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 €35k and a net result of €-4k. Equity remains stable across the filed fiscal years (±1.6% per year). Its solvency ranks better than 55% of 7058 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability36▼-29
Solvency85▼-15
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity ample (current ratio 2.48 against 8.57 in 2024; short-term debt: 39.8% and cash: 65.6% of total assets), and 39.8% of the assets are financed with debt.
Credit check for your own amount and term
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
60.2%
Return on assets
-7%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-4k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
34 d early
2023
93 d early
2022
59 d early
2021
57 d early
2020
39 d early
2019
50 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€35k▼ 58.5%
2024 · €84k
2018: €71k
2019: €79k▲ +10.9% vs 2018
2020: €98k▲ +25.3% vs 2019highest in 8 years
2021: €89k▼ -9.9% vs 2020
2022: €86k▼ -3.4% vs 2021
2023: €87k▲ +1.0% vs 2022
2024: €84k▼ -3.1% vs 2023
2025: €35k▼ -58.5% vs 2024lowest in 8 years
2018 → 2025
Total assets
€58k▼ 38.7%
2024 · €94k
2018: €113k
2019: €114k▲ +1.0% vs 2018
2020: €154k▲ +35.3% vs 2019highest in 8 years
2021: €127k▼ -17.7% vs 2020
2022: €116k▼ -9.1% vs 2021
2023: €118k▲ +1.8% vs 2022
2024: €94k▼ -19.9% vs 2023
2025: €58k▼ -38.7% vs 2024lowest in 8 years
2018 → 2025
Net result
€-4k▼ 47.5%
2024 · €-3k
2018: €-16klowest in 8 years
2019: €8k▲ +149% vs 2018
2020: €20k▲ +158% vs 2019highest in 8 years
2021: €-10k▼ -149% vs 2020
2022: €-3k▲ +69.5% vs 2021
2023: €840▲ +128% vs 2022
2024: €-3k▼ -424% vs 2023
2025: €-4k▼ -47.5% vs 2024
2018 → 2025
Working capital
€34k▼ 56.8%
2024 · €79k
2018: €70k
2019: €55k▼ -22.5% vs 2018
2020: €93k▲ +70.3% vs 2019highest in 8 years
2021: €83k▼ -10.4% vs 2020
2022: €80k▼ -3.6% vs 2021
2023: €79k▼ -1.1% vs 2022
2024: €79k▼ -1.0% vs 2023
2025: €34k▼ -56.8% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€89k-€86k▼ 3.4%€87k▲ 1.0%€84k▼ 3.1%€35k▼ 58.5%
2021: €89khighest in 5 years
2022: €86k▼ -3.4% vs 2021
2023: €87k▲ +1.0% vs 2022
2024: €84k▼ -3.1% vs 2023
2025: €35k▼ -58.5% vs 2024lowest in 5 years
Operating result€-7k-€-1k▲ 79.8%€3k€-2k€-1k▲ 39.9%
2021: €-7klowest in 5 years
2022: €-1k▲ +79.8% vs 2021
2023: €3k▲ +292% vs 2022highest in 5 years
2024: €-2k▼ -186% vs 2023
2025: €-1k▲ +39.9% vs 2024
Net result€-10k-€-3k▲ 69.5%€840€-3k€-4k▼ 47.5%
2021: €-10klowest in 5 years
2022: €-3k▲ +69.5% vs 2021
2023: €840▲ +128% vs 2022highest in 5 years
2024: €-3k▼ -424% vs 2023
2025: €-4k▼ -47.5% vs 2024
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 stays negative: a loss of €1k in 2025 against €2k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €58k
Fixed assets
€815 ▼ 84.2%
Current assets
€57k ▼ 36.1%
Equity and liabilities €58k
Equity
€35k ▼ 58.5%
Debt
€23k ▲ 121%
Debt's share of the balance-sheet total rises from 11.0% to 39.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3k▼
2024 · €5k
Cash flow
€292▼
2024 · €4k
Current ratio
2.48▼
2024 · 8.57
Debt to equity
0.66▲
2024 · 0.12
ROE
-11.6%▼
2024 · -3.3%
ROA
-7.0%▼
2024 · -2.9%
Interest coverage
3.14▼
2024 · 9.77
Debt ≤ 1 year
€23k▲
2024 · €10k
Income taxes
€2k▼
2024 · €2k
Staff costs
€929
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€94k€58k▼
Fixed assets21/28€5k€815▼
Tangible fixed assets22/27€5k€815▼
Plant, machinery and equipment23€1k€815▼
Furniture and vehicles24€4k€0▼
Financial fixed assets28€30€0▼
Current assets29/58€89k€57k▼
Amounts receivable within one year40/41€57k€19k▼
Trade receivables40€19k€15k▼
Other amounts receivable41€38k€3k▼
Cash at bank and in hand54/58€31k€38k▲
Deferred charges and accrued income490/1€701€532▼
Equity and liabilities
Total equity and liabilities10/49€94k€58k▼
Equity10/15€84k€35k▼
Contributions10/11€6k€6k=
Reserves13€78k€33k▼
Distributable reserves133€78k€33k▼
Profit (loss) carried forward14€-865€-5k▼
Amounts payable17/49€10k€23k▲
Amounts payable within one year42/48€10k€23k▲
Current portion of amounts payable after more than one year42€5k€0▼
Trade debts44€2k€16k▲
Suppliers440/4€2k€16k▲
Taxes, remuneration and social security45€3k€5k▲
Taxes450/3€3k€5k▲
Other amounts payable47/48-€2k
Income statement
Code20242025
Remuneration, social security and pensions62-€929
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€4k▼
Other operating charges640/8€3k€1k▼
Gross operating margin9900€7k€5k▼
Operating profit (loss)9901€-2k€-1k▲
Financial income75/76B€2k€16▼
Recurring financial income75€2k€16▼
Financial charges65/66B€473€897▲
Recurring financial charges65€473€897▲
Profit (loss) for the period before taxes9903€-684€-2k▼
Income taxes67/77€2k€2k▼
Profit (loss) for the period9904€-3k€-4k▼
Profit (loss) for the period to be appropriated9905€-3k€-4k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-3k€-5k▼
Profit (loss) brought forward from the previous period14P-€-865
Transfer from equity791/2€2k€45k▲
Profit to be distributed694/7-€45k
Return on contributions (dividend)694-€45k
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €929 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7k | €7k | €7k | €7k | €4k | ▼ 39.4% |
| Other operating charges640/8 | €3k | €3k | €2k | €3k | €1k | ▼ 45.2% |
| Gross operating margin9900 | €2k | €8k | €12k | €7k | €5k | ▼ 28.4% |
| Operating profit (loss)9901 | €-7k | €-1k | €3k | €-2k | €-1k | ▲ 39.9% |
| Financial income75/76B | €1k | €2k | €2k | €2k | €16 | ▼ 99.3% |
| Recurring financial income75 | €1k | €2k | €2k | €2k | €16 | ▼ 99.3% |
| Financial charges65/66B | €620 | €546 | €491 | €473 | €897 | ▲ 89.7% |
| Recurring financial charges65 | €620 | €546 | €491 | €473 | €897 | ▲ 89.7% |
| Profit (loss) for the period before taxes9903 | €-7k | €-153 | €4k | €-684 | €-2k | ▼ 248% |
| Income taxes67/77 | €3k | €3k | €3k | €2k | €2k | ▼ 19.6% |
| Profit (loss) for the period9904 | €-10k | €-3k | €840 | €-3k | €-4k | ▼ 47.5% |
| Profit (loss) for the period to be appropriated9905 | €-10k | €-3k | €840 | €-3k | €-4k | ▼ 47.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €127k | €116k | €118k | €94k | €58k | ▼ 38.7% |
| Fixed assets21/28 | €24k | €17k | €12k | €5k | €815 | ▼ 84.2% |
| Tangible fixed assets22/27 | €24k | €17k | €12k | €5k | €815 | ▼ 84.1% |
| Plant, machinery and equipment23 | - | - | €2k | €1k | €815 | ▼ 32.4% |
| Furniture and vehicles24 | €24k | €17k | €11k | €4k | €0 | ▼ 100% |
| Financial fixed assets28 | €30 | €30 | €30 | €30 | €0 | ▼ 100% |
| Current assets29/58 | €103k | €98k | €105k | €89k | €57k | ▼ 36.1% |
| Amounts receivable within one year40/41 | €27k | €42k | €36k | €57k | €19k | ▼ 67.5% |
| Trade receivables40 | €3k | €12k | €4k | €19k | €15k | ▼ 18.5% |
| Other amounts receivable41 | €24k | €31k | €32k | €38k | €3k | ▼ 91.2% |
| Cash at bank and in hand54/58 | €76k | €55k | €68k | €31k | €38k | ▲ 20.9% |
| Deferred charges and accrued income490/1 | €178 | €888 | €1k | €701 | €532 | ▼ 24.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €127k | €116k | €118k | €94k | €58k | ▼ 38.7% |
| Equity10/15 | €89k | €86k | €87k | €84k | €35k | ▼ 58.5% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €82k | €80k | €80k | €78k | €33k | ▼ 57.3% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €81k | €78k | €80k | €78k | €33k | ▼ 57.3% |
| Profit (loss) carried forward14 | - | €-469 | - | €-865 | €-5k | ▼ 465% |
| Amounts payable17/49 | €38k | €30k | €31k | €10k | €23k | ▲ 121% |
| Amounts payable after more than one year17 | €19k | €12k | €5k | - | - | - |
| Financial debts170/4 | €19k | €12k | €5k | - | - | - |
| Amounts payable within one year42/48 | €20k | €18k | €26k | €10k | €23k | ▲ 121% |
| Current portion of amounts payable after more than one year42 | €7k | €7k | €7k | €5k | €0 | ▼ 100% |
| Trade debts44 | €2k | €2k | €2k | €2k | €16k | ▲ 719% |
| Suppliers440/4 | €2k | €2k | €2k | €2k | €16k | ▲ 719% |
| Taxes, remuneration and social security45 | €11k | €9k | €17k | €3k | €5k | ▲ 67.9% |
| Taxes450/3 | €11k | €9k | €17k | €3k | €5k | ▲ 67.9% |
| Other amounts payable47/48 | - | - | - | - | €2k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-10k | €-3k | €840 | €-3k | €-4k | ▼ 47.5% |
| + Depreciation and write-downs630 | €7k | €7k | €7k | €7k | €4k | ▼ 39.4% |
| Operating cash flow (approximation) | €-3k | €4k | €8k | €4k | €292 | ▼ 93.3% |
| Investment in fixed assets (approximation) | - | €0 | €-2k | €0 | €30 | - |
| Change in cash | - | €-21k | €13k | €-37k | €7k | ▲ 118% |
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
26-08
State Gazette act
Registered officeRegistered-office move · Power of attorney3 facts ▸
State Gazette act
Registered office
Registered-office move · Power of attorney3 facts ▸
- General meeting, 30-06-2026
- Registered-office move, Max Temmermanlaan 1 A, 2920 Kalmthout
- Power of attorney, BV FMGP
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity doublescurrent ratio 8.57
Current ratio from 4.07 to 8.57; short-term debt falls from €26k to €10k.
29-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €840
Net result €840 after 2 loss-making years.
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €20k ▲158%
Operating result €28k, net result €20k, both a record.
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €8k
Net result €8k after one loss-making year.
Show earlier events
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 27 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kalmthout · 1 establishment unit since 2000
Ground area
1,544 m²
Building footprint
229 m²
Volume, LiDAR
1,106 m³
2 parcels, Flanders · tallest building 16.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Max Temmermanlaan (Heide) 1, 2920 Kalmthout
since 20002.100.955.167
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11022F0004/00L022 | Flanders | 1,138 m² | 1 · 118 m² | 16.8 m · 1 fl. |
| 11022F0004/00C013 | Flanders | 405 m² | 1 · 111 m² | 6.4 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.
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Of 9,862 companies in sector 73110 we hold annual accounts for 3,753. 2,879 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
Founded30-08-2000
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
Scores and ratios are computed by Checked and are not a credit decision.