Equity
Equity fell by 48% in 6 years.
Equity fell by 48% in 6 years.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Of this, €9.9m falls due within a year.
The 2019 accounts came latest: 152 days after the end of the period.
Subsidiary with negative equity. AUTOZENTRUM EUPEN · loss of €987,659 in 2024.
Lower net result than 95% of companies in real estate. Sector median €9,988 · 11,280 companies.
The dashed line is the sector median: 0.1% across 1,721 companies (NACE 68, medium-sized).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 68, medium-sized). It does better than 28% of them on solvency, 7% on liquidity, 23% on profitability and 11% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 403 companies had the same profile as ADIMO has now. Each dot is one company, two years later.
That fits the bankruptcy probability of ADIMO itself: 0.1% within 12 months.
The method was tested on the 497,447 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 403 companies, not a prediction for ADIMO. 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.
Liquidity is insufficient, with a current ratio of 0.05 (0.04 in 2024), below 1. Short-term debt is 88.9% and cash 4.4% of total assets. 91.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 25 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Shares in 2 companies, AUTOZENTRUM EUPEN and WILLEMSENS VERVIERS
Board & ownership| Company | ||||
|---|---|---|---|---|
| ADIMO Awans | €11.1m | €1.0m | 8.8% | 0 |
| Immolips Bilzen-Hoeselt | €10.9m | €0.7m | 46.3% | 0 |
| PRAYON IMMO Engis | €14.1m | €1.3m | 12.2% | 0 |
| Good Life Holding Ghent | €8.8m | €0.7m | -8.2% | 0 |
| COBALT BOX Mortsel | €13.9m | €0.9m | 38.4% | 0 |
| EUFIMO Saint-Vith | €6.2m | €0.6m | 28.4% | 0 |
| FIGUERAS Brussels | €19.9m | €1.0m | 38.6% | 0 |
These companies have the same main activity as ADIMO: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €6.2m and €20m, founded between 2016 and 2019.
ADIMO files the abbreviated format. That format states no turnover. The gross margin rose from -€25,103 in 2019 to €972,715 in 2025.
The balance sheet grew most from 2022 to 2024 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.1m. Estimated: probably between €1.0m and €1.3m.
Higher than 28% of 11,289 companies in 2025.
Higher than 6% of 10,841 companies in 2025.
Higher than 16% of 11,174 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
11.1m | 11.8m | 9.6m | 8.9m | 6.3m | 6.5m | 4.0m | |
21/28 |
10.6m | 11.4m | 9.3m | 8.7m | 6.0m | 6.4m | 4.0m | |
21 |
200,309 | 256,209 | - | - | - | - | - | |
22/27 |
10.4m | 11.1m | 5.6m | 6.0m | 6.0m | 6.4m | 4.0m | |
22 |
10.1m | 10.8m | 5.6m | 6.0m | 6.0m | 6.4m | 4.0m | |
23 |
280,110 | 308,163 | - | - | - | - | - | |
26 |
11,443 | - | - | - | - | - | - | |
28 |
10,000 | 0 | 3.7m | 2.8m | - | - | - | |
29/58 |
488,291 | 402,075 | 264,788 | 164,293 | 282,228 | 174,882 | 53,016 | |
40/41 |
26 | 89,260 | 50,026 | 4,467 | 14,302 | 58,792 | 51,081 | |
40 |
- | - | 0 | 4,441 | - | 0 | 15,338 | |
41 |
26 | 89,260 | 50,026 | 26 | 14,302 | 58,792 | 35,743 | |
54/58 |
488,265 | 212,819 | 214,762 | 159,826 | 267,925 | 116,090 | 1,935 | |
490/1 |
0 | 99,996 | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
11.1m | 11.8m | 9.6m | 8.9m | 6.3m | 6.5m | 4.0m | |
10/15 |
971,526 | 1.4m | 1.6m | 1.7m | 1.6m | 1.6m | 1.9m | |
10/11 |
2.0m | 2.0m | 2.0m | 2.0m | 2.0m | 2.0m | - | |
11 |
- | - | - | - | - | - | 2.0m | |
1100/10 |
- | - | - | - | - | - | 2.0m | |
14 |
-1.0m | -556,988 | -445,874 | -321,052 | -359,119 | -379,962 | -128,459 | |
17/49 |
10.1m | 10.3m | 8.1m | 7.2m | 4.7m | 4.9m | 2.2m | |
17 |
236,232 | 262,057 | - | - | - | - | - | |
170/4 |
236,232 | 262,057 | - | - | - | - | - | |
42/48 |
9.9m | 10.0m | 8.1m | 7.2m | 4.7m | 4.9m | 2.2m | |
42 |
25,825 | 25,262 | - | - | - | - | - | |
43 |
0 | 9,962 | - | - | - | - | - | |
430/8 |
0 | 9,962 | - | - | - | - | - | |
44 |
14,428 | 29,939 | 20,535 | 87,942 | 13,357 | 34,912 | 21,727 | |
440/4 |
14,428 | 29,939 | 20,535 | 87,942 | 13,357 | 34,912 | 21,727 | |
45 |
27,179 | 27,338 | 25,966 | 9,436 | - | - | - | |
450/3 |
27,179 | 27,338 | 25,966 | 9,436 | - | - | - | |
47/48 |
9.8m | 9.9m | 8.0m | 7.1m | 4.7m | 4.9m | 2.1m | |
492/3 |
25,298 | 30,627 | - | - | - | - | - | |
| Income statement | ||||||||
76A |
0 | 59,188 | - | - | - | - | - | |
9900 |
972,715 | 858,555 | 520,008 | 513,509 | 461,422 | 125,976 | -25,103 | |
630 |
870,980 | 582,983 | 342,704 | 362,097 | 336,616 | 290,036 | 74,452 | |
640/8 |
97,983 | 60,388 | 36,138 | 32,829 | 31,972 | 29,421 | 28,496 | |
66A |
0 | 1,559 | 7,200 | - | - | - | - | |
9901 |
3,752 | 213,625 | 133,966 | 118,583 | 92,833 | -193,481 | -128,051 | |
75/76B |
33 | 0 | 270 | - | 0 | 40 | - | |
75 |
33 | 0 | 270 | - | 0 | 40 | - | |
65/66B |
475,271 | 420,971 | 259,057 | 80,516 | 71,991 | 58,061 | 408 | |
65 |
475,271 | 420,971 | 259,057 | 80,516 | 71,991 | 58,061 | 408 | |
9903 |
-471,486 | -207,346 | -124,821 | 38,066 | 20,843 | -251,503 | -128,459 | |
780 |
0 | 96,232 | - | - | - | - | - | |
9904 |
-471,486 | -111,114 | -124,821 | 38,066 | 20,843 | -251,503 | -128,459 | |
9905 |
-471,486 | -111,114 | -124,821 | 38,066 | 20,843 | -251,503 | -128,459 | |
| Appropriation of the result | ||||||||
9906 |
-1.0m | -556,988 | -445,874 | -321,052 | -359,119 | -379,962 | -128,459 | |
14P |
-556,988 | -445,874 | -321,052 | -359,119 | -379,962 | - | - | |
| Social balance sheet | ||||||||
9087 |
0 | 0 | 0 | - | - | - | - | |
| Document | ||||||||
The notes to these accounts have 23 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 17-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00330488 | |
| 31-12-2024 | full format | 24-07-2025 | 2025-00324222 | |
| 31-12-2023 | full format | 26-07-2024 | 2024-00306800 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00421062 | |
| 31-12-2021 | full format | 29-08-2022 | 2022-20411361 | |
| 31-12-2020 | full format | 19-07-2021 | 2021-37400066 | |
| 31-12-2019 | micro format | 30-12-2020 | 2020-77900432 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 874,731 | 796,608 | 476,670 | 480,680 | 429,449 | 96,555 | -53,599 | ||
| 399,494 | 471,869 | 217,883 | 400,164 | 357,459 | 38,533 | -54,007 | ||
| 112,470 | 8.2m | 939,292 | 3.1m | 0 | 2.7m | 4.0m | ||
| 275,446 | -1,943 | 54,936 | -108,100 | 151,835 | 114,155 | - | ||
| -9.4m | -9.6m | -7.8m | -7.1m | -4.4m | -4.7m | -2.1m | ||
| 8.8% | 12.3% | 16.2% | 18.8% | 26.0% | 24.8% | 46.5% | ||
| 0.05 | 0.04 | 0.03 | 0.02 | 0.06 | 0.04 | 0.02 | ||
| 10.42 | 7.15 | 5.18 | 4.31 | 2.85 | 3.04 | 1.15 | ||
| -48.5% | -7.7% | -8.0% | 2.3% | 1.3% | -15.5% | -6.9% | ||
| -4.2% | -0.9% | -1.3% | 0.4% | 0.3% | -3.8% | -3.2% | ||
| 1.84 | 1.89 | 1.84 | 5.97 | 5.97 | - | - |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €102,470 | €7.9m | - | €318,317 | - |
| Intangible fixed assets | - | €279,501 | - | - | - |
| Financial fixed assets | €10,000 | - | €939,292 | €2.8m | - |
| €870,980 | €582,983 | €342,704 | €362,097 | €336,616 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 98% lower than in 2024 and the lowest since 2020.
Debt's share of the balance-sheet total rises from 87.7% to 91.2%. Equity and debt are lower.
Source: parent in its own accounts
Source: list of holdings in its own 2023 accounts. Every holding stands with its own latest accounts.
| GROUPE AUTOSPHERE MOTORS
registered office since 01-01-2025 · founded in 2017 · group EMIL FREY Belgique SA |
413 FTE (2025) 0674.944.014 |
| EMIL FREY Belgique SA
registered office since 05-05-2008 · founded in 2006 |
35 FTE (2025) 0880.777.717 |
| ARUNAS
registered office since 01-10-2018 · founded in 2018 · group EMIL FREY Belgique SA |
turnover €268,554 (2025) 0707.612.525 |
| Autosphere Finance et Services Belgique
registered office since 01-10-2013 · founded in 2013 · group EMIL FREY Belgique SA |
3.8 FTE (2025) 0540.543.188 |
| PREMIUM VO
registered office since 25-07-2018 · founded in 2018 · group EMIL FREY Belgique SA |
8 FTE (2025) 0700.380.580 |
| JAR - LOS
registered office since 13-03-2018 |
founded in 2018 0691.983.647 |
Source for every holding own accounts 2023
ADIMO or one of its subsidiaries holds more than half of the shares of these companies. A company it consolidates per the LEI register is listed too.
| Name | 2022 | 2023 |
|---|---|---|
| AUTOZENTRUM EUPEN | 100% | |
| WILLEMSENS VERVIERS | 100% | |
Source: list of holdings in its own accounts
See the function holders in the KBO register.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
ADIMO was incorporated on 16 May 2019 as a private limited company.1 In 2024 the company absorbed WILLEMSENS VERVIERS SA by merger.2 The company has filed 7 sets of annual accounts, the latest for financial year 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| Rue de Bruxelles 124 registered office 4340 Awans | 16-05-2019 | 2.291.967.666 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62006B0493/00M000 | 4,412 m² | 1 · 1,598 m² | 8.7 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0726.840.103
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