ADARTHA
ActiveSummary
The computed 12-month bankruptcy probability of ADARTHA is 1.8% (moderate). The 2025 annual accounts show equity of €224,477 and a net result of €65,768. Its solvency ranks better than 45% of 18606 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-4
Solvency53▲+8
Growth52
Track record94
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €14,000 at 30 days acceptable
Liquidity ample (current ratio 1.52 against 0.59 in 2024; short-term debt: 15.2% and cash: 21.3% of total assets), but 72.1% of the assets are financed with debt.
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Signals
Four 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 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
27.9%
Return on assets
8.2%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-09-2026, 55 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 · 2 filingsDeviation from the deadline
2025
55 d late
2024
27 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 2 accounts on average 14 days after 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€224,477▲ 41.4%
2024 · €158,709
Total assets
€805,707▲ 3.9%
2024 · €775,461
Net result
€65,768▼ 27.5%
2024 · €90,709
Working capital
€63,169
2024 · -€54,726
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Line20242025
Operating result€143,463-€108,039▼ 24.7%
Net result€90,709above the sector's middle half-€65,768above the sector's middle half▼ 27.5%
Equity€158,709above the sector's middle half-€224,477above the sector's middle half▲ 41.4%
Total assets€775,461above the sector's middle half-€805,707above the sector's middle half▲ 3.9%
Debt€616,752-€581,230▼ 5.8%
Working capital-€54,726below the sector's middle half-€63,169within the sector's middle half
Solvency20.5%within the sector's middle half-27.9%within the sector's middle half▲ 7.4pp
Current ratio0.59below the sector's middle half-1.52within the sector's middle half▲ 0.92
Return on assets (ROA)11.7%within the sector's middle half-8.2%within the sector's middle half▼ 3.5pp
Staff (FTE)6.4-8.8▲ 37.5%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, 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 25% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €805,707
Fixed assets
€619,884 ▼ 10.8%
Current assets
€185,823 ▲ 132%
Equity and liabilities €805,707
Equity
€224,477 ▲ 41.4%
Debt
€581,230 ▼ 5.8%
Debt's share of the balance-sheet total falls from 79.5% to 72.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€191,568▼
2024 · €221,104
Cash flow
€149,297▼
2024 · €168,351
Quick ratio
1.46▲
2024 · 0.51
Debt to equity
2.59▼
2024 · 3.89
ROE
29.3%▼
2024 · 57.2%
Interest coverage
11.07▲
2024 · 8.97
Debt ≤ 1 year
€122,654▼
2024 · €134,986
Debt > 1 year
€457,505▼
2024 · €477,667
Income taxes
€25,195▼
2024 · €28,496
Staff costs
€89,097▼
2024 · €125,367
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,976 companies that looked in July 2024 the way this one looks now, 3.1% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
3.1%
went bankrupt
1.6%
stopped otherwise
94%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% 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 7,976 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 | 2024 | 2025 | Change |
|---|---|---|---|
| Non-recurring operating income76A | €7,500 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €125,367 | €89,097 | ▼ 28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,642 | €83,529 | ▲ 7.6% |
| Other operating charges640/8 | €3,682 | €5,608 | ▲ 52.3% |
| Gross operating margin9900 | €350,154 | €286,273 | ▼ 18.2% |
| Operating profit (loss)9901 | €143,463 | €108,039 | ▼ 24.7% |
| Financial income75/76B | €399 | €228 | ▼ 42.7% |
| Recurring financial income75 | €399 | €228 | ▼ 42.7% |
| Financial charges65/66B | €24,656 | €17,304 | ▼ 29.8% |
| Recurring financial charges65 | €24,656 | €17,304 | ▼ 29.8% |
| Profit (loss) for the period before taxes9903 | €119,205 | €90,963 | ▼ 23.7% |
| Income taxes67/77 | €28,496 | €25,195 | ▼ 11.6% |
| Profit (loss) for the period9904 | €90,709 | €65,768 | ▼ 27.5% |
| Profit (loss) for the period to be appropriated9905 | €90,709 | €65,768 | ▼ 27.5% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €775,461 | €805,707 | ▲ 3.9% |
| Fixed assets21/28 | €695,202 | €619,884 | ▼ 10.8% |
| Intangible fixed assets21 | €756 | €556 | ▼ 26.4% |
| Tangible fixed assets22/27 | €694,445 | €619,328 | ▼ 10.8% |
| Land and buildings22 | €291,488 | €273,693 | ▼ 6.1% |
| Plant, machinery and equipment23 | €224,358 | €207,037 | ▼ 7.7% |
| Furniture and vehicles24 | €178,599 | €138,598 | ▼ 22.4% |
| Current assets29/58 | €80,260 | €185,823 | ▲ 132% |
| Stocks and contracts in progress3 | €10,770 | €7,340 | ▼ 31.8% |
| Stocks30/36 | €10,770 | €7,340 | ▼ 31.8% |
| Amounts receivable within one year40/41 | €6,259 | €6,547 | ▲ 4.6% |
| Trade receivables40 | €4,294 | €6,237 | ▲ 45.3% |
| Other amounts receivable41 | €1,965 | €309 | ▼ 84.3% |
| Cash at bank and in hand54/58 | €62,695 | €171,395 | ▲ 173% |
| Deferred charges and accrued income490/1 | €536 | €541 | ▲ 0.9% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €775,461 | €805,707 | ▲ 3.9% |
| Equity10/15 | €158,709 | €224,477 | ▲ 41.4% |
| Contributions10/11 | €68,000 | €68,000 | = |
| Reserves13 | €90,709 | €156,477 | ▲ 72.5% |
| Distributable reserves133 | €90,709 | €156,477 | ▲ 72.5% |
| Amounts payable17/49 | €616,752 | €581,230 | ▼ 5.8% |
| Amounts payable after more than one year17 | €477,667 | €457,505 | ▼ 4.2% |
| Financial debts170/4 | €477,667 | €457,505 | ▼ 4.2% |
| Amounts payable within one year42/48 | €134,986 | €122,654 | ▼ 9.1% |
| Current portion of amounts payable after more than one year42 | €19,447 | €20,163 | ▲ 3.7% |
| Trade debts44 | €28,731 | €39,027 | ▲ 35.8% |
| Suppliers440/4 | €28,731 | €39,027 | ▲ 35.8% |
| Advances received on contracts in progress46 | €3,513 | €6,014 | ▲ 71.2% |
| Taxes, remuneration and social security45 | €34,132 | €42,317 | ▲ 24.0% |
| Taxes450/3 | €10,783 | €15,800 | ▲ 46.5% |
| Remuneration and social security454/9 | €23,349 | €26,517 | ▲ 13.6% |
| Other amounts payable47/48 | €49,162 | €15,133 | ▼ 69.2% |
| Accrued charges and deferred income492/3 | €4,099 | €1,072 | ▼ 73.9% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €90,709 | €65,768 | ▼ 27.5% |
| + Depreciation and write-downs630 | €77,642 | €83,529 | ▲ 7.6% |
| Operating cash flow (approximation) | €168,351 | €149,297 | ▼ 11.3% |
| Investment in fixed assets (approximation) | - | -€8,212 | - |
| Change in cash | - | €108,700 | - |
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
24-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 55 days late
2025
31-12
Financial
Liquidity triplescurrent ratio 1.52
Current ratio from 0.59 to 1.52; short-term debt falls from €134,986 to €122,654.
31-12
Financial
Equity above €200,000Eq €224,477 ▲41.4%
2 profitable years in a row build equity to €224,477.
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Zulte · 1 establishment unit since 2023
Ground area
1,245 m²
Building footprint
269 m²
Volume, LiDAR
1,533 m³
2 parcels, Flanders · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
't Krokantje
since 20232.345.259.169
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44050B0717/00B000 | Flanders | 854 m² | 1 · 100 m² | 7.7 m · 2 fl. |
| 44081C0039/00H000 | Flanders | 391 m² | 1 · 169 m² | 9.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteZulte2.345.259.169
Legal Entity Identifier
6488891VFEN9NX84M112
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Of 2,403 companies in sector 47241 we hold annual accounts for 1,101. 792 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
Founded17-05-2023
Fiscal year end31-12
Activities, NACEBEL 2025
47241Retail sale of bread and pastry (bakery outlets)
10320Manufacture of food products
10712Artisanal bread and fresh pastry making
10830Manufacture of food products
10850Manufacture of food products
47279Other retail sale of food
E-invoicing
Reachable via Peppol
Peppol ID
0208:0801872373
Registered
29-07-2024
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.