Modi-Concept
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-05-2026 PDF all 13 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €170,000
Estimated: probably between €77,000 and €400,000
Total assets
€76,174▲ 14.0%
2024 · €66,846
Net result
€5,320▲ 50.3%
2024 · €3,541
Working capital
€28,362▼ 9.2%
2024 · €31,229
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€11,856
▲ 46.1%
2025
20182025
Net result
€5,320
▲ 50.3%
2025
middle half of the sector
20182025
Equity
€48,985
▲ 12.2%
2025
middle half of the sector
20182025
Total assets
€76,174
▲ 14.0%
2025
lowest quarter of the sector
20182025
Debt
€27,189
▲ 17.3%
2025
20182025
Working capital
€28,362
▼ 9.2%
2025
middle half of the sector
20182025
Solvency
64.3%
▼ 1.0pp
2025
middle half of the sector
20182025
Current ratio
2.34
▼ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
7.0%
▲ 1.7pp
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€5,199-€8,900▲ 71.2%€2,990▼ 66.4%€10,134▲ 239%€15,937▲ 57.3%-€10,659€8,117€11,856▲ 46.1%
Net result€1,038-€3,296▲ 218%-€1,673within the sector's middle half€4,945within the sector's middle half€8,700within the sector's middle half▲ 76.0%€2,021within the sector's middle half▼ 76.8%€3,541within the sector's middle half▲ 75.2%€5,320within the sector's middle half▲ 50.3%
Equity€37,637-€40,933▲ 8.8%€39,261within the sector's middle half▼ 4.1%€44,205within the sector's middle half▲ 12.6%€52,905within the sector's middle half▲ 19.7%€51,526within the sector's middle half▼ 2.6%€43,665within the sector's middle half▼ 15.3%€48,985within the sector's middle half▲ 12.2%
Total assets€109,405-€103,935▼ 5.0%€102,150below the sector's middle half▼ 1.7%€88,550below the sector's middle half▼ 13.3%€102,308below the sector's middle half▲ 15.5%€99,292below the sector's middle half▼ 2.9%€66,846below the sector's middle half▼ 32.7%€76,174below the sector's middle half▲ 14.0%
Debt€71,768-€63,001▼ 12.2%€62,890▼ 0.2%€44,344▼ 29.5%€49,403▲ 11.4%€47,766▼ 3.3%€23,181▼ 51.5%€27,189▲ 17.3%
Working capital€71,809-€52,414▼ 27.0%€49,018within the sector's middle half▼ 6.5%€41,825within the sector's middle half▼ 14.7%€43,334within the sector's middle half▲ 3.6%€44,857within the sector's middle half▲ 3.5%€31,229within the sector's middle half▼ 30.4%€28,362within the sector's middle half▼ 9.2%
Solvency34.4%-39.4%▲ 5.0pp38.4%within the sector's middle half▼ 0.9pp49.9%within the sector's middle half▲ 11.5pp51.7%within the sector's middle half▲ 1.8pp51.9%within the sector's middle half▲ 0.2pp65.3%within the sector's middle half▲ 13.4pp64.3%within the sector's middle half▼ 1.0pp
Current ratio3.82-2.83▼ 0.992.21within the sector's middle half▼ 0.622.23within the sector's middle half▲ 0.021.88within the sector's middle half▼ 0.351.94within the sector's middle half▲ 0.062.35within the sector's middle half▲ 0.412.34within the sector's middle half▼ 0.01
Return on assets (ROA)0.9%-3.2%▲ 2.2pp-1.6%below the sector's middle half▼ 4.8pp5.6%within the sector's middle half▲ 7.2pp8.5%within the sector's middle half▲ 2.9pp2.0%within the sector's middle half▼ 6.5pp5.3%within the sector's middle half▲ 3.3pp7.0%within the sector's middle half▲ 1.7pp
above
within
below
The sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 46% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro 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 €76,174
Fixed assets
€26,652 ▲ 114%
Current assets
€49,521 ▼ 9.0%
Equity and liabilities €76,174
Equity
€48,985 ▲ 12.2%
Debt
€27,189 ▲ 17.3%
Debt's share of the balance-sheet total rises from 34.7% to 35.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€19,696▲
2024 · €11,550
Cash flow
€13,160▲
2024 · €6,974
Debt to equity
0.56▲
2024 · 0.53
ROE
10.9%▲
2024 · 8.1%
Interest coverage
7.68▼
2024 · 7.79
Debt ≤ 1 year
€21,159▼
2024 · €23,181
Debt > 1 year
€6,030
Income taxes
€4,014▲
2024 · €3,409
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,257 | €1,974 | €1,949 | €9,200 | €23,598 |
| Financial fixed assets | €1,831 | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,933 | €4,720 | €4,852 | €3,433 | €7,839 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €396 awarded · €396 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,550 | €9,193 | €8,495 | €3,933 | €4,720 | €4,852 | €3,433 | €7,839 | ▲ 128% |
| Other operating charges640/8 | - | - | - | €1,510 | €1,460 | €1,232 | €2,414 | €2,290 | ▼ 5.1% |
| Non-recurring operating charges66A | - | - | - | €6 | €0 | - | - | - | - |
| Gross operating margin9900 | €12,690 | €20,299 | €20,227 | €15,582 | €22,118 | -€4,575 | €13,964 | €21,986 | ▲ 57.4% |
| Operating profit (loss)9901 | €5,199 | €8,900 | €2,990 | €10,134 | €15,937 | -€10,659 | €8,117 | €11,856 | ▲ 46.1% |
| Financial income75/76B | - | - | - | €20 | €0 | €16,445 | €315 | €42 | ▼ 86.8% |
| Recurring financial income75 | €914 | €399 | €40 | €20 | €0 | €0 | €315 | €42 | ▼ 86.8% |
| Non-recurring financial income76B | - | - | - | - | - | €16,445 | €0 | - | - |
| Financial charges65/66B | - | - | - | €1,933 | €2,249 | €1,715 | €1,482 | €2,563 | ▲ 72.9% |
| Recurring financial charges65 | €1,442 | €2,224 | €2,346 | €1,933 | €1,940 | €1,715 | €1,482 | €2,563 | ▲ 72.9% |
| Non-recurring financial charges66B | - | - | - | - | €310 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €4,671 | €7,075 | €684 | €8,221 | €13,688 | €4,072 | €6,950 | €9,335 | ▲ 34.3% |
| Income taxes67/77 | €3,634 | €3,779 | €2,357 | €3,277 | €4,988 | €2,051 | €3,409 | €4,014 | ▲ 17.8% |
| Profit (loss) for the period9904 | €1,038 | €3,296 | -€1,673 | €4,945 | €8,700 | €2,021 | €3,541 | €5,320 | ▲ 50.3% |
| Profit (loss) for the period to be appropriated9905 | €1,038 | €3,296 | -€1,673 | €4,945 | €8,700 | €2,021 | €3,541 | €5,320 | ▲ 50.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €109,405 | €103,935 | €102,150 | €88,550 | €102,308 | €99,292 | €66,846 | €76,174 | ▲ 14.0% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €12,143 | €22,953 | €12,655 | €12,627 | €9,571 | €6,669 | €12,436 | €26,652 | ▲ 114% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €12,143 | €22,953 | €12,655 | €10,796 | €7,740 | €4,838 | €10,604 | €26,363 | ▲ 149% |
| Plant, machinery and equipment23 | - | - | - | €2,783 | €1,917 | €1,052 | €631 | €210 | ▼ 66.7% |
| Furniture and vehicles24 | - | - | - | €7,164 | €5,169 | €3,328 | €9,712 | €26,087 | ▲ 169% |
| Other tangible fixed assets26 | - | - | - | €849 | €653 | €457 | €261 | €65 | ▼ 75.0% |
| Financial fixed assets28 | €0 | €0 | - | €1,831 | €1,831 | €1,831 | €1,831 | €289 | ▼ 84.2% |
| Current assets29/58 | €97,262 | €80,982 | €89,495 | €75,922 | €92,737 | €92,623 | €54,410 | €49,521 | ▼ 9.0% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €46,110 | €55,184 | €74,560 | €38,539 | €67,249 | €74,514 | €46,630 | €48,746 | ▲ 4.5% |
| Trade receivables40 | - | - | - | €30,054 | €66,609 | €72,920 | €41,338 | €45,098 | ▲ 9.1% |
| Other amounts receivable41 | - | - | - | €8,485 | €640 | €1,595 | €5,292 | €3,648 | ▼ 31.1% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €4,290 | €4,841 | €5,506 | €9,386 | €3,254 | €9,527 | €3,254 | €15 | ▼ 99.5% |
| Deferred charges and accrued income490/1 | - | - | - | €27,998 | €22,234 | €8,582 | €4,527 | €760 | ▼ 83.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €109,405 | €103,935 | €102,150 | €88,550 | €102,308 | €99,292 | €66,846 | €76,174 | ▲ 14.0% |
| Equity10/15 | €37,637 | €40,933 | €39,261 | €44,205 | €52,905 | €51,526 | €43,665 | €48,985 | ▲ 12.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €19,037 | €22,333 | €22,333 | €27,278 | €35,978 | €34,599 | €25,065 | €30,385 | ▲ 21.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €25,418 | €34,118 | €34,599 | €25,065 | €30,385 | ▲ 21.2% |
| Profit (loss) carried forward14 | €0 | €0 | -€1,673 | -€1,673 | -€1,673 | -€1,673 | €0 | €0 | - |
| Amounts payable17/49 | €71,768 | €63,001 | €62,890 | €44,344 | €49,403 | €47,766 | €23,181 | €27,189 | ▲ 17.3% |
| Amounts payable after more than one year17 | €46,315 | €34,434 | €22,412 | €10,247 | €0 | - | - | €6,030 | - |
| Financial debts170/4 | - | - | - | €10,247 | €0 | - | - | €6,030 | - |
| Amounts payable within one year42/48 | €25,453 | €28,568 | €40,478 | €34,097 | €49,403 | €47,766 | €23,181 | €21,159 | ▼ 8.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,165 | €10,247 | €0 | - | €4,967 | - |
| Financial debts43 | - | - | - | - | - | - | - | €1,217 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €1,217 | - |
| Trade debts44 | €12,078 | €11,286 | €23,952 | €20,108 | €30,724 | €36,309 | €21,004 | €12,466 | ▼ 40.6% |
| Suppliers440/4 | - | - | - | €20,108 | €30,724 | €36,309 | €21,004 | €12,466 | ▼ 40.6% |
| Taxes, remuneration and social security45 | - | - | - | €1,825 | €8,395 | €7,740 | €0 | €514 | - |
| Taxes450/3 | - | - | - | €1,825 | €5,470 | €4,465 | €0 | €514 | - |
| Remuneration and social security454/9 | - | - | - | - | €2,925 | €3,275 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | - | €36 | €3,716 | €2,177 | €1,994 | ▼ 8.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,038 | €3,296 | -€1,673 | €4,945 | €8,700 | €2,021 | €3,541 | €5,320 | ▲ 50.3% |
| + Depreciation and write-downs630 | €5,550 | €9,193 | €8,495 | €3,933 | €4,720 | €4,852 | €3,433 | €7,839 | ▲ 128% |
| Operating cash flow (approximation) | €6,588 | €12,489 | €6,822 | €8,877 | €13,421 | €6,873 | €6,974 | €13,160 | ▲ 88.7% |
| Investment in fixed assets (approximation) | - | -€20,003 | €1,803 | -€3,905 | -€1,665 | -€1,949 | -€9,200 | -€22,056 | ▼ 140% |
| Change in cash | - | €552 | €665 | €3,880 | -€6,132 | €6,273 | -€6,273 | -€3,239 | ▲ 48.4% |
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, 34,693 companies had the same profile as Modi-Concept has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Modi-Concept itself: 0.6% 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 34,693 companies, not a prediction for Modi-Concept. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-05-2026 | 2026-00135906 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00298346 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00187451 | |
| 31-12-2022 | micro format | 08-08-2023 | 2023-00317934 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20267613 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23300321 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-27700020 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-39700130 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-28300308 | |
| 31-12-2016 | micro format | 14-06-2017 | 2017-17100354 |