ADECO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 23 days after the deadline Filed on 23 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00041937.
Annual accounts 2025 filed on 23-02-2026 PDF all 34 filings
Equity
-€176,608▼ 0.2%
2024 · -€176,243
Total assets
€67,208▼ 0.2%
2024 · €67,339
Net result
-€364▲ 89.2%
2024 · -€3,369
Working capital
-€144,101▼ 0.2%
2024 · -€143,881
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€210
▲ 93.2%
2025
20192025
Net result
-€364
▲ 89.2%
2025
middle half of the sector
20192025
Equity
-€176,608
▼ 0.2%
2025
lowest quarter of the sector
20192025
Total assets
€67,208
▼ 0.2%
2025
middle half of the sector
20192025
Debt
€243,816
▲ 0.1%
2025
20192025
Working capital
-€144,101
▼ 0.2%
2025
lowest quarter of the sector
20192025
Solvency
-262.8%
▼ 1.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.32
=
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-0.5%
▲ 4.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€827--€199,483▼ 24,021%-€541▲ 99.7%-€7,452▼ 1,277%-€755▲ 89.9%-€3,093▼ 310%-€210▲ 93.2%
Net result-€880--€199,597below the sector's middle half▼ 22,581%-€775within the sector's middle half▲ 99.6%-€7,884below the sector's middle half▼ 917%-€1,227within the sector's middle half▲ 84.4%-€3,369within the sector's middle half▼ 175%-€364within the sector's middle half▲ 89.2%
Equity€36,609--€162,988below the sector's middle half-€163,763below the sector's middle half▼ 0.5%-€171,647below the sector's middle half▼ 4.8%-€172,874below the sector's middle half▼ 0.7%-€176,243below the sector's middle half▼ 1.9%-€176,608below the sector's middle half▼ 0.2%
Total assets€421,647-€229,721within the sector's middle half▼ 45.5%€221,769within the sector's middle half▼ 3.5%€69,225below the sector's middle half▼ 68.8%€70,008within the sector's middle half▲ 1.1%€67,339within the sector's middle half▼ 3.8%€67,208within the sector's middle half▼ 0.2%
Debt€385,038-€392,709▲ 2.0%€385,532▼ 1.8%€240,872▼ 37.5%€242,882▲ 0.8%€243,582▲ 0.3%€243,816▲ 0.1%
Working capital€68,971--€130,625below the sector's middle half-€131,401below the sector's middle half▼ 0.6%-€139,285below the sector's middle half▼ 6.0%-€140,512below the sector's middle half▼ 0.9%-€143,881below the sector's middle half▼ 2.4%-€144,101below the sector's middle half▼ 0.2%
Solvency8.7%--71.0%below the sector's middle half▼ 79.6pp-73.8%below the sector's middle half▼ 2.9pp-248.0%below the sector's middle half▼ 174.1pp-246.9%below the sector's middle half▲ 1.0pp-261.7%below the sector's middle half▼ 14.8pp-262.8%below the sector's middle half▼ 1.1pp
Current ratio1.20-0.64below the sector's middle half▼ 0.560.63below the sector's middle half▼ 0.010.33below the sector's middle half▼ 0.300.33below the sector's middle half=0.32below the sector's middle half▼ 0.010.32below the sector's middle half=
Return on assets (ROA)-0.2%--86.9%below the sector's middle half▼ 86.7pp-0.3%within the sector's middle half▲ 86.5pp-11.4%below the sector's middle half▼ 11.0pp-1.8%within the sector's middle half▲ 9.6pp-5.0%below the sector's middle half▼ 3.3pp-0.5%within the sector's middle half▲ 4.5pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €210, smaller than the loss of €3,093 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Quick ratio
0.31▼
2024 · 0.31
Debt ≤ 1 year
€211,309=
2024 · €211,220
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €710 | €543 | €455 | €144 | ▼ 68.3% |
| Gross operating margin9900 | -€694 | €51,214 | -€193 | -€6,742 | -€212 | -€2,638 | -€66 | ▲ 97.5% |
| Operating profit (loss)9901 | -€827 | -€199,483 | -€541 | -€7,452 | -€755 | -€3,093 | -€210 | ▲ 93.2% |
| Financial charges65/66B | - | - | - | €432 | €472 | €276 | €155 | ▼ 44.0% |
| Recurring financial charges65 | €53 | €114 | €234 | €432 | €472 | €276 | €155 | ▼ 44.0% |
| Profit (loss) for the period before taxes9903 | -€880 | -€199,597 | -€775 | -€7,884 | -€1,227 | -€3,369 | -€364 | ▲ 89.2% |
| Profit (loss) for the period9904 | -€880 | -€199,597 | -€775 | -€7,884 | -€1,227 | -€3,369 | -€364 | ▲ 89.2% |
| Profit (loss) for the period to be appropriated9905 | -€880 | -€199,597 | -€775 | -€7,884 | -€1,227 | -€3,369 | -€364 | ▲ 89.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €421,647 | €229,721 | €221,769 | €69,225 | €70,008 | €67,339 | €67,208 | ▼ 0.2% |
| Current assets29/58 | €421,647 | €229,721 | €221,769 | €69,225 | €70,008 | €67,339 | €67,208 | ▼ 0.2% |
| Stocks and contracts in progress3 | - | - | €1,886 | €1,886 | €1,886 | €1,886 | €1,886 | = |
| Stocks30/36 | - | - | - | €1,886 | €1,886 | €1,886 | €1,886 | = |
| Amounts receivable within one year40/41 | €421,306 | €220,044 | €215,816 | €67,170 | €66,478 | €65,322 | €65,322 | = |
| Trade receivables40 | - | - | - | €58,634 | €58,331 | €4,592 | €4,592 | = |
| Other amounts receivable41 | - | - | - | €8,536 | €8,147 | €60,730 | €60,730 | = |
| Cash at bank and in hand54/58 | €341 | €9,677 | €4,067 | €169 | €1,644 | €131 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €421,647 | €229,721 | €221,769 | €69,225 | €70,008 | €67,339 | €67,208 | ▼ 0.2% |
| Equity10/15 | €36,609 | -€162,988 | -€163,763 | -€171,647 | -€172,874 | -€176,243 | -€176,608 | ▼ 0.2% |
| Contributions10/11 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Capital10 | - | - | - | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Issued capital100 | - | - | - | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Reserves13 | €7,061 | €7,061 | €7,061 | €7,061 | €7,061 | €7,061 | €7,061 | = |
| Non-distributable reserves130/1 | - | - | - | €353 | €353 | €353 | €353 | = |
| Legal reserve130 | - | - | - | €353 | €353 | €353 | €353 | = |
| Distributable reserves133 | - | - | - | €6,708 | €6,708 | €6,708 | €6,708 | = |
| Profit (loss) carried forward14 | -€218,346 | -€417,943 | -€418,718 | -€426,602 | -€427,829 | -€431,198 | -€431,563 | ▼ 0.1% |
| Amounts payable17/49 | €385,038 | €392,709 | €385,532 | €240,872 | €242,882 | €243,582 | €243,816 | ▲ 0.1% |
| Amounts payable within one year42/48 | €352,676 | €360,346 | €353,170 | €208,510 | €210,520 | €211,220 | €211,309 | = |
| Financial debts43 | - | - | - | €207,676 | €207,676 | €207,676 | €207,699 | = |
| Credit institutions430/8 | - | - | - | - | - | - | €23 | - |
| Other loans439 | - | - | - | €207,676 | €207,676 | €207,676 | €207,676 | = |
| Trade debts44 | - | €7,670 | €494 | €834 | €2,844 | €3,544 | €3,610 | ▲ 1.9% |
| Suppliers440/4 | - | - | - | €834 | €2,844 | €3,544 | €3,610 | ▲ 1.9% |
| Accrued charges and deferred income492/3 | - | - | - | €32,362 | €32,362 | €32,362 | €32,507 | ▲ 0.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€880 | -€199,597 | -€775 | -€7,884 | -€1,227 | -€3,369 | -€364 | ▲ 89.2% |
| Operating cash flow (approximation) | -€880 | -€199,597 | -€775 | -€7,884 | -€1,227 | -€3,369 | -€364 | ▲ 89.2% |
| Change in cash | - | €9,336 | -€5,610 | -€3,898 | €1,475 | -€1,513 | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,796 companies had the same profile as ADECO has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADECO itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,796 companies, not a prediction for ADECO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-02-2026 | 2026-00041937 | |
| 30-06-2024 | micro format | 11-02-2025 | 2025-00032921 | |
| 30-06-2023 | micro format | 05-02-2024 | 2024-00025356 | |
| 30-06-2022 | micro format | 06-02-2023 | 2023-00023237 | |
| 30-06-2021 | micro format | 24-02-2022 | 2022-06300274 | |
| 30-06-2020 | micro format | 24-02-2021 | 2021-06000421 | |
| 30-06-2019 | micro format | 20-02-2020 | 2020-05300061 | |
| 30-06-2018 | micro format | 30-11-2018 | 2018-73100461 | |
| 30-06-2017 | micro format | 23-02-2018 | 2018-05600333 | |
| 30-06-2016 | abbreviated format | 22-02-2017 | 2017-05000199 |