AD Project
ActiveSummary
The computed 12-month bankruptcy probability of AD Project is 2.2% (moderate). The 2025 annual accounts show equity of €1,605 and a net result of €851. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 13% of 4564 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
Profitability51▼-29
Solvency26▲+1
Growth32▼-26
Track record94
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity short (current ratio 0.61 against 0.59 in 2024; short-term debt: 71.7% of total assets), and 99.1% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
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 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% 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
0.9%
Return on assets
0.5%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 4564 sector peers (2025).
NBB · sector comparisonPosition among 4564 sector peers
Solvency
better than 13%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 08-04-2026, 22 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
22 d early
2024
30 d early
2023
25 d early
2022
37 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 29 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 43% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check 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?Public money
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, micro schema
Equity
€1,605▲ 113%
2024 · €755
Total assets
€177,071▼ 8.8%
2024 · €194,120
Net result
€851▼ 95.3%
2024 · €18,063
Working capital
-€49,081▲ 1.8%
2024 · -€50,002
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, 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
Line2022202320242025
Operating result€4,557--€17,047€25,991€8,764▼ 66.3%
Net result€3,321within the sector's middle half--€20,629below the sector's middle half€18,063within the sector's middle half€851within the sector's middle half▼ 95.3%
Equity€3,321below the sector's middle half--€17,308below the sector's middle half€755below the sector's middle half€1,605below the sector's middle half▲ 113%
Total assets€76,171within the sector's middle half-€82,919within the sector's middle half▲ 8.9%€194,120within the sector's middle half▲ 134%€177,071within the sector's middle half▼ 8.8%
Debt€72,850-€100,227▲ 37.6%€193,365▲ 92.9%€175,466▼ 9.3%
Working capital-€4,552--€58,273▼ 1,180%-€50,002▲ 14.2%-€49,081▲ 1.8%
Solvency4.4%below the sector's middle half--20.9%below the sector's middle half▼ 25.2pp0.4%below the sector's middle half▲ 21.3pp0.9%below the sector's middle half▲ 0.5pp
Staff (FTE)2.33.9▲ 69.6%1.9▼ 51.3%
above
within
below
the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings.
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 66% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €177,071
Fixed assets
€99,244 ▼ 18.0%
Current assets
€77,827 ▲ 6.5%
Equity and liabilities €177,071
Equity
€1,605 ▲ 113%
Debt
€175,466 ▼ 9.3%
Debt's share of the balance-sheet total falls from 99.6% to 99.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,569▼
2024 · €56,128
Cash flow
€22,656▼
2024 · €48,200
Current ratio
0.61▲
2024 · 0.59
Quick ratio
0.42▼
2024 · 0.46
ROE
53.0%
ROA
0.5%▼
2024 · 9.3%
Interest coverage
3.85▼
2024 · 7.07
Debt ≤ 1 year
€126,908▲
2024 · €123,072
Debt > 1 year
€48,558▼
2024 · €70,293
Staff costs
€86,083▼
2024 · €90,864
A ratio outside any meaningful range has been withheld (balance sheet total €177,071, equity €1,605).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,136 companies that looked in July 2024 the way this one looks now, 4.9% went bankrupt within 24 months and 92% are still going.
- Micro
- 2 to 5 years old
- solvency under 10%
- a profit under 5% of the balance sheet
4.9%
went bankrupt
2.0%
stopped otherwise
92%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.2% 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 2,136 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €76,280 | €90,864 | €86,083 | ▼ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,387 | €16,000 | €30,138 | €21,805 | ▼ 27.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €16,884 | - | - | - | - |
| Other operating charges640/8 | €620 | €851 | €2,781 | €1,776 | ▼ 36.1% |
| Gross operating margin9900 | €31,449 | €76,084 | €149,773 | €118,428 | ▼ 20.9% |
| Operating profit (loss)9901 | €4,557 | -€17,047 | €25,991 | €8,764 | ▼ 66.3% |
| Financial income75/76B | €0 | - | €9 | €19 | ▲ 115% |
| Recurring financial income75 | €0 | - | €9 | €19 | ▲ 115% |
| Financial charges65/66B | €828 | €3,582 | €7,937 | €7,932 | ▼ 0.1% |
| Recurring financial charges65 | €828 | €3,582 | €7,937 | €7,932 | ▼ 0.1% |
| Profit (loss) for the period before taxes9903 | €3,729 | -€20,629 | €18,063 | €851 | ▼ 95.3% |
| Income taxes67/77 | €408 | - | - | - | - |
| Profit (loss) for the period9904 | €3,321 | -€20,629 | €18,063 | €851 | ▼ 95.3% |
| Profit (loss) for the period to be appropriated9905 | €3,321 | -€20,629 | €18,063 | €851 | ▼ 95.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €76,171 | €82,919 | €194,120 | €177,071 | ▼ 8.8% |
| Fixed assets21/28 | €28,127 | €49,071 | €121,049 | €99,244 | ▼ 18.0% |
| Intangible fixed assets21 | - | - | €80,562 | €71,662 | ▼ 11.0% |
| Tangible fixed assets22/27 | €28,127 | €37,421 | €29,387 | €16,482 | ▼ 43.9% |
| Plant, machinery and equipment23 | €8,091 | €10,022 | €11,635 | €6,665 | ▼ 42.7% |
| Furniture and vehicles24 | €20,037 | €27,399 | €17,752 | €9,818 | ▼ 44.7% |
| Financial fixed assets28 | - | €11,650 | €11,100 | €11,100 | = |
| Current assets29/58 | €48,044 | €33,848 | €73,070 | €77,827 | ▲ 6.5% |
| Stocks and contracts in progress3 | - | - | €16,947 | €24,816 | ▲ 46.4% |
| Stocks30/36 | - | - | €16,947 | €24,816 | ▲ 46.4% |
| Amounts receivable within one year40/41 | €37,330 | €32,539 | €43,624 | €44,194 | ▲ 1.3% |
| Trade receivables40 | €32,376 | €32,155 | €39,462 | €43,031 | ▲ 9.0% |
| Other amounts receivable41 | €4,954 | €384 | €4,161 | €1,163 | ▼ 72.1% |
| Cash at bank and in hand54/58 | €10,594 | €556 | €11,789 | - | - |
| Deferred charges and accrued income490/1 | €120 | €752 | €711 | €8,818 | ▲ 1,140% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €76,171 | €82,919 | €194,120 | €177,071 | ▼ 8.8% |
| Equity10/15 | €3,321 | -€17,308 | €755 | €1,605 | ▲ 113% |
| Reserves13 | €3,321 | €3,321 | €3,321 | €3,321 | = |
| Distributable reserves133 | €3,321 | €3,321 | €3,321 | €3,321 | = |
| Profit (loss) carried forward14 | - | -€20,629 | -€2,566 | -€1,716 | ▲ 33.1% |
| Amounts payable17/49 | €72,850 | €100,227 | €193,365 | €175,466 | ▼ 9.3% |
| Amounts payable after more than one year17 | €20,254 | €8,106 | €70,293 | €48,558 | ▼ 30.9% |
| Financial debts170/4 | €20,254 | €8,106 | €70,293 | €48,558 | ▼ 30.9% |
| Amounts payable within one year42/48 | €52,596 | €92,120 | €123,072 | €126,908 | ▲ 3.1% |
| Current portion of amounts payable after more than one year42 | €11,915 | €12,148 | €28,403 | €28,841 | ▲ 1.5% |
| Financial debts43 | - | - | - | €5,922 | - |
| Credit institutions430/8 | - | - | - | €5,922 | - |
| Trade debts44 | €20,294 | €23,122 | €32,162 | €13,180 | ▼ 59.0% |
| Suppliers440/4 | €20,294 | €23,122 | €32,162 | €13,180 | ▼ 59.0% |
| Taxes, remuneration and social security45 | €408 | €18,364 | €20,019 | €17,307 | ▼ 13.5% |
| Taxes450/3 | €408 | €1,807 | €3,730 | €8,149 | ▲ 118% |
| Remuneration and social security454/9 | - | €16,557 | €16,290 | €9,158 | ▼ 43.8% |
| Other amounts payable47/48 | €19,980 | €38,486 | €42,487 | €61,659 | ▲ 45.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,321 | -€20,629 | €18,063 | €851 | ▼ 95.3% |
| + Depreciation and write-downs630 | €9,387 | €16,000 | €30,138 | €21,805 | ▼ 27.6% |
| Operating cash flow (approximation) | €12,709 | -€4,629 | €48,200 | €22,656 | ▼ 53.0% |
| Investment in fixed assets (approximation) | - | -€36,943 | -€102,116 | €0 | ▲ 100% |
| Change in cash | - | -€10,037 | €11,232 | - | - |
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
08-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Back to profitnet €18,063
Net result €18,063 after one loss-making year.
05-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Weakest financial yearnet -€20,629
Net result drops to -€20,629, the lowest in the series; recovery starts the following year.
24-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Malle · 1 establishment unit since 2021
Ground area
1,262 m²
Building footprint
223 m²
Volume, LiDAR
1,095 m³
Parcel 11049C0026/00S002, Flanders · tallest building 9.2 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
AD Project
since 20212.325.555.204
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11049C0026/00S002 | Flanders | 1,262 m² | 1 · 223 m² | 9.2 m · 1 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Public money · subsidies and aid
Flemish government
2024 · 2 entries · 8,780 EUR awarded · 8,780 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 2 | 8,780 EUR | 8,780 EUR |
Recognitions · licences · registrations
Dual-learning approval
2 live approvalsGroenaanleg en –beheer duaal (so)
Tuinaanlegger-groenbeheerder duaal (so)
Similar companies · same sector, comparable size
Jo Kennis
BE 0660.900.095
Zoersel · Eq €1,591
Arbor Bros
BE 0803.042.907
Bekkevoort · Eq €1,590
MAREMMA
BE 0843.712.631
Pepinster · Eq €1,581
PARCS ET JARDINS AGRONOMIQUES
BE 0874.774.803
Tubize · Eq €1,643
V.VAN NEDERVELDE
BE 0893.577.955
Brussel · Eq €1,560
Of 21,225 companies in sector 81300 we hold annual accounts for 4,369. 718 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
Founded24-12-2021
Fiscal year end30-09
Activities, NACEBEL 2025
81300Landscape service activities
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0779335909
Also
9925:BE0779335909
Registered
31-10-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.