Checked.be
Active
BE 0414.807.434Public limited company
MODULON
Tombroekstraat(Rol) 22 ·8510 Kortrijk, Belgium· 51 yrs active
Sector: Joinery installation
(43320)
Conclusion
MODULON has been active since 1974 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €274k and a net result of €15k. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 82% of 36383 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €274k |
| Net result | €15k |
| Staff (FTE) | 2 |
| Better than sector | 82% |
Financial profile
75
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
94
Profitability
27
Solvency
100
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1974, 51 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
94
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€25k
estimate, not credit advice
Score history
86
2022
70
2023
94
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 3.75 (≥ 1.5)
+10
Quick ratio
Quick ratio 2.25 (≥ 1.0)
+5
Leverage
Debt/equity 0.31 (< 1.0)
+10
Profitability
ROE 5%
+3
Interest coverage
Interest coverage 9.5× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 08-08-2025 with the NBB · fiscal year 2024 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~2.7%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 43, Specialised construction activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 76.3% | 46.6% | |
| Net result | €15k | €9k | |
| Equity | €274k | €58k | |
| Gross operating margin | €193k | €38k | |
| Staff costs | €146k | €40k |
€43k
+136.9%
22-24
€15k
-
22-24
€27k
+287.5%
22-24
€359k
-7.6%
22-24
€274k
+5.7%
22-24
€234k
+10.6%
22-24
2
+33.3%
22-24
€146k
+55.8%
22-24
€12k
+70.1%
22-24
€85k
-34.2%
22-24
€85k
-34.2%
22-24
3.75
+42.2%
22-24
2.25
+72.3%
22-24
76.3%
+14.4%
22-24
0.31
-37.7%
22-24
5.4%
-
22-24
4.1%
-
22-24
9.49
+74.2%
22-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | €43k | €18k | €61k |
| Net profit | €15k | €-630 | €23k |
| Cash flow | €27k | €7k | €47k |
| Staff costs | €146k | €94k | €65k |
| Income taxes | €12k | €7k | €12k |
| Dividends | - | - | - |
| Total assets | €359k | €389k | €365k |
| Equity | €274k | €259k | €260k |
| Debt | €85k | €129k | €105k |
| of which ≤ 1y | €85k | €129k | €105k |
| of which > 1y | - | - | - |
| Working capital | €234k | €212k | €237k |
| Employees (FTE) | 2.0 | 1.5 | 1.2 |
Ratios (computed)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Current ratio | 3.75 | 2.64 | 3.25 |
| Quick ratio | 2.25 | 1.30 | 1.47 |
| Working capital ratio | 65.2% | 54.5% | 64.8% |
| Solvency | 76.3% | 66.7% | 71.2% |
| Debt / equity | 0.31 | 0.50 | 0.40 |
| Long-term debt ratio | - | - | - |
| Interest coverage | 9.49 | 5.45 | 218.26 |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | 4.1% | -0.2% | 6.3% |
| ROE | 5.4% | -0.2% | 8.9% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Balance-sheet composition 2024
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €359k | €389k | €365k |
| Fixed assets | 21/28 | €40k | €48k | €23k |
| Tangible fixed assets | 22/27 | €40k | €48k | €23k |
| Current assets | 29/58 | €319k | €341k | €342k |
| Stocks & contracts in progress | 3 | €128k | €172k | €187k |
| Amounts receivable within one year | 40/41 | €48k | €97k | €98k |
| Cash & bank | 54/58 | €132k | €58k | €48k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €359k | €389k | €365k |
| Equity | 10/15 | €274k | €259k | €260k |
| Contributions / capital | 10/11 | €62k | €62k | €62k |
| Reserves | 13 | €212k | €197k | €198k |
| Amounts payable | 17/49 | €85k | €129k | €105k |
| Amounts payable within one year | 42/48 | €85k | €129k | €105k |
| Trade debts payable within one year | 44 | €30k | €63k | €40k |
| Income statement | ||||
| Gross operating margin | 9900 | €193k | €116k | €130k |
| Operating result | 9901 | €31k | €11k | €37k |
| Financial income | 75 | €0 | €126 | €31 |
| Financial charges | 65 | €5k | €3k | €281 |
| Result before taxes | 9903 | €27k | €6k | €35k |
| Income taxes | 67/77 | €12k | €7k | €12k |
| Net result for the period | 9904 | €15k | €-630 | €23k |
| Result to be appropriated | 9905 | €15k | €12k | €23k |
Legal Structure
| NACE primary | Joinery installation(43320) |
| Legal form | Public limited company(014) |
| Incorporation | 31-12-1974 |
| Status | Active |
| Postal code | 8510 |
Establishment units
DESMET-BARBE-MODULON
since 19752.010.682.910
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34033B0428/00S000 | Flanders | 488 m² | 1 · 287 m² | - |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2025
08-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 8 days late
2024
31-12
Financial
Back to profitnet €15k
Net result €15k after one loss-making year.
27-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 119 days late
2023
31-12
Financial
Weakest financial yearnet €-630 ▼103%
Net result drops to €-630, the lowest in the series; recovery starts the following year.
04-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 126 days late
2022
03-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
2021
14-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 45 days late
2020
10-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 102 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
29-11
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 121 days late
2016
26-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 26 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Joinery installation4332045421Other business support services82990
Names & trade names
| Legal nameNL | MODULON |
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