MODULYSS
ActiveSummary
The annual accounts of MODULYSS for fiscal year 2025 show a net loss of 51% of the equity at the start of that year. The 2025 annual accounts show equity of €1.6m and a net result of -€1.7m. Equity is shrinking by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 6% of 154 sector peers (fiscal year 2025). The company has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability9▼-28
Solvency36▼-12
Growth28▼-1
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.77 against 1.11 in 2024; short-term debt: 86.1% and cash: 0.7% of total assets), and 89.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 13
Relative position
BE, all sectors
reference
Manufacture of textiles (NACE 13)
about 62% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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
10.7%
Return on assets
-11.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 6% of 154 sector peers (2025).
NBB · sector comparisonPosition among 154 sector peers
Solvency
better than 6%
← weakest
strongest →
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
23 d early
2023
34 d early
2022
40 d early
2021
18 d early
2020
19 d early
2019
23 d early
← 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 25 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror Which other companies belong to the same group?Belysse Group · 5 companies
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Financials · fiscal year 2025, full schema
In the rankings
#3 employer in East Flanders, Textiles sector#7 company by total assets in Zele, Manufacturing sector
Turnover
€51.8m▼ 7.1%
2024 · €55.8m
EBIT margin
-1.4%▼ 4.3pp
2024 · 2.9%
Net result
-€1.7m
2024 · €762,551
Working capital
-€3.0m
2024 · €1.2m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€55.5m▲ 3.9%€62.6m▲ 12.8%€58.1m▼ 7.2%€55.8m▼ 4.1%€51.8m▼ 7.1%
Operating result€3.7m▲ 174%-€495,754€783,752€1.6m▲ 106%-€743,288
Net result€1.9m-€1.8m-€610,039▲ 65.8%€762,551-€1.7m
EBIT margin6.6%▲ 4.1pp-0.8%▼ 7.4pp1.3%▲ 2.1pp2.9%▲ 1.6pp-1.4%▼ 4.3pp
Equity€4.9m▲ 63.5%€3.1m▼ 36.2%€2.5m▼ 19.4%€3.3m▲ 30.0%€1.6m▼ 50.8%
Total assets€24.4m▲ 17.0%€24.0m▼ 1.4%€20.6m▼ 14.2%€14.7m▼ 29.0%€15.1m▲ 3.1%
Debt€19.4m▲ 9.1%€20.9m▲ 7.4%€18.1m▼ 13.4%€11.3m▼ 37.3%€13.5m▲ 18.8%
Working capital€9.8m▲ 16.3%€7.5m▼ 24.1%€6.7m▼ 10.1%€1.2m▼ 82.6%-€3.0m
Staff (FTE)182.2▼ 3.9%177.2▼ 2.7%163.2▼ 7.9%143.3▼ 12.2%132.5▼ 7.5%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €743,288 after €1.6m in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.1m
Fixed assets
€5.1m ▲ 89.5%
Current assets
€10.0m ▼ 16.3%
Equity and liabilities €15.1m
Equity
€1.6m ▼ 50.8%
Debt
€13.5m ▲ 18.8%
Debt's share of the balance-sheet total rises from 77.5% to 89.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€443,711▼
2024 · €1.9m
Cash flow
-€1.4m▼
2024 · €1.0m
Current ratio
0.77▼
2024 · 1.11
Quick ratio
0.17▼
2024 · 0.33
Debt to equity
8.31▲
2024 · 3.44
ROE
-103.4%▼
2024 · 23.1%
ROA
-11.1%▼
2024 · 5.2%
Interest coverage
-6.01▼
2024 · 1.66
Debt ≤ 1 year
€13.0m▲
2024 · €10.8m
Debt > 1 year
€735▼
2024 · €2,465
Income taxes
€5,561▼
2024 · €6,195
Staff costs
€10.8m▲
2024 · €10.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,499 companies that looked in July 2024 the way this one looks now, 3.8% went bankrupt within 24 months and 90% are still going.
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
- without size
3.8%
went bankrupt
5.5%
stopped otherwise
90%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 1,499 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 | €57.1m | €64.1m | €56.7m | €56.6m | €51.2m | ▼ 9.6% |
| Turnover70 | €55.5m | €62.6m | €58.1m | €55.8m | €51.8m | ▼ 7.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €807,179 | €863,495 | -€2.3m | €211,698 | -€1.2m | ▼ 668% |
| Other operating income74 | €674,201 | €571,324 | €822,798 | €549,303 | €533,852 | ▼ 2.8% |
| Non-recurring operating income76A | €77,744 | €46,608 | €54,461 | €74,548 | €17,152 | ▼ 77.0% |
| Operating charges60/66A | €53.4m | €64.6m | €56.0m | €55.0m | €51.9m | ▼ 5.6% |
| Goods for resale, raw materials and consumables60 | €24.9m | €34.7m | €28.2m | €27.3m | €24.8m | ▼ 9.1% |
| Purchases600/8 | €25.1m | €33.7m | €29.0m | €27.1m | €25.2m | ▼ 7.0% |
| Change in stocks: decrease (increase)609 | -€134,669 | €986,556 | -€786,659 | €163,229 | -€429,305 | ▼ 363% |
| Services and other goods61 | €15.8m | €16.7m | €15.1m | €16.6m | €16.1m | ▼ 3.2% |
| Remuneration, social security and pensions62 | €12.1m | €12.8m | €12.4m | €10.6m | €10.8m | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €340,820 | €182,324 | €212,724 | €251,273 | €299,577 | ▲ 19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €168,956 | €219,654 | -€18,643 | €110,627 | -€156,107 | ▼ 241% |
| Other operating charges640/8 | €66,167 | €41,823 | €73,331 | €45,046 | €48,861 | ▲ 8.5% |
| Non-recurring operating charges66A | €1,023 | - | - | €1,118 | €30,216 | ▲ 2,604% |
| Operating profit (loss)9901 | €3.7m | -€495,754 | €783,752 | €1.6m | -€743,288 | ▼ 146% |
| Financial income75/76B | €144,089 | €173,623 | €270,815 | €900,177 | €22,790 | ▼ 97.5% |
| Recurring financial income75 | €144,089 | €173,623 | €270,815 | €900,177 | €22,790 | ▼ 97.5% |
| Other financial income752/9 | €144,089 | €173,623 | €270,815 | €900,177 | €22,790 | ▼ 97.5% |
| Financial charges65/66B | €1.3m | €1.5m | €1.6m | €1.7m | €952,368 | ▼ 45.5% |
| Recurring financial charges65 | €1.3m | €1.5m | €1.6m | €1.7m | €952,368 | ▼ 45.5% |
| Debt charges650 | €704,466 | €776,697 | €1.1m | €1.1m | €73,834 | ▼ 93.4% |
| Other financial charges652/9 | €575,161 | €681,892 | €558,471 | €626,287 | €878,535 | ▲ 40.3% |
| Profit (loss) for the period before taxes9903 | €2.6m | -€1.8m | -€585,536 | €768,747 | -€1.7m | ▼ 318% |
| Income taxes67/77 | €633,507 | €5,143 | €24,504 | €6,195 | €5,561 | ▼ 10.2% |
| Taxes670/3 | €633,507 | €6,123 | €27,466 | €6,195 | €5,561 | ▼ 10.2% |
| Tax adjustments and reversals of tax provisions77 | - | €980 | €2,962 | €0 | - | - |
| Profit (loss) for the period9904 | €1.9m | -€1.8m | -€610,039 | €762,551 | -€1.7m | ▼ 320% |
| Profit (loss) for the period to be appropriated9905 | €1.9m | -€1.8m | -€610,039 | €762,551 | -€1.7m | ▼ 320% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €24.4m | €24.0m | €20.6m | €14.7m | €15.1m | ▲ 3.1% |
| Fixed assets21/28 | €1.6m | €2.2m | €2.4m | €2.7m | €5.1m | ▲ 89.5% |
| Intangible fixed assets21 | €43,950 | €31,941 | €19,932 | €7,923 | €1.8m | ▲ 22,565% |
| Tangible fixed assets22/27 | €1.5m | €2.1m | €2.2m | €2.6m | €3.2m | ▲ 24.1% |
| Plant, machinery and equipment23 | €1.5m | €1.9m | €2.1m | €2.5m | €3.1m | ▲ 26.8% |
| Furniture and vehicles24 | - | - | - | €11,238 | €8,238 | ▼ 26.7% |
| Leasing and similar rights25 | €14,709 | €11,767 | €8,825 | €5,884 | €2,942 | ▼ 50.0% |
| Other tangible fixed assets26 | €24,793 | €167,000 | €133,739 | €101,070 | €68,401 | ▼ 32.3% |
| Financial fixed assets28 | - | €92,458 | €92,458 | €92,458 | €92,458 | = |
| Affiliated companies280/1 | - | €117 | €117 | €117 | €117 | = |
| Participating interests280 | - | €117 | €117 | €117 | €117 | = |
| Other financial fixed assets284/8 | - | €92,341 | €92,341 | €92,341 | €92,341 | = |
| Amounts receivable and cash guarantees285/8 | - | €92,341 | €92,341 | €92,341 | €92,341 | = |
| Current assets29/58 | €22.8m | €21.8m | €18.3m | €12.0m | €10.0m | ▼ 16.3% |
| Stocks and contracts in progress3 | €10.1m | €9.8m | €8.4m | €8.4m | €7.8m | ▼ 6.7% |
| Stocks30/36 | €10.1m | €9.8m | €8.4m | €8.4m | €7.8m | ▼ 6.7% |
| Raw materials and consumables30/31 | €2.5m | €1.4m | €2.2m | €1.8m | €2.2m | ▲ 25.8% |
| Work in progress32 | €1.8m | €2.9m | €2.2m | €2.3m | €2.2m | ▼ 4.8% |
| Finished goods33 | €5.7m | €5.6m | €4.0m | €4.1m | €3.2m | ▼ 21.0% |
| Goods purchased for resale34 | - | - | - | €256,784 | €203,122 | ▼ 20.9% |
| Amounts receivable within one year40/41 | €3.9m | €3.2m | €2.9m | €2.0m | €2.1m | ▲ 5.6% |
| Trade receivables40 | €3.3m | €2.5m | €2.4m | €1.6m | €1.8m | ▲ 8.7% |
| Other amounts receivable41 | €562,017 | €685,908 | €506,118 | €349,396 | €316,520 | ▼ 9.4% |
| Cash at bank and in hand54/58 | €8.7m | €8.8m | €7.0m | €1.6m | €108,632 | ▼ 93.3% |
| Deferred charges and accrued income490/1 | €108,686 | €0 | €10,282 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €24.4m | €24.0m | €20.6m | €14.7m | €15.1m | ▲ 3.1% |
| Equity10/15 | €4.9m | €3.1m | €2.5m | €3.3m | €1.6m | ▼ 50.8% |
| Contributions10/11 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Capital10 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Issued capital100 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Reserves13 | €172,428 | €172,428 | €172,428 | €261,700 | €261,700 | = |
| Non-distributable reserves130/1 | €172,428 | €172,428 | €172,428 | €261,700 | €261,700 | = |
| Legal reserve130 | €172,428 | €172,428 | €172,428 | €261,700 | €261,700 | = |
| Profit (loss) carried forward14 | €2.1m | €360,165 | -€249,874 | €423,405 | -€1.3m | ▼ 396% |
| Amounts payable17/49 | €19.4m | €20.9m | €18.1m | €11.3m | €13.5m | ▲ 18.8% |
| Amounts payable after more than one year17 | €6.0m | €6.0m | €6.0m | €2,465 | €735 | ▼ 70.2% |
| Financial debts170/4 | €6.0m | €6.0m | €6.0m | €2,465 | €735 | ▼ 70.2% |
| Leasing and similar obligations172 | €12,034 | €8,192 | €5,367 | €2,465 | €735 | ▼ 70.2% |
| Other loans174 | €6.0m | €6.0m | €6.0m | €0 | - | - |
| Amounts payable within one year42/48 | €13.0m | €14.4m | €11.6m | €10.8m | €13.0m | ▲ 20.6% |
| Current portion of amounts payable after more than one year42 | €2,675 | €2,749 | €2,824 | €2,902 | €1,730 | ▼ 40.4% |
| Financial debts43 | - | - | - | - | €820,396 | - |
| Other loans439 | - | - | - | - | €820,396 | - |
| Trade debts44 | €8.5m | €10.1m | €7.6m | €8.0m | €9.9m | ▲ 24.3% |
| Suppliers440/4 | €8.5m | €10.1m | €7.6m | €8.0m | €9.9m | ▲ 24.3% |
| Taxes, remuneration and social security45 | €3.8m | €4.3m | €3.3m | €2.8m | €2.3m | ▼ 17.9% |
| Taxes450/3 | €1.4m | €1.3m | €313,549 | €564,431 | €428,641 | ▼ 24.1% |
| Remuneration and social security454/9 | €2.5m | €2.9m | €3.0m | €2.2m | €1.9m | ▼ 16.3% |
| Other amounts payable47/48 | €587,042 | - | €670,905 | €32,099 | - | - |
| Accrued charges and deferred income492/3 | €459,185 | €504,393 | €521,457 | €560,214 | €478,583 | ▼ 14.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.9m | -€1.8m | -€610,039 | €762,551 | -€1.7m | ▼ 320% |
| + Depreciation and write-downs630 | €340,820 | €182,324 | €212,724 | €251,273 | €299,577 | ▲ 19.2% |
| Operating cash flow (approximation) | €2.3m | -€1.6m | -€397,315 | €1.0m | -€1.4m | ▼ 236% |
| Investment in fixed assets (approximation) | - | -€806,970 | -€372,589 | -€587,736 | -€2.7m | ▼ 361% |
| Change in cash | - | €50,392 | -€1.8m | -€5.4m | -€1.5m | ▲ 72.1% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €762,551
Net result €762,551 after 2 loss-making years.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€1.8m
Net result drops to -€1.8m, the lowest in the series; recovery starts the following year.
13-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €1.9m
Net result €1.9m after 2 loss-making years.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 35 acts read
About the unread acts
We know of 35 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
35 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, Zele · 2 establishment units since 2010
Ground area
7.8 ha
Building footprint
3.4 ha
Volume, LiDAR
211,165 m³
2 parcels, Flanders · tallest building 23.8 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
Modulyss
since 20102.192.946.405
Modulyss
since 20192.292.430.692
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42028A1280/00V004 | Flanders | 5.6 ha | 1 · 1.8 ha | 14.3 m · 2 fl. |
| 44021A2735/00X002 | Flanders | 2.2 ha | 1 · 1.6 ha | 23.8 m |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
Belysse Group
5 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- Belysse Group
- BELYSSE
- ITC Co
- MODULYSS
Highest known parent: Belysse Group. The sources do not say who stands above it.
Owners 1
- ITC CoparentSourceaccounts ITC Co 2025100%
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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 6 entries · 121,953 EUR awarded · 121,953 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 12,823 EUR | 12,933 EUR |
| 2024 | 2 | 29,755 EUR | 29,645 EUR |
| 2023 | 1 | 47,531 EUR | 47,531 EUR |
| 2022 | 1 | 31,844 EUR | 31,844 EUR |
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Of 118 companies in sector 13930 we hold annual accounts for 82. 54 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
Founded08-10-2010
Fiscal year end31-12
Activities, NACEBEL 2025
13930Manufacture of textiles
46835Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0830087693
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.