: 31-10-2027

2026

21-10-2026

Registered in the Peppol Directory Reachable for e-invoices through 0208:0502439016

09-10-2026

Annual accounts 2026 filed NBBabbreviated format · 22 days before the deadline

2025

10-10-2025

Annual accounts 2025 filed PDFabbreviated format · 21 days before the deadline

31-03-2025

Highest result from 2014 to 2026 net €2.9m ▲85.1% The operating result of €1.3m and the net result of €2.9m are both a record.

31-03-2025

Equity above €10m equity €12.2m ▲31.9% After 6 profitable years in a row, equity reaches €12.2m.

2024

31-10-2024

Annual accounts 2024 filed PDFabbreviated format · on the deadline day

2023

08-12-2023

2 directors resigning, 2 reappointmentsResignations: VANDAELE Mathias and SOBRY Liselotte · Reappointments: VANDAELE Mathias (director) and SOBRY Liselotte (director) · General meeting of 27-11-20237 points ▸

General meeting, 27-11-2023
Kind of shares, 3830, 5
Director resignation, VANDAELE Mathias
Director resignation, SOBRY Liselotte
Director reappointment, VANDAELE Mathias (director (not named in the articles))
Director reappointment, SOBRY Liselotte (director (not named in the articles))
Registered office clause, Ardooisesteenweg 321, 8800 Roeselare
The deed holds 5 more points.

Open the deed in the Belgian Official Gazette

05-10-2023

Annual accounts 2023 filed PDFabbreviated format · 26 days before the deadline

2022

05-10-2022

Annual accounts 2022 filed PDFabbreviated format · 26 days before the deadline

2021

05-10-2021

Annual accounts 2021 filed PDFabbreviated format · 26 days before the deadline

31-03-2021

Equity above €5m equity €5.7m ▲13.6% After 2 profitable years in a row, equity reaches €5.7m.

2020

02-10-2020

Annual accounts 2020 filed PDFabbreviated format · 29 days before the deadline

31-03-2020

Back to profit net €283,580 The net result is €283,580, after one loss-making year.

2019

24-10-2019

Annual accounts 2019 filed PDFabbreviated format · 7 days before the deadline

26-03-2019

Environmental permit granted OmgevingsloketAanleg van nieuwe verkeersweg · Kuurne

2018

17-10-2018

Annual accounts 2018 filed PDFabbreviated format · 14 days before the deadline

31-03-2018

Back to profit net €117,552 The net result is €117,552, after one loss-making year.

2017

18-09-2017

Annual accounts 2017 filed PDFabbreviated format · 43 days before the deadline

31-03-2017

Weakest financial year net -€102,877 The net result drops to -€102,877, the lowest from 2014 to 2026. It recovers the following year.

2016

20-10-2016

Annual accounts 2016 filed PDFabbreviated format · 11 days before the deadline

31-03-2016

Liquidity more than doubled current ratio 2.62 The current ratio rises from 1.08 to 2.62. Short-term debt falls from €1.8m to €932,336.

2015

16-09-2015

Annual accounts 2015 filed PDFabbreviated format · 45 days before the deadline

31-03-2015

Liquidity more than doubled current ratio 1.08 The current ratio rises from 0.42 to 1.08.

2014

24-11-2014

Annual accounts 2014 filed PDFabbreviated format · 24 days late

2013

02-01-2013

First establishment Ardooisesteenweg 321, Roeselare

2012

19-12-2012

Incorporation PDFpublished on 29-01-2013

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

History

On 19 December 2012, MODDER was incorporated.¹ Total assets went from €7.3m in 2019 to €18.4m in 2026 and headcount from 1 full-time equivalents in 2019 to 1 in 2022.²

Company details

Identity

Enterprise number: 0502.439.016
VAT number: BE 0502.439.016
Peppol ID: 0208:0502439016
LEI code: 549300VKRN08LJQEVI16 no longer live in the LEI register
Legal form: Private limited company
Status: Active, normal situation
Founded: 19-12-2012
Financial year: ends on 31 March
Annual meeting: Second Friday of September at 09:00
deed of 08-12-2023 (in Dutch)
Peppol: Reachable since 21-10-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name: MODDER in Dutch
Entity type: Legal entity
Duration: Unlimited
deed of 08-12-2023 (in Dutch)
Registered office clause: “Vlaams Gewest”
deed of 08-12-2023 (in Dutch)

Activities

NACEBEL 2025

68201 Renting and operating of own or leased residential real estate, excluding social housing main activity

81300 Landscape service activities

82990 Other business support services

Codes under NACEBEL 2008

68201 Real estate activities main activity

81300 Landscape service activities

82990 Other business support services

Purpose: “Het beleggen in liquiditeiten,roerende waarden en onroerende goederen,het stellen van alle financiële en beheerverrichtingen met betrekking…”
18 activities
Het beleggen in liquiditeiten,roerende waarden en onroerende goederen,het stellen van alle financiële en beheerverrichtingen met betrekking tot eigen roerend en onroerend vermogen,onder meer,krediet en financiering,beleggen van eigen roerend en onroerend vermogen,het nemen van participaties in nieuwe en bestaande al dan niet beursgenoteerde vennootschappen,beheren van eigen roerend en onroerend vermogen,hypothecaire en andere borgstelling,commissie- en delcredereverrichtingen,voor zover dit alles wettelijk is toegelaten.
Het nemen van participaties onder welke vorm ook,in alle bestaande en op te richten vennootschappen en ondernemingen,het beheren en valoriseren van eigen roerende waarden en participaties,het verlenen van financiële en andere bijstand aan de vennootschappen en ondernemingen waarin ze belangen heeft.Zij zal ook mogen deelnemen in andere vennootschappen en ondernemingen zowel in België als in het buitenland.
Alle verrichtingen met betrekking tot roerende goederen en rechten,van welke aard ook,zoals het verwerven door inschrijving of aankoop,het beheren van aandelen,aandelenopties,obligaties,kasbons,afgeleide producten of andere roerende waarden,van welke vorm ook,uitgegeven door Belgische of buitenlandse emittenten.
Het besturen van vennootschappen en verenigingen,met name de deelname aan en de bijstand bij het beheer,bestuur en management van vennootschappen,ongeacht hun voorwerp en activiteit,via de uitoefening van de functie van bestuurder,afgevaardigd-bestuurder,directeur,directeur-generaal,manager,en van alle andere topfuncties die door de vennootschap op grond van een overeenkomst aan een zelfstandig manager kunnen worden uitbesteed – het verlenen van dienstprestaties van administratieve,technische en bedrijfseconomische aard in de meest uitgebreide betekenis,zowel in eigen beheer als in deelname met derden.
Het verlenen van diensten en adviezen aan derden van financiële,technische,commerciële of administratieve aard in de ruimste zin,bijstand en diensten verlenen,rechtstreeks of onrechtstreeks op het vlak van administratie,financiën,verkoop,productie en algemeen bestuur;
Het organiseren van de administratieve diensten van de ondernemingen,evenals de consult inzake deze organisaties;
Het organiseren van het aankoop- en verkoopbeleid van de ondernemingen;
Het optreden als commissionair of tussenpersoon in de handel,zowel voor eigen rekening als voor rekening van derden bij alle commerciële activiteiten;
Ontwerp en ontwikkeling van machines;
Organisatie van reizen.
Het optreden als vereffenaar.
Het huren en verhuren en het ter beschikking stellen in gelijk welke vorm aan ondernemingen en verenigingen van materialen,materieel en van installaties.
De organisatie van en deelname aan manifestaties,tentoonstellingen,evenementen en beurzen allerhande.
De vennootschap kan alle verrichtingen stellen die rechtstreeks of onrechtstreeks betrekking hebben op het oordeelkundig beheer en in stand houden van eigen onroerende goederen,onder meer door verhuring en andere overeenkomsten met derden in verband met hun gebruik en genot.De vennootschap mag onder meer onroerende goederen verwerven,laten bouwen,laten opschikken,laten uitrusten,laten ombouwen,doch alleen met het oog op beheer en opbrengst,en dus niet met het oog op verkoop of wederverkoop;zij mag onroerende goederen vervreemden met het oog op wederbelegging en opbrengst.
De vennootschap mag leningen en kredietopeningen verstrekken aan derden of waarborgen stellen voor derden.
De vennootschap mag betrokken zijn bij wijze van inbreng,fusie,inschrijving of op elke andere wijze in ondernemingen,verenigingen of vennootschappen,die een gelijkaardig,soortgelijk of samenhangend voorwerp hebben of die nuttig zijn voor de verwezenlijking van het geheel of een gedeelte van haar voorwerp.
De vennootschap kan alle financiële,commerciële,roerende en onroerende verrichtingen doen die rechtstreeks of onrechtstreeks verband houden met dit voorwerp of welke van aard zouden zijn de verwezenlijking ervan geheel of gedeeltelijk te vergemakkelijken;ze kan leningen of schulden aangaan bij derden(met inbegrip van haar aandeelhouders en haar bestuurders)en kan alle kosten maken en investeringen doen die zij nodig of wenselijk acht.
De vennootschap kan tevens alle handelingen stellen met betrekking tot het beheer van alle roerende goederen en waarden.
deed of 08-12-2023 (in Dutch)

Registered office and establishments

1 establishment

Establishment	Since	Unit number
Ardooisesteenweg 321 registered office 8800 Roeselare 7010001 Activities of head offices	02-01-2013	2.215.574.624

Buildings and parcels at the address

Ground area: 3,560 m²
Buildings: 266 m²
Volume, LiDAR: 1,038 m³
Tallest building: 5.6 m

Buildings to scale, each on its own parcel

Environmental permits

3 applications in Flanders since 2018 · 1 granted

26-03-2019	Granted	Aanleg van nieuwe verkeersweg submitted 07-09-2018 · Subdivision · project 2018107734	Kuurne
04-09-2018	Discontinued	Aanleg van nieuwe verkeersweg submitted 28-02-2018 · Subdivision · project 2018023738	Kuurne
19-06-2018	Discontinued	Aanleg van nieuwe verkeersweg submitted 31-05-2018 · Subdivision · project 2018065119	Lokeren

Source: Omgevingsloket Vlaanderen.

registered office establishment The establishment unit on the map

3 companies at this address See who is registered here

Parcels

Cadastral parcel	Area	Buildings	Height / floors
36015A1166/00D000	3,560 m²	1 · 265 m²	5.6 m · 1

Overview

Lifetime

Key points

Equity

Result

Turnover

Investments

Filings

Position in the sector

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts to 31-03-2026

Companies linked to MODDER

Subsidiaries and holdings

Insights on MODDER

Financials

Annual accounts 2026

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency76.8%

Current ratio3.53

Return on assets10.4%

Staff

Staff cost per FTE

Blue and white collar

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2025, 1 entry, €192 awarded, €192 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on MODDER

Board & ownership

Board

Mandates through the years

Control

Capital

Owners through the years

Articles of association

Shareholders

Owners 2

Network & group

Holdings

Belgium 12 Equity Result

At the same address

Earlier ties

Holdings and subsidiaries

Holdings 12

Board mandates elsewhere

Connections & network

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Environmental permits

Location

Parcels