Adi Construct
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 52 days after the deadline Filed on 21 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00517821.
Annual accounts 2025 filed on 21-09-2026 at the NBB all 11 filings
Turnover
≈ €180,000
Estimated: probably between €120,000 and €240,000
Total assets
€32,813▲ 10.9%
2024 · €29,583
Net result
€1,778▼ 77.3%
2024 · €7,833
Working capital
€16,236▲ 23.8%
2024 · €13,112
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,343
▼ 47.4%
2025
20182025
Net result
€1,778
▼ 77.3%
2025
middle half of the sector
20182025
Equity
€16,236
▲ 12.3%
2025
lowest quarter of the sector
20182025
Total assets
€32,813
▲ 10.9%
2025
lowest quarter of the sector
20182025
Debt
€16,577
▲ 9.6%
2025
20182025
Working capital
€16,236
▲ 23.8%
2025
middle half of the sector
20182025
Solvency
49.5%
▲ 0.6pp
2025
middle half of the sector
20182025
Current ratio
1.98
▲ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
5.4%
▼ 21.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,901--€19,131€18,694€7,462▼ 60.1%€14,800▲ 98.3%-€10,815€10,160€5,343▼ 47.4%
Net result€4,475--€52,377€17,950within the sector's middle half€4,563within the sector's middle half▼ 74.6%€9,558within the sector's middle half▲ 109%-€11,319below the sector's middle half€7,833within the sector's middle half€1,778within the sector's middle half▼ 77.3%
Equity€38,250--€14,127€3,823below the sector's middle half€8,386below the sector's middle half▲ 119%€17,945below the sector's middle half▲ 114%€6,625below the sector's middle half▼ 63.1%€14,458below the sector's middle half▲ 118%€16,236below the sector's middle half▲ 12.3%
Total assets€51,209-€23,835▼ 53.5%€17,821below the sector's middle half▼ 25.2%€18,314below the sector's middle half▲ 2.8%€36,540below the sector's middle half▲ 99.5%€24,650below the sector's middle half▼ 32.5%€29,583below the sector's middle half▲ 20.0%€32,813below the sector's middle half▲ 10.9%
Debt€12,959-€37,962▲ 193%€13,998▼ 63.1%€9,928▼ 29.1%€18,595▲ 87.3%€18,025▼ 3.1%€15,125▼ 16.1%€16,577▲ 9.6%
Working capital€37,672--€14,994€3,413below the sector's middle half€8,319within the sector's middle half▲ 144%€17,071within the sector's middle half▲ 105%€3,741below the sector's middle half▼ 78.1%€13,112within the sector's middle half▲ 250%€16,236within the sector's middle half▲ 23.8%
Solvency74.7%--59.3%▼ 134.0pp21.5%within the sector's middle half▲ 80.7pp45.8%within the sector's middle half▲ 24.3pp49.1%within the sector's middle half▲ 3.3pp26.9%within the sector's middle half▼ 22.2pp48.9%within the sector's middle half▲ 22.0pp49.5%within the sector's middle half▲ 0.6pp
Current ratio3.91-0.61▼ 3.301.24within the sector's middle half▲ 0.641.84within the sector's middle half▲ 0.591.92within the sector's middle half▲ 0.081.21within the sector's middle half▼ 0.711.87within the sector's middle half▲ 0.661.98within the sector's middle half▲ 0.11
Return on assets (ROA)8.7%--219.7%▼ 228.5pp100.7%above the sector's middle half▲ 320.5pp24.9%above the sector's middle half▼ 75.8pp26.2%above the sector's middle half▲ 1.2pp-45.9%below the sector's middle half▼ 72.1pp26.5%above the sector's middle half▲ 72.4pp5.4%within the sector's middle half▼ 21.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 47% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €32,813
Fixed assets
€0 ▼ 100.0%
Current assets
€32,813 ▲ 16.2%
Equity and liabilities €32,813
Equity
€16,236 ▲ 12.3%
Debt
€16,577 ▲ 9.6%
Debt's share of the balance-sheet total falls from 51.1% to 50.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€6,689▼
2024 · €11,697
Cash flow
€3,124▼
2024 · €9,370
Quick ratio
1.43▲
2024 · 1.27
Debt to equity
1.02▼
2024 · 1.05
ROE
11.0%▼
2024 · 54.2%
Interest coverage
2.30▼
2024 · over 100
Debt ≤ 1 year
€16,577▲
2024 · €15,125
Income taxes
€659▼
2024 · €2,230
Staff costs
€25,424▲
2024 · €23,814
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,065 | €3,548 | - | - |
| Depreciation and write-downs of the year | €343 | €259 | €1,538 | €1,538 | €1,346 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €994 | €17,706 | €30,633 | €23,814 | €25,424 | ▲ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,175 | €807 | €457 | €343 | €259 | €1,538 | €1,538 | €1,346 | ▼ 12.5% |
| Other operating charges640/8 | - | - | - | €1,523 | €619 | €1,634 | €1,833 | €838 | ▼ 54.3% |
| Gross operating margin9900 | €8,184 | -€6,433 | €27,301 | €10,322 | €33,385 | €22,989 | €37,344 | €32,950 | ▼ 11.8% |
| Operating profit (loss)9901 | €5,901 | -€19,131 | €18,694 | €7,462 | €14,800 | -€10,815 | €10,160 | €5,343 | ▼ 47.4% |
| Financial income75/76B | - | - | - | - | - | - | €0 | €0 | ▼ 14.3% |
| Recurring financial income75 | - | - | - | - | - | - | €0 | €0 | ▼ 14.3% |
| Financial charges65/66B | - | - | - | €217 | €478 | €356 | €97 | €2,906 | ▲ 30× |
| Recurring financial charges65 | €101 | €279 | €366 | €217 | €478 | €356 | €97 | €2,906 | ▲ 30× |
| Profit (loss) for the period before taxes9903 | €5,800 | -€19,410 | €18,328 | €7,245 | €14,322 | -€11,171 | €10,063 | €2,437 | ▼ 75.8% |
| Income taxes67/77 | €1,325 | €32,967 | €378 | €2,682 | €4,764 | €148 | €2,230 | €659 | ▼ 70.4% |
| Profit (loss) for the period9904 | €4,475 | -€52,377 | €17,950 | €4,563 | €9,558 | -€11,319 | €7,833 | €1,778 | ▼ 77.3% |
| Profit (loss) for the period to be appropriated9905 | €4,475 | -€52,377 | €17,950 | €4,563 | €9,558 | -€11,319 | €7,833 | €1,778 | ▼ 77.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €51,209 | €23,835 | €17,821 | €18,314 | €36,540 | €24,650 | €29,583 | €32,813 | ▲ 10.9% |
| Fixed assets21/28 | €578 | €868 | €411 | €68 | €873 | €2,884 | €1,346 | €0 | ▼ 100.0% |
| Tangible fixed assets22/27 | €578 | €868 | €411 | €68 | €873 | €2,884 | €1,346 | €0 | ▼ 100.0% |
| Plant, machinery and equipment23 | - | - | - | €68 | €873 | €518 | €163 | - | - |
| Furniture and vehicles24 | - | - | - | - | - | €2,366 | €1,183 | €0 | ▼ 100.0% |
| Current assets29/58 | €50,631 | €22,967 | €17,410 | €18,247 | €35,667 | €21,766 | €28,236 | €32,813 | ▲ 16.2% |
| Stocks and contracts in progress3 | €34,380 | €12,692 | - | €5,962 | - | €14,203 | €9,100 | €9,100 | = |
| Contracts in progress37 | - | - | - | €5,962 | - | €14,203 | €9,100 | €9,100 | = |
| Amounts receivable within one year40/41 | €11,748 | €9,626 | €16,257 | €11,310 | €34,362 | €6,479 | €15,311 | €17,865 | ▲ 16.7% |
| Trade receivables40 | - | - | - | €8,605 | €28,817 | €4,412 | €15,057 | €15,899 | ▲ 5.6% |
| Other amounts receivable41 | - | - | - | €2,705 | €5,545 | €2,067 | €254 | €1,966 | ▲ 674% |
| Cash at bank and in hand54/58 | €4,502 | €650 | €1,153 | €975 | €1,305 | €979 | €2,896 | €5,427 | ▲ 87.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €105 | €930 | €421 | ▼ 54.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €51,209 | €23,835 | €17,821 | €18,314 | €36,540 | €24,650 | €29,583 | €32,813 | ▲ 10.9% |
| Equity10/15 | €38,250 | -€14,127 | €3,823 | €8,386 | €17,945 | €6,625 | €14,458 | €16,236 | ▲ 12.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | = |
| Non-distributable reserves130/1 | - | - | - | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | = |
| Legal reserve130 | - | - | - | €1,150 | €1,150 | €1,150 | €1,150 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | - | €1,150 | - |
| Profit (loss) carried forward14 | €18,500 | -€33,877 | -€15,927 | -€11,364 | -€1,805 | -€13,125 | -€5,292 | -€3,514 | ▲ 33.6% |
| Amounts payable17/49 | €12,959 | €37,962 | €13,998 | €9,928 | €18,595 | €18,025 | €15,125 | €16,577 | ▲ 9.6% |
| Amounts payable within one year42/48 | €12,959 | €37,962 | €13,998 | €9,928 | €18,595 | €18,025 | €15,125 | €16,577 | ▲ 9.6% |
| Trade debts44 | €7,341 | €3,728 | €3,919 | €9,261 | €8,303 | €3,613 | €2,509 | €6,656 | ▲ 165% |
| Suppliers440/4 | - | - | - | €9,261 | €8,303 | €3,613 | €2,509 | €6,656 | ▲ 165% |
| Taxes, remuneration and social security45 | - | - | - | €667 | €10,292 | €14,411 | €12,615 | €9,922 | ▼ 21.4% |
| Taxes450/3 | - | - | - | €331 | €5,731 | €4,834 | €3,853 | €749 | ▼ 80.6% |
| Remuneration and social security454/9 | - | - | - | €336 | €4,562 | €9,577 | €8,762 | €9,173 | ▲ 4.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,475 | -€52,377 | €17,950 | €4,563 | €9,558 | -€11,319 | €7,833 | €1,778 | ▼ 77.3% |
| + Depreciation and write-downs630 | €1,175 | €807 | €457 | €343 | €259 | €1,538 | €1,538 | €1,346 | ▼ 12.5% |
| Operating cash flow (approximation) | €5,649 | -€51,570 | €18,407 | €4,906 | €9,817 | -€9,782 | €9,370 | €3,124 | ▼ 66.7% |
| Investment in fixed assets (approximation) | - | -€1,096 | €0 | €0 | -€1,065 | -€3,548 | €0 | €0 | - |
| Change in cash | - | -€3,853 | €503 | -€178 | €330 | -€325 | €1,916 | €2,531 | ▲ 32.1% |
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, 34,693 companies had the same profile as Adi Construct has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Adi Construct itself: 0.8% 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 34,693 companies, not a prediction for Adi Construct. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-09-2026 | 2026-00517821 | |
| 31-12-2024 | micro format | 31-10-2025 | 2025-00560700 | |
| 31-12-2023 | micro format | 06-09-2024 | 2024-00454395 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00182501 | |
| 31-12-2021 | micro format | 13-09-2022 | 2022-20428511 | |
| 31-12-2020 | micro format | 13-09-2021 | 2021-67100318 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-59900485 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-52500539 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51000058 | |
| 31-12-2016 | full format | 03-07-2017 | 2017-28000570 |