AD
ActiveSummary
AD has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €918,691 and a net result of -€29,110. Equity is growing by ~7.1% per year across the filed fiscal years. Its solvency ranks better than 63% of 405 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▼-40
Solvency76▼-24
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55,000 at 30 days acceptable
Liquidity ample (current ratio 1.93 against 3.81 in 2024; short-term debt: 49.3% and cash: 25.6% of total assets), and 49.4% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Four 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 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.6%
Return on assets
-1.6%
Age of the figures
9 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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 d early
2024
36 d early
2023
29 d early
2022
54 d early
2021
40 d early
2020
4 d late
2019
43 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 36 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€918,691▼ 3.3%
2024 · €949,783
Total assets
€1.8m▲ 43.0%
2024 · €1.3m
Net result
-€29,110
2024 · €102,434
Working capital
€831,940▼ 3.3%
2024 · €860,230
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€275,717▲ 19.4%€290,325▲ 5.3%€294,311▲ 1.4%€159,387▼ 45.8%-€9,198
Net result€200,192▲ 12.9%€211,718▲ 5.8%€216,281▲ 2.2%€102,434▼ 52.6%-€29,110
Equity€739,350▲ 5.7%€791,069▲ 7.0%€847,349▲ 7.1%€949,783▲ 12.1%€918,691▼ 3.3%
Total assets€1.2m▲ 15.5%€1.3m▲ 7.1%€1.4m▲ 2.5%€1.3m▼ 6.9%€1.8m▲ 43.0%
Debt€501,845▲ 33.5%€538,116▲ 7.2%€514,663▼ 4.4%€318,678▼ 38.1%€895,316▲ 181%
Working capital€590,095▲ 1.5%€686,581▲ 16.4%€730,106▲ 6.3%€860,230▲ 17.8%€831,940▼ 3.3%
Staff (FTE)9.1▼ 2.2%6.3▼ 30.8%8.1▲ 28.6%8.4▲ 3.7%10.2▲ 21.4%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2024 Net result -53% on 2023. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €9,198 after €159,387 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€86,968 ▼ 14.6%
Current assets
€1.7m ▲ 48.0%
Equity and liabilities €1.8m
Equity
€918,691 ▼ 3.3%
Debt
€895,316 ▲ 181%
Debt's share of the balance-sheet total rises from 25.1% to 49.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€57,090▼
2024 · €230,007
Cash flow
€37,177▼
2024 · €173,053
Current ratio
1.93▼
2024 · 3.81
Quick ratio
1.59▼
2024 · 3.22
Debt to equity
0.97▲
2024 · 0.34
ROE
-3.2%▼
2024 · 10.8%
ROA
-1.6%▼
2024 · 8.1%
Interest coverage
2.62▼
2024 · 10.00
Debt ≤ 1 year
€895,100▲
2024 · €306,356
Income taxes
€7,892▼
2024 · €47,120
Staff costs
€566,556▲
2024 · €417,936
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,594 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,058 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% | 1.6% |
| 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 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 8,594 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,398 | - | €29,500 | - | - |
| Remuneration, social security and pensions62 | €366,671 | €291,668 | €342,458 | €417,936 | €566,556 | ▲ 35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €70,518 | €72,243 | €68,001 | €70,619 | €66,287 | ▼ 6.1% |
| Other operating charges640/8 | €1,059 | €1,253 | €1,198 | €7,442 | €8,845 | ▲ 18.9% |
| Non-recurring operating charges66A | €3,825 | - | €606 | €18,191 | €1,903 | ▼ 89.5% |
| Gross operating margin9900 | €717,790 | €655,489 | €706,574 | €673,576 | €634,394 | ▼ 5.8% |
| Operating profit (loss)9901 | €275,717 | €290,325 | €294,311 | €159,387 | -€9,198 | ▼ 106% |
| Financial income75/76B | €548 | €1,303 | €9,164 | €13,173 | €9,749 | ▼ 26.0% |
| Recurring financial income75 | €548 | €1,303 | €9,164 | €13,173 | €9,749 | ▼ 26.0% |
| Financial charges65/66B | €4,446 | €4,623 | €14,145 | €23,006 | €21,769 | ▼ 5.4% |
| Recurring financial charges65 | €4,446 | €4,623 | €14,145 | €23,006 | €21,769 | ▼ 5.4% |
| Profit (loss) for the period before taxes9903 | €271,820 | €287,005 | €289,331 | €149,554 | -€21,219 | ▼ 114% |
| Income taxes67/77 | €71,627 | €75,286 | €73,050 | €47,120 | €7,892 | ▼ 83.3% |
| Profit (loss) for the period9904 | €200,192 | €211,718 | €216,281 | €102,434 | -€29,110 | ▼ 128% |
| Profit (loss) for the period to be appropriated9905 | €200,192 | €211,718 | €216,281 | €102,434 | -€29,110 | ▼ 128% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.3m | €1.4m | €1.3m | €1.8m | ▲ 43.0% |
| Fixed assets21/28 | €245,276 | €151,598 | €145,092 | €101,875 | €86,968 | ▼ 14.6% |
| Tangible fixed assets22/27 | €245,116 | €151,438 | €144,932 | €101,715 | €59,966 | ▼ 41.0% |
| Land and buildings22 | €45,000 | - | - | - | - | - |
| Plant, machinery and equipment23 | €55,242 | €42,671 | €60,580 | €50,921 | €44,958 | ▼ 11.7% |
| Furniture and vehicles24 | €1,382 | - | €10,311 | €11,479 | €5,718 | ▼ 50.2% |
| Leasing and similar rights25 | €143,492 | €108,767 | €74,041 | €39,316 | €9,290 | ▼ 76.4% |
| Financial fixed assets28 | €160 | €160 | €160 | €160 | €27,002 | ▲ 16,776% |
| Current assets29/58 | €995,919 | €1.2m | €1.2m | €1.2m | €1.7m | ▲ 48.0% |
| Stocks and contracts in progress3 | - | €129,169 | €306,675 | €180,107 | €301,188 | ▲ 67.2% |
| Contracts in progress37 | - | €129,169 | €306,675 | €180,107 | €301,188 | ▲ 67.2% |
| Amounts receivable within one year40/41 | €281,946 | €250,744 | €699,016 | €926,243 | €904,299 | ▼ 2.4% |
| Trade receivables40 | €258,097 | €212,102 | €325,501 | €615,605 | €589,357 | ▼ 4.3% |
| Other amounts receivable41 | €23,849 | €38,641 | €373,515 | €310,639 | €314,942 | ▲ 1.4% |
| Cash at bank and in hand54/58 | €709,231 | €791,703 | €205,560 | €32,434 | €465,221 | ▲ 1,334% |
| Deferred charges and accrued income490/1 | €4,743 | €5,971 | €5,670 | €27,801 | €56,332 | ▲ 103% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.4m | €1.3m | €1.8m | ▲ 43.0% |
| Equity10/15 | €739,350 | €791,069 | €847,349 | €949,783 | €918,691 | ▼ 3.3% |
| Contributions10/11 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Reserves13 | €652,350 | €704,069 | €760,349 | €862,783 | €831,691 | ▼ 3.6% |
| Distributable reserves133 | €652,350 | €704,069 | €760,349 | €862,783 | €831,691 | ▼ 3.6% |
| Amounts payable17/49 | €501,845 | €538,116 | €514,663 | €318,678 | €895,316 | ▲ 181% |
| Amounts payable after more than one year17 | €89,271 | €47,110 | €27,849 | €12,322 | - | - |
| Financial debts170/4 | €89,271 | €47,110 | €27,849 | €12,322 | - | - |
| Amounts payable within one year42/48 | €405,824 | €491,006 | €486,814 | €306,356 | €895,100 | ▲ 192% |
| Current portion of amounts payable after more than one year42 | €48,406 | €42,160 | €19,262 | €15,526 | €12,322 | ▼ 20.6% |
| Trade debts44 | €157,576 | €254,739 | €264,321 | €217,297 | €785,869 | ▲ 262% |
| Suppliers440/4 | €157,576 | €254,739 | €264,321 | €217,297 | €785,869 | ▲ 262% |
| Taxes, remuneration and social security45 | €39,486 | €33,752 | €43,232 | €73,534 | €75,734 | ▲ 3.0% |
| Taxes450/3 | €25,369 | €18,815 | €24,282 | €48,000 | €22,849 | ▼ 52.4% |
| Remuneration and social security454/9 | €14,118 | €14,936 | €18,950 | €25,534 | €52,886 | ▲ 107% |
| Other amounts payable47/48 | €160,356 | €160,356 | €160,000 | - | €21,175 | - |
| Accrued charges and deferred income492/3 | €6,750 | - | - | - | €216 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €200,192 | €211,718 | €216,281 | €102,434 | -€29,110 | ▼ 128% |
| + Depreciation and write-downs630 | €70,518 | €72,243 | €68,001 | €70,619 | €66,287 | ▼ 6.1% |
| Operating cash flow (approximation) | €270,710 | €283,962 | €284,281 | €173,053 | €37,177 | ▼ 78.5% |
| Investment in fixed assets (approximation) | - | €21,435 | -€61,495 | -€27,402 | -€51,380 | ▼ 87.5% |
| Change in cash | - | €82,472 | -€586,143 | -€173,126 | €432,786 | ▲ 350% |
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
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€29,110
Net result drops to -€29,110, the lowest in the series.
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2019net €216,281 ▲2.2%
Operating result €294,311, net result €216,281, both a record.
07-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
04-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 4 days late
2019
19-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
03-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
16-12
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
19-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
10 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, Lokeren · 1 establishment unit since 2006
Ground area
2.9 ha
Building footprint
1,287 m²
Volume, LiDAR
7,598 m³
Parcel 46383D2451/00D002, Flanders · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
AD
since 20062.151.268.770
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46383D2451/00D002 | Flanders | 2.9 ha | 1 · 1,287 m² | 9.2 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.
Structure & network
Part of the group
G-FORCE GROUP
13 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
Highest known parent: G-FORCE GROUP. The sources do not say who stands above it.
Owners 1
- G-FORCE GROUPparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 728 EUR awarded · 698 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 60 EUR | 30 EUR |
| 2024 | 1 | 561 EUR | 561 EUR |
| 2022 | 1 | 107 EUR | 107 EUR |
Recognitions · licences · registrations
Recognised contractor
12 categoriesAD BV29865
Similar companies · same sector, comparable size
VAULET
BE 0419.133.436
Verlaine · Eq €813,819
PINEUR CURAGE
BE 0874.641.674
Hannut · Eq €791,949
LOGIMARINE
BE 0400.388.680
Beveren-Kruibeke-Zwijndrecht · Eq €745,281
CHRISTIANEN - VAN LOOVEREN
BE 0431.157.971
Hoogstraten · Eq €1.2m
TEXION
BE 0431.224.881
Antwerpen · Eq €646,440
Of 154 companies in sector 42911 we hold annual accounts for 64. 36 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
Founded28-10-2005
Fiscal year end31-12
Activities, NACEBEL 2025
42911Civil engineering
81300Landscape service activities
01110Growing of cereals (except rice), leguminous crops and oil seeds
01620Support activities for animal production
42130Civil engineering
42919Civil engineering
43120Site preparation
43990Other specialised construction activities
Contact
E-mail
info@ad-bvba.be
Phone
09/367.83.55Lokeren
E-invoicing
Reachable via Peppol
Peppol ID
0208:0876992836
Registered
27-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.