A.D.-GROUP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 5 filings
Turnover
≈ €200,000
Estimated: probably between €87,000 and €620,000
Total assets
€63,090▼ 10.6%
2024 · €70,533
Net result
€3,350▼ 75.0%
2024 · €13,409
Working capital
-€4,087▼ 309%
2024 · -€999
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€7,885
▼ 54.8%
2025
20212025
Net result
€3,350
▼ 75.0%
2025
middle half of the sector
20212025
Equity
€20,156
▲ 19.9%
2025
middle half of the sector
20212025
Total assets
€63,090
▼ 10.6%
2025
middle half of the sector
20212025
Debt
€42,934
▼ 20.1%
2025
20212025
Working capital
-€4,087
▼ 309%
2025
middle half of the sector
20212025
Solvency
31.9%
▲ 8.1pp
2025
middle half of the sector
20212025
Current ratio
0.81
▼ 0.15
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
5.3%
▼ 13.7pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€4,405--€726▲ 83.5%-€1,133▼ 56.1%€17,454€7,885▼ 54.8%
Net result-€4,441below the sector's middle half--€869within the sector's middle half▲ 80.4%-€1,293within the sector's middle half▼ 48.7%€13,409within the sector's middle half€3,350within the sector's middle half▼ 75.0%
Equity€5,559below the sector's middle half-€4,690within the sector's middle half▼ 15.6%€3,397within the sector's middle half▼ 27.6%€16,806within the sector's middle half▲ 395%€20,156within the sector's middle half▲ 19.9%
Total assets€6,531below the sector's middle half-€5,270below the sector's middle half▼ 19.3%€3,397below the sector's middle half▼ 35.6%€70,533within the sector's middle half▲ 21×€63,090within the sector's middle half▼ 10.6%
Debt€972-€580▼ 40.3%€0▼ 100%€53,727€42,934▼ 20.1%
Working capital€4,666within the sector's middle half-€4,023within the sector's middle half▼ 13.8%€2,980within the sector's middle half▼ 25.9%-€999within the sector's middle half-€4,087within the sector's middle half▼ 309%
Solvency85.1%above the sector's middle half-89.0%above the sector's middle half▲ 3.9pp23.8%within the sector's middle half31.9%within the sector's middle half▲ 8.1pp
Current ratio5.92above the sector's middle half-7.93above the sector's middle half▲ 2.010.96within the sector's middle half0.81below the sector's middle half▼ 0.15
Return on assets (ROA)-68.0%below the sector's middle half--16.5%below the sector's middle half▲ 51.5pp19.0%above the sector's middle half5.3%within the sector's middle half▼ 13.7pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 55% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €63,090
Fixed assets
€45,377 ▼ 3.4%
Current assets
€17,713 ▼ 24.3%
Equity and liabilities €63,090
Equity
€20,156 ▲ 19.9%
Debt
€42,934 ▼ 20.1%
Debt's share of the balance-sheet total falls from 76.2% to 68.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,381▼
2024 · €23,169
Cash flow
€15,846▼
2024 · €19,124
Debt to equity
2.13▼
2024 · 3.20
ROE
16.6%▼
2024 · 79.8%
Interest coverage
12.31▼
2024 · 17.67
Debt ≤ 1 year
€21,800▼
2024 · €24,393
Debt > 1 year
€21,135▼
2024 · €28,937
Income taxes
€2,890▲
2024 · €2,734
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €52,436 | €10,735 |
| Depreciation and write-downs of the year | €333 | €250 | €250 | €5,715 | €12,496 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | €3,314 | - | €337 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €333 | €250 | €250 | €5,715 | €12,496 | ▲ 119% |
| Other operating charges640/8 | €757 | €513 | €546 | €586 | €6,253 | ▲ 967% |
| Gross operating margin9900 | -€3,314 | €37 | -€337 | €23,755 | €26,635 | ▲ 12.1% |
| Operating profit (loss)9901 | -€4,405 | -€726 | -€1,133 | €17,454 | €7,885 | ▼ 54.8% |
| Financial income75/76B | - | €1 | €1 | €0 | €10 | ▲ 1,001× |
| Recurring financial income75 | - | €1 | €1 | €0 | €10 | ▲ 1,001× |
| Financial charges65/66B | €36 | €144 | €161 | €1,311 | €1,656 | ▲ 26.3% |
| Recurring financial charges65 | €36 | €144 | €161 | €1,311 | €1,656 | ▲ 26.3% |
| Profit (loss) for the period before taxes9903 | -€4,441 | -€869 | -€1,293 | €16,143 | €6,239 | ▼ 61.3% |
| Income taxes67/77 | - | - | - | €2,734 | €2,890 | ▲ 5.7% |
| Profit (loss) for the period9904 | -€4,441 | -€869 | -€1,293 | €13,409 | €3,350 | ▼ 75.0% |
| Profit (loss) for the period to be appropriated9905 | -€4,441 | -€869 | -€1,293 | €13,409 | €3,350 | ▼ 75.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6,531 | €5,270 | €3,397 | €70,533 | €63,090 | ▼ 10.6% |
| Formation expenses20 | €917 | €667 | €417 | €167 | - | - |
| Fixed assets21/28 | - | - | - | €46,971 | €45,377 | ▼ 3.4% |
| Tangible fixed assets22/27 | - | - | - | €46,971 | €45,377 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | - | €36,410 | €28,906 | ▼ 20.6% |
| Furniture and vehicles24 | - | - | - | €10,561 | €16,471 | ▲ 56.0% |
| Current assets29/58 | €5,614 | €4,603 | €2,980 | €23,395 | €17,713 | ▼ 24.3% |
| Amounts receivable within one year40/41 | €570 | €143 | €79 | €9,698 | €10,362 | ▲ 6.8% |
| Trade receivables40 | - | - | - | €6,843 | €6,858 | ▲ 0.2% |
| Other amounts receivable41 | €570 | €143 | €79 | €2,855 | €3,504 | ▲ 22.7% |
| Cash at bank and in hand54/58 | €4,568 | €4,460 | €2,901 | €10,048 | €4,528 | ▼ 54.9% |
| Deferred charges and accrued income490/1 | €476 | - | - | €3,649 | €2,824 | ▼ 22.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6,531 | €5,270 | €3,397 | €70,533 | €63,090 | ▼ 10.6% |
| Equity10/15 | €5,559 | €4,690 | €3,397 | €16,806 | €20,156 | ▲ 19.9% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Contributions outside capital11 | €10,000 | €10,000 | €10,000 | - | - | - |
| Other1109/19 | €10,000 | €10,000 | €10,000 | - | - | - |
| Reserves13 | - | - | - | €6,806 | €10,156 | ▲ 49.2% |
| Distributable reserves133 | - | - | - | €6,806 | €10,156 | ▲ 49.2% |
| Profit (loss) carried forward14 | -€4,441 | -€5,310 | -€6,603 | - | - | - |
| Amounts payable17/49 | €972 | €580 | €0 | €53,727 | €42,934 | ▼ 20.1% |
| Amounts payable after more than one year17 | - | - | - | €28,937 | €21,135 | ▼ 27.0% |
| Financial debts170/4 | - | - | - | €28,937 | €21,135 | ▼ 27.0% |
| Amounts payable within one year42/48 | €948 | €580 | €0 | €24,393 | €21,800 | ▼ 10.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,455 | €7,803 | ▲ 4.7% |
| Trade debts44 | €948 | €580 | €0 | €3,532 | €185 | ▼ 94.7% |
| Suppliers440/4 | €948 | €580 | €0 | €3,532 | €185 | ▼ 94.7% |
| Taxes, remuneration and social security45 | - | - | - | €3,219 | €7,952 | ▲ 147% |
| Taxes450/3 | - | - | - | €3,219 | €7,952 | ▲ 147% |
| Other amounts payable47/48 | €0 | - | - | €10,188 | €5,859 | ▼ 42.5% |
| Accrued charges and deferred income492/3 | €24 | - | - | €396 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,441 | -€869 | -€1,293 | €13,409 | €3,350 | ▼ 75.0% |
| + Depreciation and write-downs630 | €333 | €250 | €250 | €5,715 | €12,496 | ▲ 119% |
| Operating cash flow (approximation) | -€4,108 | -€619 | -€1,043 | €19,124 | €15,846 | ▼ 17.1% |
| Investment in fixed assets (approximation) | - | - | - | - | -€10,902 | - |
| Change in cash | - | -€108 | -€1,559 | €7,146 | -€5,520 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as A.D.-GROUP has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of A.D.-GROUP itself is higher: 2.0% within 12 months. It rests on far more data about A.D.-GROUP than the profile alone.
Test of the method
The method was tested on the 497,446 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 26,972 companies, not a prediction for A.D.-GROUP. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00376410 | |
| 31-12-2024 | micro format | 08-09-2025 | 2025-00485947 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00331913 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00264355 | |
| 31-12-2021 | micro format | 11-10-2022 | 2022-20456936 |