ADELPHI
ActiveSummary
ADELPHI has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.44M and a net result of €-290k. Equity is growing by ~39.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability18▲+1
Solvency42▼-4
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €65k at 30 days acceptable
Liquidity short (current ratio 0.01 against 0.01 in 2024; short-term debt: 36.9% and cash: 0.4% of total assets), and 82.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.3%
Return on assets
-3.5%
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 €-290k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
29 d late
2023
30 d late
2022
7 d early
2021
2 d early
2020
30 d early
2019
58 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-290k▲ 9.7%
2024 · €-322k
2018: €-29k
2019: €-151k▼ -423% vs 2018
2020: €-27k▲ +82.2% vs 2019
2021: €-4k▲ +84.8% vs 2020highest in 8 years
2022: €-53k▼ -1203% vs 2021
2023: €-217k▼ -310% vs 2022
2024: €-322k▼ -48.0% vs 2023lowest in 8 years
2025: €-290k▲ +9.7% vs 2024
2018 → 2025
Working capital
€-3.03M▲ 6.5%
2024 · €-3.24M
2018: €1.11Mhighest in 8 years
2019: €-1.99M▼ -280% vs 2018
2020: €-2.07M▼ -4.0% vs 2019
2021: €-2.17M▼ -4.5% vs 2020
2022: €-2.29M▼ -5.7% vs 2021
2023: €-2.65M▼ -15.9% vs 2022
2024: €-3.24M▼ -22.0% vs 2023lowest in 8 years
2025: €-3.03M▲ +6.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€2.32M-€2.26M▼ 2.3%€2.05M▼ 9.6%€1.73M▼ 15.7%€1.44M▼ 16.8%
2021: €2.32Mhighest in 5 years
2022: €2.26M▼ -2.3% vs 2021
2023: €2.05M▼ -9.6% vs 2022
2024: €1.73M▼ -15.7% vs 2023
2025: €1.44M▼ -16.8% vs 2024lowest in 5 years
Operating result€153k-€99k▼ 35.3%€68k▼ 31.7%€3k▼ 96.0%€109k▲ 3,897%
2021: €153khighest in 5 years
2022: €99k▼ -35.3% vs 2021
2023: €68k▼ -31.7% vs 2022
2024: €3k▼ -96.0% vs 2023lowest in 5 years
2025: €109k▲ +3897% vs 2024
Net result€-4k-€-53k▼ 1,203%€-217k▼ 310%€-322k▼ 48.0%€-290k▲ 9.7%
2021: €-4khighest in 5 years
2022: €-53k▼ -1203% vs 2021
2023: €-217k▼ -310% vs 2022
2024: €-322k▼ -48.0% vs 2023lowest in 5 years
2025: €-290k▲ +9.7% vs 2024
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 3,897% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.30M
Fixed assets
€8.27M ▼ 0.9%
Current assets
€38k ▲ 22.7%
Equity and liabilities €8.30M
Equity
€1.44M ▼ 16.8%
Debt
€6.87M ▲ 3.3%
Debt's share of the balance-sheet total rises from 79.4% to 82.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€193k▲
2024 · €124k
Cash flow
€-207k▼
2024 · €-201k
Current ratio
0.01▲
2024 · 0.01
Debt to equity
4.79▲
2024 · 3.85
ROE
-20.2%▼
2024 · -18.6%
ROA
-3.5%▲
2024 · -3.8%
Interest coverage
0.48▲
2024 · 0.38
Debt ≤ 1 year
€3.07M▼
2024 · €3.27M
Debt > 1 year
€3.80M▲
2024 · €3.38M
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 · 38 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.37M€8.30M▼
Fixed assets21/28€8.34M€8.27M▼
Tangible fixed assets22/27€3.43M€3.36M▼
Land and buildings22€3.43M€3.36M▼
Financial fixed assets28€4.91M€4.91M=
Current assets29/58€31k€38k▲
Amounts receivable within one year40/41€2k€1k▼
Trade receivables40€2k€1k▼
Cash at bank and in hand54/58€26k€32k▲
Deferred charges and accrued income490/1€3k€4k▲
Equity and liabilities
Total equity and liabilities10/49€8.37M€8.30M▼
Equity10/15€1.73M€1.44M▼
Contributions10/11€235k€235k=
Capital10€235k€235k=
Issued capital100€235k€235k=
Revaluation surpluses12€2.57M€2.57M=
Profit (loss) carried forward14€-1.08M€-1.37M▼
Amounts payable17/49€6.65M€6.87M▲
Amounts payable after more than one year17€3.38M€3.80M▲
Financial debts170/4€3.38M€3.80M▲
Amounts payable within one year42/48€3.27M€3.07M▼
Current portion of amounts payable after more than one year42€130k-
Trade debts44€14k€23k▲
Suppliers440/4€14k€23k▲
Other amounts payable47/48€3.13M€3.04M▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€121k€84k▼
Other operating charges640/8€12k€101k▲
Gross operating margin9900€136k€294k▲
Operating profit (loss)9901€3k€109k▲
Financial income75/76B€249€0▼
Recurring financial income75€249€0▼
Financial charges65/66B€325k€399k▲
Recurring financial charges65€325k€399k▲
Profit (loss) for the period before taxes9903€-322k€-290k▲
Profit (loss) for the period9904€-322k€-290k▲
Profit (loss) for the period to be appropriated9905€-322k€-290k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-1.08M€-1.37M▼
Profit (loss) brought forward from the previous period14P€-754k€-1.08M▼
The notes to these accounts (12 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77k | €71k | €72k | €121k | €84k | ▼ 30.6% |
| Other operating charges640/8 | €1k | €9k | €17k | €12k | €101k | ▲ 727% |
| Gross operating margin9900 | €231k | €179k | €157k | €136k | €294k | ▲ 116% |
| Operating profit (loss)9901 | €153k | €99k | €68k | €3k | €109k | ▲ 3,897% |
| Financial income75/76B | €0 | - | - | €249 | €0 | ▼ 100.0% |
| Recurring financial income75 | €0 | - | - | €249 | €0 | ▼ 100.0% |
| Financial charges65/66B | €157k | €152k | €285k | €325k | €399k | ▲ 23.0% |
| Recurring financial charges65 | €157k | €152k | €285k | €325k | €399k | ▲ 23.0% |
| Profit (loss) for the period before taxes9903 | €-4k | €-53k | €-217k | €-322k | €-290k | ▲ 9.7% |
| Income taxes67/77 | €339 | - | - | - | - | - |
| Profit (loss) for the period9904 | €-4k | €-53k | €-217k | €-322k | €-290k | ▲ 9.7% |
| Profit (loss) for the period to be appropriated9905 | €-4k | €-53k | €-217k | €-322k | €-290k | ▲ 9.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.27M | €8.28M | €8.24M | €8.37M | €8.30M | ▼ 0.9% |
| Fixed assets21/28 | €8.26M | €8.20M | €8.21M | €8.34M | €8.27M | ▼ 0.9% |
| Tangible fixed assets22/27 | €3.35M | €3.29M | €3.30M | €3.43M | €3.36M | ▼ 2.3% |
| Land and buildings22 | €3.35M | €3.29M | €3.30M | €3.43M | €3.36M | ▼ 2.3% |
| Plant, machinery and equipment23 | €176 | - | - | - | - | - |
| Financial fixed assets28 | €4.91M | €4.91M | €4.91M | €4.91M | €4.91M | = |
| Current assets29/58 | €10k | €73k | €29k | €31k | €38k | ▲ 22.7% |
| Amounts receivable within one year40/41 | €7k | €37k | €27k | €2k | €1k | ▼ 29.3% |
| Trade receivables40 | €7k | €37k | €27k | €2k | €1k | ▼ 29.3% |
| Cash at bank and in hand54/58 | €3k | €35k | €2k | €26k | €32k | ▲ 24.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3k | €4k | ▲ 44.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.27M | €8.28M | €8.24M | €8.37M | €8.30M | ▼ 0.9% |
| Equity10/15 | €2.32M | €2.26M | €2.05M | €1.73M | €1.44M | ▼ 16.8% |
| Contributions10/11 | €235k | €235k | €235k | €235k | €235k | = |
| Capital10 | €235k | €235k | €235k | €235k | €235k | = |
| Issued capital100 | €235k | €235k | €235k | €235k | €235k | = |
| Revaluation surpluses12 | €2.57M | €2.57M | €2.57M | €2.57M | €2.57M | = |
| Profit (loss) carried forward14 | €-484k | €-537k | €-754k | €-1.08M | €-1.37M | ▼ 27.0% |
| Amounts payable17/49 | €5.95M | €6.01M | €6.19M | €6.65M | €6.87M | ▲ 3.3% |
| Amounts payable after more than one year17 | €3.76M | €3.64M | €3.51M | €3.38M | €3.80M | ▲ 12.5% |
| Financial debts170/4 | €3.76M | €3.64M | €3.51M | €3.38M | €3.80M | ▲ 12.5% |
| Amounts payable within one year42/48 | €2.18M | €2.36M | €2.68M | €3.27M | €3.07M | ▼ 6.2% |
| Current portion of amounts payable after more than one year42 | €123k | €125k | €134k | €130k | - | - |
| Trade debts44 | €2k | €23k | €14k | €14k | €23k | ▲ 59.3% |
| Suppliers440/4 | €2k | €23k | €14k | €14k | €23k | ▲ 59.3% |
| Taxes, remuneration and social security45 | €2k | - | - | - | - | - |
| Remuneration and social security454/9 | €2k | - | - | - | - | - |
| Other amounts payable47/48 | €2.05M | €2.21M | €2.54M | €3.13M | €3.04M | ▼ 2.7% |
| Accrued charges and deferred income492/3 | €14k | €12k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-4k | €-53k | €-217k | €-322k | €-290k | ▲ 9.7% |
| + Depreciation and write-downs630 | €77k | €71k | €72k | €121k | €84k | ▼ 30.6% |
| Operating cash flow (approximation) | €73k | €18k | €-145k | €-201k | €-207k | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | €-15k | €-80k | €-254k | €-5k | ▲ 97.9% |
| Change in cash | - | €32k | €-33k | €24k | €6k | ▼ 73.3% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Weakest financial yearnet €-322k
Net result drops to €-322k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €2MEq €2.32M ▲66,420%
Equity rises from €3k to €2.32M.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
2014
27-03
State Gazette act
Share transfer · General meeting
Director resignation · Director appointment
27-03
State Gazette act
Share transfer
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 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
15 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Grimbergen
Ground area
3,009 m²
Building footprint
176 m²
Volume, LiDAR
1,318 m³
Parcel 23084A0347/00T000, Flanders · tallest building 13.7 m, ±3 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23084A0347/00T000 | Flanders | 3,009 m² | 1 · 176 m² | 13.7 m · 3 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.
Identification & contact
Identification
Legal formPublic limited company
Founded13-06-1989
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.