ADEKWAAT
ActiveSummary
ADEKWAAT has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €52,889 and a net result of -€9,300. Equity is shrinking by ~6.2% per year across the filed fiscal years. Its solvency ranks better than 95% of 7114 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity ample (current ratio 65.16 against 12.05 in 2024; short-term debt: 1.5% and cash: 0.1% of total assets), and 1.5% of the assets are financed with debt.
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Signals
Five 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
98.5%
Return on assets
-17.3%
Age of the figures
15 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
19202122232425
2019 to 2025 · latest year -€9,300
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 21-01-2026, 10 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
10 d early
2024
45 d early
2023
50 d early
2022
47 d early
2021
on the day
2020
6 d early
2019
29 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 27 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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 17 December (4 of the last 5 filed years within 35 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close30-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€9,300▲ 47.7%
2024 · -€17,784
Working capital
€51,518▼ 30.0%
2024 · €73,639
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€20,288-€20,615€10,354-€17,597-€9,023▲ 48.7%
Net result€18,096within the sector's middle half-€20,898below the sector's middle half€10,033within the sector's middle half-€17,784below the sector's middle half-€9,300below the sector's middle half▲ 47.7%
Equity€90,838within the sector's middle half▲ 24.9%€69,940within the sector's middle half▼ 23.0%€79,973within the sector's middle half▲ 14.3%€62,189within the sector's middle half▼ 22.2%€52,889within the sector's middle half▼ 15.0%
Total assets€119,448below the sector's middle half▲ 27.6%€90,358within the sector's middle half▼ 24.4%€104,689within the sector's middle half▲ 15.9%€81,852within the sector's middle half▼ 21.8%€53,692below the sector's middle half▼ 34.4%
Debt€28,610▲ 36.9%€20,418▼ 28.6%€24,716▲ 21.0%€19,664▼ 20.4%€803▼ 95.9%
Working capital€105,694within the sector's middle half▲ 59.0%€82,479within the sector's middle half▼ 22.0%€92,688within the sector's middle half▲ 12.4%€73,639within the sector's middle half▼ 20.6%€51,518within the sector's middle half▼ 30.0%
Solvency76.0%above the sector's middle half▼ 1.6pp77.4%above the sector's middle half▲ 1.4pp76.4%within the sector's middle half▼ 1.0pp76.0%within the sector's middle half▼ 0.4pp98.5%above the sector's middle half▲ 22.5pp
Current ratio12.46above the sector's middle half▲ 7.7812.12above the sector's middle half▼ 0.348.91above the sector's middle half▼ 3.2112.05above the sector's middle half▲ 3.1465.16above the sector's middle half▲ 53.11
Return on assets (ROA)15.2%above the sector's middle half▲ 23.5pp-23.1%below the sector's middle half▼ 38.3pp9.6%within the sector's middle half▲ 32.7pp-21.7%below the sector's middle half▼ 31.3pp-17.3%below the sector's middle half▲ 4.4pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €9,023 in 2025 against €17,597 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €53,692
Fixed assets
€1,371 ▼ 11.6%
Current assets
€52,321 ▼ 34.8%
Equity and liabilities €53,692
Equity
€52,889 ▼ 15.0%
Debt
€803 ▼ 95.9%
Debt's share of the balance-sheet total falls from 24.0% to 1.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€8,843▲
2024 · -€17,241
Cash flow
-€9,120▲
2024 · -€17,429
Debt to equity
0.02▼
2024 · 0.32
ROE
-17.6%▲
2024 · -28.6%
Interest coverage
-51.00▲
2024 · -126.95
Debt ≤ 1 year
€803▼
2024 · €6,662
Income taxes
€140▲
2024 · €133
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,834 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.7%
went bankrupt
13%
stopped otherwise
84%
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 0.8% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 5,834 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 | €4,543 | €4,070 | €176 | €356 | €180 | ▼ 49.4% |
| Other operating charges640/8 | - | €2,178 | €1,987 | €519 | €690 | ▲ 32.8% |
| Gross operating margin9900 | €26,960 | -€14,368 | €12,516 | -€16,722 | -€8,153 | ▲ 51.2% |
| Operating profit (loss)9901 | €20,288 | -€20,615 | €10,354 | -€17,597 | -€9,023 | ▲ 48.7% |
| Financial income75/76B | - | €0 | €2 | €81 | €37 | ▼ 54.2% |
| Recurring financial income75 | €0 | €0 | €2 | €81 | €37 | ▼ 54.2% |
| Financial charges65/66B | - | €165 | €165 | €136 | €173 | ▲ 27.7% |
| Recurring financial charges65 | €268 | €165 | €165 | €136 | €173 | ▲ 27.7% |
| Profit (loss) for the period before taxes9903 | €20,020 | -€20,780 | €10,190 | -€17,652 | -€9,159 | ▲ 48.1% |
| Income taxes67/77 | €1,923 | €118 | €157 | €133 | €140 | ▲ 6.0% |
| Profit (loss) for the period9904 | €18,096 | -€20,898 | €10,033 | -€17,784 | -€9,300 | ▲ 47.7% |
| Profit (loss) for the period to be appropriated9905 | €18,096 | -€20,898 | €10,033 | -€17,784 | -€9,300 | ▲ 47.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €119,448 | €90,358 | €104,689 | €81,852 | €53,692 | ▼ 34.4% |
| Fixed assets21/28 | €4,532 | €462 | €287 | €1,551 | €1,371 | ▼ 11.6% |
| Tangible fixed assets22/27 | €4,421 | €351 | €176 | €1,440 | €1,260 | ▼ 12.5% |
| Other tangible fixed assets26 | - | €351 | €176 | €1,440 | €1,260 | ▼ 12.5% |
| Financial fixed assets28 | €111 | €111 | €111 | €111 | €111 | = |
| Current assets29/58 | €114,916 | €89,896 | €104,402 | €80,301 | €52,321 | ▼ 34.8% |
| Amounts receivable within one year40/41 | €80,109 | €63,611 | €65,065 | €71,313 | €52,287 | ▼ 26.7% |
| Trade receivables40 | - | €56,672 | €53,561 | €53,561 | €37,793 | ▼ 29.4% |
| Other amounts receivable41 | - | €6,939 | €11,504 | €17,752 | €14,494 | ▼ 18.4% |
| Cash at bank and in hand54/58 | €34,807 | €26,285 | €38,488 | €8,988 | €34 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | - | - | €850 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €119,448 | €90,358 | €104,689 | €81,852 | €53,692 | ▼ 34.4% |
| Equity10/15 | €90,838 | €69,940 | €79,973 | €62,189 | €52,889 | ▼ 15.0% |
| Contributions10/11 | €6,205 | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Capital10 | - | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Issued capital100 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Reserves13 | €25,906 | €25,906 | €25,906 | €25,906 | €25,906 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Other1319 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €24,046 | €24,046 | €24,046 | €24,046 | = |
| Profit (loss) carried forward14 | €58,727 | €37,829 | €47,862 | €30,078 | €20,778 | ▼ 30.9% |
| Amounts payable17/49 | €28,610 | €20,418 | €24,716 | €19,664 | €803 | ▼ 95.9% |
| Amounts payable within one year42/48 | €9,222 | €7,417 | €11,714 | €6,662 | €803 | ▼ 87.9% |
| Trade debts44 | €1,020 | €1,716 | €5,208 | €2,157 | €565 | ▼ 73.8% |
| Suppliers440/4 | - | €1,716 | €5,208 | €2,157 | €565 | ▼ 73.8% |
| Taxes, remuneration and social security45 | - | €5,700 | €6,506 | €4,505 | €238 | ▼ 94.7% |
| Taxes450/3 | - | €2,041 | €3,599 | €265 | €238 | ▼ 10.4% |
| Remuneration and social security454/9 | - | €3,659 | €2,908 | €4,240 | - | - |
| Accrued charges and deferred income492/3 | - | €13,002 | €13,002 | €13,002 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,096 | -€20,898 | €10,033 | -€17,784 | -€9,300 | ▲ 47.7% |
| + Depreciation and write-downs630 | €4,543 | €4,070 | €176 | €356 | €180 | ▼ 49.4% |
| Operating cash flow (approximation) | €22,639 | -€16,828 | €10,209 | -€17,429 | -€9,120 | ▲ 47.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,620 | €0 | ▲ 100% |
| Change in cash | - | -€8,522 | €12,203 | -€29,500 | -€8,954 | ▲ 69.6% |
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
21-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Liquidity times 5current ratio 65.16
Current ratio from 12.05 to 65.16; short-term debt falls from €6,662 to €803.
2024
17-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
12-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
30-06
Financial
Back to profitnet €10,033
Net result €10,033 after one loss-making year.
2022
15-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Weakest financial yearnet -€20,898
Net result drops to -€20,898, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
Financial
Back to profitnet €18,096
Net result €18,096 after one loss-making year.
30-06
Financial
Liquidity triplescurrent ratio 12.46
Current ratio from 4.68 to 12.46; short-term debt falls from €18,083 to €9,222.
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
02-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
23-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
17-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
02-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
No directors read yet: 0 of 4 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Sint-Jans-Molenbeek · 1 establishment unit since 1995
Ground area
285 m²
Building footprint
195 m²
Volume, LiDAR
2,486 m³
Parcel 21523B0939/00B098, Brussels · tallest building 17.4 m, ±5 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
ADEKWAAT SPRL
since 19952.070.799.748
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21523B0939/00B098 | Brussels | 285 m² | 1 · 195 m² | 17.4 m · 5 fl. |
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 9,851 companies in this sector we hold annual accounts for 3,760. 3,003 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company (pre-2019)
Founded23-11-1994
Fiscal year end30-06
Activities, NACEBEL 2025
73110Advertising agencies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0454037796
Also
9925:BE0454037796
Registered
22-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.