ADEGO
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-09-2026 at the NBB all 6 filings
Turnover
≈ €100,000
Estimated: probably between €58,000 and €140,000
Total assets
€79,337▲ 77.7%
2025 · €44,655
Net result
€21,226▲ 457%
2025 · €3,812
Working capital
€17,170▼ 24.9%
2025 · €22,876
Multi-year overview
2021 to 2026, 6 financial yearsOperating result
€28,288
▲ 333%
2026
20212026
Net result
€21,226
▲ 457%
2026
20212026
Equity
€25,746
▼ 24.8%
2026
20212026
Total assets
€79,337
▲ 77.7%
2026
20212026
Debt
€53,591
▲ 414%
2026
20212026
Working capital
€17,170
▼ 24.9%
2026
20212026
Solvency
32.5%
▼ 44.2pp
2026
20212026
Current ratio
1.32
▼ 1.91
2026
20212026
Return on assets (ROA)
26.8%
▲ 18.2pp
2026
20212026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120222023202420252026
Operating result€42,348-€10,980▼ 74.1%-€6,962€1,507€6,527▲ 333%€28,288▲ 333%
Net result€29,799within the sector's middle half-€5,717within the sector's middle half▼ 80.8%-€8,230below the sector's middle half€1,122below the sector's middle half€3,812within the sector's middle half▲ 240%€21,226▲ 457%
Equity€31,799within the sector's middle half-€37,516within the sector's middle half▲ 18.0%€29,286within the sector's middle half▼ 21.9%€30,408within the sector's middle half▲ 3.8%€34,220within the sector's middle half▲ 12.5%€25,746▼ 24.8%
Total assets€106,025within the sector's middle half-€87,699within the sector's middle half▼ 17.3%€57,250below the sector's middle half▼ 34.7%€53,180below the sector's middle half▼ 7.1%€44,655below the sector's middle half▼ 16.0%€79,337▲ 77.7%
Debt€74,227-€50,184▼ 32.4%€27,964▼ 44.3%€22,772▼ 18.6%€10,434▼ 54.2%€53,591▲ 414%
Working capital€17,454within the sector's middle half-€4,611within the sector's middle half▼ 73.6%€128below the sector's middle half▼ 97.2%€17,124within the sector's middle half▲ 134×€22,876within the sector's middle half▲ 33.6%€17,170▼ 24.9%
Solvency30.0%within the sector's middle half-42.8%within the sector's middle half▲ 12.8pp51.2%within the sector's middle half▲ 8.4pp57.2%within the sector's middle half▲ 6.0pp76.6%within the sector's middle half▲ 19.5pp32.5%▼ 44.2pp
Current ratio1.53within the sector's middle half-1.14within the sector's middle half▼ 0.391.01below the sector's middle half▼ 0.131.76within the sector's middle half▲ 0.753.23within the sector's middle half▲ 1.481.32▼ 1.91
Return on assets (ROA)28.1%above the sector's middle half-6.5%within the sector's middle half▼ 21.6pp-14.4%below the sector's middle half▼ 20.9pp2.1%within the sector's middle half▲ 16.5pp8.5%within the sector's middle half▲ 6.4pp26.8%▲ 18.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2026 is over 4.3 times that of 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €79,337
Fixed assets
€8,779 ▼ 23.9%
Current assets
€70,558 ▲ 113%
Equity and liabilities €79,337
Equity
€25,746 ▼ 24.8%
Debt
€53,591 ▲ 414%
Debt's share of the balance-sheet total rises from 23.4% to 67.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€31,050▲
2025 · €10,194
Cash flow
€23,989▲
2025 · €7,478
Quick ratio
1.30▼
2025 · 3.12
Debt to equity
2.08▲
2025 · 0.30
ROE
82.4%▲
2025 · 11.1%
Interest coverage
over 100▲
2025 · 25.52
Debt ≤ 1 year
€53,388▲
2025 · €10,236
Income taxes
€7,183▲
2025 · €2,317
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,492 | - | - | €2,231 | - |
| Financial fixed assets | - | €354 | €500 | - | €0 |
| Depreciation and write-downs of the year | €14,277 | €15,435 | €6,339 | €3,667 | €2,762 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,503 | €14,277 | €15,435 | €6,339 | €3,667 | €2,762 | ▼ 24.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €2,475 | - |
| Other operating charges640/8 | - | €1,082 | €781 | €756 | €736 | €758 | ▲ 3.1% |
| Gross operating margin9900 | €50,798 | €26,339 | €9,254 | €8,602 | €10,930 | €34,283 | ▲ 214% |
| Operating profit (loss)9901 | €42,348 | €10,980 | -€6,962 | €1,507 | €6,527 | €28,288 | ▲ 333% |
| Financial income75/76B | - | €1 | €1 | €392 | €1 | €276 | ▲ 389× |
| Recurring financial income75 | €0 | €1 | €1 | €392 | €1 | €276 | ▲ 389× |
| Financial charges65/66B | - | €543 | €444 | €413 | €399 | €155 | ▼ 61.2% |
| Recurring financial charges65 | €106 | €543 | €444 | €413 | €399 | €155 | ▼ 61.2% |
| Profit (loss) for the period before taxes9903 | €42,243 | €10,438 | -€7,405 | €1,485 | €6,129 | €28,409 | ▲ 364% |
| Income taxes67/77 | €12,444 | €4,720 | €825 | €363 | €2,317 | €7,183 | ▲ 210% |
| Profit (loss) for the period9904 | €29,799 | €5,717 | -€8,230 | €1,122 | €3,812 | €21,226 | ▲ 457% |
| Profit (loss) for the period to be appropriated9905 | €29,799 | €5,717 | -€8,230 | €1,122 | €3,812 | €21,226 | ▲ 457% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €106,025 | €87,699 | €57,250 | €53,180 | €44,655 | €79,337 | ▲ 77.7% |
| Fixed assets21/28 | €55,638 | €49,852 | €34,771 | €13,478 | €11,542 | €8,779 | ▼ 23.9% |
| Intangible fixed assets21 | €9,250 | €8,250 | €7,250 | €6,250 | €5,250 | €4,250 | ▼ 19.0% |
| Tangible fixed assets22/27 | €46,388 | €41,602 | €27,167 | €6,374 | €5,938 | €4,175 | ▼ 29.7% |
| Plant, machinery and equipment23 | - | €4,719 | €4,205 | €3,692 | €3,178 | €2,665 | ▼ 16.2% |
| Furniture and vehicles24 | - | €36,883 | €22,962 | €2,682 | €2,760 | €1,511 | ▼ 45.3% |
| Financial fixed assets28 | - | - | €354 | €854 | €354 | €354 | = |
| Current assets29/58 | €50,387 | €37,847 | €22,479 | €39,702 | €33,113 | €70,558 | ▲ 113% |
| Stocks and contracts in progress3 | €564 | €864 | €1,052 | €1,252 | €1,161 | €1,118 | ▼ 3.7% |
| Stocks30/36 | - | €864 | €1,052 | €1,252 | €1,161 | €1,118 | ▼ 3.7% |
| Amounts receivable within one year40/41 | €34,969 | €23,376 | €12,744 | €36,908 | €25,375 | €57,569 | ▲ 127% |
| Trade receivables40 | - | €23,376 | €12,744 | €36,908 | €21,472 | €43,186 | ▲ 101% |
| Other amounts receivable41 | - | - | - | - | €3,903 | €14,383 | ▲ 269% |
| Current investments50/53 | - | - | €2,091 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €13,298 | €11,971 | €4,499 | €324 | €5,311 | €10,334 | ▲ 94.6% |
| Deferred charges and accrued income490/1 | - | €1,636 | €2,093 | €1,218 | €1,266 | €1,537 | ▲ 21.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €106,025 | €87,699 | €57,250 | €53,180 | €44,655 | €79,337 | ▲ 77.7% |
| Equity10/15 | €31,799 | €37,516 | €29,286 | €30,408 | €34,220 | €25,746 | ▼ 24.8% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €29,700 | €35,300 | €35,300 | €35,300 | €35,300 | €23,746 | ▼ 32.7% |
| Distributable reserves133 | - | €35,300 | €35,300 | €35,300 | €35,300 | €23,746 | ▼ 32.7% |
| Profit (loss) carried forward14 | €99 | €216 | -€8,014 | -€6,892 | -€3,080 | €0 | - |
| Amounts payable17/49 | €74,227 | €50,184 | €27,964 | €22,772 | €10,434 | €53,591 | ▲ 414% |
| Amounts payable after more than one year17 | €36,970 | €16,776 | €5,421 | €0 | - | - | - |
| Financial debts170/4 | - | €11,776 | €5,421 | €0 | - | - | - |
| Other amounts payable178/9 | - | €5,000 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €32,933 | €33,236 | €22,351 | €22,578 | €10,236 | €53,388 | ▲ 422% |
| Current portion of amounts payable after more than one year42 | - | €6,195 | €6,355 | €5,421 | €0 | - | - |
| Trade debts44 | €3,752 | €8,728 | €4,437 | €4,582 | €4,157 | €14,249 | ▲ 243% |
| Suppliers440/4 | - | €8,728 | €4,437 | €4,582 | €4,157 | €14,249 | ▲ 243% |
| Taxes, remuneration and social security45 | - | €14,620 | €6,732 | €7,443 | €6,079 | €9,439 | ▲ 55.3% |
| Taxes450/3 | - | €14,620 | €6,732 | €7,443 | €6,079 | €9,439 | ▲ 55.3% |
| Other amounts payable47/48 | - | €3,694 | €4,827 | €5,132 | €0 | €29,700 | - |
| Accrued charges and deferred income492/3 | - | €172 | €192 | €194 | €198 | €203 | ▲ 2.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,799 | €5,717 | -€8,230 | €1,122 | €3,812 | €21,226 | ▲ 457% |
| + Depreciation and write-downs630 | €5,503 | €14,277 | €15,435 | €6,339 | €3,667 | €2,762 | ▼ 24.7% |
| Operating cash flow (approximation) | €35,302 | €19,994 | €7,205 | €7,462 | €7,478 | €23,989 | ▲ 221% |
| Investment in fixed assets (approximation) | - | -€8,492 | -€354 | €14,954 | -€1,731 | €0 | - |
| Change in cash | - | -€1,327 | -€7,472 | -€4,175 | €4,986 | €5,023 | ▲ 0.7% |
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, 26,972 companies had the same profile as ADEGO has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ADEGO itself is lower: 0.1% within 12 months. It rests on far more data about ADEGO than the profile alone.
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 26,972 companies, not a prediction for ADEGO. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 28-09-2026 | 2026-00530702 | |
| 30-06-2025 | micro format | 29-01-2026 | 2026-00023343 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00024857 | |
| 30-06-2023 | micro format | 29-01-2024 | 2024-00013848 | |
| 30-06-2022 | micro format | 23-01-2023 | 2023-00002887 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02400484 |