A.D.G.
ActiveSummary
A.D.G. has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €417,569 and a net result of €123,828. Equity is growing by ~7.7% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+8
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 7.13 against 7.8 in 2023; short-term debt: 13% and cash: 68.4% of total assets), and 13.3% 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 2024Solvency, return and age of the figures
Solvency
86.7%
Return on assets
25.7%
Age of the figures
21 mo
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 15-06-2026, 46 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
46 d early
2024
on the day
2023
2 d early
2022
27 d early
2021
24 d early
2020
22 d early
2019
14 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 19 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 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, micro schema
Equity
€417,569▲ 35.2%
2023 · €308,741
Total assets
€481,756▲ 39.6%
2023 · €345,067
Net result
€123,828▲ 90.1%
2023 · €65,145
Working capital
€384,334▲ 55.5%
2023 · €247,179
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
Line20202021202220232024
Operating result€38,590€26,396▼ 31.6%€76,784▲ 191%€92,265▲ 20.2%€179,003▲ 94.0%
Net result€31,899above the sector's middle half€22,302within the sector's middle half▼ 30.1%€55,691above the sector's middle half▲ 150%€65,145above the sector's middle half▲ 17.0%€123,828above the sector's middle half▲ 90.1%
Equity€259,603above the sector's middle half▲ 14.0%€227,905above the sector's middle half▼ 12.2%€283,596above the sector's middle half▲ 24.4%€308,741above the sector's middle half▲ 8.9%€417,569above the sector's middle half▲ 35.2%
Total assets€314,271above the sector's middle half▲ 8.2%€272,496within the sector's middle half▼ 13.3%€311,341above the sector's middle half▲ 14.3%€345,067above the sector's middle half▲ 10.8%€481,756above the sector's middle half▲ 39.6%
Debt€19,589▼ 29.4%€9,512▼ 51.4%€27,745▲ 192%€36,326▲ 30.9%€64,187▲ 76.7%
Working capital€255,971above the sector's middle half▲ 25.9%€212,161above the sector's middle half▼ 17.1%€203,756above the sector's middle half▼ 4.0%€247,179above the sector's middle half▲ 21.3%€384,334above the sector's middle half▲ 55.5%
Solvency82.6%above the sector's middle half▲ 4.2pp83.6%above the sector's middle half▲ 1.0pp91.1%above the sector's middle half▲ 7.5pp89.5%above the sector's middle half▼ 1.6pp86.7%above the sector's middle half▼ 2.8pp
Current ratio16.43above the sector's middle half▲ 7.2133.58above the sector's middle half▲ 17.158.67above the sector's middle half▼ 24.917.80above the sector's middle half▼ 0.877.13above the sector's middle half▼ 0.67
Return on assets (ROA)10.2%within the sector's middle half▲ 16.3pp8.2%within the sector's middle half▼ 2.0pp17.9%above the sector's middle half▲ 9.7pp18.9%above the sector's middle half▲ 1.0pp25.7%above the sector's middle half▲ 6.8pp
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 2021 the operating result has climbed three years in a row; 2024 is 94% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €481,756
Fixed assets
€34,736 ▼ 43.6%
Current assets
€447,020 ▲ 57.7%
Equity and liabilities €481,756
Equity
€417,569 ▲ 35.2%
Debt
€64,187 ▲ 76.7%
Debt's share of the balance-sheet total rises from 10.5% to 13.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€191,129▲
2023 · €114,233
Cash flow
€135,955▲
2023 · €87,113
Quick ratio
6.12▲
2023 · 5.86
Debt to equity
0.15▲
2023 · 0.12
ROE
29.7%▲
2023 · 21.1%
Interest coverage
66.72▼
2023 · 352.70
Debt ≤ 1 year
€62,686▲
2023 · €36,326
Income taxes
€58,179▲
2023 · €30,629
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.6% 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 497,338 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 20,134 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €15,969 | €16,529 | - | €22,700 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,713 | €16,641 | €18,732 | €21,968 | €12,127 | ▼ 44.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€35,079 | - | - | - |
| Other operating charges640/8 | - | €1,770 | €2,227 | €1,761 | €1,835 | ▲ 4.2% |
| Gross operating margin9900 | €65,166 | €44,807 | €62,665 | €115,993 | €192,964 | ▲ 66.4% |
| Operating profit (loss)9901 | €38,590 | €26,396 | €76,784 | €92,265 | €179,003 | ▲ 94.0% |
| Financial income75/76B | - | €3,665 | €5,779 | €3,833 | €5,868 | ▲ 53.1% |
| Recurring financial income75 | €3,163 | €3,665 | €5,779 | €3,833 | €5,868 | ▲ 53.1% |
| Financial charges65/66B | - | €384 | €303 | €324 | €2,865 | ▲ 784% |
| Recurring financial charges65 | €498 | €384 | €303 | €324 | €2,865 | ▲ 784% |
| Profit (loss) for the period before taxes9903 | €41,255 | €29,677 | €82,260 | €95,774 | €182,007 | ▲ 90.0% |
| Income taxes67/77 | €9,356 | €7,375 | €26,569 | €30,629 | €58,179 | ▲ 89.9% |
| Profit (loss) for the period9904 | €31,899 | €22,302 | €55,691 | €65,145 | €123,828 | ▲ 90.1% |
| Profit (loss) for the period to be appropriated9905 | €31,899 | €22,302 | €55,691 | €65,145 | €123,828 | ▲ 90.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €314,271 | €272,496 | €311,341 | €345,067 | €481,756 | ▲ 39.6% |
| Fixed assets21/28 | €41,711 | €53,822 | €81,020 | €61,562 | €34,736 | ▼ 43.6% |
| Tangible fixed assets22/27 | €41,711 | €53,822 | €81,020 | €61,562 | €34,736 | ▼ 43.6% |
| Plant, machinery and equipment23 | - | €1,340 | €2,381 | €3,838 | €8,119 | ▲ 112% |
| Furniture and vehicles24 | - | €52,482 | €78,639 | €57,724 | €26,617 | ▼ 53.9% |
| Current assets29/58 | €272,560 | €218,673 | €230,321 | €283,505 | €447,020 | ▲ 57.7% |
| Stocks and contracts in progress3 | €69,046 | €74,071 | €84,325 | €70,675 | €63,483 | ▼ 10.2% |
| Stocks30/36 | - | €74,071 | €84,325 | €70,675 | €63,483 | ▼ 10.2% |
| Amounts receivable within one year40/41 | €98,426 | €84,657 | €46,410 | €35,268 | €15,324 | ▼ 56.6% |
| Trade receivables40 | - | €19,467 | €11,342 | €13,181 | €1,786 | ▼ 86.4% |
| Other amounts receivable41 | - | €65,190 | €35,068 | €22,087 | €13,537 | ▼ 38.7% |
| Current investments50/53 | €45,000 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €59,492 | €55,700 | €93,187 | €169,823 | €329,384 | ▲ 94.0% |
| Deferred charges and accrued income490/1 | - | €4,246 | €6,400 | €7,739 | €38,829 | ▲ 402% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €314,271 | €272,496 | €311,341 | €345,067 | €481,756 | ▲ 39.6% |
| Equity10/15 | €259,603 | €227,905 | €283,596 | €308,741 | €417,569 | ▲ 35.2% |
| Contributions10/11 | - | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €234,603 | €202,905 | €258,596 | €283,741 | €392,569 | ▲ 38.4% |
| Non-distributable reserves130/1 | - | €2,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | €2,500 | - | - | - | - |
| Distributable reserves133 | - | €200,405 | €258,596 | €283,741 | €392,569 | ▲ 38.4% |
| Provisions and deferred taxes16 | €35,079 | €35,079 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | €35,079 | - | - | - | - |
| Pensions and similar obligations160 | - | €35,079 | - | - | - | - |
| Amounts payable17/49 | €19,589 | €9,512 | €27,745 | €36,326 | €64,187 | ▲ 76.7% |
| Amounts payable after more than one year17 | €3,000 | €3,000 | - | - | - | - |
| Financial debts170/4 | - | €3,000 | - | - | - | - |
| Amounts payable within one year42/48 | €16,589 | €6,512 | €26,565 | €36,326 | €62,686 | ▲ 72.6% |
| Trade debts44 | €12,578 | €2,887 | €9,021 | €26,326 | €22,321 | ▼ 15.2% |
| Suppliers440/4 | - | €2,887 | €9,021 | €26,326 | €22,321 | ▼ 15.2% |
| Advances received on contracts in progress46 | - | - | €10,975 | €10,000 | €16,757 | ▲ 67.6% |
| Taxes, remuneration and social security45 | - | €3,625 | €6,569 | - | €8,608 | - |
| Taxes450/3 | - | €3,625 | €6,569 | - | €8,608 | - |
| Other amounts payable47/48 | - | - | - | - | €15,000 | - |
| Accrued charges and deferred income492/3 | - | - | €1,180 | - | €1,501 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,899 | €22,302 | €55,691 | €65,145 | €123,828 | ▲ 90.1% |
| + Depreciation and write-downs630 | €22,713 | €16,641 | €18,732 | €21,968 | €12,127 | ▼ 44.8% |
| Operating cash flow (approximation) | €54,612 | €38,942 | €74,423 | €87,113 | €135,955 | ▲ 56.1% |
| Investment in fixed assets (approximation) | - | -€28,752 | -€45,930 | -€2,510 | €14,699 | ▲ 686% |
| Change in cash | - | -€3,792 | €37,488 | €76,636 | €159,562 | ▲ 108% |
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
15-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €123,828 ▲90.1%
Operating result €179,003, net result €123,828, both a record.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity doublescurrent ratio 33.58
Current ratio from 16.43 to 33.58; short-term debt falls from €16,589 to €6,512.
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €31,899
Net result €31,899 after one loss-making year.
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€17,940
Net result drops to -€17,940, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
04-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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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, Westerlo · 1 establishment unit since 1994
Ground area
5,967 m²
Building footprint
229 m²
Volume, LiDAR
1,341 m³
Parcel 13039C0018/00G002, Flanders · tallest building 8.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
A.D.G.
since 19942.064.953.420
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13039C0018/00G002 | Flanders | 5,967 m² | 1 · 229 m² | 8.6 m · 2 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 4,269 companies in sector 43230 we hold annual accounts for 1,241. 799 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
Founded26-11-1993
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
46831Wholesale of construction materials, general range
E-invoicing
Reachable via Peppol
Peppol ID
0208:0451471454
Also
9925:BE0451471454
Registered
20-01-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.