ADANT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 19 filings
Turnover
≈ €630,000
Estimated: probably between €350,000 and €1.0m
Total assets
€52,733▲ 176%
2024 · €19,074
Net result
€24,495▼ 27.6%
2024 · €33,825
Working capital
-€46,107▲ 10.8%
2024 · -€51,674
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,758
▼ 9.6%
2025
20182025
Net result
€24,495
▼ 27.6%
2025
middle half of the sector
20182025
Equity
-€57,622
▲ 29.8%
2025
lowest quarter of the sector
20182025
Total assets
€52,733
▲ 176%
2025
lowest quarter of the sector
20182025
Debt
€110,355
▲ 9.1%
2025
20182025
Working capital
-€46,107
▲ 10.8%
2025
lowest quarter of the sector
20182025
Solvency
-109.3%
▲ 321.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.36
▲ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
46.5%
▼ 130.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€4,666--€12,221▼ 162%-€14,143▼ 15.7%-€5,569▲ 60.6%-€12,570▼ 126%€17,047€37,357▲ 119%€33,758▼ 9.6%
Net result-€9,305--€17,073▼ 83.5%-€19,640below the sector's middle half▼ 15.0%-€12,838below the sector's middle half▲ 34.6%-€22,110below the sector's middle half▼ 72.2%€5,280within the sector's middle half€33,825above the sector's middle half▲ 541%€24,495within the sector's middle half▼ 27.6%
Equity-€49,560--€66,633▼ 34.4%-€86,273below the sector's middle half▼ 29.5%-€99,111below the sector's middle half▼ 14.9%-€121,221below the sector's middle half▼ 22.3%-€115,942below the sector's middle half▲ 4.4%-€82,117below the sector's middle half▲ 29.2%-€57,622below the sector's middle half▲ 29.8%
Total assets€39,274-€24,981▼ 36.4%€20,212below the sector's middle half▼ 19.1%€22,469below the sector's middle half▲ 11.2%€42,772below the sector's middle half▲ 90.4%€19,706below the sector's middle half▼ 53.9%€19,074below the sector's middle half▼ 3.2%€52,733below the sector's middle half▲ 176%
Debt€88,834-€91,614▲ 3.1%€106,485▲ 16.2%€121,580▲ 14.2%€163,993▲ 34.9%€135,648▼ 17.3%€101,191▼ 25.4%€110,355▲ 9.1%
Working capital-€52,341--€68,879▼ 31.6%-€59,985below the sector's middle half▲ 12.9%-€77,994below the sector's middle half▼ 30.0%-€108,803below the sector's middle half▼ 39.5%-€74,113below the sector's middle half▲ 31.9%-€51,674below the sector's middle half▲ 30.3%-€46,107below the sector's middle half▲ 10.8%
Solvency-126.2%--266.7%▼ 140.5pp-426.8%below the sector's middle half▼ 160.1pp-441.1%below the sector's middle half▼ 14.3pp-283.4%below the sector's middle half▲ 157.7pp-588.4%below the sector's middle half▼ 304.9pp-430.5%below the sector's middle half▲ 157.8pp-109.3%below the sector's middle half▲ 321.2pp
Current ratio0.41-0.25▼ 0.160.24below the sector's middle half▼ 0.010.21below the sector's middle half▼ 0.030.27below the sector's middle half▲ 0.070.20below the sector's middle half▼ 0.070.26below the sector's middle half▲ 0.060.36below the sector's middle half▲ 0.10
Return on assets (ROA)-23.7%--68.3%▼ 44.6pp-97.2%below the sector's middle half▼ 28.8pp-57.1%below the sector's middle half▲ 40.0pp-51.7%below the sector's middle half▲ 5.4pp26.8%above the sector's middle half▲ 78.5pp177.3%above the sector's middle half▲ 150.5pp46.5%above the sector's middle half▼ 130.9pp
Staff (FTE)2.5-2.5=2.8above the sector's middle half▲ 12.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 10% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €52,733
Fixed assets
€26,650 ▲ 34×
Current assets
€26,083 ▲ 42.7%
Equity and liabilities
Equity-€57,622
Debt€110,355
Equity is negative. Debt (€110,355) exceeds the balance-sheet total (€52,733).
Key figures and ratios
EBITDA
€35,750▼
2024 · €37,751
Cash flow
€26,487▼
2024 · €34,218
Quick ratio
0.27▲
2024 · 0.16
Interest coverage
3.85▼
2024 · 10.40
Debt ≤ 1 year
€72,189▲
2024 · €69,954
Debt > 1 year
€38,166▲
2024 · €31,237
Staff costs
€92,829▲
2024 · €88,984
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €6 | - | - | - | - |
| Overdue social security (RSZ) debts | €12,129 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,236 | €1,495 | - | - | €27,848 |
| Depreciation and write-downs of the year | €555 | €713 | €678 | €394 | €1,992 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €68,743 | €87,058 | €88,722 | €88,984 | €92,829 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €862 | €534 | €614 | €555 | €713 | €678 | €394 | €1,992 | ▲ 406% |
| Other operating charges640/8 | - | - | - | €899 | €1,403 | €130 | €2,268 | €1,125 | ▼ 50.4% |
| Gross operating margin9900 | €90,212 | €76,257 | €53,069 | €64,628 | €76,605 | €106,577 | €129,002 | €129,705 | ▲ 0.5% |
| Operating profit (loss)9901 | -€4,666 | -€12,221 | -€14,143 | -€5,569 | -€12,570 | €17,047 | €37,357 | €33,758 | ▼ 9.6% |
| Financial income75/76B | - | - | - | €190 | €57 | €25 | €97 | €25 | ▼ 74.3% |
| Recurring financial income75 | €21 | €87 | €326 | €190 | €57 | €25 | €97 | €25 | ▼ 74.3% |
| Financial charges65/66B | - | - | - | €7,459 | €9,598 | €11,792 | €3,630 | €9,288 | ▲ 156% |
| Recurring financial charges65 | €4,660 | €4,939 | €5,823 | €7,459 | €9,598 | €11,792 | €3,630 | €9,288 | ▲ 156% |
| Profit (loss) for the period before taxes9903 | -€9,305 | -€17,073 | -€19,640 | -€12,838 | -€22,110 | €5,280 | €33,825 | €24,495 | ▼ 27.6% |
| Profit (loss) for the period9904 | -€9,305 | -€17,073 | -€19,640 | -€12,838 | -€22,110 | €5,280 | €33,825 | €24,495 | ▼ 27.6% |
| Profit (loss) for the period to be appropriated9905 | -€9,305 | -€17,073 | -€19,640 | -€12,838 | -€22,110 | €5,280 | €33,825 | €24,495 | ▼ 27.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €39,274 | €24,981 | €20,212 | €22,469 | €42,772 | €19,706 | €19,074 | €52,733 | ▲ 176% |
| Fixed assets21/28 | €2,781 | €2,247 | €1,633 | €2,314 | €1,865 | €1,188 | €794 | €26,650 | ▲ 34× |
| Intangible fixed assets21 | - | - | - | €0 | - | - | €0 | - | - |
| Tangible fixed assets22/27 | €2,588 | €2,055 | €1,441 | €2,122 | €1,673 | €996 | €602 | €26,458 | ▲ 44× |
| Land and buildings22 | - | - | - | €357 | €199 | €40 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,764 | €1,475 | €956 | €602 | €26,458 | ▲ 44× |
| Financial fixed assets28 | €192 | €192 | €192 | €192 | €192 | €192 | €192 | €192 | = |
| Current assets29/58 | €36,494 | €22,735 | €18,579 | €20,156 | €40,906 | €18,518 | €18,280 | €26,083 | ▲ 42.7% |
| Stocks and contracts in progress3 | €3,855 | €4,142 | €3,661 | €3,746 | €4,501 | €5,339 | €7,245 | €6,364 | ▼ 12.2% |
| Stocks30/36 | - | - | - | €3,746 | €4,501 | €5,339 | €7,245 | €6,364 | ▼ 12.2% |
| Amounts receivable within one year40/41 | €18,489 | €11,716 | €10,001 | €11,916 | €32,060 | €5,447 | €4,035 | €3,371 | ▼ 16.5% |
| Trade receivables40 | - | - | - | €1,260 | €25,809 | €558 | €766 | €265 | ▼ 65.4% |
| Other amounts receivable41 | - | - | - | €10,656 | €6,250 | €4,889 | €3,270 | €3,106 | ▼ 5.0% |
| Cash at bank and in hand54/58 | - | - | - | - | - | €7,213 | €6,488 | €12,082 | ▲ 86.2% |
| Deferred charges and accrued income490/1 | - | - | - | €4,494 | €4,346 | €520 | €512 | €4,266 | ▲ 734% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €39,274 | €24,981 | €20,212 | €22,469 | €42,772 | €19,706 | €19,074 | €52,733 | ▲ 176% |
| Equity10/15 | -€49,560 | -€66,633 | -€86,273 | -€99,111 | -€121,221 | -€115,942 | -€82,117 | -€57,622 | ▲ 29.8% |
| Contributions10/11 | €19,000 | €19,000 | - | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Contributions outside capital11 | - | - | - | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Other1109/19 | - | - | - | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Profit (loss) carried forward14 | -€68,560 | -€85,633 | -€105,273 | -€118,111 | -€140,221 | -€134,942 | -€101,117 | -€76,622 | ▲ 24.2% |
| Amounts payable17/49 | €88,834 | €91,614 | €106,485 | €121,580 | €163,993 | €135,648 | €101,191 | €110,355 | ▲ 9.1% |
| Amounts payable after more than one year17 | - | - | €21,959 | €22,804 | €14,283 | €41,667 | €31,237 | €38,166 | ▲ 22.2% |
| Financial debts170/4 | - | - | - | €22,804 | €14,283 | €41,667 | €31,237 | €38,166 | ▲ 22.2% |
| Amounts payable within one year42/48 | €88,834 | €91,614 | €78,564 | €98,150 | €149,710 | €92,631 | €69,954 | €72,189 | ▲ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,655 | €15,702 | €6,396 | €11,935 | €15,209 | ▲ 27.4% |
| Financial debts43 | - | - | - | €13,981 | €14,547 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €13,981 | €14,547 | - | - | - | - |
| Trade debts44 | €48,767 | €53,957 | €35,177 | €46,001 | €87,995 | €51,139 | €19,448 | €19,804 | ▲ 1.8% |
| Suppliers440/4 | - | - | - | €46,001 | €87,995 | €51,139 | €19,448 | €19,804 | ▲ 1.8% |
| Taxes, remuneration and social security45 | - | - | - | €12,134 | €17,087 | €20,718 | €24,192 | €21,907 | ▼ 9.4% |
| Taxes450/3 | - | - | - | €6 | - | €206 | €1,052 | - | - |
| Remuneration and social security454/9 | - | - | - | €12,129 | €17,087 | €20,512 | €23,141 | €21,907 | ▼ 5.3% |
| Other amounts payable47/48 | - | - | - | €14,379 | €14,379 | €14,379 | €14,379 | €15,270 | ▲ 6.2% |
| Accrued charges and deferred income492/3 | - | - | - | €627 | - | €1,350 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,305 | -€17,073 | -€19,640 | -€12,838 | -€22,110 | €5,280 | €33,825 | €24,495 | ▼ 27.6% |
| + Depreciation and write-downs630 | €862 | €534 | €614 | €555 | €713 | €678 | €394 | €1,992 | ▲ 406% |
| Operating cash flow (approximation) | -€8,443 | -€16,539 | -€19,027 | -€12,283 | -€21,397 | €5,957 | €34,218 | €26,487 | ▼ 22.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,236 | -€265 | €0 | €0 | -€27,848 | - |
| Change in cash | - | - | - | - | - | - | -€725 | €5,594 | - |
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, 3,632 companies had the same profile as ADANT has now. Two years later, 91.9% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.9%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADANT itself: 0.6% 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 3,632 companies, not a prediction for ADANT. 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.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00374085 | |
| 31-12-2024 | micro format | 14-08-2025 | 2025-00375928 | |
| 31-12-2023 | micro format | 01-08-2024 | 2024-00326281 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00359608 | |
| 31-12-2021 | micro format | 28-09-2022 | 2022-20437546 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-66300571 | |
| 31-12-2019 | micro format | 03-08-2020 | 2020-38700205 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40100467 | |
| 31-12-2017 | micro format | 09-08-2018 | 2018-44600557 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-37200077 |