Equity
€1.6m from €4.9m in 2021
Equity fell by 67% in 4 years.
MODULYSS
Lifetime
15 annual accounts with figures on one time axispeak €70.1m (2017)
€51.8m▼ 7.1%
lowest -€1.8m (2022)
-€1.7m▼ €2.4m
peak €4.9m (2021)
€1.6m▼ 50.8%
€13.5m▲ 18.8%
peak 194.8 FTE (2018)
132.5 FTE▼ 7.5%
Board8 names since 2019
1 directorITC Co
Owners7 names in the annual accountsall names
100%ITC Co and 1 other
Documentsfilings and deeds
14-07-202617 days before the deadline
2025financial year
Loss of €1.7mEquity from €3.3m to €1.6mDebts from €11.3m to €13.5mInvestments €2.7mCash from €1.6m to €108,632
Key points
from the 2025 annual accountsResult
-€1.7m -€1.7m
From profit to loss in 2025, after a profit of €762,551 in 2024.
Debts
€13.5m 89% of the balance sheet
Financial debts 6%Suppliers 73%Taxes and wages 17%Other 4%
Of this, €13.0m falls due within a year.
Investments
€2.7m 9.1 × depreciation
Green is investment, beige is depreciation. Machinery stands 26.8% higher than in 2024.
Staff
132.5 FTE from 194.8 in 2018
Between 2018 and 2025, 32% of the full-time equivalents disappeared.
Payment terms
88 days to suppliers
MODULYSS pays its suppliers 22 days later than in 2024. Customers pay 2 days later.
Checked score
53
Fair
Financially stronger than 11% of medium-sized companies in textiles (NACE 13)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.2% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 55 companies (NACE 13, medium-sized).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.1%▼ -0.1 percentage points vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.2%▲ +0.1 percentage points vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026lowest value
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 1.2%▲ +1.1 percentage points vs 07-2026highest value
09-2026: 1.2%● unchanged vs 08-2026highest value
10-2026: 1.2%● unchanged vs 09-2026highest value
11-2026: 1.2%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €1.7m (financial year 2025)
Liquidity: current ratio 0.77, cash €108,632, halved
Equity €1.6m (10.7% of total assets)
lowers risk
Sector: Manufacture of textiles (NACE 13)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 13, medium-sized). It does better than 2% of them on solvency, 2% on liquidity, 20% on profitability and 18% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,501 companies had the same profile as MODULYSS has now. Each dot stands for 4 companies, two years later.
89.7%
were still trading
5.5%
stopped another way
4.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MODULYSS itself: 1.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 1,501 companies, not a prediction for MODULYSS. 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.
Credit verdict
Credit of up to €85,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.77 (1.11 in 2024), below 1. Short-term debt is 86.1% and cash 0.7% of total assets. 89.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 6% of 196 sector peers (2025).
NBB · sector comparisonPosition among 196 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 days early
2024
23 days early
2023
34 days early
2022
40 days early
2021
18 days early
2020
19 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 25 days before the deadline. In the sector (NACE 13), the median for financial year 2024 was 13 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 8 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Capital increase of €4,000,000 to €6,617,000
Capital from €2,617,000 to €6,617,000 · General meeting of 22-05-2026 · Gazette deed
Reappointment: PWC Bedrijfsrevisoren BCVBA (statutory auditor)
General meeting of 19-06-2025 · Gazette deed
Permanent representatives: RAGOUCY Cyrille Marie Patrick and NEULING Andrew James
Director discharge: RAGOUCY Cyrille Marie Patrick · Board meeting of 04-03-2024 · Gazette deed
1 director appointed, 3 resignations
Resignations: RAGOUCY Cyrille Marie Patrick, ANMIRU and EQIDNA · Appointment: ITC Co (sole director) · Permanent representative: RAGOUCY Cyrille Marie Patrick · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MODULYSS Zele | €51.8m | -1.4% | 10.7% | 132.5 |
| Ragolle Rugs Waregem | €36.4m | 4.4% | 66.0% | 148 |
| LE TISSAGE Mouscron | €26.3m | 4.1% | 28.2% | 66.5 |
| Auria Solutions Belgium Grobbendonk | €27.3m | 1.6% | 29.9% | 68 |
| EMPIRE-CARPETS INTERNATIONAL Harelbeke | - | - | 32.7% | 35.9 |
| SPORTS AND LEISURE GROUP Sint-Niklaas | €88.6m | -4.4% | 32.2% | 104.1 |
| PRESTIGE CARPETS Ronse | €53.4m | 3.9% | 53.1% | 102.5 |
Grey: the largest companies of the sector (textiles (NACE 13)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as MODULYSS: manufacture of textiles (NACE 13930). They are comparable in size and age: total assets between €5.4m and €85m, founded between 1989 and 2012.
Official details
Source: KBO- Status
- Active since 08-10-2010Normal situation
- Activity
- Manufacture of textilesNACE 13930and 1 other
- Joint committees
- 120Textile industry
- 214White-collar workers in the textile industry · annual accounts 2025
- Establishment units
- 2.192.946.4059240 Zele, since 30-09-2010
- 2.292.430.6929000 Ghent, since 09-09-2019
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €15.1m▲ 3.1%
- Employeeson 31-12-2025
- 136▼ 4.2%
- Filing
- Filed on 14-07-2026, 17 days before the end of the filing period
Companies linked to MODULYSS
Parent and group
Insights on MODULYSS
Turnover has fallen every year since 2022. Solvency fell in 2025 from 22.5% to 10.7% because of the loss and higher debts to suppliers.
ITC Co holds all the shares. In January 2024, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MODULYSS
- What is the company number of MODULYSS?
- The company number of MODULYSS is 0830.087.693. The VAT number is the same number with BE in front: BE 0830.087.693.
- Where is MODULYSS based?
- The registered office is at Zevensterrestraat 21, 9240 Zele.Company details
- What does MODULYSS do?
- According to the KBO register, the main activity is manufacture of textiles (NACE 13930).
- What is the legal form of MODULYSS?
- MODULYSS is a public limited company (NV).
- When was MODULYSS founded?
- MODULYSS was founded on 08-10-2010.
- Is MODULYSS still active?
- Yes, MODULYSS is an active enterprise in the KBO register.
- How many employees does MODULYSS have?
- MODULYSS had an average of 132.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does MODULYSS fall under?
- In its 2025 annual accounts, MODULYSS states joint committees 120 (Textile industry) and 214 (White-collar workers in the textile industry).
- What is the turnover of MODULYSS?
- The turnover of MODULYSS was €51.8m in financial year 2025, according to the filed annual accounts.
- Is MODULYSS profitable?
- In financial year 2025, MODULYSS made a loss of €1.7m.
- Where can I find the annual accounts of MODULYSS?
- MODULYSS filed 15 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MODULYSS due?
- MODULYSS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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