ADAG
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is 70% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Other operating charges640/8 | €264 | €677 | €757 | €849 | ▲ 12.1% |
| Gross operating margin9900 | €13,333 | €14,344 | €3,820 | €1,770 | ▼ 53.7% |
| Operating profit (loss)9901 | €13,069 | €13,667 | €3,062 | €921 | ▼ 69.9% |
| Financial income75/76B | €1 | €1,019 | €1,623 | - | - |
| Recurring financial income75 | €1 | €1,019 | €1,623 | - | - |
| Financial charges65/66B | €165 | €84 | €658 | €266 | ▼ 59.6% |
| Recurring financial charges65 | €165 | €84 | €658 | €266 | ▼ 59.6% |
| Profit (loss) for the period before taxes9903 | €12,904 | €14,602 | €4,027 | €656 | ▼ 83.7% |
| Income taxes67/77 | €2,403 | €4,025 | €1,358 | €489 | ▼ 64.0% |
| Profit (loss) for the period9904 | €10,501 | €10,576 | €2,669 | €166 | ▼ 93.8% |
| Profit (loss) for the period to be appropriated9905 | €10,501 | €10,576 | €2,669 | €166 | ▼ 93.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €13,874 | €27,526 | €29,709 | €28,590 | ▼ 3.8% |
| Current assets29/58 | €13,874 | €27,526 | €29,709 | €28,590 | ▼ 3.8% |
| Amounts receivable within one year40/41 | €13,823 | €24,987 | €29,178 | €28,266 | ▼ 3.1% |
| Trade receivables40 | - | - | €638 | €3,287 | ▲ 416% |
| Other amounts receivable41 | €13,823 | €24,987 | €28,541 | €24,979 | ▼ 12.5% |
| Cash at bank and in hand54/58 | €51 | €2,539 | €530 | €324 | ▼ 39.0% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €13,874 | €27,526 | €29,709 | €28,590 | ▼ 3.8% |
| Equity10/15 | €9,791 | €20,368 | €23,037 | €23,204 | ▲ 0.7% |
| Contributions10/11 | €200 | €200 | €200 | €200 | = |
| Reserves13 | - | €10,576 | €13,246 | €13,246 | = |
| Distributable reserves133 | - | €10,576 | €13,246 | €13,246 | = |
| Profit (loss) carried forward14 | €9,591 | €9,591 | €9,591 | €9,758 | ▲ 1.7% |
| Amounts payable17/49 | €4,082 | €7,158 | €6,671 | €5,386 | ▼ 19.3% |
| Amounts payable within one year42/48 | €4,082 | €7,158 | €6,671 | €5,386 | ▼ 19.3% |
| Trade debts44 | €1,679 | €730 | €1,288 | €2,873 | ▲ 123% |
| Suppliers440/4 | €1,679 | €730 | €1,288 | €2,873 | ▲ 123% |
| Taxes, remuneration and social security45 | €2,403 | €6,428 | €5,383 | €2,513 | ▼ 53.3% |
| Taxes450/3 | €2,403 | €6,428 | €5,383 | €2,513 | ▼ 53.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,501 | €10,576 | €2,669 | €166 | ▼ 93.8% |
| Operating cash flow (approximation) | €10,501 | €10,576 | €2,669 | €166 | ▼ 93.8% |
| Change in cash | - | €2,488 | -€2,009 | -€207 | ▲ 89.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,047 companies had the same profile as ADAG has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADAG itself: 1.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 5,047 companies, not a prediction for ADAG. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.