ADEQUATION
ActiveSummary
ADEQUATION has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €745,797 and a net result of -€120,054. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 85% of 14254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability3▼-79
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity ample (current ratio 13.87 against 7.52 in 2024; short-term debt: 6.4% and cash: 7.4% of total assets), and 20% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 11-02-2026, 11 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
11 d late
2024
on the day
2023
2 d early
2022
on the day
2021
on the day
2020
2 d early
2019
on the day
← 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 1 day after the deadline; the sector median for financial year 2024 is 7 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 31 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 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
-€120,054
2024 · €104,235
Working capital
€765,557▼ 2.3%
2024 · €783,616
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€32,421▼ 33.0%-€52,474▼ 61.9%-€61,639▼ 17.5%€112,263-€128,127
Net result€83,932within the sector's middle half▲ 80.1%€16,772within the sector's middle half▼ 80.0%-€25,340within the sector's middle half€104,235above the sector's middle half-€120,054below the sector's middle half
Equity€770,232within the sector's middle half▲ 12.2%€786,956within the sector's middle half▲ 2.2%€761,616within the sector's middle half▼ 3.2%€865,851above the sector's middle half▲ 13.7%€745,797above the sector's middle half▼ 13.9%
Total assets€885,110within the sector's middle half▲ 11.0%€831,947within the sector's middle half▼ 6.0%€811,238within the sector's middle half▼ 2.5%€986,116within the sector's middle half▲ 21.6%€932,627within the sector's middle half▼ 5.4%
Debt€114,878▲ 3.1%€44,990▼ 60.8%€49,622▲ 10.3%€120,265▲ 142%€186,830▲ 55.3%
Working capital€112,638within the sector's middle half▲ 72.3%€126,162within the sector's middle half▲ 12.0%€97,464within the sector's middle half▼ 22.7%€783,616above the sector's middle half▲ 704%€765,557above the sector's middle half▼ 2.3%
Solvency87.0%above the sector's middle half▲ 1.0pp94.6%above the sector's middle half▲ 7.6pp93.9%above the sector's middle half▼ 0.7pp87.8%above the sector's middle half▼ 6.1pp80.0%above the sector's middle half▼ 7.8pp
Current ratio2.32within the sector's middle half▲ 0.634.67above the sector's middle half▲ 2.353.76above the sector's middle half▼ 0.917.52above the sector's middle half▲ 3.7513.87above the sector's middle half▲ 6.35
Return on assets (ROA)9.5%above the sector's middle half▲ 3.6pp2.0%within the sector's middle half▼ 7.5pp-3.1%below the sector's middle half▼ 5.1pp10.6%above the sector's middle half▲ 13.7pp-12.9%below the sector's middle half▼ 23.4pp
Staff (FTE)1within the sector's middle half=1within the sector's middle half=0.7within the sector's middle half▼ 30.0%0▼ 100%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €128,127 after €112,263 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €932,627
Fixed assets
€107,586 ▲ 30.8%
Current assets
€825,042 ▼ 8.7%
Equity and liabilities €932,627
Equity
€745,797 ▼ 13.9%
Debt
€186,830 ▲ 55.3%
Debt's share of the balance-sheet total rises from 12.2% to 20.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€107,580▼
2024 · €130,652
Cash flow
-€99,506▼
2024 · €122,624
Quick ratio
10.99▲
2024 · 7.18
Debt to equity
0.25▲
2024 · 0.14
ROE
-16.1%▼
2024 · 12.0%
Interest coverage
-68.91▼
2024 · 48.18
Debt ≤ 1 year
€59,484▼
2024 · €120,265
Debt > 1 year
€127,346
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.7%
stopped otherwise
90%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 928 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €36,142 | €33,397 | -€60 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,168 | €18,653 | €15,149 | €18,389 | €20,548 | ▲ 11.7% |
| Other operating charges640/8 | - | - | €89 | €65,295 | €15,315 | ▼ 76.5% |
| Non-recurring operating charges66A | - | €329 | €2,182 | €136,822 | €1,000 | ▼ 99.3% |
| Gross operating margin9900 | €20,024 | €2,651 | -€10,822 | €332,710 | -€91,265 | ▼ 127% |
| Operating profit (loss)9901 | -€32,421 | -€52,474 | -€61,639 | €112,263 | -€128,127 | ▼ 214% |
| Financial income75/76B | - | €73,028 | €38,727 | €5,107 | €9,635 | ▲ 88.7% |
| Recurring financial income75 | €117,501 | €73,028 | €38,727 | €5,107 | €9,425 | ▲ 84.6% |
| Non-recurring financial income76B | - | - | - | - | €209 | - |
| Financial charges65/66B | - | €2,040 | €2,427 | €2,712 | €1,561 | ▼ 42.4% |
| Recurring financial charges65 | €946 | €2,040 | €2,427 | €2,712 | €1,561 | ▼ 42.4% |
| Profit (loss) for the period before taxes9903 | €84,123 | €18,515 | -€25,340 | €114,658 | -€120,054 | ▼ 205% |
| Income taxes67/77 | €192 | €1,743 | €0 | €10,424 | - | - |
| Profit (loss) for the period9904 | €83,932 | €16,772 | -€25,340 | €104,235 | -€120,054 | ▼ 215% |
| Profit (loss) for the period to be appropriated9905 | €83,932 | €16,772 | -€25,340 | €104,235 | -€120,054 | ▼ 215% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €885,110 | €831,947 | €811,238 | €986,116 | €932,627 | ▼ 5.4% |
| Fixed assets21/28 | €686,863 | €671,400 | €678,482 | €82,235 | €107,586 | ▲ 30.8% |
| Tangible fixed assets22/27 | €64,811 | €49,347 | €56,429 | €79,083 | €104,434 | ▲ 32.1% |
| Plant, machinery and equipment23 | - | €1,993 | €1,110 | €228 | €76 | ▼ 66.7% |
| Furniture and vehicles24 | - | €43,510 | €52,395 | €75,931 | €102,355 | ▲ 34.8% |
| Other tangible fixed assets26 | - | €3,845 | €2,924 | €2,924 | €2,003 | ▼ 31.5% |
| Financial fixed assets28 | €622,052 | €622,052 | €622,052 | €3,152 | €3,152 | = |
| Current assets29/58 | €198,246 | €160,547 | €132,757 | €903,881 | €825,042 | ▼ 8.7% |
| Stocks and contracts in progress3 | - | - | - | €40,100 | €171,525 | ▲ 328% |
| Stocks30/36 | - | - | - | €40,100 | €171,525 | ▲ 328% |
| Amounts receivable within one year40/41 | €162,078 | €142,676 | €126,708 | €189,587 | €75,465 | ▼ 60.2% |
| Trade receivables40 | - | €16,003 | €14,692 | €91,017 | €48,124 | ▼ 47.1% |
| Other amounts receivable41 | - | €126,674 | €112,016 | €98,570 | €27,340 | ▼ 72.3% |
| Current investments50/53 | - | - | - | €328,215 | €505,759 | ▲ 54.1% |
| Cash at bank and in hand54/58 | €35,327 | €15,878 | €4,054 | €344,568 | €69,010 | ▼ 80.0% |
| Deferred charges and accrued income490/1 | - | €1,993 | €1,994 | €1,410 | €3,283 | ▲ 133% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €885,110 | €831,947 | €811,238 | €986,116 | €932,627 | ▼ 5.4% |
| Equity10/15 | €770,232 | €786,956 | €761,616 | €865,851 | €745,797 | ▼ 13.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | - | - | - |
| Issued capital100 | - | €62,000 | €62,000 | - | - | - |
| Reserves13 | €708,232 | €724,956 | €699,616 | €803,851 | €683,797 | ▼ 14.9% |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | - | - | - |
| Legal reserve130 | - | €6,200 | €6,200 | - | - | - |
| Distributable reserves133 | - | €718,756 | €693,416 | €803,851 | €683,797 | ▼ 14.9% |
| Amounts payable17/49 | €114,878 | €44,990 | €49,622 | €120,265 | €186,830 | ▲ 55.3% |
| Amounts payable after more than one year17 | €29,270 | €10,606 | €14,329 | - | €127,346 | - |
| Financial debts170/4 | - | €10,606 | €14,329 | - | €127,346 | - |
| Amounts payable within one year42/48 | €85,608 | €34,385 | €35,293 | €120,265 | €59,484 | ▼ 50.5% |
| Current portion of amounts payable after more than one year42 | - | €18,664 | €24,276 | €14,329 | - | - |
| Financial debts43 | - | - | €259 | - | - | - |
| Credit institutions430/8 | - | - | €259 | - | - | - |
| Trade debts44 | €53,777 | €8,475 | €10,755 | €94,079 | €59,484 | ▼ 36.8% |
| Suppliers440/4 | - | €8,475 | €10,755 | €94,079 | €59,484 | ▼ 36.8% |
| Taxes, remuneration and social security45 | - | €7,246 | €3 | €11,856 | - | - |
| Taxes450/3 | - | €2,304 | €3 | €11,856 | - | - |
| Remuneration and social security454/9 | - | €4,942 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €83,932 | €16,772 | -€25,340 | €104,235 | -€120,054 | ▼ 215% |
| + Depreciation and write-downs630 | €6,168 | €18,653 | €15,149 | €18,389 | €20,548 | ▲ 11.7% |
| Operating cash flow (approximation) | €90,100 | €35,426 | -€10,191 | €122,624 | -€99,506 | ▼ 181% |
| Investment in fixed assets (approximation) | - | -€3,190 | -€22,230 | €577,857 | -€45,898 | ▼ 108% |
| Change in cash | - | -€19,449 | -€11,823 | €340,514 | -€275,558 | ▼ 181% |
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
11-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
2025
30-06
Financial
Weakest financial yearnet -€120,054
Net result drops to -€120,054, the lowest in the series.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Back to profitnet €104,235
Net result €104,235 after one loss-making year.
29-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
Financial
Liquidity doublescurrent ratio 4.67
Current ratio from 2.32 to 4.67; short-term debt falls from €85,608 to €34,385.
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-01
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 6 acts read
About the unread acts
We know of 6 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
6 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, Genappe · 1 establishment unit since 2024
Ground area
3,821 m²
Building footprint
1,450 m²
Volume, LiDAR
11,582 m³
Parcel 25003D0035/00Y000, Wallonia · tallest building 8.7 m, ±3 floors. Linked by address, not a title deed.
20
companies at this address
See who is registered here
1 establishment unit
Chaussée de Bruxelles 6E, 1470 Genappe
since 20242.362.852.197
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25003D0035/00Y000 | Wallonia | 3,821 m² | 1 · 1,450 m² | 8.7 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.
Structure & network
Owners and holdings
6 holdingsOwners 0
The accounts to 30-06-2023 list no shareholders, and no other source names one.
Holdings 6
- Pol Holding SASFRsubsidiarySourceown accounts 30-06-2023100%
- AD2M SARLFRSourceown accounts 30-06-202315%
- Climonor SARLFRSourceown accounts 30-06-202315%
- Maxara SARLFRSourceown accounts 30-06-202315%
- Sentimax SARLFRSourceown accounts 30-06-202315%
- Interclim SARLFRSourceown accounts 30-06-202310%
According to the annual accounts to 30-06-2023 of ADEQUATION and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 9,146 companies in sector 68201 we hold annual accounts for 6,775. 4,962 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-01-2002
Fiscal year end30-06
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
96999Other personal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0476566839
Also
9925:BE0476566839
Registered
05-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.