ACDS
ActiveSummary
The computed 12-month bankruptcy probability of ACDS is 1.6% (moderate). The 2025 annual accounts show equity of €149,223 and a net result of -€99,389. Equity is growing by ~25.3% per year across the filed fiscal years. Its solvency ranks better than 39% of 812 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-64
Solvency50▼-12
Growth68▼-17
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days only on tighter terms
Liquidity short (current ratio 0.6 against 0.78 in 2024; short-term debt: 55.4% and cash: 10.2% of total assets), and 74.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
+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 10
Relative position
BE, all sectors
reference
Manufacture of food products (NACE 10)
about 60% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
25.4%
Return on assets
-16.9%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
31 d late
2024
31 d late
2023
29 d late
2022
30 d late
2021
29 d late
2020
19 d late
2019
26 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 28 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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 30 August (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, abbreviated schema
Turnover
€747,261▲ 72.9%
2018 · €432,292
EBIT margin
3.7%▼ 2.7pp
2018 · 6.4%
Net result
-€99,389
2024 · €48,769
Working capital
-€129,204▼ 111%
2024 · -€61,174
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 10, Manufacture of food products, 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
Turnover
Operating result€3,435▼ 92.2%€67,767▲ 1,873%€42,482▼ 37.3%€68,867▲ 62.1%-€91,201
Net result€10,214within the sector's middle half▼ 65.6%€60,907within the sector's middle half▲ 496%€32,243within the sector's middle half▼ 47.1%€48,769within the sector's middle half▲ 51.3%-€99,389below the sector's middle half
EBIT margin
Equity€106,693within the sector's middle half▲ 10.6%€167,600below the sector's middle half▲ 57.1%€199,842below the sector's middle half▲ 19.2%€248,611within the sector's middle half▲ 24.4%€149,223within the sector's middle half▼ 40.0%
Total assets€504,248above the sector's middle half▲ 58.4%€677,028below the sector's middle half▲ 34.3%€696,808below the sector's middle half▲ 2.9%€674,549below the sector's middle half▼ 3.2%€588,520within the sector's middle half▼ 12.8%
Debt€397,555▲ 79.2%€509,428▲ 28.1%€496,966▼ 2.4%€425,938▼ 14.3%€439,297▲ 3.1%
Working capital-€120,798below the sector's middle half▼ 81.3%-€135,215below the sector's middle half▼ 11.9%-€98,591below the sector's middle half▲ 27.1%-€61,174within the sector's middle half▲ 38.0%-€129,204below the sector's middle half▼ 111%
Solvency21.2%within the sector's middle half▼ 9.1pp24.8%within the sector's middle half▲ 3.6pp28.7%within the sector's middle half▲ 3.9pp36.9%within the sector's middle half▲ 8.2pp25.4%within the sector's middle half▼ 11.5pp
Current ratio0.58below the sector's middle half▼ 0.090.67below the sector's middle half▲ 0.100.73below the sector's middle half▲ 0.060.78below the sector's middle half▲ 0.050.60below the sector's middle half▼ 0.18
Return on assets (ROA)2.0%within the sector's middle half▼ 7.3pp9.0%above the sector's middle half▲ 7.0pp4.6%within the sector's middle half▼ 4.4pp7.2%within the sector's middle half▲ 2.6pp-16.9%below the sector's middle half▼ 24.1pp
Staff (FTE)12.8▲ 62.0%15.6within the sector's middle half▲ 21.9%16.6within the sector's middle half▲ 6.4%18.9within the sector's middle half▲ 13.9%17.6above the sector's middle half▼ 6.9%
above
within
below
the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €91,201 after €68,867 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €588,520
Fixed assets
€391,964 ▼ 14.6%
Current assets
€196,556 ▼ 8.8%
Equity and liabilities €588,520
Equity
€149,223 ▼ 40.0%
Debt
€439,297 ▲ 3.1%
Debt's share of the balance-sheet total rises from 63.1% to 74.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€12,967▼
2024 · €158,560
Cash flow
€4,779▼
2024 · €138,462
Quick ratio
0.37▼
2024 · 0.44
Debt to equity
2.94▲
2024 · 1.71
ROE
-66.6%▼
2024 · 19.6%
Interest coverage
1.68▼
2024 · 24.47
Debt ≤ 1 year
€325,760▲
2024 · €276,637
Debt > 1 year
€113,537▼
2024 · €149,300
Income taxes
€528▼
2024 · €13,618
Staff costs
€783,831▼
2024 · €888,537
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 121 companies that looked in July 2024 the way this one looks now, 5.8% went bankrupt within 24 months and 86% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
5.8%
went bankrupt
5.8%
stopped otherwise
86%
still going
A further 2.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% 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 121 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 | €438,189 | €594,819 | €732,374 | €888,537 | €783,831 | ▼ 11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,961 | €60,379 | €72,425 | €89,693 | €104,168 | ▲ 16.1% |
| Other operating charges640/8 | €2,411 | €348 | €719 | €1,336 | €3,405 | ▲ 155% |
| Gross operating margin9900 | €479,996 | €723,313 | €848,000 | €1.0m | €800,203 | ▼ 23.7% |
| Operating profit (loss)9901 | €3,435 | €67,767 | €42,482 | €68,867 | -€91,201 | ▼ 232% |
| Financial income75/76B | €10,612 | - | - | - | €45 | - |
| Recurring financial income75 | €10,612 | - | - | - | €45 | - |
| Financial charges65/66B | €3,680 | €6,071 | €6,127 | €6,480 | €7,704 | ▲ 18.9% |
| Recurring financial charges65 | €3,680 | €6,071 | €6,127 | €6,480 | €7,704 | ▲ 18.9% |
| Profit (loss) for the period before taxes9903 | €10,367 | €61,696 | €36,355 | €62,387 | -€98,861 | ▼ 258% |
| Income taxes67/77 | €153 | €789 | €4,112 | €13,618 | €528 | ▼ 96.1% |
| Profit (loss) for the period9904 | €10,214 | €60,907 | €32,243 | €48,769 | -€99,389 | ▼ 304% |
| Profit (loss) for the period to be appropriated9905 | €10,214 | €60,907 | €32,243 | €48,769 | -€99,389 | ▼ 304% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €504,248 | €677,028 | €696,808 | €674,549 | €588,520 | ▼ 12.8% |
| Formation expenses20 | €61 | - | - | - | - | - |
| Fixed assets21/28 | €339,766 | €400,223 | €424,943 | €459,085 | €391,964 | ▼ 14.6% |
| Tangible fixed assets22/27 | €332,075 | €392,548 | €417,269 | €451,410 | €384,289 | ▼ 14.9% |
| Plant, machinery and equipment23 | €285,600 | €352,246 | €333,798 | €371,301 | €313,507 | ▼ 15.6% |
| Furniture and vehicles24 | €24,338 | €20,865 | €24,492 | €33,233 | €18,364 | ▼ 44.7% |
| Other tangible fixed assets26 | €22,137 | €19,437 | €58,979 | €46,876 | €52,418 | ▲ 11.8% |
| Financial fixed assets28 | €7,691 | €7,675 | €7,675 | €7,675 | €7,675 | = |
| Current assets29/58 | €164,421 | €276,805 | €271,865 | €215,464 | €196,556 | ▼ 8.8% |
| Stocks and contracts in progress3 | €52,008 | €69,251 | €59,105 | €92,576 | €77,298 | ▼ 16.5% |
| Stocks30/36 | €52,008 | €69,251 | €59,105 | €92,576 | €77,298 | ▼ 16.5% |
| Amounts receivable within one year40/41 | €95,236 | €123,660 | €116,698 | €78,876 | €49,928 | ▼ 36.7% |
| Trade receivables40 | €66,056 | €96,431 | €83,758 | €68,129 | €35,443 | ▼ 48.0% |
| Other amounts receivable41 | €29,180 | €27,229 | €32,940 | €10,747 | €14,485 | ▲ 34.8% |
| Cash at bank and in hand54/58 | €11,489 | €80,518 | €88,597 | €35,710 | €59,979 | ▲ 68.0% |
| Deferred charges and accrued income490/1 | €5,688 | €3,376 | €7,465 | €8,303 | €9,351 | ▲ 12.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €504,248 | €677,028 | €696,808 | €674,549 | €588,520 | ▼ 12.8% |
| Equity10/15 | €106,693 | €167,600 | €199,842 | €248,611 | €149,223 | ▼ 40.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €149,000 | €181,242 | €230,011 | €130,623 | ▼ 43.2% |
| Distributable reserves133 | - | €149,000 | €181,242 | €230,011 | €130,623 | ▼ 43.2% |
| Profit (loss) carried forward14 | €88,093 | - | - | - | - | - |
| Amounts payable17/49 | €397,555 | €509,428 | €496,966 | €425,938 | €439,297 | ▲ 3.1% |
| Amounts payable after more than one year17 | €112,336 | €97,408 | €126,510 | €149,300 | €113,537 | ▼ 24.0% |
| Financial debts170/4 | €112,336 | €97,408 | €126,510 | €149,300 | €113,537 | ▼ 24.0% |
| Amounts payable within one year42/48 | €285,219 | €412,020 | €370,456 | €276,637 | €325,760 | ▲ 17.8% |
| Current portion of amounts payable after more than one year42 | €35,500 | €20,486 | €25,555 | €43,212 | €51,296 | ▲ 18.7% |
| Financial debts43 | - | - | €6,741 | - | €13,631 | - |
| Credit institutions430/8 | - | - | €6,741 | - | €13,631 | - |
| Trade debts44 | €143,833 | €263,150 | €189,450 | €163,039 | €196,531 | ▲ 20.5% |
| Suppliers440/4 | €143,833 | €263,150 | €189,450 | €163,039 | €196,531 | ▲ 20.5% |
| Taxes, remuneration and social security45 | €92,886 | €76,968 | €133,100 | €70,386 | €64,302 | ▼ 8.6% |
| Taxes450/3 | €12,498 | €789 | €18,081 | €1,114 | €3,235 | ▲ 190% |
| Remuneration and social security454/9 | €80,388 | €76,179 | €115,019 | €69,272 | €61,067 | ▼ 11.8% |
| Other amounts payable47/48 | €13,000 | €51,416 | €15,610 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,214 | €60,907 | €32,243 | €48,769 | -€99,389 | ▼ 304% |
| + Depreciation and write-downs630 | €35,961 | €60,379 | €72,425 | €89,693 | €104,168 | ▲ 16.1% |
| Operating cash flow (approximation) | €46,175 | €121,286 | €104,667 | €138,462 | €4,779 | ▼ 96.5% |
| Investment in fixed assets (approximation) | - | -€120,836 | -€97,145 | -€123,835 | -€37,047 | ▲ 70.1% |
| Change in cash | - | €69,029 | €8,079 | -€52,887 | €24,269 | ▲ 146% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet -€99,389
Net result drops to -€99,389, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 31 days late
2024
31-12
Financial
Equity above €200,000Eq €248,611 ▲24.4%
7 profitable years in a row build equity to €248,611.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €60,907 ▲496%
Net result €60,907, the highest in the series.
31-12
Financial
Equity above €150,000Eq €167,600 ▲57.1%
5 profitable years in a row build equity to €167,600.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Equity above €100,000Eq €106,693 ▲10.6%
4 profitable years in a row build equity to €106,693.
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 19 days late
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 26 days late
2019
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 7 days late
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, Incourt · 2 establishment units since 2018
Ground area
1,076 m²
Building footprint
418 m²
Volume, LiDAR
2,120 m³
2 parcels, Wallonia · tallest building 14.9 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Chaussée de Namur 39, 1315 Incourt
since 20182.274.223.297
La Magie du Pain
since 20202.316.473.232
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25093B0084/00S000 | Wallonia | 953 m² | 1 · 385 m² | 7.2 m · 1 fl. |
| 25112M0106/00E000 | Wallonia | 122 m² | 1 · 32 m² | 14.9 m · 4 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.
Recognitions · licences · registrations
Food safety, FASFC
2 sitesIncourt2.274.223.297
Wavre2.316.473.232
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Of 4,230 companies in sector 10712 we hold annual accounts for 1,875. 1,573 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 (pre-2019)
Founded14-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
10712Artisanal bread and fresh pastry making
10520Manufacture of food products
47241Retail sale of bread and pastry (bakery outlets)
47242Retail sale of chocolate and confectionery
47279Other retail sale of food
E-invoicing
Reachable via Peppol
Peppol ID
0208:0687914892
Also
9925:BE0687914892
Registered
13-02-2024
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.