ADAR
ActiveSummary
The computed 12-month bankruptcy probability of ADAR is 1.5% (moderate). The 2024 annual accounts show negative equity (-€76,020) and a net result of €23,369. Equity is growing by ~9.8% per year across the filed fiscal years. Its solvency ranks better than 24% of 221 sector peers (fiscal year 2024). The company has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability62▲+3
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.76 against 0.62 in 2023; short-term debt: 130.6% and cash: 4.8% of total assets), and equity is negative.
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Signals
Seven 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-32%
Return on assets
9.8%
Age of the figures
21 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 14
Relative position
BE, all sectors
reference
Manufacture of wearing apparel (NACE 14)
about 12% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 221 sector peers (2024).
NBB · sector comparisonPosition among 221 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
75 d late
2022
31 d late
2021
32 d late
2020
31 d late
2019
67 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 50 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€76,020▲ 23.5%
2023 · -€99,390
Total assets
€237,768▲ 45.7%
2023 · €163,218
Net result
€23,369▲ 64.7%
2023 · €14,190
Working capital
-€74,120▲ 25.2%
2023 · -€99,090
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 14, Manufacture of wearing apparel, 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
Line20202021202220232024
Operating result€64,423€894▼ 98.6%-€4,006€14,969€25,490▲ 70.3%
Net result€63,986above the sector's middle half-€165within the sector's middle half-€5,356within the sector's middle half▼ 3,144%€14,190within the sector's middle half€23,369above the sector's middle half▲ 64.7%
Equity-€108,059below the sector's middle half▲ 37.2%-€108,224below the sector's middle half▼ 0.2%-€113,580below the sector's middle half▼ 4.9%-€99,390below the sector's middle half▲ 12.5%-€76,020below the sector's middle half▲ 23.5%
Total assets€128,093within the sector's middle half▲ 32.2%€122,398within the sector's middle half▼ 4.4%€98,906within the sector's middle half▼ 19.2%€163,218within the sector's middle half▲ 65.0%€237,768within the sector's middle half▲ 45.7%
Debt€236,152▼ 12.2%€230,622▼ 2.3%€212,486▼ 7.9%€262,608▲ 23.6%€313,788▲ 19.5%
Working capital-€107,764below the sector's middle half▲ 37.9%-€98,324below the sector's middle half▲ 8.8%-€113,280below the sector's middle half▼ 15.2%-€99,090below the sector's middle half▲ 12.5%-€74,120below the sector's middle half▲ 25.2%
Solvency-84.4%below the sector's middle half▲ 93.2pp-88.4%below the sector's middle half▼ 4.1pp-114.8%below the sector's middle half▼ 26.4pp-60.9%below the sector's middle half▲ 53.9pp-32.0%below the sector's middle half▲ 28.9pp
Current ratio0.54below the sector's middle half▲ 0.190.55below the sector's middle half▲ 0.010.46below the sector's middle half▼ 0.090.62below the sector's middle half▲ 0.160.76within the sector's middle half▲ 0.14
Return on assets (ROA)50.0%above the sector's middle half▲ 83.5pp-0.1%within the sector's middle half▼ 50.1pp-5.4%within the sector's middle half▼ 5.3pp8.7%within the sector's middle half▲ 14.1pp9.8%within the sector's middle half▲ 1.1pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 14, Manufacture of wearing apparel, 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
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 70% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €237,768
Fixed assets
€1,300 =
Current assets
€236,468 ▲ 46.0%
Key figures and ratios
Quick ratio
0.16▲
2023 · 0.11
Debt to equity
-4.13▼
2023 · -2.64
Debt ≤ 1 year
€310,588▲
2023 · €261,008
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.5% 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 497,662 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 3,798 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €165 | - | €11,562 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €179 | €4 | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €2,622 | - | - | - |
| Other operating charges640/8 | - | €202 | €405 | €2,044 | €631 | ▼ 69.1% |
| Non-recurring operating charges66A | - | - | €109 | - | €964 | - |
| Gross operating margin9900 | €66,035 | €1,100 | -€870 | €17,013 | €27,085 | ▲ 59.2% |
| Operating profit (loss)9901 | €64,423 | €894 | -€4,006 | €14,969 | €25,490 | ▲ 70.3% |
| Financial income75/76B | - | - | €0 | €2 | €3 | ▲ 34.8% |
| Recurring financial income75 | €1 | - | €0 | €2 | €3 | ▲ 34.8% |
| Financial charges65/66B | - | €1,059 | €1,351 | €781 | €2,124 | ▲ 172% |
| Recurring financial charges65 | €437 | €1,059 | €1,351 | €781 | €2,124 | ▲ 172% |
| Profit (loss) for the period before taxes9903 | €63,986 | -€165 | -€5,356 | €14,190 | €23,369 | ▲ 64.7% |
| Profit (loss) for the period9904 | €63,986 | -€165 | -€5,356 | €14,190 | €23,369 | ▲ 64.7% |
| Profit (loss) for the period to be appropriated9905 | €63,986 | -€165 | -€5,356 | €14,190 | €23,369 | ▲ 64.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €128,093 | €122,398 | €98,906 | €163,218 | €237,768 | ▲ 45.7% |
| Fixed assets21/28 | €1,304 | €1,300 | €1,300 | €1,300 | €1,300 | = |
| Tangible fixed assets22/27 | €4 | - | - | - | - | - |
| Financial fixed assets28 | €1,300 | €1,300 | €1,300 | €1,300 | €1,300 | = |
| Current assets29/58 | €126,789 | €121,098 | €97,606 | €161,918 | €236,468 | ▲ 46.0% |
| Stocks and contracts in progress3 | €44,967 | €49,723 | €78,325 | €134,496 | €186,053 | ▲ 38.3% |
| Stocks30/36 | - | €49,723 | €78,325 | €134,496 | €186,053 | ▲ 38.3% |
| Amounts receivable within one year40/41 | €20,043 | €23,803 | €2,648 | €22,352 | €39,020 | ▲ 74.6% |
| Trade receivables40 | - | €23,803 | €2,098 | €22,352 | €32,149 | ▲ 43.8% |
| Other amounts receivable41 | - | - | €551 | - | €6,871 | - |
| Current investments50/53 | - | - | - | €317 | - | - |
| Cash at bank and in hand54/58 | €61,779 | €47,571 | €16,417 | €4,753 | €11,395 | ▲ 140% |
| Deferred charges and accrued income490/1 | - | - | €216 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €128,093 | €122,398 | €98,906 | €163,218 | €237,768 | ▲ 45.7% |
| Equity10/15 | -€108,059 | -€108,224 | -€113,580 | -€99,390 | -€76,020 | ▲ 23.5% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€128,519 | -€128,684 | -€134,040 | -€119,850 | -€96,480 | ▲ 19.5% |
| Amounts payable17/49 | €236,152 | €230,622 | €212,486 | €262,608 | €313,788 | ▲ 19.5% |
| Amounts payable within one year42/48 | €234,552 | €219,422 | €210,886 | €261,008 | €310,588 | ▲ 19.0% |
| Trade debts44 | €80,130 | €65,816 | €64,465 | €73,696 | €117,238 | ▲ 59.1% |
| Suppliers440/4 | - | €65,816 | €64,465 | €73,696 | €117,238 | ▲ 59.1% |
| Taxes, remuneration and social security45 | - | €7,619 | €7,884 | €15,841 | €3,574 | ▼ 77.4% |
| Taxes450/3 | - | €3,517 | €3,999 | €12,262 | - | - |
| Remuneration and social security454/9 | - | €4,102 | €3,885 | €3,579 | €3,574 | ▼ 0.1% |
| Other amounts payable47/48 | - | €145,987 | €138,538 | €171,471 | €189,776 | ▲ 10.7% |
| Accrued charges and deferred income492/3 | - | €11,200 | €1,600 | €1,600 | €3,200 | ▲ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,986 | -€165 | -€5,356 | €14,190 | €23,369 | ▲ 64.7% |
| + Depreciation and write-downs630 | €179 | €4 | - | - | - | - |
| Operating cash flow (approximation) | €64,165 | -€161 | -€5,356 | €14,190 | €23,369 | ▲ 64.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€14,208 | -€31,154 | -€11,664 | €6,642 | ▲ 157% |
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
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
14-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 75 days late
2023
31-12
Financial
Back to profitnet €14,190
Net result €14,190 after 2 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
01-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 32 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €63,986
Net result €63,986 after 2 loss-making years.
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 67 days late
2019
31-12
Financial
Weakest financial yearnet -€32,538
Net result drops to -€32,538, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
30-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 61 days late
2016
30-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Brussel · 3 establishment units since 1998
Ground area
990 m²
Building footprint
885 m²
Volume, LiDAR
11,046 m³
4 parcels, Brussels, Flanders · tallest building 46.2 m, ±6 floors. Linked by address, not a title deed.
3 establishment units
Gheudestraat 41, 1070 Anderlecht
since 19982.086.130.894
Steenweg op Merchtem 47, 1780 Wemmel
since 20162.275.441.935
Elouisa
since 20172.275.442.034
4 parcels
Flanders
1
(25%)
Brussels
3
(75%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21305B0209/00W003 | Brussels | 646 m² | 1 · 644 m² | 46.2 m · 5 fl. |
| 21816H0140/00T006 | Brussels | 178 m² | 1 · 114 m² | 11.3 m · 1 fl. |
| 22005A0525/00F007 | Flanders | 102 m² | 1 · 73 m² | 11.3 m · 3 fl. |
| 21305B0209/00G017 | Brussels | 64 m² | 1 · 54 m² | 18.8 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector and region
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1986
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 1,090 companies in sector 14210 we hold annual accounts for 213. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded31-03-1998
Fiscal year end31-12
Activities, NACEBEL 2025
14210Manufacture of outerwear
E-invoicing
Reachable via Peppol
Peppol ID
0208:0462947544
Registered
30-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.