AD ARDOISES
ActiveSummary
The computed 12-month bankruptcy probability of AD ARDOISES is 2.2% (moderate). The 2025 annual accounts show equity of €79k and a net result of €26k. Equity is growing by ~51.8% per year across the filed fiscal years. Its solvency ranks better than 28% of 27965 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+6
Solvency52▲+10
Growth78▲+26
Track record94
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €4.5k at 30 days acceptable
Liquidity tight (current ratio 1.2 against 1.36 in 2024; short-term debt: 22.6% and cash: 6.6% of total assets), and 72.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
27.1%
Return on assets
8.8%
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 29-07-2026, 2 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
2 d early
2024
29 d early
2023
14 d late
2022
2 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€79k▲ 48.2%
2024 · €54k
2022: €21klowest in 4 years
2023: €60k▲ +181% vs 2022
2024: €54k▼ -10.0% vs 2023
2025: €79k▲ +48.2% vs 2024highest in 4 years
2022 → 2025
Total assets
€293k▼ 9.4%
2024 · €324k
2022: €330khighest in 4 years
2023: €323k▼ -2.3% vs 2022
2024: €324k▲ +0.2% vs 2023
2025: €293k▼ -9.4% vs 2024lowest in 4 years
2022 → 2025
Net result
€26k▲ 83.9%
2024 · €14k
2022: €19k
2023: €38k▲ +100% vs 2022highest in 4 years
2024: €14k▼ -63.3% vs 2023lowest in 4 years
2025: €26k▲ +83.9% vs 2024
2022 → 2025
Working capital
€13k▼ 37.1%
2024 · €21k
2022: €5klowest in 4 years
2023: €30k▲ +544% vs 2022highest in 4 years
2024: €21k▼ -30.5% vs 2023
2025: €13k▼ -37.1% vs 2024
2022 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€21k-€60k▲ 181%€54k▼ 10.0%€79k▲ 48.2%
2022: €21klowest in 4 years
2023: €60k▲ +181% vs 2022
2024: €54k▼ -10.0% vs 2023
2025: €79k▲ +48.2% vs 2024highest in 4 years
Operating result€28k-€51k▲ 81.9%€27k▼ 46.7%€44k▲ 61.6%
2022: €28k
2023: €51k▲ +81.9% vs 2022highest in 4 years
2024: €27k▼ -46.7% vs 2023lowest in 4 years
2025: €44k▲ +61.6% vs 2024
Net result€19k-€38k▲ 100%€14k▼ 63.3%€26k▲ 83.9%
2022: €19k
2023: €38k▲ +100% vs 2022highest in 4 years
2024: €14k▼ -63.3% vs 2023lowest in 4 years
2025: €26k▲ +83.9% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 62% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €293k
Fixed assets
€214k ▼ 12.8%
Current assets
€79k ▲ 1.2%
Equity and liabilities €293k
Equity
€79k ▲ 48.2%
Debt
€214k ▼ 20.9%
Debt's share of the balance-sheet total falls from 83.4% to 72.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€89k▲
2024 · €66k
Cash flow
€71k▲
2024 · €53k
Current ratio
1.20▼
2024 · 1.36
Quick ratio
0.97▼
2024 · 1.10
Debt to equity
2.69▼
2024 · 5.04
ROE
32.5%▲
2024 · 26.2%
ROA
8.8%▲
2024 · 4.3%
Interest coverage
11.35▲
2024 · 7.39
Debt ≤ 1 year
€66k▲
2024 · €58k
Debt > 1 year
€148k▼
2024 · €212k
Income taxes
€10k▲
2024 · €4k
Staff costs
€129k▲
2024 · €105k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 53 lines
Balance sheet
Code20242025
Assets
Total assets20/58€324k€293k▼
Fixed assets21/28€245k€214k▼
Intangible fixed assets21€2k€459▼
Tangible fixed assets22/27€243k€213k▼
Land and buildings22€149k€144k▼
Plant, machinery and equipment23€26k€18k▼
Furniture and vehicles24€61k€48k▼
Leasing and similar rights25€8k€3k▼
Financial fixed assets28€173€173=
Current assets29/58€78k€79k▲
Stocks and contracts in progress3€15k€15k=
Stocks30/36€15k€15k=
Amounts receivable within one year40/41€6k€45k▲
Trade receivables40€448€23k▲
Other amounts receivable41€5k€22k▲
Cash at bank and in hand54/58€47k€19k▼
Deferred charges and accrued income490/1€10k-
Equity and liabilities
Total equity and liabilities10/49€324k€293k▼
Equity10/15€54k€79k▲
Contributions10/11€2k€2k=
Reserves13€33k€55k▲
Distributable reserves133€33k€55k▲
Profit (loss) carried forward14€19k€22k▲
Amounts payable17/49€270k€214k▼
Amounts payable after more than one year17€212k€148k▼
Financial debts170/4€212k€148k▼
Amounts payable within one year42/48€58k€66k▲
Current portion of amounts payable after more than one year42€22k€36k▲
Trade debts44€8k€25k▲
Suppliers440/4€8k€25k▲
Taxes, remuneration and social security45€2k€4k▲
Remuneration and social security454/9€2k€4k▲
Other amounts payable47/48€26k€482▼
Income statement
Code20242025
Remuneration, social security and pensions62€105k€129k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€39k€46k▲
Other operating charges640/8€8k€3k▼
Non-recurring operating charges66A-€5
Gross operating margin9900€178k€222k▲
Operating profit (loss)9901€27k€44k▲
Financial income75/76B€1€1▼
Recurring financial income75€1€1▼
Financial charges65/66B€9k€8k▼
Recurring financial charges65€9k€8k▼
Profit (loss) for the period before taxes9903€18k€36k▲
Income taxes67/77€4k€10k▲
Profit (loss) for the period9904€14k€26k▲
Profit (loss) for the period to be appropriated9905€14k€26k▲
Appropriation of the result
Profit (loss) to be appropriated9906€39k€44k▲
Profit (loss) brought forward from the previous period14P€25k€19k▼
Transfer to equity691/2-€22k
To other reserves6921-€22k
Profit to be distributed694/7€20k-
Return on contributions (dividend)694€20k-
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €53k | €49k | €105k | €129k | ▲ 23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38k | €43k | €39k | €46k | ▲ 18.3% |
| Other operating charges640/8 | €2k | €2k | €8k | €3k | ▼ 58.9% |
| Non-recurring operating charges66A | - | - | - | €5 | - |
| Gross operating margin9900 | €121k | €145k | €178k | €222k | ▲ 24.3% |
| Operating profit (loss)9901 | €28k | €51k | €27k | €44k | ▲ 61.6% |
| Financial income75/76B | €883 | €80 | €1 | €1 | ▼ 20.0% |
| Recurring financial income75 | €883 | €80 | €1 | €1 | ▼ 20.0% |
| Financial charges65/66B | €8k | €7k | €9k | €8k | ▼ 11.3% |
| Recurring financial charges65 | €8k | €7k | €9k | €8k | ▼ 11.3% |
| Profit (loss) for the period before taxes9903 | €21k | €43k | €18k | €36k | ▲ 97.3% |
| Income taxes67/77 | €2k | €5k | €4k | €10k | ▲ 143% |
| Profit (loss) for the period9904 | €19k | €38k | €14k | €26k | ▲ 83.9% |
| Profit (loss) for the period to be appropriated9905 | €19k | €38k | €14k | €26k | ▲ 83.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €330k | €323k | €324k | €293k | ▼ 9.4% |
| Fixed assets21/28 | €236k | €241k | €245k | €214k | ▼ 12.8% |
| Intangible fixed assets21 | €5k | €3k | €2k | €459 | ▼ 74.6% |
| Tangible fixed assets22/27 | €231k | €237k | €243k | €213k | ▼ 12.3% |
| Land and buildings22 | €164k | €156k | €149k | €144k | ▼ 2.9% |
| Plant, machinery and equipment23 | €44k | €33k | €26k | €18k | ▼ 29.4% |
| Furniture and vehicles24 | €5k | €35k | €61k | €48k | ▼ 20.8% |
| Leasing and similar rights25 | €19k | €13k | €8k | €3k | ▼ 67.0% |
| Financial fixed assets28 | €173 | €173 | €173 | €173 | = |
| Current assets29/58 | €94k | €82k | €78k | €79k | ▲ 1.2% |
| Stocks and contracts in progress3 | €30k | €30k | €15k | €15k | = |
| Stocks30/36 | €30k | €30k | €15k | €15k | = |
| Amounts receivable within one year40/41 | €14k | €45k | €6k | €45k | ▲ 657% |
| Trade receivables40 | €4k | €24k | €448 | €23k | ▲ 4,996% |
| Other amounts receivable41 | €10k | €21k | €5k | €22k | ▲ 300% |
| Cash at bank and in hand54/58 | €48k | €5k | €47k | €19k | ▼ 58.9% |
| Deferred charges and accrued income490/1 | €2k | €3k | €10k | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €330k | €323k | €324k | €293k | ▼ 9.4% |
| Equity10/15 | €21k | €60k | €54k | €79k | ▲ 48.2% |
| Contributions10/11 | €2k | €2k | €2k | €2k | = |
| Reserves13 | €15k | €33k | €33k | €55k | ▲ 66.7% |
| Distributable reserves133 | €15k | €33k | €33k | €55k | ▲ 66.7% |
| Profit (loss) carried forward14 | €4k | €25k | €19k | €22k | ▲ 20.7% |
| Amounts payable17/49 | €309k | €263k | €270k | €214k | ▼ 20.9% |
| Amounts payable after more than one year17 | €220k | €211k | €212k | €148k | ▼ 30.5% |
| Financial debts170/4 | €220k | €211k | €212k | €148k | ▼ 30.5% |
| Amounts payable within one year42/48 | €90k | €53k | €58k | €66k | ▲ 14.9% |
| Current portion of amounts payable after more than one year42 | €24k | €32k | €22k | €36k | ▲ 69.0% |
| Trade debts44 | €14k | €16k | €8k | €25k | ▲ 229% |
| Suppliers440/4 | €14k | €16k | €8k | €25k | ▲ 229% |
| Advances received on contracts in progress46 | €49k | - | - | - | - |
| Taxes, remuneration and social security45 | €242 | €2k | €2k | €4k | ▲ 84.0% |
| Taxes450/3 | €242 | €246 | - | - | - |
| Remuneration and social security454/9 | - | €1k | €2k | €4k | ▲ 84.0% |
| Other amounts payable47/48 | €2k | €3k | €26k | €482 | ▼ 98.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19k | €38k | €14k | €26k | ▲ 83.9% |
| + Depreciation and write-downs630 | €38k | €43k | €39k | €46k | ▲ 18.3% |
| Operating cash flow (approximation) | €57k | €81k | €53k | €71k | ▲ 35.8% |
| Investment in fixed assets (approximation) | - | €-47k | €-44k | €-14k | ▲ 67.3% |
| Change in cash | - | €-44k | €43k | €-28k | ▼ 165% |
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
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €14k ▼63.3%
Net result drops to €14k, the lowest in the series; recovery starts the following year.
14-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 14 days late
2023
31-12
Financial
Highest result since 2022net €38k ▲100%
Operating result €51k, net result €38k, both a record.
02-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Havelange · 1 establishment unit since 2021
Ground area
891 m²
Building footprint
66 m²
Parcel 91064A0152/00B002, Wallonia. Linked by address, not a title deed.
1 establishment unit
AD ARDOISES
since 20212.316.482.536
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91064A0152/00B002 | Wallonia | 891 m² | 1 · 66 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.
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Of 368 companies in sector 43421 we hold annual accounts for 205. 173 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
Founded07-04-2021
Fiscal year end31-12
Activities, NACEBEL 2025
43410Roofing work
43421Specialised construction activities
42211Civil engineering
42212Civil engineering
42219Civil engineering
42220Construction of utility projects for electricity and telecommunications
43120Site preparation
43230Insulation installation
81300Landscape service activities
Contact
E-mail
adardoises@hotmail.com
Phone
+32488935965
Phone
+32496254073
Scores and ratios are computed by Checked and are not a credit decision.