ADAGE
ActiveSummary
ADAGE has been active since 1980 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €101,484 and a net result of €4,812. Equity is growing by ~6.9% per year across the filed fiscal years. Its solvency ranks better than 74% of 18537 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+2
Solvency88▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity ample (current ratio 2.0 against 1.7 in 2024; short-term debt: 37.5% and cash: 0.7% of total assets), and 37.5% of the assets are financed with debt.
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Signals
Five 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
62.5%
Return on assets
3%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 19-12-2025, 43 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
43 d early
2024
16 d early
2023
8 d early
2022
28 d early
2021
40 d early
2020
27 d early
2019
50 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 30 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
€101,484▲ 5.0%
2024 · €96,672
Total assets
€162,349▼ 1.7%
2024 · €165,080
Net result
€4,812▼ 38.5%
2024 · €7,829
Working capital
€60,603▲ 27.2%
2024 · €47,649
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€7,209▼ 45.7%€2,520▼ 65.0%€17,656▲ 601%€13,264▼ 24.9%€9,157▼ 31.0%
Net result€4,162▼ 44.9%-€1,497€10,823€7,829▼ 27.7%€4,812▼ 38.5%
Equity€79,517▲ 5.5%€78,020▼ 1.9%€88,843▲ 13.9%€96,672▲ 8.8%€101,484▲ 5.0%
Total assets€149,675▼ 15.5%€144,418▼ 3.5%€172,317▲ 19.3%€165,080▼ 4.2%€162,349▼ 1.7%
Debt€70,158▼ 31.1%€66,398▼ 5.4%€83,474▲ 25.7%€68,408▼ 18.0%€60,866▼ 11.0%
Working capital€51,918▲ 1.6%€44,900▼ 13.5%€35,765▼ 20.3%€47,649▲ 33.2%€60,603▲ 27.2%
Staff (FTE)0.8=1▲ 25.0%1=1=1=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 31% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €162,349
Fixed assets
€40,880 ▼ 16.6%
Current assets
€121,469 ▲ 4.7%
Equity and liabilities €162,349
Equity
€101,484 ▲ 5.0%
Debt
€60,866 ▼ 11.0%
Debt's share of the balance-sheet total falls from 41.4% to 37.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€17,299▼
2024 · €21,301
Cash flow
€12,954▼
2024 · €15,866
Current ratio
2.00▲
2024 · 1.70
Quick ratio
0.02▼
2024 · 0.05
Debt to equity
0.60▼
2024 · 0.71
ROE
4.7%▼
2024 · 8.1%
ROA
3.0%▼
2024 · 4.7%
Interest coverage
10.99▲
2024 · 5.50
Debt ≤ 1 year
€60,866▼
2024 · €68,408
Income taxes
€2,805▲
2024 · €1,589
Staff costs
€25,089▲
2024 · €24,755
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 16,986 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
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 16,986 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €21,725 | €20,678 | €24,755 | €25,089 | ▲ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,375 | €1,890 | €5,890 | €8,037 | €8,143 | ▲ 1.3% |
| Other operating charges640/8 | - | €3,031 | €2,466 | €1,717 | €1,926 | ▲ 12.2% |
| Gross operating margin9900 | €34,858 | €29,166 | €46,690 | €47,773 | €44,314 | ▼ 7.2% |
| Operating profit (loss)9901 | €7,209 | €2,520 | €17,656 | €13,264 | €9,157 | ▼ 31.0% |
| Financial income75/76B | - | €379 | €134 | €30 | €35 | ▲ 15.0% |
| Recurring financial income75 | €175 | €379 | €134 | €30 | €35 | ▲ 15.0% |
| Financial charges65/66B | - | €3,473 | €3,350 | €3,876 | €1,575 | ▼ 59.4% |
| Recurring financial charges65 | €3,210 | €3,473 | €3,350 | €3,876 | €1,575 | ▼ 59.4% |
| Profit (loss) for the period before taxes9903 | €4,174 | -€574 | €14,440 | €9,418 | €7,617 | ▼ 19.1% |
| Income taxes67/77 | €12 | €923 | €3,617 | €1,589 | €2,805 | ▲ 76.5% |
| Profit (loss) for the period9904 | €4,162 | -€1,497 | €10,823 | €7,829 | €4,812 | ▼ 38.5% |
| Profit (loss) for the period to be appropriated9905 | €4,162 | -€1,497 | €10,823 | €7,829 | €4,812 | ▼ 38.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €149,675 | €144,418 | €172,317 | €165,080 | €162,349 | ▼ 1.7% |
| Formation expenses20 | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €45,577 | €43,687 | €55,797 | €49,023 | €40,880 | ▼ 16.6% |
| Intangible fixed assets21 | - | - | - | €0 | €0 | - |
| Tangible fixed assets22/27 | €45,430 | €43,540 | €55,650 | €48,876 | €40,733 | ▼ 16.7% |
| Land and buildings22 | - | €43,540 | €41,650 | €39,760 | €37,870 | ▼ 4.8% |
| Furniture and vehicles24 | - | - | €14,000 | €8,000 | €2,000 | ▼ 75.0% |
| Other tangible fixed assets26 | - | - | - | €1,116 | €863 | ▼ 22.6% |
| Financial fixed assets28 | €147 | €147 | €147 | €147 | €147 | = |
| Current assets29/58 | €104,098 | €100,731 | €116,520 | €116,057 | €121,469 | ▲ 4.7% |
| Stocks and contracts in progress3 | €103,967 | €99,306 | €113,736 | €112,616 | €120,366 | ▲ 6.9% |
| Stocks30/36 | - | €99,306 | €113,736 | €112,616 | €120,366 | ▲ 6.9% |
| Cash at bank and in hand54/58 | €131 | €1,425 | €2,784 | €3,441 | €1,103 | ▼ 67.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €149,675 | €144,418 | €172,317 | €165,080 | €162,349 | ▼ 1.7% |
| Equity10/15 | €79,517 | €78,020 | €88,843 | €96,672 | €101,484 | ▲ 5.0% |
| Contributions10/11 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Capital10 | - | €24,789 | €24,789 | - | - | - |
| Issued capital100 | - | €24,789 | €24,789 | - | - | - |
| Reserves13 | €18,840 | €18,840 | €18,840 | €18,840 | €18,840 | = |
| Non-distributable reserves130/1 | - | €2,479 | €2,479 | €2,479 | €2,479 | = |
| Legal reserve130 | - | €2,479 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €2,479 | €2,479 | €2,479 | = |
| Tax-exempt reserves132 | - | €1,487 | €1,487 | €1,487 | €1,487 | = |
| Distributable reserves133 | - | €14,874 | €14,874 | €14,874 | €14,874 | = |
| Profit (loss) carried forward14 | €35,888 | €34,391 | €45,214 | €53,043 | €57,854 | ▲ 9.1% |
| Amounts payable17/49 | €70,158 | €66,398 | €83,474 | €68,408 | €60,866 | ▼ 11.0% |
| Amounts payable after more than one year17 | €17,978 | €10,567 | €2,719 | - | - | - |
| Financial debts170/4 | - | €10,567 | €2,719 | - | - | - |
| Amounts payable within one year42/48 | €52,180 | €55,831 | €80,755 | €68,408 | €60,866 | ▼ 11.0% |
| Current portion of amounts payable after more than one year42 | - | €9,583 | €7,849 | €2,718 | - | - |
| Financial debts43 | - | €12,772 | €13,683 | €16,480 | €4,421 | ▼ 73.2% |
| Credit institutions430/8 | - | €12,772 | €13,683 | €16,480 | €4,421 | ▼ 73.2% |
| Trade debts44 | €5,840 | €13,195 | €17,894 | €7,911 | €9,039 | ▲ 14.3% |
| Suppliers440/4 | - | €13,195 | €17,894 | €7,911 | €9,039 | ▲ 14.3% |
| Taxes, remuneration and social security45 | - | €14,451 | €13,200 | €10,051 | €13,698 | ▲ 36.3% |
| Taxes450/3 | - | €12,250 | €9,481 | €8,706 | €8,964 | ▲ 3.0% |
| Remuneration and social security454/9 | - | €2,201 | €3,719 | €1,344 | €4,734 | ▲ 252% |
| Other amounts payable47/48 | - | €5,830 | €28,129 | €31,248 | €33,707 | ▲ 7.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,162 | -€1,497 | €10,823 | €7,829 | €4,812 | ▼ 38.5% |
| + Depreciation and write-downs630 | €7,375 | €1,890 | €5,890 | €8,037 | €8,143 | ▲ 1.3% |
| Operating cash flow (approximation) | €11,537 | €393 | €16,713 | €15,866 | €12,954 | ▼ 18.4% |
| Investment in fixed assets (approximation) | - | €0 | -€18,000 | -€1,263 | €0 | ▲ 100% |
| Change in cash | - | €1,294 | €1,359 | €657 | -€2,338 | ▼ 456% |
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
2025
19-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-06
Financial
Equity above €100,000Eq €101,484 ▲5%
3 profitable years in a row build equity to €101,484.
15-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
23-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €10,823
Net result €10,823 after one loss-making year.
03-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Weakest financial yearnet -€1,497
Net result drops to -€1,497, the lowest in the series; recovery starts the following year.
2021
22-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
04-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
12-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
12-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
21-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
20-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 1981
Ground area
1,282 m²
Building footprint
414 m²
Volume, LiDAR
7,733 m³
Parcel 62813E0288/00V000, Wallonia · tallest building 21.1 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Rue Lonhienne 10, 4000 Liège
since 19812.018.368.971
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62813E0288/00V000 | Wallonia | 1,282 m² | 1 · 414 m² | 21.1 m · 6 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 1,314 companies in sector 47639 we hold annual accounts for 624. 504 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 (pre-2019)
Founded30-12-1980
Fiscal year end30-06
Activities, NACEBEL 2025
47639Retail sale of other sporting goods
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
93299Other amusement and recreation activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0421151927
Also
9925:BE0421151927
Registered
01-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.