ADIERI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
≈ €150,000
Estimated: probably between €93,000 and €190,000
Total assets
€38,428▲ 164%
2024 · €14,560
Net result
€23,648▲ 422%
2024 · €4,534
Working capital
€22,493
2024 · -€570
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€32,183
▲ 516%
2025
20202025
Net result
€23,648
▲ 422%
2025
highest quarter of the sector
20202025
Equity
€28,499
▲ 487%
2025
middle half of the sector
20202025
Total assets
€38,428
▲ 164%
2025
lowest quarter of the sector
20202025
Debt
€9,929
▲ 2.3%
2025
20202025
Working capital
€22,493
2025
middle half of the sector
20202025
Solvency
74.2%
▲ 40.8pp
2025
highest quarter of the sector
20202025
Current ratio
3.65
▲ 2.72
2025
highest quarter of the sector
20202025
Return on assets (ROA)
61.5%
▲ 30.4pp
2025
highest quarter of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€1,045-€1,822-€5,156-€4,626▲ 10.3%€5,226€32,183▲ 516%
Net result-€1,045within the sector's middle half-€1,764within the sector's middle half-€5,460within the sector's middle half-€4,942within the sector's middle half▲ 9.5%€4,534within the sector's middle half€23,648above the sector's middle half▲ 422%
Equity€8,955within the sector's middle half-€10,719within the sector's middle half▲ 19.7%€5,259within the sector's middle half▼ 50.9%€317within the sector's middle half▼ 94.0%€4,851within the sector's middle half▲ 15×€28,499within the sector's middle half▲ 487%
Total assets€10,510below the sector's middle half-€14,640below the sector's middle half▲ 39.3%€21,891below the sector's middle half▲ 49.5%€13,639below the sector's middle half▼ 37.7%€14,560below the sector's middle half▲ 6.8%€38,428below the sector's middle half▲ 164%
Debt€1,555-€3,921▲ 152%€16,632▲ 324%€13,322▼ 19.9%€9,709▼ 27.1%€9,929▲ 2.3%
Working capital€8,955within the sector's middle half-€10,719within the sector's middle half▲ 19.7%€237within the sector's middle half▼ 97.8%-€3,236within the sector's middle half-€570within the sector's middle half▲ 82.4%€22,493within the sector's middle half
Solvency85.2%above the sector's middle half-73.2%above the sector's middle half▼ 12.0pp24.0%within the sector's middle half▼ 49.2pp2.3%within the sector's middle half▼ 21.7pp33.3%within the sector's middle half▲ 31.0pp74.2%above the sector's middle half▲ 40.8pp
Current ratio6.76above the sector's middle half-3.73above the sector's middle half▼ 3.021.02within the sector's middle half▼ 2.720.76within the sector's middle half▼ 0.260.93within the sector's middle half▲ 0.173.65above the sector's middle half▲ 2.72
Return on assets (ROA)-9.9%within the sector's middle half-12.0%within the sector's middle half▲ 22.0pp-24.9%below the sector's middle half▼ 37.0pp-36.2%below the sector's middle half▼ 11.3pp31.1%above the sector's middle half▲ 67.4pp61.5%above the sector's middle half▲ 30.4pp
Staff (FTE)0.4
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 nearly 6.2 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €38,428
Fixed assets
€7,435 ▲ 8.5%
Current assets
€30,993 ▲ 302%
Equity and liabilities €38,428
Equity
€28,499 ▲ 487%
Debt
€9,929 ▲ 2.3%
Debt's share of the balance-sheet total falls from 66.7% to 25.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€33,123▲
2024 · €7,930
Cash flow
€24,588▲
2024 · €7,238
Quick ratio
3.53▲
2024 · 0.71
Debt to equity
0.35▼
2024 · 2.00
ROE
83.0%▼
2024 · 93.5%
Interest coverage
over 100▲
2024 · 14.15
Debt ≤ 1 year
€8,500▲
2024 · €8,280
Income taxes
€8,500▲
2024 · €132
Staff costs
€150▲
2024 · €93
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.4 |
| Joined | 1 |
| Left | 2 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €8,113 | - | - | €1,526 |
| Financial fixed assets | - | - | - | €6,000 | - |
| Depreciation and write-downs of the year | - | €1,855 | €2,704 | €2,704 | €940 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €1,797 | €20,136 | €124 | €93 | €150 | ▲ 62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €1,855 | €2,704 | €2,704 | €940 | ▼ 65.2% |
| Other operating charges640/8 | - | €498 | €2,262 | €2,903 | €2,065 | €955 | ▼ 53.7% |
| Gross operating margin9900 | -€1,045 | €4,117 | €19,097 | €1,105 | €10,087 | €34,228 | ▲ 239% |
| Operating profit (loss)9901 | -€1,045 | €1,822 | -€5,156 | -€4,626 | €5,226 | €32,183 | ▲ 516% |
| Financial income75/76B | - | - | - | - | €0 | - | - |
| Recurring financial income75 | - | - | - | - | €0 | - | - |
| Financial charges65/66B | - | €58 | €124 | €204 | €561 | €35 | ▼ 93.8% |
| Recurring financial charges65 | - | €58 | €124 | €204 | €561 | €35 | ▼ 93.8% |
| Profit (loss) for the period before taxes9903 | -€1,045 | €1,764 | -€5,280 | -€4,830 | €4,665 | €32,148 | ▲ 589% |
| Income taxes67/77 | - | - | €180 | €112 | €132 | €8,500 | ▲ 65× |
| Profit (loss) for the period9904 | -€1,045 | €1,764 | -€5,460 | -€4,942 | €4,534 | €23,648 | ▲ 422% |
| Profit (loss) for the period to be appropriated9905 | -€1,045 | €1,764 | -€5,460 | -€4,942 | €4,534 | €23,648 | ▲ 422% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €10,510 | €14,640 | €21,891 | €13,639 | €14,560 | €38,428 | ▲ 164% |
| Fixed assets21/28 | - | - | €6,258 | €3,554 | €6,850 | €7,435 | ▲ 8.5% |
| Tangible fixed assets22/27 | - | - | €6,258 | €3,554 | €850 | €1,435 | ▲ 68.9% |
| Furniture and vehicles24 | - | - | €6,258 | €3,554 | €850 | €1,435 | ▲ 68.9% |
| Financial fixed assets28 | - | - | - | - | €6,000 | €6,000 | = |
| Current assets29/58 | €10,510 | €14,640 | €15,633 | €10,085 | €7,710 | €30,993 | ▲ 302% |
| Stocks and contracts in progress3 | - | - | €1,850 | €2,165 | €1,846 | €995 | ▼ 46.1% |
| Stocks30/36 | - | - | €1,850 | €2,165 | €1,846 | €995 | ▼ 46.1% |
| Amounts receivable within one year40/41 | €10,510 | €14,477 | €6,309 | €1,753 | €1,154 | €28,273 | ▲ 25× |
| Trade receivables40 | - | €6,090 | - | €1,148 | €422 | €10,883 | ▲ 26× |
| Other amounts receivable41 | - | €8,386 | €6,309 | €605 | €732 | €17,390 | ▲ 24× |
| Cash at bank and in hand54/58 | - | €163 | €7,439 | €6,067 | €3,339 | €1,599 | ▼ 52.1% |
| Deferred charges and accrued income490/1 | - | - | €35 | €101 | €1,372 | €125 | ▼ 90.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €10,510 | €14,640 | €21,891 | €13,639 | €14,560 | €38,428 | ▲ 164% |
| Equity10/15 | €8,955 | €10,719 | €5,259 | €317 | €4,851 | €28,499 | ▲ 487% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€1,045 | €719 | -€4,741 | -€9,683 | -€5,149 | €18,499 | - |
| Amounts payable17/49 | €1,555 | €3,921 | €16,632 | €13,322 | €9,709 | €9,929 | ▲ 2.3% |
| Amounts payable within one year42/48 | €1,555 | €3,921 | €15,396 | €13,322 | €8,280 | €8,500 | ▲ 2.7% |
| Trade debts44 | €1,555 | €2,764 | €10,312 | €288 | €932 | - | - |
| Suppliers440/4 | - | €2,764 | €10,312 | €288 | €932 | - | - |
| Taxes, remuneration and social security45 | - | €1,149 | €4,878 | €995 | €840 | €8,500 | ▲ 912% |
| Taxes450/3 | - | €356 | €254 | €995 | €840 | €8,500 | ▲ 912% |
| Remuneration and social security454/9 | - | €793 | €4,624 | - | - | - | - |
| Other amounts payable47/48 | - | €8 | €206 | €12,039 | €6,508 | - | - |
| Accrued charges and deferred income492/3 | - | - | €1,236 | - | €1,429 | €1,429 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,045 | €1,764 | -€5,460 | -€4,942 | €4,534 | €23,648 | ▲ 422% |
| + Depreciation and write-downs630 | - | - | €1,855 | €2,704 | €2,704 | €940 | ▼ 65.2% |
| Operating cash flow (approximation) | -€1,045 | €1,764 | -€3,605 | -€2,238 | €7,238 | €24,588 | ▲ 240% |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€6,000 | -€1,526 | ▲ 74.6% |
| Change in cash | - | - | €7,276 | -€1,373 | -€2,728 | -€1,740 | ▲ 36.2% |
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, 26,972 companies had the same profile as ADIERI has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ADIERI itself is higher: 4.7% within 12 months. It rests on far more data about ADIERI than the profile alone.
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 26,972 companies, not a prediction for ADIERI. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00256069 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00241976 | |
| 31-12-2023 | micro format | 23-09-2024 | 2024-00468325 | |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00482875 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20451160 | |
| 31-12-2020 | micro format | 15-11-2021 | 2021-77200579 |