A.D Min
ActiveSummary
A.D Min has been active since 1972 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €49,027 and a net result of -€7,746. Equity is growing by ~16% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability42▲+6
Solvency51▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 3.35 against 3.42 in 2024; short-term debt: 17.6% and cash: 9.1% of total assets), but 73.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
raises risk · 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 2025Solvency, return and age of the figures
Solvency
26.3%
Return on assets
-4.2%
Age of the figures
20 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 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2025
48 d early
2024
89 d early
2023
78 d early
2022
72 d early
2020
124 d early
2019
59 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 72 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, micro schema
Equity
€49,027▼ 13.6%
2024 · €56,773
Total assets
€186,174▼ 8.9%
2024 · €204,410
Net result
-€7,746▼ 1.4%
2024 · -€7,638
Working capital
€76,891▼ 4.8%
2024 · €80,748
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202022202320242025
Operating result-€4,388€7,491-€6,602▼ 11.9%-€3,573-€5,299▼ 48.3%
Net result-€6,408below the sector's middle half€5,479within the sector's middle half-€2,610within the sector's middle half▼ 52.4%-€7,638below the sector's middle half-€7,746▼ 1.4%
Equity-€4,590below the sector's middle half€61,802within the sector's middle half-€64,411within the sector's middle half▲ 4.2%€56,773within the sector's middle half▼ 11.9%€49,027▼ 13.6%
Total assets€132,749within the sector's middle half▼ 9.3%€207,811within the sector's middle half-€216,526within the sector's middle half▲ 4.2%€204,410within the sector's middle half▼ 5.6%€186,174▼ 8.9%
Debt€137,339▼ 5.0%€146,010-€152,115▲ 4.2%€147,637▼ 2.9%€137,147▼ 7.1%
Working capital€113,113within the sector's middle half▲ 5.2%€66,231within the sector's middle half-€83,655within the sector's middle half▲ 26.3%€80,748within the sector's middle half▼ 3.5%€76,891▼ 4.8%
Solvency-3.5%below the sector's middle half▼ 4.7pp29.7%within the sector's middle half-29.7%within the sector's middle half=27.8%within the sector's middle half▼ 2.0pp26.3%▼ 1.4pp
Current ratio10.98above the sector's middle half▲ 6.133.98within the sector's middle half-3.98within the sector's middle half=3.42within the sector's middle half▼ 0.563.35▼ 0.07
Return on assets (ROA)-4.8%below the sector's middle half▼ 9.9pp2.6%within the sector's middle half-1.2%below the sector's middle half▼ 1.4pp-3.7%below the sector's middle half▼ 4.9pp-4.2%▼ 0.4pp
Staff (FTE)0.9within the sector's middle half=0.3-1▲ 233%1=0.8▼ 20.0%
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
The operating result stays negative: a loss of €5,299 in 2025 against €3,573 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €186,174
Fixed assets
€76,516 ▼ 15.3%
Current assets
€109,658 ▼ 3.9%
Equity and liabilities €186,174
Equity
€49,027 ▼ 13.6%
Debt
€137,147 ▼ 7.1%
Debt's share of the balance-sheet total rises from 72.2% to 73.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€8,473▼
2024 · €10,955
Cash flow
€6,026▼
2024 · €6,890
Quick ratio
0.76▲
2024 · 0.70
Debt to equity
2.80▲
2024 · 2.60
ROE
-15.8%▼
2024 · -13.5%
Interest coverage
3.42▲
2024 · 2.67
Debt ≤ 1 year
€32,767▼
2024 · €33,375
Debt > 1 year
€104,380▼
2024 · €114,263
Staff costs
€12,858▲
2024 · €7,892
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,450 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.5%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% 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 497,340 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% | 1.8% |
| 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 2,450 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €3,920 | €5,897 | €7,892 | €12,858 | ▲ 62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,586 | €6,234 | €14,528 | €14,528 | €13,772 | ▼ 5.2% |
| Other operating charges640/8 | - | €2,260 | €2,170 | €2,413 | €2,423 | ▲ 0.4% |
| Gross operating margin9900 | €20,553 | €19,905 | €29,196 | €21,260 | €23,755 | ▲ 11.7% |
| Operating profit (loss)9901 | -€4,388 | €7,491 | €6,602 | -€3,573 | -€5,299 | ▼ 48.3% |
| Financial income75/76B | - | €1,086 | €82 | €37 | €33 | ▼ 10.2% |
| Recurring financial income75 | €307 | €1,086 | €82 | €37 | €33 | ▼ 10.2% |
| Financial charges65/66B | - | €2,962 | €4,071 | €4,102 | €2,480 | ▼ 39.5% |
| Recurring financial charges65 | €2,185 | €2,962 | €4,071 | €4,102 | €2,480 | ▼ 39.5% |
| Profit (loss) for the period before taxes9903 | -€6,266 | €5,615 | €2,612 | -€7,638 | -€7,746 | ▼ 1.4% |
| Income taxes67/77 | €142 | €136 | €3 | - | - | - |
| Profit (loss) for the period9904 | -€6,408 | €5,479 | €2,610 | -€7,638 | -€7,746 | ▼ 1.4% |
| Profit (loss) for the period to be appropriated9905 | -€6,408 | €5,479 | €2,610 | -€7,638 | -€7,746 | ▼ 1.4% |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €132,749 | €207,811 | €216,526 | €204,410 | €186,174 | ▼ 8.9% |
| Fixed assets21/28 | €8,298 | €119,344 | €104,816 | €90,288 | €76,516 | ▼ 15.3% |
| Tangible fixed assets22/27 | €8,298 | €119,344 | €104,816 | €90,288 | €76,516 | ▼ 15.3% |
| Land and buildings22 | - | €108,100 | €97,572 | €87,044 | €76,516 | ▼ 12.1% |
| Furniture and vehicles24 | - | €11,244 | €7,244 | €3,244 | - | - |
| Current assets29/58 | €124,451 | €88,467 | €111,711 | €114,123 | €109,658 | ▼ 3.9% |
| Stocks and contracts in progress3 | €90,423 | €68,752 | €84,413 | €90,893 | €84,648 | ▼ 6.9% |
| Stocks30/36 | - | €68,752 | €84,413 | €90,893 | €84,648 | ▼ 6.9% |
| Amounts receivable within one year40/41 | €456 | €198 | €205 | €205 | - | - |
| Other amounts receivable41 | - | €198 | €205 | €205 | - | - |
| Current investments50/53 | €96 | €96 | €95 | €95 | €95 | = |
| Cash at bank and in hand54/58 | €30,092 | €17,696 | €19,071 | €16,520 | €16,963 | ▲ 2.7% |
| Deferred charges and accrued income490/1 | - | €1,726 | €7,927 | €6,410 | €7,952 | ▲ 24.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €132,749 | €207,811 | €216,526 | €204,410 | €186,174 | ▼ 8.9% |
| Equity10/15 | -€4,590 | €61,802 | €64,411 | €56,773 | €49,027 | ▼ 13.6% |
| Contributions10/11 | - | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Reserves13 | €1,909 | €1,909 | €1,909 | €1,909 | €1,909 | = |
| Non-distributable reserves130/1 | - | €1,909 | €1,909 | €1,909 | €1,909 | = |
| Reserves not available under the articles1311 | - | €1,909 | €1,909 | €1,909 | €1,909 | = |
| Profit (loss) carried forward14 | -€25,586 | -€20,107 | -€17,498 | -€25,136 | -€32,882 | ▼ 30.8% |
| Amounts payable17/49 | €137,339 | €146,010 | €152,115 | €147,637 | €137,147 | ▼ 7.1% |
| Amounts payable after more than one year17 | €126,000 | €123,773 | €124,060 | €114,263 | €104,380 | ▼ 8.6% |
| Financial debts170/4 | - | €88,773 | €79,060 | €69,263 | €59,380 | ▼ 14.3% |
| Other amounts payable178/9 | - | €35,000 | €45,000 | €45,000 | €45,000 | = |
| Amounts payable within one year42/48 | €11,338 | €22,236 | €28,055 | €33,375 | €32,767 | ▼ 1.8% |
| Current portion of amounts payable after more than one year42 | - | €9,630 | €9,713 | €9,798 | €9,882 | ▲ 0.9% |
| Trade debts44 | €197 | €7,631 | €9,726 | €15,095 | €15,461 | ▲ 2.4% |
| Suppliers440/4 | - | €7,631 | €9,726 | €15,095 | €15,461 | ▲ 2.4% |
| Advances received on contracts in progress46 | - | - | - | €136 | €51 | ▼ 62.3% |
| Taxes, remuneration and social security45 | - | €2,203 | €5,122 | €3,650 | €3,265 | ▼ 10.5% |
| Taxes450/3 | - | €1,999 | €4,266 | €3,159 | €2,568 | ▼ 18.7% |
| Remuneration and social security454/9 | - | €204 | €857 | €491 | €698 | ▲ 42.2% |
| Other amounts payable47/48 | - | €2,772 | €3,494 | €4,697 | €4,107 | ▼ 12.6% |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,408 | €5,479 | €2,610 | -€7,638 | -€7,746 | ▼ 1.4% |
| + Depreciation and write-downs630 | €2,586 | €6,234 | €14,528 | €14,528 | €13,772 | ▼ 5.2% |
| Operating cash flow (approximation) | -€3,823 | €11,713 | €17,137 | €6,890 | €6,026 | ▼ 12.5% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | €0 | - |
| Change in cash | - | - | €1,375 | -€2,551 | €443 | ▲ 117% |
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
2026
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-01
Financial
Weakest financial yearnet -€7,746
Net result drops to -€7,746, the lowest in the series.
2024
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-01
Financial
Back to profitnet €5,479
Net result €5,479 after one loss-making year.
2021
29-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity doublescurrent ratio 10.98
Current ratio from 4.85 to 10.98; short-term debt falls from €27,948 to €11,338.
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €7,478
Net result €7,478 after one loss-making year.
17-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-06
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 6 acts read
About the unread acts
We know of 6 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
6 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, Stavelot · 1 establishment unit since 1979
Ground area
8,550 m²
Building footprint
303 m²
Volume, LiDAR
3,253 m³
2 parcels, Wallonia · tallest building 21.4 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Peau d'ane SPRL
since 19792.142.807.105
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63073A1890/00A000 | Wallonia | 8,359 m² | 1 · 145 m² | 17.1 m |
| 63072G0407/00F000 | Wallonia | 191 m² | 1 · 157 m² | 21.4 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,601 companies in sector 70200 we hold annual accounts for 52,615. 38,103 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
Founded01-01-1972
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0411995028
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.