ADAX (0809.578.628): financials and annual accounts

ADAX

Bruges ·KBO/BCE: BE 0809.578.628

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Balance sheet: assets
Total assets`20/58`	1.0m	710,000	679,398	631,747	683,333	906,850	496,966	484,547	374,624	287,881	204,415	182,566	182,115	341,586	208,082	147,430	58,698
Fixed assets`21/28`	36,337	13,177	6,400	9,850	14,267	19,258	12,117	23,400	37,197	48,309	11,474	23,661	25,171	40,497	56,686	16,993	22,592
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	1,600	3,200	4,800	6,400	-	-	-	-	-
Tangible fixed assets`22/27`	35,187	12,027	5,750	9,200	13,617	18,608	11,467	22,750	34,947	44,459	6,024	16,611	24,521	40,497	56,686	16,993	22,592
Land and buildings`22`	-	-	-	-	-	325	649	974	1,298	1,623	1,948	2,272	2,596	2,921	-	-	-
Plant, machinery and equipment`23`	6,415	-	-	-	-	250	1,159	2,083	3,921	4,200	2,700	4,958	2,716	1,386	2,253	602	1,204
Furniture and vehicles`24`	10,204	12,027	5,750	9,200	13,617	18,033	9,659	19,693	29,727	38,636	1,376	9,380	19,209	36,190	54,433	16,391	21,388
Leasing and similar rights`25`	18,568	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	1,150	1,150	650	650	650	650	650	650	650	650	650	650	650	-	-	-	-
Current assets`29/58`	1.0m	696,823	672,998	621,897	669,066	887,592	484,849	461,147	337,427	239,572	192,941	158,905	156,944	301,089	151,396	130,437	36,106
Stocks and contracts in progress`3`	446,764	446,977	448,914	446,054	433,168	618,637	185,015	248,254	233,661	215,070	122,771	153,382	145,585	223,152	144,743	55,350	25,651
Stocks`30/36`	446,764	446,977	448,914	446,054	433,168	618,637	185,015	248,254	233,661	215,070	122,771	153,382	145,585	223,152	144,743	55,350	25,651
Amounts receivable within one year`40/41`	221,176	182,944	146,551	71,424	47,166	114,585	234,904	201,341	101,057	22,109	68,295	5,308	11,151	77,462	5,719	75,087	6,820
Trade receivables`40`	197,901	175,444	139,051	56,424	47,166	110,055	234,904	201,341	101,057	20,770	68,220	5,258	11,151	76,711	5,719	75,087	5,575
Other amounts receivable`41`	23,274	7,500	7,500	15,000	-	4,530	-	-	-	1,338	75	50	-	751	-	-	1,245
Cash at bank and in hand`54/58`	66,586	66,885	77,534	104,419	188,733	154,371	64,929	11,553	2,710	2,393	1,875	215	208	475	934	-	3,635
Deferred charges and accrued income`490/1`	270,975	17	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.0m	710,000	679,398	631,747	683,333	906,850	496,966	484,547	374,624	287,881	204,415	182,566	182,115	341,586	208,082	147,430	58,698
Equity`10/15`	86,579	83,927	72,860	53,475	225,313	180,505	131,392	113,715	87,524	76,191	66,272	62,983	58,721	48,027	49,421	19,118	7,099
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,400	12,400
Reserves`13`	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	620	-
Non-distributable reserves`130/1`	-	-	-	-	-	1,860	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	620	-
Reserves not available under the articles`1311`	-	-	-	-	-	1,860	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	66,119	63,467	52,400	33,015	204,853	160,045	110,932	93,255	67,064	55,731	45,812	42,523	38,261	27,567	28,961	12,298	899
Amounts payable`17/49`	955,257	626,073	606,538	578,272	458,020	726,345	365,574	370,832	287,100	211,690	138,143	119,583	123,394	293,559	158,661	128,312	51,599
Amounts payable after more than one year`17`	40,866	34,443	23,502	40,911	33,539	68,341	78,518	9,781	23,908	37,392	-	1,920	14,252	33,011	36,302	-	7,507
Financial debts`170/4`	40,866	34,443	23,502	40,911	33,539	68,341	78,518	9,781	23,908	37,392	-	1,920	14,252	33,011	36,302	-	7,507
Amounts payable within one year`42/48`	914,391	586,703	583,036	537,361	424,481	658,003	287,056	361,051	263,192	174,298	138,143	117,663	109,142	260,548	122,359	128,312	44,092
Current portion of amounts payable after more than one year`42`	28,364	17,190	21,486	80,128	39,669	42,658	26,722	14,127	13,484	12,871	1,920	12,333	18,758	17,600	12,884	7,507	14,000
Financial debts`43`	262,500	263,184	265,998	272,300	169,166	185,700	170,100	65,147	47,720	44,803	42,015	13,235	17,001	7,743	17,842	17,333	-
Credit institutions`430/8`	262,500	263,184	265,998	272,300	169,166	185,700	170,100	65,147	47,720	44,803	42,015	13,235	17,001	7,743	17,842	17,333	-
Trade debts`44`	481,996	157,642	188,473	40,255	128,202	360,009	66,233	132,320	62,585	37,154	-	-	33,536	235,109	61,851	85,904	30,092
Suppliers`440/4`	481,996	157,642	188,473	40,255	128,202	360,009	66,233	132,320	62,585	37,154	-	-	33,536	235,109	61,851	85,904	30,092
Advances received on contracts in progress`46`	-	-	-	68,273	12,937	12,937	-	-	-	740	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	22,210	17,097	26,905	33,709	47,247	15,678	18,857	24,602	31,731	4,100	11,536	12,095	39,847	96	29,782	17,568	-
Taxes`450/3`	-	17,097	26,905	33,709	47,135	15,566	12,504	13,485	31,731	542	3,858	4,687	39,847	96	29,782	17,568	-
Remuneration and social security`454/9`	22,210	-	-	-	112	112	6,353	11,117	-	3,558	7,678	7,409	-	-	-	-	-
Other amounts payable`47/48`	119,322	131,590	80,174	42,695	27,260	41,022	5,144	124,856	107,672	74,631	82,672	80,000	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	4,926	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	2,102	-	-	-	-	-	-	-	-	4,000	-	-	-	-	-	-	-
Gross operating margin`9900`	320,466	300,793	345,908	119,308	245,285	146,978	55,347	56,915	36,022	34,478	27,078	40,857	40,713	39,805	43,964	25,244	9,555
Remuneration, social security and pensions`62`	211,211	247,284	277,311	250,444	152,734	40,265	-	13,604	-107	130	226	189	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	17,797	3,723	3,450	4,417	4,991	13,009	11,282	13,797	13,856	14,460	12,187	18,140	19,270	19,434	19,712	6,597	7,264
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	1,911	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating charges`640/8`	43,702	5,343	5,247	4,163	3,696	6,014	5,071	195	3,221	6,850	7,409	6,848	7,471	4,835	2,491	2,412	1,015
Operating profit (loss)`9901`	45,845	44,443	59,900	-139,716	83,864	87,690	38,994	29,319	19,051	13,039	7,255	15,680	13,972	15,536	21,761	16,235	1,276
Financial income`75/76B`	3	1,281	189	2	37	113	901	77	1	11	0	-	-	77	132	252	777
Recurring financial income`75`	3	1,281	189	2	37	113	901	77	1	11	0	-	-	77	132	252	777
Financial charges`65/66B`	43,195	43,406	40,704	32,124	23,291	9,673	12,880	3,205	7,718	3,131	6,041	4,800	3,278	6,515	3,723	4,468	1,154
Recurring financial charges`65`	43,195	43,406	40,704	32,124	23,291	9,673	12,880	3,205	7,718	3,131	6,041	4,800	3,278	6,515	3,723	4,468	1,154
Profit (loss) for the period before taxes`9903`	2,653	2,318	19,385	-171,837	60,610	78,130	27,015	26,191	11,334	9,919	1,214	10,879	10,694	9,098	18,170	12,019	899
Income taxes`67/77`	1	-8,749	-	-	15,803	29,017	9,338	-	-	-	-2,075	6,619	-	3,487	267	-	-
Profit (loss) for the period`9904`	2,652	11,067	19,385	-171,837	44,807	49,113	17,677	26,191	11,334	9,919	3,289	4,261	10,694	5,611	17,903	12,019	899
Profit (loss) for the period to be appropriated`9905`	2,652	11,067	19,385	-171,837	44,807	49,113	17,677	26,191	11,334	9,919	3,289	4,261	10,694	5,611	17,903	12,019	899
Appropriation of the result
Profit (loss) to be appropriated`9906`	66,119	63,467	52,400	33,015	204,853	160,045	110,932	93,255	67,064	55,731	45,812	42,523	38,261	27,567	30,201	12,918	899
Profit (loss) brought forward from the previous period`14P`	63,467	52,400	33,015	204,853	160,045	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,240	620	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,240	620	-
Social balance sheet
Average staff (FTE)`9087`	5.1	6.8	8.4	7.9	4.1	1.8	-	0.3	-	-	-	-	-	-	-	-	-
Hours worked`1013`	8,628	11,275	12,823	12,877	7,072	2,804	-	622	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	31-08-2026	2026-00458205	PDF
31-12-2024	abbreviated format	06-10-2025	2025-00530724	PDF
31-12-2023	abbreviated format	04-10-2024	2024-00492834	PDF
31-12-2022	abbreviated format	25-09-2023	2023-00452747	PDF
31-12-2021	abbreviated format	14-11-2022	2022-20521162	PDF
31-12-2020	abbreviated format	05-08-2021	2021-46200329	PDF
31-12-2019	micro format	19-11-2020	2020-71100135	PDF
31-12-2018	micro format	05-11-2019	2019-73000370	PDF
31-12-2017	micro format	13-12-2018	2018-74400308	PDF
31-12-2016	micro format	30-08-2017	2017-57500121	PDF
31-12-2015	abbreviated format	19-12-2016	2016-70700392	PDF
31-12-2014	abbreviated format	31-08-2015	2015-56900094	PDF
31-12-2013	abbreviated format	14-04-2015	2015-09900509	PDF
31-12-2012	abbreviated format	30-10-2013	2013-64900469	PDF
31-12-2011	abbreviated format	31-08-2012	2012-53800397	PDF
31-12-2010	abbreviated format	28-09-2011	2011-55500173	PDF
31-12-2009	abbreviated format	01-07-2010	2010-26700091	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
EBITDA	63,642	48,166	63,350	-135,299	88,855	100,699	50,276	43,116	32,908	27,499	19,443	33,819	33,242	34,970	41,473	22,832	8,540
Cash flow	20,449	14,790	22,835	-167,421	49,798	62,123	28,960	39,988	25,190	24,378	15,476	22,401	29,964	25,045	37,615	18,616	8,163
Investment in fixed assets (approximation)	40,957	10,500	0	0	0	20,150	0	0	2,744	52,420	0	15,308	3,944	3,245	59,405	998	29,856
Change in cash	-299	-10,649	-26,886	-84,314	34,362	89,442	53,377	8,843	317	518	1,660	7	-267	-459	-	-	-
Working capital	91,109	110,120	89,962	84,536	244,585	229,589	197,793	100,097	74,236	65,274	54,798	41,242	47,802	40,541	29,037	2,125	-7,986
Solvency	8.3%	11.8%	10.7%	8.5%	33.0%	19.9%	26.4%	23.5%	23.4%	26.5%	32.4%	34.5%	32.2%	14.1%	23.8%	13.0%	12.1%
Current ratio	1.10	1.19	1.15	1.16	1.58	1.35	1.69	1.28	1.28	1.37	1.40	1.35	1.44	1.16	1.24	1.02	0.82
Quick ratio	0.61	0.43	0.38	0.33	0.56	0.41	1.04	0.59	0.39	0.14	0.51	0.05	0.10	0.30	0.05	0.59	0.24
Debt to equity	11.03	7.46	8.32	10.81	2.03	4.02	2.78	3.26	3.28	2.78	2.08	1.90	2.10	6.11	3.21	6.71	7.27
ROE	3.1%	13.2%	26.6%	-321.3%	19.9%	27.2%	13.5%	23.0%	12.9%	13.0%	5.0%	6.8%	18.2%	11.7%	36.2%	62.9%	12.7%
ROA	0.3%	1.6%	2.9%	-27.2%	6.6%	5.4%	3.6%	5.4%	3.0%	3.4%	1.6%	2.3%	5.9%	1.6%	8.6%	8.2%	1.5%
Interest coverage	1.47	1.11	1.56	-4.21	3.82	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	8	7	7	10	6
full-time	4	5	7	10	5
part-time	4	2	-	-	1
in full-time equivalents	6.4	6.1	7	10	5.5
Average over the year, in full-time equivalents	5.1	6.8	8.4	7.9	4.1
On a permanent contract	6	6	6	7	6
Joined	119	73	52	11	7
Left	118	73	55	7	4

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€40,957	€10,000	-	-	-
Financial fixed assets	-	€500	-	-	-
Depreciation and write-downs of the year	€17,797	€3,723	€3,450	€4,417	€4,991

ADAX

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency8.3%

Current ratio1.10

Return on assets0.3%

Staff

Staff cost per FTE€41,414

Joined and left+1

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on ADAX

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