MODEX · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of MODEX is 2.1% (moderate). The 2025 annual accounts show equity of €138k and a net result of €41k. Equity is growing by ~53.1% per year across the filed fiscal years. Its solvency ranks better than 23% of 2873 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

3 signals · with evidence

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 2873 sector peers (2025).

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 06-11-2025, 86 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

The next deadline is still running

The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 30-06. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-06-2025, that is 31-01-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
30-06-2025	31-01-2026	06-11-2025	86 d early	2025-00563487
30-06-2024	31-01-2025	16-01-2025	15 d early	2025-00005899
30-06-2023	31-01-2024	24-01-2024	7 d early	2024-00005636

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2021, past the statistically most fragile first 3 years.

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.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

2.1% Moderate

0%0,5%1,5%4%10%≥25%

Young company +Higher-failure-rate sector +Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€41k-36.1%

Working capital€-36k+20.5%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 06-11-2025 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~53.1%/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 2025 · NACE 43, Specialised construction · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	18.6%	43.4%	better than 23% of 2873 sector peers
Net result	€41k	€13k	better than 79% of 2872 sector peers
Equity	€138k	€44k	better than 85% of 2873 sector peers
Gross operating margin	€178k	€39k	better than 90% of 2870 sector peers
Total assets	€743k	€115k	better than 95% of 2873 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P23

Weakening position over 2023-2025 · n=2873-11088

Net result P79

Stable position over 2023-2025 · n=2872-11070

Equity P85

Improving position over 2023-2025 · n=2873-11091

Gross operating margin P90

Improving position over 2023-2025 · n=2870-11060

Describes the position versus peers, not a forecast.

EBITDA

€176k

+53.8% 23-25

Net profit

€41k

-36.1% 23-25

Cash flow

€152k

+77.3% 23-25

Total assets

€743k

+154.4% 23-25

Equity

€138k

+41.4% 23-25

Working capital

€-36k

+20.5% 23-25

Income taxes

€16k

-34.5% 23-25

Debt

€604k

+211.3% 23-25

Debt ≤ 1y

€131k

-15.1% 23-25

Debt > 1y

€471k

+1097.7% 23-25

Current ratio

0.72

+2.6% 23-25

Quick ratio

0.61

-7.9% 23-25

Solvency

18.6%

-44.4% 23-25

Debt / equity

4.37

+120.2% 23-25

ROE

29.3%

-54.8% 23-25

ROA

5.5%

-74.9% 23-25

Interest coverage

19.90

-24.5% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	-
EBITDA	€176k
Net profit	€41k
Cash flow	€152k
Staff costs	-
Income taxes	€16k
Dividends	-
Total assets	€743k
Equity	€138k
Debt	€604k
of which ≤ 1y	€131k
of which > 1y	€471k
Working capital	€-36k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	0.72
Quick ratio	0.61
Working capital ratio	-4.9%
Solvency	18.6%
Debt / equity	4.37
Long-term debt ratio	3.40
Interest coverage	19.90
Gross margin	-
Net margin	-
ROA	5.5%
ROE	29.3%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €647k · 87.2% Current assets €95k · 12.8%

Equity & liabilities

Equity €138k · 18.6% Debt €604k · 81.4%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€743k
Fixed assets	21/28	€647k
Tangible fixed assets	22/27	€647k
Financial fixed assets	28	€0
Current assets	29/58	€95k
Stocks & contracts in progress	3	€15k
Amounts receivable within one year	40/41	€35k
Cash & bank	54/58	€38k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€743k
Equity	10/15	€138k
Contributions / capital	10/11	€5k
Reserves	13	€133k
Amounts payable	17/49	€604k
Amounts payable after one year	17	€471k
Amounts payable within one year	42/48	€131k
Trade debts payable within one year	44	€10k
Income statement
Gross operating margin	9900	€178k
Operating result	9901	€64k
Financial income	75	€1k
Financial charges	65	€9k
Result before taxes	9903	€57k
Income taxes	67/77	€16k
Net result for the period	9904	€41k
Result to be appropriated	9905	€41k

You're seeing the latest fiscal year only. Unlock 2 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

48 / 100 Fair

050100

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.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

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Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

1 director

Current directors & mandates

DEBOOSERE Dieter André Robert
Director
State Gazette act 24081427 (29-05-2024)

Current
01-03-2024 → present

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Schrijnwerk(43320)
Legal form	Private limited company(610)
Incorporation	15-09-2021
Status	Active
Postal code	8510

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

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.

Kalvariestraat(Mar) 888510 Kortrijk

Establishment units

1 location

Kalvariestraat(Mar) 88, 8510 Kortrijk

Zagen en schaven van hout

since 20212.322.315.206

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area403 m²

Buildings1

Building footprint137 m²

Volume (LiDAR)643 m³

Tallest building10.2 m · ±1 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
34026B0113/00K004	Flanders	403 m²	1 · 137 m²	10.2 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

1 acts

All acts · 1 updated 2 years ago

2024

29-05-2024 DEBOOSERE Dieter André Robert appointed as director Director changes

DEBOOSERE Dieter André Robert, Bestuurder

Original publication ↗

Analysis

Snowflake analysis

financial profile on 5 axes

67 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 48

Profitability 100

Solvency 17

Growth 78

Stability 94

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