ADICAR
ActiveSummary
ADICAR has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€567,750) and a net result of €14,415, of which €12,150 non-recurring income. Equity is shrinking by about 38% per year across the filed financial years. Its solvency ranks better than 5% of 12,686 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Overview
- Equity
- -€567,750
- Profit
- €14,415
- Parent
- Mipro Invest bvba
- BV HEMAX BEManaging director · permanent representative PROVOOST Miranda
- Kristof LefeverDirector
Why 55raises riskCapped at 59: negative equityNegative equity -€567,750Sector: Retail trade (NACE 47)lowers riskSize: total assets €27,938Founded in 1994Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro): better than 6% on solvency, 13% on liquidity, 96% on profitability and 46% on growth.
The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 8 days before the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Appointment: Kristof Lefever (director)Resignation: V-Park (director)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Back to profitnet €14,415
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €14,923 after a loss of €77,259 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 3,794 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 91.4% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 3,794 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €881 | €347,956 | €0 | €12,150 | - |
| Remuneration, social security and pensions62 | - | - | - | €199,536 | €206,450 | €68,832 | -€24 | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,781 | €71,459 | €73,876 | €78,896 | €78,351 | €39,344 | €777 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €9,093 | €14,681 | €8,722 | €1,111 | €820 | ▼ 26.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €69,478 | €237 | ▼ 99.7% |
| Gross operating margin9900 | €63,823 | €72,452 | €3,355 | -€171,738 | -€87,679 | €228,535 | -€5,916 | €15,980 | - |
| Operating profit (loss)9901 | -€205,845 | -€166,726 | -€256,492 | -€459,263 | -€387,162 | €111,638 | -€77,259 | €14,923 | - |
| Financial income75/76B | - | - | - | €43 | €2,267 | €277 | €783 | €6 | ▼ 99.3% |
| Recurring financial income75 | €1,712 | €37 | €12 | €43 | €2,267 | €277 | €783 | €6 | ▼ 99.3% |
| Financial charges65/66B | - | - | - | €714 | €485 | €714 | €177 | €514 | ▲ 190% |
| Recurring financial charges65 | €5,543 | €4,392 | €47,765 | €714 | €485 | €714 | €177 | €514 | ▲ 190% |
| Profit (loss) for the period before taxes9903 | -€209,676 | -€171,080 | -€304,245 | -€459,934 | -€385,380 | €111,201 | -€76,652 | €14,415 | - |
| Income taxes67/77 | - | €109 | €473 | €474 | €480 | €77 | €0 | - | - |
| Profit (loss) for the period9904 | -€209,676 | -€171,190 | -€304,718 | -€460,408 | -€385,860 | €111,124 | -€76,652 | €14,415 | - |
| Profit (loss) for the period to be appropriated9905 | -€209,676 | -€171,190 | -€304,718 | -€460,408 | -€385,860 | €111,124 | -€76,652 | €14,415 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €1.9m | €1.1m | €0.9m | €0.7m | €0.09m | €0.01m | €0.03m | ▲ 124% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.07m | €0.001m | €0 | ▼ 100% |
| Intangible fixed assets21 | - | €0.02m | €0.05m | €0.1m | €0.1m | €0.07m | €0 | - | - |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.003m | €0.001m | €0 | ▼ 100% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.001m | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.04m | €0.003m | €0.001m | €0 | ▼ 100% |
| Current assets29/58 | €1.5m | €1.3m | €0.6m | €0.2m | €0.2m | €0.02m | €0.01m | €0.03m | ▲ 138% |
| Stocks and contracts in progress3 | €1.0m | €1.2m | €0.07m | €0.1m | €0.1m | €0 | - | - | - |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0 | - | - | - |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.02m | €0.03m | €0.01m | €0.004m | €0.009m | €0.02m | ▲ 173% |
| Trade receivables40 | - | - | - | €0.007m | €0.01m | €0.002m | €0.009m | €0.02m | ▲ 171% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.003m | €0.002m | €468 | €0.001m | ▲ 199% |
| Cash at bank and in hand54/58 | €0.5m | €0.1m | €0.5m | €0.04m | €0.01m | €0.01m | €0.001m | €0.003m | ▲ 178% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.002m | €0.002m | €30 | ▼ 98.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €1.9m | €1.1m | €0.9m | €0.7m | €0.09m | €0.01m | €0.03m | ▲ 124% |
| Equity10/15 | €0.7m | €0.5m | €0.2m | -€0.2m | -€0.6m | -€0.5m | -€0.6m | -€0.6m | ▲ 2.5% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | €0.5m | €0.3m | €0.03m | -€0.4m | -€0.8m | -€0.7m | -€0.8m | -€0.8m | ▲ 1.9% |
| Amounts payable17/49 | €1.4m | €1.4m | €0.9m | €1.1m | €1.3m | €0.6m | €0.6m | €0.6m | ▲ 0.2% |
| Amounts payable within one year42/48 | €1.4m | €1.4m | €0.9m | €1.1m | €1.3m | €0.6m | €0.6m | €0.6m | ▲ 0.2% |
| Trade debts44 | €0.04m | €0.03m | €0.07m | €0.05m | €0.007m | €0.002m | €0.001m | €115 | ▼ 84.7% |
| Suppliers440/4 | - | - | - | €0.05m | €0.007m | €0.002m | €0.001m | €115 | ▼ 84.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.05m | €0.001m | €0.001m | €0.002m | ▲ 71.5% |
| Taxes450/3 | - | - | - | €0.007m | €0.01m | €0.001m | €0.001m | €0.002m | ▲ 71.5% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.04m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €1.0m | €1.3m | €0.6m | €0.6m | €0.6m | ▲ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €15 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€209,676 | -€171,190 | -€304,718 | -€460,408 | -€385,860 | €111,124 | -€76,652 | €14,415 | - |
| + Depreciation and write-downs630 | €56,781 | €71,459 | €73,876 | €78,896 | €78,351 | €39,344 | €777 | €0 | ▼ 100% |
| Operating cash flow (approximation) | -€152,895 | -€99,731 | -€230,842 | -€381,512 | -€307,509 | €150,468 | -€75,875 | €14,415 | - |
| Investment in fixed assets (approximation) | - | -€92,098 | -€50,987 | -€136,887 | -€11,985 | €459,809 | €69,478 | €737 | ▼ 98.9% |
| Change in cash | - | -€375,158 | €333,150 | -€419,597 | -€23,231 | -€946 | -€11,484 | €1,923 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-07-2026 | 2026-00317934 |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00439455 |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00251127 |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00250520 |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20163487 |
| 31-12-2020 | abbreviated format | 23-07-2021 | 2021-39000266 |
| 31-12-2019 | abbreviated format | 17-07-2020 | 2020-31300589 |
| 31-12-2018 | abbreviated format | 10-07-2019 | 2019-31400340 |
| 31-12-2017 | full format | 05-07-2018 | 2018-29500576 |
| 31-12-2016 | full format | 28-06-2017 | 2017-24000503 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Day-to-day management 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| BV HEMAX BE |
|
| Kristof Lefever |
|
| BV V-PARK |
|
Owners and capital
Owners
1 ownerChain of control
- Mipro Invest bvba
- ADICAR
Highest known parent: Mipro Invest bvba. The sources do not say who stands above it.
Owners 1
- Mipro Invest bvbaconsolidating parentconsolidates
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
1 connected companyThe connected companies are in the list below.
History
Acts, filings and financial milestones
24-07
Gazette deed
Appointment: Kristof Lefever (director)Resignation: V-Park (director)3 facts ▸
- General meeting, 01-06-2026
- Director appointment, Kristof Lefever (director)
- Director resignation, V-Park (director)
24-10
Gazette deed
Reappointments: BV HEMAX BE (director) and BV V-PARK (director)Permanent representatives: PROVOOST Miranda and LEFEVER Kristof7 facts ▸
- General meeting, 31-07-2025
- Director reappointment, BV HEMAX BE (director)
- Director reappointment, BV V-PARK (director)
- Permanent representative, PROVOOST Miranda
- Permanent representative, LEFEVER Kristof
- Board meeting, “met éénparigheid van stemmen, raad van bestuur” (deed in Dutch)
- Director reappointment, BV HEMAX BE (managing director)
07-02
Gazette deed
Registered officeRegistered-office move2 facts ▸
- Board meeting, 01-01-2024
- Registered-office move, Grensstraat 2,8670 Koksijde
Show earlier events
About the unread acts
Of the 14 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 38342H0360/00F000 | Flanders | 2,144 m² | 1 · 80 m² | 9.8 m · 2 |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 07-02-2024
Read from the deeds: 1 provision, deed of 07-02-2024