MODULART
ActiveSummary
MODULART has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.5m and a net result of €130,312. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 25% of 287 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability53▲+2
Solvency53▼-7
Growth64▲+12
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €150,000 at 30 days acceptable
Liquidity tight (current ratio 1.31 against 1.51 in 2024; short-term debt: 65.6% and cash: 17.9% of total assets), and 71.8% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
28.2%
Return on assets
1.5%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 23
Relative position
BE, all sectors
reference
Manufacture of other non-metallic mineral products (NACE 23)
about 17% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
55 d early
2023
22 d late
2022
35 d early
2021
9 d late
2020
27 d late
2019
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days before the deadline; the sector median for financial year 2024 is 11 days before the deadline, and 34% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 30 June (4 of the last 5 filed years within 40 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#4 company by total assets in Tubize, Manufacturing sector#5 employer in Tubize, Manufacturing sector#6 company by equity in Tubize, Manufacturing sector
Turnover
€13.2m▼ 8.2%
2024 · €14.4m
EBIT margin
1.8%▼ 0.3pp
2024 · 2.1%
Net result
€130,312▲ 49.5%
2024 · €87,140
Working capital
€1.8m▼ 6.7%
2024 · €1.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 23, Manufacture of other non-metallic mineral products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€12.9m€13.0m▲ 0.6%€14.4m▲ 10.7%€13.2m▼ 8.2%
Operating result€221,966▲ 34.3%€469,018▲ 111%€250,629▼ 46.6%€299,380▲ 19.5%€241,135▼ 19.5%
Net result€82,355within the sector's middle half▲ 147%€252,112within the sector's middle half▲ 206%€57,942within the sector's middle half▼ 77.0%€87,140within the sector's middle half▲ 50.4%€130,312within the sector's middle half▲ 49.5%
EBIT margin3.6%1.9%▼ 1.7pp2.1%▲ 0.2pp1.8%▼ 0.3pp
Equity€2.2mwithin the sector's middle half▲ 2.0%€2.3mwithin the sector's middle half▲ 5.9%€2.4mwithin the sector's middle half▲ 2.4%€2.5mwithin the sector's middle half▲ 3.7%€2.5mwithin the sector's middle half▲ 2.9%
Total assets€9.5mwithin the sector's middle half▼ 4.5%€8.6mwithin the sector's middle half▼ 9.2%€7.4mwithin the sector's middle half▼ 14.4%€7.0mwithin the sector's middle half▼ 6.2%€8.9mwithin the sector's middle half▲ 28.7%
Debt€7.1m▼ 6.8%€6.1m▼ 14.4%€4.8m▼ 21.7%€4.2m▼ 12.0%€6.1m▲ 45.8%
Working capital€1.7mwithin the sector's middle half▲ 9.2%€1.8mwithin the sector's middle half▲ 6.9%€1.8mwithin the sector's middle half▼ 1.0%€1.9mwithin the sector's middle half▲ 6.7%€1.8mwithin the sector's middle half▼ 6.7%
Solvency22.9%below the sector's middle half▲ 1.5pp26.7%within the sector's middle half▲ 3.8pp31.9%within the sector's middle half▲ 5.2pp35.3%within the sector's middle half▲ 3.4pp28.2%within the sector's middle half▼ 7.1pp
Current ratio1.26within the sector's middle half▲ 0.031.32within the sector's middle half▲ 0.061.40within the sector's middle half▲ 0.081.51within the sector's middle half▲ 0.111.31within the sector's middle half▼ 0.20
Return on assets (ROA)0.9%within the sector's middle half▲ 0.5pp2.9%within the sector's middle half▲ 2.0pp0.8%within the sector's middle half▼ 2.1pp1.3%within the sector's middle half▲ 0.5pp1.5%within the sector's middle half▲ 0.2pp
Staff (FTE)21.8within the sector's middle half▼ 9.2%21.4within the sector's middle half▼ 1.8%23.7within the sector's middle half▲ 10.7%24.1within the sector's middle half▲ 1.7%26.3within the sector's middle half▲ 9.1%
above
within
below
the middle half (P25 to P75) of NACE 23, Manufacture of other non-metallic mineral products, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 19% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.9m
Fixed assets
€1.3m ▲ 5.6%
Current assets
€7.7m ▲ 33.5%
Equity and liabilities €8.9m
Equity
€2.5m ▲ 2.9%
Provisions
€277,081 ▼ 2.0%
Debt
€6.1m ▲ 45.8%
Debt's share of the balance-sheet total rises from 60.6% to 68.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€498,159▼
2024 · €560,195
Cash flow
€387,337▲
2024 · €347,955
Quick ratio
0.61▼
2024 · 0.64
Debt to equity
2.43▲
2024 · 1.72
ROE
5.2%▲
2024 · 3.6%
Interest coverage
5.03▲
2024 · 4.61
Debt ≤ 1 year
€5.9m▲
2024 · €3.8m
Debt > 1 year
€271,208▼
2024 · €320,305
Income taxes
€40,837▼
2024 · €49,426
Staff costs
€1.6m▲
2024 · €1.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,678 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,678 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €14.5m | €11.8m | €13.8m | €15.7m | ▲ 13.8% |
| Turnover70 | - | €12.9m | €13.0m | €14.4m | €13.2m | ▼ 8.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | €1.4m | -€1.3m | -€678,691 | €2.1m | ▲ 416% |
| Other operating income74 | - | €95,483 | €128,505 | €95,547 | €170,980 | ▲ 78.9% |
| Non-recurring operating income76A | - | €123,525 | - | - | €185,151 | - |
| Operating charges60/66A | - | €14.0m | €11.6m | €13.5m | €15.5m | ▲ 14.6% |
| Goods for resale, raw materials and consumables60 | - | €11.3m | €8.6m | €10.4m | €12.4m | ▲ 20.0% |
| Purchases600/8 | - | €9.6m | €10.1m | €9.5m | €11.1m | ▲ 16.0% |
| Change in stocks: decrease (increase)609 | - | €1.7m | -€1.5m | €822,045 | €1.4m | ▲ 66.1% |
| Services and other goods61 | - | €1.2m | €1.2m | €1.3m | €1.1m | ▼ 12.8% |
| Remuneration, social security and pensions62 | €1.1m | €1.1m | €1.4m | €1.4m | €1.6m | ▲ 9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €289,038 | €273,969 | €259,293 | €260,815 | €257,024 | ▼ 1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €2,472 | -€7,138 | -€52,413 | -€15,653 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €33,562 | €29,580 | €31,030 | €29,128 | -€5,637 | ▼ 119% |
| Other operating charges640/8 | €47,566 | €71,143 | €115,703 | €56,883 | €50,629 | ▼ 11.0% |
| Non-recurring operating charges66A | €41,387 | €12,681 | €5,785 | €46,505 | - | - |
| Gross operating margin9900 | €1.7m | - | - | - | - | - |
| Operating profit (loss)9901 | €221,966 | €469,018 | €250,629 | €299,380 | €241,135 | ▼ 19.5% |
| Financial income75/76B | €39,216 | €35,054 | €33,746 | €27,050 | €79,223 | ▲ 193% |
| Recurring financial income75 | €39,216 | €35,054 | €33,746 | €27,050 | €79,223 | ▲ 193% |
| Income from current assets751 | - | - | - | €5,518 | - | - |
| Other financial income752/9 | - | €35,054 | €33,746 | €21,531 | €79,223 | ▲ 268% |
| Financial charges65/66B | €145,757 | €139,584 | €189,724 | €189,864 | €149,208 | ▼ 21.4% |
| Recurring financial charges65 | €145,757 | €139,584 | €189,724 | €189,864 | €149,208 | ▼ 21.4% |
| Debt charges650 | - | €80,446 | €48,394 | €121,405 | €99,084 | ▼ 18.4% |
| Other financial charges652/9 | - | €59,138 | €141,331 | €68,459 | €50,124 | ▼ 26.8% |
| Profit (loss) for the period before taxes9903 | €115,425 | €364,488 | €94,651 | €136,566 | €171,150 | ▲ 25.3% |
| Income taxes67/77 | €33,070 | €112,376 | €36,710 | €49,426 | €40,837 | ▼ 17.4% |
| Taxes670/3 | - | €112,376 | €36,710 | €49,426 | €40,837 | ▼ 17.4% |
| Profit (loss) for the period9904 | €82,355 | €252,112 | €57,942 | €87,140 | €130,312 | ▲ 49.5% |
| Profit (loss) for the period to be appropriated9905 | €82,355 | €252,112 | €57,942 | €87,140 | €130,312 | ▲ 49.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.5m | €8.6m | €7.4m | €7.0m | €8.9m | ▲ 28.7% |
| Fixed assets21/28 | €1.1m | €1.0m | €1.0m | €1.2m | €1.3m | ▲ 5.6% |
| Intangible fixed assets21 | €28,775 | €22,192 | €11,653 | €4,157 | €7,836 | ▲ 88.5% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.0m | €1.2m | €1.2m | ▲ 5.2% |
| Land and buildings22 | €149,639 | €111,011 | €160,033 | €428,869 | €746,769 | ▲ 74.1% |
| Plant, machinery and equipment23 | €397,777 | €374,260 | €353,070 | €276,506 | €286,760 | ▲ 3.7% |
| Furniture and vehicles24 | €56,035 | €43,228 | €28,862 | €64,239 | €58,222 | ▼ 9.4% |
| Leasing and similar rights25 | €445,957 | €479,719 | €490,025 | €394,206 | €132,370 | ▼ 66.4% |
| Financial fixed assets28 | €2,560 | €2,560 | €5,060 | €29,232 | €31,732 | ▲ 8.6% |
| Other financial fixed assets284/8 | - | €2,560 | €5,060 | €29,232 | €31,732 | ▲ 8.6% |
| Amounts receivable and cash guarantees285/8 | - | €2,560 | €5,060 | €29,232 | €31,732 | ▲ 8.6% |
| Current assets29/58 | €8.4m | €7.6m | €6.4m | €5.8m | €7.7m | ▲ 33.5% |
| Stocks and contracts in progress3 | €5.1m | €4.7m | €4.9m | €3.3m | €4.1m | ▲ 23.5% |
| Stocks30/36 | €5.1m | €4.7m | €4.9m | €3.3m | €4.1m | ▲ 23.5% |
| Raw materials and consumables30/31 | - | €541,383 | €553,721 | €359,733 | €367,066 | ▲ 2.0% |
| Work in progress32 | - | €3.5m | €2.3m | €1.6m | €3.7m | ▲ 136% |
| Property held for sale35 | - | €638,057 | €2.1m | €1.4m | €17,888 | ▼ 98.7% |
| Amounts receivable within one year40/41 | €3.1m | €1.9m | €1.2m | €2.1m | €1.9m | ▼ 8.6% |
| Trade receivables40 | €3.0m | €1.6m | €963,221 | €1.8m | €1.8m | ▼ 1.6% |
| Other amounts receivable41 | €129,529 | €213,865 | €248,411 | €237,114 | €88,881 | ▼ 62.5% |
| Cash at bank and in hand54/58 | €227,615 | €1.0m | €133,918 | €272,040 | €1.6m | ▲ 487% |
| Deferred charges and accrued income490/1 | €15,816 | €29,065 | €104,152 | €92,855 | €90,608 | ▼ 2.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.5m | €8.6m | €7.4m | €7.0m | €8.9m | ▲ 28.7% |
| Equity10/15 | €2.2m | €2.3m | €2.4m | €2.5m | €2.5m | ▲ 2.9% |
| Contributions10/11 | €800,000 | €800,000 | €800,000 | €800,000 | €800,000 | = |
| Capital10 | €800,000 | €800,000 | €800,000 | €800,000 | €800,000 | = |
| Issued capital100 | €800,000 | €800,000 | €800,000 | €800,000 | €800,000 | = |
| Reserves13 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Non-distributable reserves130/1 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Legal reserve130 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Profit (loss) carried forward14 | €1.2m | €1.4m | €1.4m | €1.5m | €1.6m | ▲ 8.6% |
| Investment grants15 | €65,093 | €62,120 | €60,032 | €60,000 | - | - |
| Provisions and deferred taxes16 | €192,980 | €222,560 | €253,590 | €282,718 | €277,081 | ▼ 2.0% |
| Provisions for liabilities and charges160/5 | €192,980 | €222,560 | €253,590 | €282,718 | €277,081 | ▼ 2.0% |
| Other liabilities and charges164/5 | €192,980 | €222,560 | €253,590 | €282,718 | €277,081 | ▼ 2.0% |
| Amounts payable17/49 | €7.1m | €6.1m | €4.8m | €4.2m | €6.1m | ▲ 45.8% |
| Amounts payable after more than one year17 | €354,738 | €269,117 | €199,443 | €320,305 | €271,208 | ▼ 15.3% |
| Financial debts170/4 | €354,738 | €269,117 | €199,443 | €320,305 | €271,208 | ▼ 15.3% |
| Leasing and similar obligations172 | - | €259,092 | €199,443 | €108,240 | €86,598 | ▼ 20.0% |
| Credit institutions173 | - | €10,025 | - | €212,065 | €184,610 | ▼ 12.9% |
| Amounts payable within one year42/48 | €6.7m | €5.8m | €4.5m | €3.8m | €5.9m | ▲ 53.9% |
| Current portion of amounts payable after more than one year42 | €244,451 | €237,462 | €184,239 | €158,823 | €126,715 | ▼ 20.2% |
| Financial debts43 | €3.8m | €3.0m | €1.4m | €1.1m | €1.7m | ▲ 50.1% |
| Credit institutions430/8 | €3.8m | €3.0m | €1.4m | €1.1m | €1.7m | ▲ 50.1% |
| Trade debts44 | €1.8m | €1.9m | €2.4m | €2.1m | €2.8m | ▲ 31.6% |
| Suppliers440/4 | €1.8m | €1.9m | €2.4m | €2.1m | €2.8m | ▲ 31.6% |
| Advances received on contracts in progress46 | €176,022 | - | - | - | €498,325 | - |
| Taxes, remuneration and social security45 | €564,735 | €494,146 | €424,133 | €367,497 | €739,498 | ▲ 101% |
| Taxes450/3 | €403,272 | €328,159 | €217,488 | €153,665 | €512,891 | ▲ 234% |
| Remuneration and social security454/9 | €161,463 | €165,987 | €206,645 | €213,831 | €226,607 | ▲ 6.0% |
| Other amounts payable47/48 | €139,426 | €146,300 | €211,432 | €68,906 | €66,541 | ▼ 3.4% |
| Accrued charges and deferred income492/3 | €68,435 | €66,687 | €47,129 | €79,888 | €1,036 | ▼ 98.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €82,355 | €252,112 | €57,942 | €87,140 | €130,312 | ▲ 49.5% |
| + Depreciation and write-downs630 | €289,038 | €273,969 | €259,293 | €260,815 | €257,024 | ▼ 1.5% |
| Operating cash flow (approximation) | €371,393 | €526,081 | €317,235 | €347,955 | €387,337 | ▲ 11.3% |
| Investment in fixed assets (approximation) | - | -€226,196 | -€275,027 | -€409,322 | -€323,503 | ▲ 21.0% |
| Change in cash | - | €776,990 | -€870,686 | €138,122 | €1.3m | ▲ 860% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 22 days late
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2018net €252,112 ▲206%
Operating result €469,018, net result €252,112, both a record.
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 9 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 27 days late
2020
31-12
Financial
Weakest financial yearnet €33,387 ▼78.3%
Net result drops to €33,387, the lowest in the series; recovery starts the following year.
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 25 days late
2019
03-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
12-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
11 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tubize · 1 establishment unit since 2005
Ground area
3.0 ha
Building footprint
4.0 ha
Volume, LiDAR
432,431 m³
Parcel 25019A0198/00L002, Wallonia · tallest building 20.3 m, ±4 floors. Linked by address, not a title deed.
15
companies at this address
See who is registered here
1 establishment unit
MODULART
since 20052.144.453.432
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25019A0198/00L002 | Wallonia | 3.0 ha | 1 · 4.0 ha | 20.3 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- Brabant-Invest
- MODULART
Highest known parent: Brabant-Invest. The sources do not say who stands above it.
Owners 1
- Brabant-Investparent65%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Recognised contractor
4 categoriesMODULART SA41102
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BE 0428.334.281
Grobbendonk · Eq €2,460,825
HOOLANTS BETON
BE 0408.420.181
Machelen (Brab.) · Eq €2,453,772
Of 401 companies in sector 23610 we hold annual accounts for 315. 223 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded31-12-2004
Fiscal year end31-12
Activities, NACEBEL 2025
23610Manufacture of other non-metallic mineral products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0870933801
Registered
28-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.