MODENA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-12-2025 PDF all 27 filings
Every figure per financial year
The operating result for 2025 is a loss of €2,784, smaller than the loss of €3,364 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,999 | €6,968 | €6,968 | €6,378 | €6,378 | €6,378 | €6,378 | = |
| Other operating charges640/8 | - | - | - | €1,334 | €1,356 | €1,517 | €1,544 | ▲ 1.8% |
| Gross operating margin9900 | €2,758 | €3,534 | €3,783 | €3,864 | €3,838 | €4,531 | €5,139 | ▲ 13.4% |
| Operating profit (loss)9901 | -€4,326 | -€4,719 | -€4,512 | -€3,848 | -€3,897 | -€3,364 | -€2,784 | ▲ 17.2% |
| Financial charges65/66B | - | - | - | €36 | €42 | €42 | €42 | ▲ 0.2% |
| Recurring financial charges65 | €13 | €36 | €36 | €36 | €42 | €42 | €42 | ▲ 0.2% |
| Profit (loss) for the period before taxes9903 | -€4,339 | -€4,755 | -€4,548 | -€3,884 | -€3,939 | -€3,406 | -€2,826 | ▲ 17.0% |
| Profit (loss) for the period9904 | -€4,339 | -€4,755 | -€4,548 | -€3,884 | -€3,939 | -€3,406 | -€2,826 | ▲ 17.0% |
| Profit (loss) for the period to be appropriated9905 | -€4,339 | -€4,755 | -€4,548 | -€3,884 | -€3,939 | -€3,406 | -€2,826 | ▲ 17.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €110,159 | €112,546 | €105,551 | €99,777 | €92,799 | €86,439 | €80,266 | ▼ 7.1% |
| Fixed assets21/28 | €109,614 | €112,342 | €105,374 | €98,995 | €92,617 | €86,238 | €79,860 | ▼ 7.4% |
| Tangible fixed assets22/27 | €109,614 | €112,342 | €105,374 | €98,995 | €92,617 | €86,238 | €79,860 | ▼ 7.4% |
| Land and buildings22 | - | - | - | €98,995 | €92,617 | €86,238 | €79,860 | ▼ 7.4% |
| Current assets29/58 | €545 | €204 | €177 | €781 | €183 | €201 | €406 | ▲ 102% |
| Cash at bank and in hand54/58 | €371 | €30 | €4 | €608 | €9 | €7 | €205 | ▲ 29× |
| Deferred charges and accrued income490/1 | - | - | - | €174 | €174 | €194 | €202 | ▲ 4.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €110,159 | €112,546 | €105,551 | €99,777 | €92,799 | €86,439 | €80,266 | ▼ 7.1% |
| Equity10/15 | €14,157 | €9,403 | €4,855 | €971 | -€2,968 | -€6,375 | -€9,201 | ▼ 44.3% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €6 | €6 | €6 | €6 | €6 | €6 | €6 | = |
| Non-distributable reserves130/1 | - | - | - | €6 | €6 | €6 | €6 | = |
| Legal reserve130 | - | - | - | €6 | €6 | €6 | €6 | = |
| Profit (loss) carried forward14 | -€47,822 | -€52,576 | -€57,124 | -€61,008 | -€64,947 | -€68,354 | -€71,180 | ▼ 4.1% |
| Amounts payable17/49 | €96,001 | €103,143 | €100,696 | €98,806 | €95,768 | €92,814 | €89,467 | ▼ 3.6% |
| Amounts payable after more than one year17 | €95,654 | €102,795 | €100,348 | €98,458 | €95,420 | €92,426 | €89,067 | ▼ 3.6% |
| Other amounts payable178/9 | - | - | - | €98,458 | €95,420 | €92,426 | €89,067 | ▼ 3.6% |
| Amounts payable within one year42/48 | €348 | €348 | €348 | €348 | €348 | €387 | €400 | ▲ 3.2% |
| Taxes, remuneration and social security45 | - | - | - | €348 | €348 | €387 | €400 | ▲ 3.2% |
| Taxes450/3 | - | - | - | €348 | €348 | €387 | €400 | ▲ 3.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,339 | -€4,755 | -€4,548 | -€3,884 | -€3,939 | -€3,406 | -€2,826 | ▲ 17.0% |
| + Depreciation and write-downs630 | €5,999 | €6,968 | €6,968 | €6,378 | €6,378 | €6,378 | €6,378 | = |
| Operating cash flow (approximation) | €1,660 | €2,214 | €2,421 | €2,494 | €2,439 | €2,972 | €3,552 | ▲ 19.5% |
| Investment in fixed assets (approximation) | - | -€9,697 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€342 | -€26 | €604 | -€599 | -€2 | €197 | - |
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, 2,796 companies had the same profile as MODENA has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
Another 1.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MODENA itself: 0.5% 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 2,796 companies, not a prediction for MODENA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-12-2025 | 2025-00592713 | |
| 30-06-2024 | micro format | 27-12-2024 | 2024-00625420 | |
| 30-06-2023 | micro format | 25-01-2024 | 2024-00006291 | |
| 30-06-2022 | micro format | 21-12-2022 | 2022-20544285 | |
| 30-06-2021 | micro format | 27-12-2021 | 2021-81800466 | |
| 30-06-2020 | micro format | 22-12-2020 | 2020-76800118 | |
| 30-06-2019 | micro format | 23-12-2019 | 2019-77400167 | |
| 30-06-2018 | micro format | 29-12-2018 | 2018-76100032 | |
| 30-06-2017 | micro format | 22-12-2017 | 2017-73100265 | |
| 30-06-2016 | abbreviated format | 27-12-2016 | 2016-71600262 |