modus operandi

Active

Private limited company (pre-2019)founded 200719 yrs activeRenaissancelaan 34, 1000 Brussel, BelgiumKBO/BCE: BE 0887.807.049

The annual accounts of modus operandi for fiscal year 2024 show a net loss of 92% of the equity at the start of that year. The 2024 annual accounts show equity of €3k and a net result of €-41k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 22% of 575 sector peers (fiscal year 2024). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.2% (low).

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Checked score

Score 2024

34 / 100

Weak

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability9▼-70

Solvency26▼-7

Growth32▼-46

Track record100

Bankruptcy probability, 12 months

1.2% Low

0%0.5%1.5%4%10%≥ 25%

No publishable credit limit; credit 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 0.99 against 1.13 in 2023; short-term debt: 97.6% and cash: 13.9% of total assets), and 99.3% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Annual accounts: weaker financial profile

The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.

NBB · annual accounts 2024

Solvency, return and age of the figures

Solvency

0.7%

Return on assets

-8%

Age of the figures

20 mo

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 575 sector peers (2024).

NBB · sector comparison

Position among 575 sector peers

Solvency

better than 22%

← weakest strongest →

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-10-2025, 85 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

85 d late

2023

30 d late

2022

53 d late

2021

122 d late

2020

52 d late

2019

75 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€-41k

2023 · €45k

2018: €9k 2019: €12k 2020: €79k 2021: €-125k 2022: €46k 2023: €45k

2018 → 2024

Working capital

€-7k

2023 · €61k

2018: €100k 2019: €94k 2020: €75k 2021: €-63k 2022: €-20k 2023: €61k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€78k-€-49k€-872▲ 98.2%€44k€3k▼ 92.2%

Operating result€112k-€-121k€77k€87k▲ 12.3%€-23k

Net result€79k-€-125k€46k€45k▼ 2.8%€-41k

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2024: a loss of €23k after €87k in 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €511k

96.2%

Fixed assets €20k▼ 4.5%

Current assets €492k▼ 6.7%

Equity and liabilities €511k

99.3%

Equity €3k▼ 92.2%

Debt €508k▲ 0.9%

The debt ratio rises from 91.9% to 99.3%. Equity is lower and debt is higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€-17k▼

2023 · €91k

Cash flow

€-35k▼

2023 · €49k

Solvency

0.7%▼

2023 · 8.1%

Current ratio

0.99▼

2023 · 1.13

Quick ratio

0.99▼

2023 · 1.13

ROA

-8.0%▼

2023 · 8.2%

Interest coverage

-1.06▼

2023 · 12.65

Debt

€508k▲

2023 · €503k

Debt ≤ 1 year

€499k▲

2023 · €466k

Income taxes

€2k▼

2023 · €35k

Staff costs

€2.67M▲

2023 · €2.53M

A ratio outside any meaningful range has been withheld (balance sheet total €511k, equity €3k).

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€548k€511k▼

Fixed assets21/28€21k€20k▼

Tangible fixed assets22/27€20k€19k▼

Furniture and vehicles24€20k€19k▼

Financial fixed assets28€373€373=

Current assets29/58€527k€492k▼

Amounts receivable within one year40/41€427k€384k▼

Trade receivables40€416k€349k▼

Other amounts receivable41€11k€35k▲

Current investments50/53€30k€37k▲

Cash at bank and in hand54/58€70k€71k▲

Equity and liabilities

Total equity and liabilities10/49€548k€511k▼

Equity10/15€44k€3k▼

Contributions10/11€20k€20k=

Reserves13€42k€42k=

Non-distributable reserves130/1€2k€2k=

Reserves not available under the articles1311€2k€2k=

Distributable reserves133€40k€40k=

Profit (loss) carried forward14€-18k€-59k▼

Amounts payable17/49€503k€508k▲

Amounts payable within one year42/48€466k€499k▲

Financial debts43€164k€139k▼

Credit institutions430/8€164k€139k▼

Trade debts44€2k€0▼

Suppliers440/4€2k€0▼

Taxes, remuneration and social security45€300k€349k▲

Taxes450/3€80k€122k▲

Remuneration and social security454/9€220k€227k▲

Other amounts payable47/48-€11k

Accrued charges and deferred income492/3€38k€9k▼

Income statement Code20232024

Non-recurring operating income76A-€11k

Remuneration, social security and pensions62€2.53M€2.67M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€6k▲

Other operating charges640/8€18k€17k▼

Non-recurring operating charges66A€57k€0▼

Gross operating margin9900€2.70M€2.67M▼

Operating profit (loss)9901€87k€-23k▼

Financial charges65/66B€7k€16k▲

Recurring financial charges65€7k€16k▲

Profit (loss) for the period before taxes9903€80k€-39k▼

Income taxes67/77€35k€2k▼

Profit (loss) for the period9904€45k€-41k▼

Profit (loss) for the period to be appropriated9905€45k€-41k▼

Appropriation of the result

Profit (loss) to be appropriated9906€-18k€-59k▼

Profit (loss) brought forward from the previous period14P€-63k€-18k▲

Social balance

Average headcount (FTE)9087-99.0

The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 13Financial 3Filings 10

2025

24-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 85 days late

2024

30-08

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 30 days late

2023

22-09

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 53 days late

2022

31-12

Financial Back to profitnet €46k

Net result €46k after one loss-making year.

30-11

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 122 days late

2021

31-12

Financial Weakest financial yearnet €-125k ▼258%

Net result drops to €-125k, the lowest in the series; recovery starts the following year.

21-09

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 52 days late

2020

31-12

Financial Highest result since 2018net €79k ▲572%

Operating result €112k, net result €79k, both a record.

14-10

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 75 days late

2019

05-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 5 days late

2018

16-05

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

04-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

31-05

NBB filing Annual accounts filed

fiscal year 2015 · full schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

1 act for this company is 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, Brussel · 1 establishment unit since 2007

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Renaissancelaan 341000 Brussel

Ground area

516 m²

Building footprint

477 m²

Volume, LiDAR

16,344 m³

Parcel 21806F0338/00C002, Brussels · tallest building 37.7 m, ±12 floors. Linked by address, not a title deed.

1 establishment unit

Renaissancelaan 34, 1000 Brussel

NACE 52610

since 20072.160.896.714

1 parcel

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21806F0338/00C002 ProtectedMonument · Site or landscapeKerk en klooster van de Dominikanen en binnentuinSource ↗	Brussels	516 m²	1 · 477 m²	37.7 m · 12 fl.