A.D.S.
ActiveSummary
A.D.S. has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €198,979 and a net result of -€34,697. Equity is shrinking by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 30% of 5046 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability13▲+12
Solvency52=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity tight (current ratio 1.24 against 1.23 in 2024; short-term debt: 72.7% of total assets), and 72.7% 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 · 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€34,697
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
21 d early
2023
21 d early
2022
19 d early
2021
20 d early
2020
19 d early
2019
96 d late
← 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 3 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 11 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€34,697▲ 71.0%
2024 · -€119,696
Working capital
€129,290▼ 10.1%
2024 · €143,755
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€148,693▲ 33.2%€88,906▼ 40.2%-€93,581-€135,341▼ 44.6%-€73,830▲ 45.4%
Net result€108,903within the sector's middle half▲ 38.9%€64,213within the sector's middle half▼ 41.0%-€93,138below the sector's middle half-€119,696below the sector's middle half▼ 28.5%-€34,697below the sector's middle half▲ 71.0%
Equity€382,298within the sector's middle half▲ 2.4%€446,511within the sector's middle half▲ 16.8%€353,373within the sector's middle half▼ 20.9%€233,677within the sector's middle half▼ 33.9%€198,979below the sector's middle half▼ 14.8%
Total assets€1.1mwithin the sector's middle half▼ 6.2%€1.0mwithin the sector's middle half▼ 7.8%€962,897within the sector's middle half▼ 4.1%€860,923within the sector's middle half▼ 10.6%€728,835below the sector's middle half▼ 15.3%
Debt€706,817▼ 10.2%€557,180▼ 21.2%€609,524▲ 9.4%€627,246▲ 2.9%€529,856▼ 15.5%
Working capital€274,701within the sector's middle half▲ 6.1%€300,033within the sector's middle half▲ 9.2%€236,331within the sector's middle half▼ 21.2%€143,755within the sector's middle half▼ 39.2%€129,290below the sector's middle half▼ 10.1%
Solvency35.1%within the sector's middle half▲ 2.9pp44.5%within the sector's middle half▲ 9.4pp36.7%within the sector's middle half▼ 7.8pp27.1%within the sector's middle half▼ 9.6pp27.3%within the sector's middle half▲ 0.2pp
Current ratio1.39within the sector's middle half▲ 0.051.54within the sector's middle half▲ 0.151.39within the sector's middle half▼ 0.151.23within the sector's middle half▼ 0.161.24within the sector's middle half▲ 0.01
Return on assets (ROA)10.0%within the sector's middle half▲ 3.2pp6.4%within the sector's middle half▼ 3.6pp-9.7%below the sector's middle half▼ 16.1pp-13.9%below the sector's middle half▼ 4.2pp-4.8%below the sector's middle half▲ 9.1pp
Staff (FTE)6.7within the sector's middle half▼ 6.9%4.8within the sector's middle half▼ 28.4%3.1within the sector's middle half▼ 35.4%2.8within the sector's middle half▼ 9.7%2.7below the sector's middle half▼ 3.6%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €73,830 in 2025 against €135,341 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €728,835
Fixed assets
€69,690 ▼ 22.5%
Current assets
€659,146 ▼ 14.5%
Equity and liabilities €728,835
Equity
€198,979 ▼ 14.8%
Debt
€529,856 ▼ 15.5%
Debt's share of the balance-sheet total falls from 72.9% to 72.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€53,599▲
2024 · -€108,221
Cash flow
-€14,466▲
2024 · -€92,576
Debt to equity
2.66▼
2024 · 2.68
ROE
-17.4%▲
2024 · -51.2%
Interest coverage
-138.00▲
2024 · -218.28
Debt ≤ 1 year
€529,856▼
2024 · €627,246
Staff costs
€666,643▼
2024 · €715,208
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,448 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 2,448 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €794,183 | €711,980 | €667,389 | €715,208 | €666,643 | ▼ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,965 | €25,436 | €29,436 | €27,121 | €20,232 | ▼ 25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€25,515 | - | - | - |
| Other operating charges640/8 | €508,848 | €243,103 | €53,465 | €19,642 | €20,627 | ▲ 5.0% |
| Gross operating margin9900 | €1.5m | €1.1m | €631,193 | €626,629 | €633,671 | ▲ 1.1% |
| Operating profit (loss)9901 | €148,693 | €88,906 | -€93,581 | -€135,341 | -€73,830 | ▲ 45.4% |
| Financial income75/76B | €861 | €468 | €759 | €15,445 | €39,522 | ▲ 156% |
| Recurring financial income75 | €861 | €468 | €694 | €13,623 | €7,478 | ▼ 45.1% |
| Non-recurring financial income76B | - | - | €66 | €1,822 | €32,043 | ▲ 1,659% |
| Financial charges65/66B | €629 | €611 | €321 | €496 | €388 | ▼ 21.7% |
| Recurring financial charges65 | €629 | €611 | €321 | €496 | €388 | ▼ 21.7% |
| Profit (loss) for the period before taxes9903 | €148,925 | €88,764 | -€93,144 | -€120,392 | -€34,697 | ▲ 71.2% |
| Income taxes67/77 | €40,022 | €24,551 | -€6 | -€696 | - | - |
| Profit (loss) for the period9904 | €108,903 | €64,213 | -€93,138 | -€119,696 | -€34,697 | ▲ 71.0% |
| Profit (loss) for the period to be appropriated9905 | €108,903 | €64,213 | -€93,138 | -€119,696 | -€34,697 | ▲ 71.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €1.0m | €962,897 | €860,923 | €728,835 | ▼ 15.3% |
| Fixed assets21/28 | €107,597 | €146,478 | €117,042 | €89,921 | €69,690 | ▼ 22.5% |
| Tangible fixed assets22/27 | €58,018 | €96,899 | €67,463 | €40,343 | €20,111 | ▼ 50.1% |
| Land and buildings22 | €2,460 | - | - | - | - | - |
| Plant, machinery and equipment23 | €54,786 | €76,101 | €51,330 | €28,609 | €12,777 | ▼ 55.3% |
| Furniture and vehicles24 | €773 | €20,799 | €16,133 | €11,733 | €7,333 | ▼ 37.5% |
| Financial fixed assets28 | €49,579 | €49,579 | €49,579 | €49,579 | €49,579 | = |
| Current assets29/58 | €981,518 | €857,213 | €845,855 | €771,001 | €659,146 | ▼ 14.5% |
| Stocks and contracts in progress3 | €16,098 | €16,098 | €16,098 | €16,098 | - | - |
| Stocks30/36 | €16,098 | €16,098 | €16,098 | €16,098 | - | - |
| Amounts receivable within one year40/41 | €965,421 | €841,115 | €829,475 | €754,334 | €658,285 | ▼ 12.7% |
| Trade receivables40 | €30,583 | €614,860 | €15,015 | - | - | - |
| Other amounts receivable41 | €934,837 | €226,256 | €814,460 | €754,334 | €658,285 | ▼ 12.7% |
| Deferred charges and accrued income490/1 | - | - | €283 | €570 | €861 | ▲ 51.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €962,897 | €860,923 | €728,835 | ▼ 15.3% |
| Equity10/15 | €382,298 | €446,511 | €353,373 | €233,677 | €198,979 | ▼ 14.8% |
| Contributions10/11 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Capital10 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Issued capital100 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Reserves13 | €6,932 | €6,932 | €6,932 | €6,932 | €6,932 | = |
| Non-distributable reserves130/1 | €6,932 | €6,932 | €6,932 | €6,932 | €6,932 | = |
| Legal reserve130 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Other1319 | €682 | €682 | €682 | €682 | €682 | = |
| Profit (loss) carried forward14 | €312,866 | €377,079 | €283,941 | €164,245 | €129,547 | ▼ 21.1% |
| Amounts payable17/49 | €706,817 | €557,180 | €609,524 | €627,246 | €529,856 | ▼ 15.5% |
| Amounts payable within one year42/48 | €706,817 | €557,180 | €609,524 | €627,246 | €529,856 | ▼ 15.5% |
| Trade debts44 | €604,262 | €496,329 | €585,269 | €606,189 | €505,362 | ▼ 16.6% |
| Suppliers440/4 | €604,262 | €496,329 | €585,269 | €606,189 | €505,362 | ▼ 16.6% |
| Taxes, remuneration and social security45 | €102,556 | €60,851 | €24,255 | €21,057 | €24,494 | ▲ 16.3% |
| Taxes450/3 | €47,800 | €29,600 | €1,050 | - | - | - |
| Remuneration and social security454/9 | €54,756 | €31,251 | €23,205 | €21,057 | €24,494 | ▲ 16.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €108,903 | €64,213 | -€93,138 | -€119,696 | -€34,697 | ▲ 71.0% |
| + Depreciation and write-downs630 | €37,965 | €25,436 | €29,436 | €27,121 | €20,232 | ▼ 25.4% |
| Operating cash flow (approximation) | €146,868 | €89,649 | -€63,702 | -€92,576 | -€14,466 | ▲ 84.4% |
| Investment in fixed assets (approximation) | - | -€64,317 | €0 | €0 | €0 | - |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€119,696
Net result drops to -€119,696, the lowest in the series; recovery starts the following year.
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
12-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €108,903 ▲38.9%
Operating result €148,693, net result €108,903, both a record.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
04-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 96 days late
2019
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Aalter · 1 establishment unit since 1993
Ground area
7,687 m²
Building footprint
7 m²
Parcel 44001B0022/00E000, Flanders. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Nijverheidslaan 1, 9880 Aalter
since 19932.060.359.182
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44001B0022/00E000 | Flanders | 7,687 m² | 1 · 7 m² | - |
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.
Structure & network
Part of the group
HELUCA
27 companies
Group, risk and exposure
Owners and holdings
1 owner · 1 holding · 2 subsidiaries in the treeChain of control
- HELUCA
- Versele-Laga
- A.D.S.
Highest known parent: HELUCA. The sources do not say who stands above it.
Owners 1
- Versele-Lagaparent95%
Holdings 1
-
80%
All subsidiaries, including indirect ones 2
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
ABC-Trans 80%1 subsidiary
- ABC LogisticsHU 100%
According to the 2025 annual accounts of A.D.S. and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
1 siteAalter2.060.359.182
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Of 689 companies in sector 46216 we hold annual accounts for 476. 334 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-12-1992
Fiscal year end31-12
Activities, NACEBEL 2025
46216Wholesale of agricultural produce and animal feed, general range
52100Warehousing and storage
E-invoicing
Reachable via Peppol
Peppol ID
0208:0449064963
Also
9925:BE0449064963
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.