AD-EX
ActiveSummary
AD-EX has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €515k and a net result of €48k. Equity is growing by ~22.5% per year across the filed fiscal years. Its solvency ranks better than 62% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-3
Solvency70▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity ample (current ratio 2.02 against 1.76 in 2024; short-term debt: 12.8% and cash: 17.5% of total assets), but 55% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
45%
Return on assets
4.2%
Age of the figures
9 mo
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
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
9 d early
2023
13 d early
2022
on the day
2021
10 d late
2020
26 d late
2019
39 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
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 Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€515k▲ 10.3%
2024 · €467k
Total assets
€1.15M▲ 2.4%
2024 · €1.12M
Net result
€48k▼ 37.4%
2024 · €77k
Working capital
€150k▲ 39.6%
2024 · €108k
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€92k▲ 91.0%€138k▲ 50.2%€137k▼ 0.6%€142k▲ 3.5%€95k▼ 33.1%
Net result€56k▲ 131%€93k▲ 65.4%€85k▼ 8.9%€77k▼ 9.0%€48k▼ 37.4%
Equity€229k▲ 32.6%€322k▲ 40.7%€390k▲ 21.2%€467k▲ 19.8%€515k▲ 10.3%
Total assets€687k▼ 0.1%€751k▲ 9.3%€1.12M▲ 49.2%€1.12M▼ 0.1%€1.15M▲ 2.4%
Debt€458k▼ 11.0%€429k▼ 6.4%€730k▲ 70.1%€652k▼ 10.7%€631k▼ 3.3%
Working capital€-12k▲ 79.2%€52k€58k▲ 12.3%€108k▲ 85.7%€150k▲ 39.6%
Staff (FTE)
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 33% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.15M
Fixed assets
€849k ▼ 2.4%
Current assets
€297k ▲ 19.1%
Equity and liabilities €1.15M
Equity
€515k ▲ 10.3%
Debt
€631k ▼ 3.3%
Debt's share of the balance-sheet total falls from 58.3% to 55.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€138k▼
2024 · €188k
Cash flow
€92k▼
2024 · €123k
Current ratio
2.02▲
2024 · 1.76
Debt to equity
1.22▼
2024 · 1.40
ROE
9.4%▼
2024 · 16.5%
ROA
4.2%▼
2024 · 6.9%
Interest coverage
8.16▼
2024 · 10.65
Debt ≤ 1 year
€147k▲
2024 · €142k
Debt > 1 year
€484k▼
2024 · €510k
Income taxes
€29k▼
2024 · €47k
Staff costs
€248k▲
2024 · €237k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €168k | €156k | €205k | €237k | €248k | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34k | €36k | €47k | €46k | €44k | ▼ 4.8% |
| Other operating charges640/8 | €4k | €4k | €5k | €4k | €14k | ▲ 287% |
| Gross operating margin9900 | €298k | €334k | €394k | €429k | €401k | ▼ 6.5% |
| Operating profit (loss)9901 | €92k | €138k | €137k | €142k | €95k | ▼ 33.1% |
| Financial income75/76B | €92 | €30 | - | €2 | €0 | ▼ 76.3% |
| Recurring financial income75 | €92 | €30 | - | €2 | €0 | ▼ 76.3% |
| Financial charges65/66B | €8k | €6k | €13k | €18k | €17k | ▼ 3.6% |
| Recurring financial charges65 | €8k | €6k | €13k | €18k | €17k | ▼ 3.6% |
| Profit (loss) for the period before taxes9903 | €84k | €131k | €123k | €124k | €78k | ▼ 37.3% |
| Income taxes67/77 | €28k | €38k | €39k | €47k | €29k | ▼ 37.2% |
| Profit (loss) for the period9904 | €56k | €93k | €85k | €77k | €48k | ▼ 37.4% |
| Profit (loss) for the period to be appropriated9905 | €56k | €93k | €85k | €77k | €48k | ▼ 37.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €687k | €751k | €1.12M | €1.12M | €1.15M | ▲ 2.4% |
| Fixed assets21/28 | €563k | €547k | €896k | €870k | €849k | ▼ 2.4% |
| Intangible fixed assets21 | €950 | - | - | - | - | - |
| Tangible fixed assets22/27 | €562k | €547k | €896k | €869k | €849k | ▼ 2.4% |
| Land and buildings22 | €535k | €531k | €853k | €839k | €804k | ▼ 4.1% |
| Plant, machinery and equipment23 | €10k | €7k | €4k | €2k | €11k | ▲ 427% |
| Furniture and vehicles24 | €17k | €9k | €38k | €28k | €8k | ▼ 71.8% |
| Leasing and similar rights25 | - | - | - | - | €25k | - |
| Financial fixed assets28 | €247 | €247 | €247 | €247 | €247 | = |
| Current assets29/58 | €124k | €203k | €224k | €250k | €297k | ▲ 19.1% |
| Amounts receivable within one year40/41 | €56k | €71k | €144k | €160k | €95k | ▼ 40.6% |
| Trade receivables40 | €55k | €58k | €134k | €122k | €76k | ▼ 38.2% |
| Other amounts receivable41 | €761 | €13k | €10k | €38k | €19k | ▼ 48.4% |
| Cash at bank and in hand54/58 | €66k | €131k | €77k | €87k | €200k | ▲ 129% |
| Deferred charges and accrued income490/1 | €2k | €1k | €3k | €2k | €2k | ▼ 5.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €687k | €751k | €1.12M | €1.12M | €1.15M | ▲ 2.4% |
| Equity10/15 | €229k | €322k | €390k | €467k | €515k | ▲ 10.3% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €2k | €2k | €2k | €79k | €127k | ▲ 61.1% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | - | - | €2k | €79k | €127k | ▲ 61.1% |
| Profit (loss) carried forward14 | €214k | €307k | €376k | €376k | €376k | = |
| Amounts payable17/49 | €458k | €429k | €730k | €652k | €631k | ▼ 3.3% |
| Amounts payable after more than one year17 | €322k | €277k | €564k | €510k | €484k | ▼ 5.1% |
| Financial debts170/4 | €322k | €277k | €564k | €510k | €484k | ▼ 5.1% |
| Amounts payable within one year42/48 | €136k | €152k | €166k | €142k | €147k | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | €49k | €45k | €57k | €53k | €52k | ▼ 3.3% |
| Trade debts44 | €17k | €42k | €35k | €40k | €36k | ▼ 9.1% |
| Suppliers440/4 | €17k | €42k | €35k | €40k | €36k | ▼ 9.1% |
| Taxes, remuneration and social security45 | €52k | €65k | €75k | €48k | €59k | ▲ 21.4% |
| Taxes450/3 | €34k | €45k | €52k | €27k | €30k | ▲ 9.7% |
| Remuneration and social security454/9 | €18k | €20k | €23k | €21k | €29k | ▲ 36.5% |
| Other amounts payable47/48 | €18k | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56k | €93k | €85k | €77k | €48k | ▼ 37.4% |
| + Depreciation and write-downs630 | €34k | €36k | €47k | €46k | €44k | ▼ 4.8% |
| Operating cash flow (approximation) | €90k | €129k | €132k | €123k | €92k | ▼ 25.2% |
| Investment in fixed assets (approximation) | - | €-20k | €-396k | €-20k | €-23k | ▼ 16.4% |
| Change in cash | - | €65k | €-54k | €11k | €113k | ▲ 955% |
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
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Equity above €500kEq €515k ▲10.3%
8 profitable years in a row build equity to €515k.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €93k ▲65.4%
Net result €93k, the highest in the series.
10-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 10 days late
2021
31-12
Financial
Equity above €200kEq €229k ▲32.6%
4 profitable years in a row build equity to €229k.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
31-12
Financial
Equity above €150kEq €172k ▲16.5%
3 profitable years in a row build equity to €172k.
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
19-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 19 days late
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
21-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 52 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Wetteren · 1 establishment unit since 2015
Ground area
1,138 m²
Building footprint
224 m²
Volume, LiDAR
1,343 m³
Parcel 42025A0872/00T000, Flanders · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
VASTGOEDBEHEER DE VUYST
since 20152.243.984.142
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42025A0872/00T000 | Flanders | 1,138 m² | 1 · 223 m² | 9.1 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.
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Of 3,761 companies in sector 68321 we hold annual accounts for 1,391. 897 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
Founded12-01-2011
Fiscal year end31-12
Activities, NACEBEL 2025
68321Property management for co-owned buildings (syndics)
46190Agents in non-specialised wholesale trade
68322Real estate appraisal on a fee or contract basis
Scores and ratios are computed by Checked and are not a credit decision.