A.A.D.
ActiveSummary
A.A.D. has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €171,393 and a net result of €53,592. Equity is growing by ~27% per year across the filed fiscal years. Its solvency ranks better than 58% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability90▲+6
Solvency79▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 1.94 against 2.01 in 2024; short-term debt: 28.1% of total assets), and 45.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
54.5%
Return on assets
17%
Age of the figures
15 mo
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
2 d late
2024
on the day
2023
21 d early
2022
31 d early
2021
28 d early
2020
54 d early
2019
44 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 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · 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. Usually files around 10 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close29-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€171,393▲ 45.5%
2024 · €117,802
Total assets
€314,623▲ 42.1%
2024 · €221,429
Net result
€53,592▲ 93.3%
2024 · €27,721
Working capital
€83,260▼ 5.3%
2024 · €87,938
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€78,350€98,469▲ 25.7%€26,725▼ 72.9%€50,991▲ 90.8%€53,930▲ 5.8%
Net result€54,882above the sector's middle half€99,747above the sector's middle half▲ 81.7%€3,207within the sector's middle half▼ 96.8%€27,721within the sector's middle half▲ 764%€53,592above the sector's middle half▲ 93.3%
Equity€20,460within the sector's middle half=€86,874within the sector's middle half▲ 325%€90,081within the sector's middle half▲ 3.7%€117,802within the sector's middle half▲ 30.8%€171,393above the sector's middle half▲ 45.5%
Total assets€110,812within the sector's middle half▼ 18.9%€158,192within the sector's middle half▲ 42.8%€174,822within the sector's middle half▲ 10.5%€221,429within the sector's middle half▲ 26.7%€314,623above the sector's middle half▲ 42.1%
Debt€90,352▼ 22.2%€71,319▼ 21.1%€84,741▲ 18.8%€103,627▲ 22.3%€143,230▲ 38.2%
Working capital€14,083within the sector's middle half▼ 44.0%€38,436within the sector's middle half▲ 173%€50,392within the sector's middle half▲ 31.1%€87,938within the sector's middle half▲ 74.5%€83,260within the sector's middle half▼ 5.3%
Solvency18.5%below the sector's middle half▲ 3.5pp54.9%within the sector's middle half▲ 36.5pp51.5%within the sector's middle half▼ 3.4pp53.2%within the sector's middle half▲ 1.7pp54.5%within the sector's middle half▲ 1.3pp
Current ratio1.16within the sector's middle half▼ 0.072.19within the sector's middle half▲ 1.041.88within the sector's middle half▼ 0.312.01within the sector's middle half▲ 0.131.94within the sector's middle half▼ 0.07
Return on assets (ROA)49.5%above the sector's middle half▲ 49.9pp63.1%above the sector's middle half▲ 13.5pp1.8%within the sector's middle half▼ 61.2pp12.5%within the sector's middle half▲ 10.7pp17.0%within the sector's middle half▲ 4.5pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 6% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €314,623
Fixed assets
€142,842 ▲ 209%
Current assets
€171,781 ▼ 2.0%
Equity and liabilities €314,623
Equity
€171,393 ▲ 45.5%
Debt
€143,230 ▲ 38.2%
Debt's share of the balance-sheet total falls from 46.8% to 45.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€82,221▲
2024 · €72,112
Cash flow
€81,882▲
2024 · €48,842
Debt to equity
0.84▼
2024 · 0.88
ROE
31.3%▲
2024 · 23.5%
Interest coverage
62.38▼
2024 · 66.44
Debt ≤ 1 year
€88,521▲
2024 · €87,329
Debt > 1 year
€54,709▲
2024 · €16,298
Income taxes
-€801▼
2024 · €22,299
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 31,370 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,117 | €15,217 | €21,340 | €21,121 | €28,291 | ▲ 33.9% |
| Other operating charges640/8 | - | €3,473 | €3,160 | €3,005 | €3,955 | ▲ 31.6% |
| Gross operating margin9900 | €82,409 | €117,158 | €51,225 | €75,117 | €86,175 | ▲ 14.7% |
| Operating profit (loss)9901 | €78,350 | €98,469 | €26,725 | €50,991 | €53,930 | ▲ 5.8% |
| Financial income75/76B | - | €1 | €174 | €114 | €178 | ▲ 56.8% |
| Recurring financial income75 | €6 | €1 | €174 | €114 | €178 | ▲ 56.8% |
| Financial charges65/66B | - | €981 | €1,002 | €1,085 | €1,318 | ▲ 21.5% |
| Recurring financial charges65 | €614 | €981 | €1,002 | €1,085 | €1,318 | ▲ 21.5% |
| Profit (loss) for the period before taxes9903 | €77,741 | €97,488 | €25,897 | €50,020 | €52,790 | ▲ 5.5% |
| Income taxes67/77 | €22,859 | -€2,259 | €22,690 | €22,299 | -€801 | ▼ 104% |
| Profit (loss) for the period9904 | €54,882 | €99,747 | €3,207 | €27,721 | €53,592 | ▲ 93.3% |
| Profit (loss) for the period to be appropriated9905 | €54,882 | €99,747 | €3,207 | €27,721 | €53,592 | ▲ 93.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €110,812 | €158,192 | €174,822 | €221,429 | €314,623 | ▲ 42.1% |
| Fixed assets21/28 | €6,806 | €87,589 | €67,283 | €46,162 | €142,842 | ▲ 209% |
| Tangible fixed assets22/27 | €6,806 | €87,589 | €67,283 | €46,162 | €142,842 | ▲ 209% |
| Plant, machinery and equipment23 | - | €4,390 | €3,283 | €1,362 | €603 | ▼ 55.7% |
| Furniture and vehicles24 | - | €83,200 | €64,000 | €44,800 | €142,239 | ▲ 217% |
| Current assets29/58 | €104,005 | €70,603 | €107,539 | €175,266 | €171,781 | ▼ 2.0% |
| Stocks and contracts in progress3 | €20,201 | €5,201 | €30,201 | €22,701 | - | - |
| Stocks30/36 | - | €5,201 | €30,201 | €22,701 | - | - |
| Amounts receivable within one year40/41 | €59,551 | €50,536 | €72,087 | €123,497 | €167,649 | ▲ 35.8% |
| Trade receivables40 | - | €20,432 | €7,385 | €9,835 | €17,420 | ▲ 77.1% |
| Other amounts receivable41 | - | €30,104 | €64,702 | €113,662 | €150,229 | ▲ 32.2% |
| Cash at bank and in hand54/58 | €23,400 | €13,076 | €2,283 | €27,224 | - | - |
| Deferred charges and accrued income490/1 | - | €1,790 | €2,968 | €1,844 | €4,132 | ▲ 124% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €110,812 | €158,192 | €174,822 | €221,429 | €314,623 | ▲ 42.1% |
| Equity10/15 | €20,460 | €86,874 | €90,081 | €117,802 | €171,393 | ▲ 45.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €18,600 | €18,600 | - | - | - |
| Issued capital100 | - | €18,600 | €18,600 | - | - | - |
| Reserves13 | €1,860 | €68,274 | €71,481 | €99,202 | €152,793 | ▲ 54.0% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €66,414 | €69,621 | €97,342 | €150,933 | ▲ 55.1% |
| Amounts payable17/49 | €90,352 | €71,319 | €84,741 | €103,627 | €143,230 | ▲ 38.2% |
| Amounts payable after more than one year17 | €430 | €39,152 | €27,595 | €16,298 | €54,709 | ▲ 236% |
| Financial debts170/4 | - | €39,152 | €27,595 | €16,298 | €54,709 | ▲ 236% |
| Amounts payable within one year42/48 | €89,922 | €32,167 | €57,146 | €87,329 | €88,521 | ▲ 1.4% |
| Current portion of amounts payable after more than one year42 | - | €10,961 | €11,127 | €12,266 | €29,441 | ▲ 140% |
| Financial debts43 | - | - | - | - | €22,508 | - |
| Credit institutions430/8 | - | - | - | - | €22,508 | - |
| Trade debts44 | €44,117 | €15,079 | €37,374 | €64,965 | €28,303 | ▼ 56.4% |
| Suppliers440/4 | - | €15,079 | €37,374 | €64,965 | €28,303 | ▼ 56.4% |
| Advances received on contracts in progress46 | - | - | - | - | €1,000 | - |
| Taxes, remuneration and social security45 | - | €6,128 | €8,645 | €10,098 | €7,269 | ▼ 28.0% |
| Taxes450/3 | - | €6,128 | €8,645 | €10,098 | €7,269 | ▼ 28.0% |
| Remuneration and social security454/9 | - | - | - | €0 | €0 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,882 | €99,747 | €3,207 | €27,721 | €53,592 | ▲ 93.3% |
| + Depreciation and write-downs630 | €1,117 | €15,217 | €21,340 | €21,121 | €28,291 | ▲ 33.9% |
| Operating cash flow (approximation) | €56,000 | €114,964 | €24,547 | €48,842 | €81,882 | ▲ 67.6% |
| Investment in fixed assets (approximation) | - | -€96,000 | -€1,033 | €0 | -€124,971 | - |
| Change in cash | - | -€10,324 | -€10,793 | €24,941 | - | - |
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
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 2 days late
2025
30-06
Financial
Equity above €150,000Eq €171,393 ▲45.5%
5 profitable years in a row build equity to €171,393.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Equity above €100,000Eq €117,802 ▲30.8%
4 profitable years in a row build equity to €117,802.
10-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
31-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Highest result since 2019net €99,747 ▲81.7%
Operating result €98,469, net result €99,747, both a record.
03-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Back to profitnet €54,882
Net result €54,882 after one loss-making year.
2020
08-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Weakest financial yearnet -€470
Net result drops to -€470, the lowest in the series; recovery starts the following year.
2019
18-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2018
19-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
15-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
27-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Antwerpen · 1 establishment unit since 2003
Ground area
367 m²
Building footprint
80 m²
Volume, LiDAR
731 m³
Parcel 11346B0985/00R009, Flanders · tallest building 10.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
A.A.D. BVBA
since 20032.126.879.309
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11346B0985/00R009 | Flanders | 367 m² | 1 · 80 m² | 10.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 22,829 companies in sector 43211 we hold annual accounts for 10,334. 8,479 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-04-2002
Fiscal year end30-06
Activities, NACEBEL 2025
43211General electrical installation work
42220Construction of utility projects for electricity and telecommunications
43222Installation of electric heating, air conditioning, cooling and ventilation
46500Wholesale of information and communication equipment
E-invoicing
Reachable via Peppol
Peppol ID
0208:0477399851
Also
9925:BE0477399851
Registered
09-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.