ADCO
ActiveSummary
ADCO has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27,123 and a net result of -€7,990. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 34% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability61▼-11
Solvency46▼-4
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity short (current ratio 0.58 against 0.95 in 2024; short-term debt: 79.4% and cash: 41.2% of total assets), and 79.4% 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
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 2025Solvency, return and age of the figures
Solvency
20.6%
Return on assets
-6.1%
Age of the figures
15 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 08-12-2025, 54 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
54 d early
2024
44 d early
2023
65 d early
2022
63 d early
2021
56 d early
2020
62 d early
2019
60 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 58 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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. Usually files around 6 December (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, micro schema
Equity
€27,123▼ 22.8%
2024 · €35,112
Total assets
€131,392▼ 5.5%
2024 · €139,027
Net result
-€7,990
2024 · €3,726
Working capital
-€44,173▼ 697%
2024 · -€5,541
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale 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
Line20212022202320242025
Operating result€365▼ 95.8%€4,027▲ 1,004%-€1,256€8,371-€7,880
Net result-€2,605below the sector's middle half€424within the sector's middle half-€4,771below the sector's middle half€3,726within the sector's middle half-€7,990below the sector's middle half
Equity€35,734below the sector's middle half▼ 6.8%€36,158within the sector's middle half▲ 1.2%€31,386within the sector's middle half▼ 13.2%€35,112within the sector's middle half▲ 11.9%€27,123within the sector's middle half▼ 22.8%
Total assets€47,728below the sector's middle half▼ 25.8%€41,643below the sector's middle half▼ 12.7%€37,953below the sector's middle half▼ 8.9%€139,027within the sector's middle half▲ 266%€131,392within the sector's middle half▼ 5.5%
Debt€11,994▼ 53.9%€5,486▼ 54.3%€6,567▲ 19.7%€103,915▲ 1,482%€104,270▲ 0.3%
Working capital€8,159below the sector's middle half▼ 71.7%€16,339within the sector's middle half▲ 100%€20,315within the sector's middle half▲ 24.3%-€5,541within the sector's middle half-€44,173below the sector's middle half▼ 697%
Solvency74.9%above the sector's middle half▲ 15.3pp86.8%above the sector's middle half▲ 12.0pp82.7%above the sector's middle half▼ 4.1pp25.3%within the sector's middle half▼ 57.4pp20.6%within the sector's middle half▼ 4.6pp
Current ratio1.68within the sector's middle half▼ 1.823.98above the sector's middle half▲ 2.304.09above the sector's middle half▲ 0.110.95within the sector's middle half▼ 3.150.58below the sector's middle half▼ 0.37
Return on assets (ROA)-5.5%below the sector's middle half▼ 11.3pp1.0%within the sector's middle half▲ 6.5pp-12.6%below the sector's middle half▼ 13.6pp2.7%within the sector's middle half▲ 15.3pp-6.1%below the sector's middle half▼ 8.8pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €7,880 after €8,371 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €131,392
Fixed assets
€71,296 ▲ 75.4%
Current assets
€60,096 ▼ 38.9%
Equity and liabilities €131,392
Equity
€27,123 ▼ 22.8%
Debt
€104,270 ▲ 0.3%
Debt's share of the balance-sheet total rises from 74.7% to 79.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€2,441▼
2024 · €12,378
Cash flow
€2,331▼
2024 · €7,733
Quick ratio
0.55▼
2024 · 0.92
Debt to equity
3.84▲
2024 · 2.96
ROE
-29.5%▼
2024 · 10.6%
Interest coverage
34.46▼
2024 · 139.93
Debt ≤ 1 year
€104,270▲
2024 · €103,915
Income taxes
€410▼
2024 · €4,587
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,448 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 2,448 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,065 | €10,220 | €10,798 | €4,007 | €10,320 | ▲ 158% |
| Other operating charges640/8 | - | €1,481 | €1,922 | €1,717 | €3,130 | ▲ 82.3% |
| Non-recurring operating charges66A | - | - | - | - | €5,839 | - |
| Gross operating margin9900 | €10,850 | €15,727 | €11,463 | €14,095 | €11,410 | ▼ 19.0% |
| Operating profit (loss)9901 | €365 | €4,027 | -€1,256 | €8,371 | -€7,880 | ▼ 194% |
| Financial income75/76B | - | - | - | €31 | €371 | ▲ 1,094% |
| Recurring financial income75 | €6 | - | - | €31 | €371 | ▲ 1,094% |
| Financial charges65/66B | - | €225 | €140 | €88 | €71 | ▼ 19.9% |
| Recurring financial charges65 | €489 | €225 | €140 | €88 | €71 | ▼ 19.9% |
| Profit (loss) for the period before taxes9903 | -€2,118 | €3,802 | -€1,396 | €8,314 | -€7,580 | ▼ 191% |
| Income taxes67/77 | €487 | €3,378 | €3,375 | €4,587 | €410 | ▼ 91.1% |
| Profit (loss) for the period9904 | -€2,605 | €424 | -€4,771 | €3,726 | -€7,990 | ▼ 314% |
| Profit (loss) for the period to be appropriated9905 | -€2,605 | €424 | -€4,771 | €3,726 | -€7,990 | ▼ 314% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €47,728 | €41,643 | €37,953 | €139,027 | €131,392 | ▼ 5.5% |
| Fixed assets21/28 | €27,575 | €19,818 | €11,071 | €40,654 | €71,296 | ▲ 75.4% |
| Tangible fixed assets22/27 | €27,575 | €19,818 | €11,071 | €40,654 | €71,296 | ▲ 75.4% |
| Land and buildings22 | - | - | - | €29,869 | €32,612 | ▲ 9.2% |
| Plant, machinery and equipment23 | - | €868 | €246 | €171 | €96 | ▼ 43.8% |
| Furniture and vehicles24 | - | €18,950 | €10,825 | €10,614 | €38,588 | ▲ 264% |
| Current assets29/58 | €20,154 | €21,825 | €26,883 | €98,373 | €60,096 | ▼ 38.9% |
| Stocks and contracts in progress3 | €2,202 | €1,827 | €3,047 | €3,047 | €3,047 | = |
| Stocks30/36 | - | €1,827 | €3,047 | €3,047 | €3,047 | = |
| Amounts receivable within one year40/41 | €13,158 | €13,917 | €15,593 | €1,933 | €2,878 | ▲ 48.9% |
| Trade receivables40 | - | €1,991 | €1,216 | €1,933 | €2,878 | ▲ 48.9% |
| Other amounts receivable41 | - | €11,926 | €14,377 | - | - | - |
| Cash at bank and in hand54/58 | €4,794 | €6,082 | €8,243 | €93,394 | €54,171 | ▼ 42.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €47,728 | €41,643 | €37,953 | €139,027 | €131,392 | ▼ 5.5% |
| Equity10/15 | €35,734 | €36,158 | €31,386 | €35,112 | €27,123 | ▼ 22.8% |
| Contributions10/11 | €6,400 | €6,400 | €6,400 | €6,400 | €6,400 | = |
| Capital10 | - | €6,400 | - | - | - | - |
| Issued capital100 | - | €19,000 | - | - | - | - |
| Uncalled capital101 | - | €12,600 | - | - | - | - |
| Outside capital11 | - | - | €6,400 | - | - | - |
| Other1109/19 | - | - | €6,400 | - | - | - |
| Reserves13 | €29,334 | €29,758 | €24,986 | €28,712 | €20,723 | ▼ 27.8% |
| Non-distributable reserves130/1 | - | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Reserves not available under the articles1311 | - | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Distributable reserves133 | - | €27,858 | €23,086 | €26,812 | €18,823 | ▼ 29.8% |
| Amounts payable17/49 | €11,994 | €5,486 | €6,567 | €103,915 | €104,270 | ▲ 0.3% |
| Amounts payable within one year42/48 | €11,994 | €5,486 | €6,567 | €103,915 | €104,270 | ▲ 0.3% |
| Trade debts44 | €397 | €237 | €978 | €1,072 | €2,375 | ▲ 122% |
| Suppliers440/4 | - | €237 | €978 | €1,072 | €2,375 | ▲ 122% |
| Taxes, remuneration and social security45 | - | €5,249 | €5,589 | €6,172 | €1,752 | ▼ 71.6% |
| Taxes450/3 | - | €5,249 | €5,589 | €6,172 | €1,752 | ▼ 71.6% |
| Other amounts payable47/48 | - | - | - | €96,670 | €100,143 | ▲ 3.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,605 | €424 | -€4,771 | €3,726 | -€7,990 | ▼ 314% |
| + Depreciation and write-downs630 | €8,065 | €10,220 | €10,798 | €4,007 | €10,320 | ▲ 158% |
| Operating cash flow (approximation) | €5,460 | €10,643 | €6,026 | €7,733 | €2,331 | ▼ 69.9% |
| Investment in fixed assets (approximation) | - | -€2,463 | -€2,050 | -€33,590 | -€40,963 | ▼ 21.9% |
| Change in cash | - | €1,288 | €2,161 | €85,151 | -€39,223 | ▼ 146% |
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
08-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-06
Financial
Weakest financial yearnet -€7,990
Net result drops to -€7,990, the lowest in the series.
2024
18-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
30-06
Financial
Back to profitnet €3,726
Net result €3,726 after one loss-making year.
2023
27-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
29-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Back to profitnet €424
Net result €424 after one loss-making year.
30-06
Financial
Liquidity doublescurrent ratio 3.98
Current ratio from 1.68 to 3.98; short-term debt falls from €11,994 to €5,486.
2021
06-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
30-06
Financial
Highest result since 2019net €3,750 ▲108%
Net result €3,750, the highest in the series.
2019
02-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2018
27-11
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
29-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
28-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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, Oostkamp · 1 establishment unit since 2000
Ground area
530 m²
Building footprint
530 m²
Parcel 31009D0922/00F000, Flanders. Linked by address, not a title deed.
1 establishment unit
ADCO
since 20002.097.494.346
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31009D0922/00F000 | Flanders | 530 m² | 1 · 530 m² | - |
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 231 companies in sector 46833 we hold annual accounts for 145. 58 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
Founded07-06-2000
Fiscal year end30-06
Activities, NACEBEL 2025
46833Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0472062772
Also
9925:BE0472062772
Registered
28-01-2026
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.