ADECO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 12 days after the deadline Filed on 12 July 2026, deadline 30 June 2026 (7 months after the close on 30 November 2025, Companies Code art. 3:10). Source: NBB, 2026-00309361.
Annual accounts 2025 filed on 12-07-2026 at the NBB all 30 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€751▼ 150%
2024 · -€300
Working capital
€260,328▼ 0.3%
2024 · €261,079
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
-€182
▲ 39.5%
2025
20192025
Net result
-€751
▼ 150%
2025
middle half of the sector
20192025
Equity
€260,328
▼ 0.3%
2025
middle half of the sector
20192025
Total assets
€487,689
▼ 0.1%
2025
middle half of the sector
20192025
Debt
€227,361
▲ 0.1%
2025
20192025
Working capital
€260,328
▼ 0.3%
2025
highest quarter of the sector
20192025
Solvency
53.4%
▼ 0.1pp
2025
middle half of the sector
20192025
Current ratio
2.14
=
2025
middle half of the sector
20192025
Return on assets (ROA)
-0.2%
▼ 0.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Operating result-€1,464--€599▲ 59.1%€204,528--€791-€300▲ 62.1%-€182▲ 39.5%
Net result€11,212-€7,718within the sector's middle half▼ 31.2%€102,333above the sector's middle half--€103,014below the sector's middle half-€300within the sector's middle half▲ 99.7%-€751within the sector's middle half▼ 150%
Equity€328,728-€336,445within the sector's middle half▲ 2.3%€356,358above the sector's middle half-€261,379within the sector's middle half▼ 26.7%€261,079within the sector's middle half▼ 0.1%€260,328within the sector's middle half▼ 0.3%
Total assets€467,807-€475,524below the sector's middle half▲ 1.6%€475,524within the sector's middle half-€488,195within the sector's middle half▲ 2.7%€488,258within the sector's middle half=€487,689within the sector's middle half▼ 0.1%
Debt€119,167-€226,816▲ 90.3%€227,179▲ 0.2%€227,361▲ 0.1%
Working capital€356,358above the sector's middle half-€261,379above the sector's middle half▼ 26.7%€261,079above the sector's middle half▼ 0.1%€260,328above the sector's middle half▼ 0.3%
Solvency70.3%-70.8%above the sector's middle half▲ 0.5pp74.9%above the sector's middle half-53.5%within the sector's middle half▼ 21.4pp53.5%within the sector's middle half▼ 0.1pp53.4%within the sector's middle half▼ 0.1pp
Current ratio3.99above the sector's middle half-2.15within the sector's middle half▼ 1.842.15within the sector's middle half=2.14within the sector's middle half=
Return on assets (ROA)2.4%-1.6%within the sector's middle half▼ 0.8pp21.5%above the sector's middle half--21.1%below the sector's middle half▼ 42.6pp-0.1%within the sector's middle half▲ 21.0pp-0.2%within the sector's middle half▼ 0.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €182, smaller than the loss of €300 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €487,689
Equity
€260,328 ▼ 0.3%
Debt
€227,361 ▲ 0.1%
Debt's share of the balance-sheet total rises from 46.5% to 46.6%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.87▲
2024 · 0.87
ROE
-0.3%▼
2024 · -0.1%
Debt ≤ 1 year
€227,361▲
2024 · €227,179
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €300 | - | - |
| Other operating charges640/8 | - | - | - | €791 | - | - | - |
| Gross operating margin9900 | -€1,139 | -€599 | €204,528 | - | -€300 | -€182 | ▲ 39.5% |
| Operating profit (loss)9901 | -€1,464 | -€599 | €204,528 | -€791 | -€300 | -€182 | ▲ 39.5% |
| Recurring financial income75 | €12,827 | €8,316 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €49 | - | €569 | - |
| Recurring financial charges65 | €151 | - | - | €49 | - | €569 | - |
| Profit (loss) for the period before taxes9903 | €11,212 | €7,718 | €204,528 | -€840 | -€300 | -€751 | ▼ 150% |
| Income taxes67/77 | - | - | €102,195 | €102,175 | - | - | - |
| Profit (loss) for the period9904 | €11,212 | €7,718 | €102,333 | -€103,014 | -€300 | -€751 | ▼ 150% |
| Transfer from tax-exempt reserves789 | - | - | €178,366 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €11,212 | €7,718 | €280,699 | -€103,014 | -€300 | -€751 | ▼ 150% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €467,807 | €475,524 | €475,524 | €488,195 | €488,258 | €487,689 | ▼ 0.1% |
| Current assets29/58 | €467,807 | €475,524 | €475,524 | €488,195 | €488,258 | €487,689 | ▼ 0.1% |
| Amounts receivable within one year40/41 | €466,653 | €474,969 | €474,969 | €487,689 | €487,752 | €487,689 | = |
| Other amounts receivable41 | - | - | €474,969 | €487,689 | €487,752 | €487,689 | = |
| Cash at bank and in hand54/58 | €1,154 | €555 | €555 | €506 | €506 | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €467,807 | €475,524 | €475,524 | €488,195 | €488,258 | €487,689 | ▼ 0.1% |
| Equity10/15 | €328,728 | €336,445 | €356,358 | €261,379 | €261,079 | €260,328 | ▼ 0.3% |
| Contributions10/11 | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | = |
| Reserves13 | €281,860 | €281,860 | €11,763 | €11,763 | €11,763 | €11,763 | = |
| Non-distributable reserves130/1 | - | - | €3,100 | €3,100 | €3,100 | €3,100 | = |
| Reserves not available under the articles1311 | - | - | €3,100 | €3,100 | €3,100 | €3,100 | = |
| Distributable reserves133 | - | - | €8,663 | €8,663 | €8,663 | €8,663 | = |
| Profit (loss) carried forward14 | €15,868 | €23,585 | €313,595 | €218,616 | €218,316 | €217,565 | ▼ 0.3% |
| Provisions and deferred taxes16 | €139,079 | €139,079 | - | - | - | - | - |
| Amounts payable17/49 | - | - | €119,167 | €226,816 | €227,179 | €227,361 | ▲ 0.1% |
| Amounts payable within one year42/48 | - | - | €119,167 | €226,816 | €227,179 | €227,361 | ▲ 0.1% |
| Trade debts44 | - | - | - | €2,550 | €2,913 | - | - |
| Suppliers440/4 | - | - | - | €2,550 | €2,913 | - | - |
| Taxes, remuneration and social security45 | - | - | €119,167 | €224,267 | €224,267 | €224,267 | = |
| Taxes450/3 | - | - | €119,167 | €224,267 | €224,267 | €224,267 | = |
| Other amounts payable47/48 | - | - | - | - | - | €3,094 | - |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,212 | €7,718 | €102,333 | -€103,014 | -€300 | -€751 | ▼ 150% |
| Operating cash flow (approximation) | €11,212 | €7,718 | €102,333 | -€103,014 | -€300 | -€751 | ▼ 150% |
| Change in cash | - | -€599 | - | -€49 | -€0 | - | - |
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, 8,617 companies had the same profile as ADECO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% 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 8,617 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | micro format | 12-07-2026 | 2026-00309361 | |
| 30-11-2024 | micro format | 21-07-2025 | 2025-00305238 | |
| 30-11-2023 | micro format | 21-02-2025 | 2025-00038363 | |
| 30-11-2022 | micro format | 08-10-2023 | 2023-00480581 | |
| 30-11-2020 | full format | 07-12-2021 | 2021-79900354 | |
| 30-11-2019 | full format | 01-12-2020 | 2020-74800078 | |
| 30-06-2018 | full format | 25-02-2019 | 2019-06100019 | |
| 30-06-2017 | full format | 21-02-2018 | 2018-05300137 | |
| 30-06-2016 | full format | 02-05-2017 | 2017-11200269 | |
| 30-06-2015 | full format | 17-03-2016 | 2016-06800371 |