Checked.be
Active
BE 0696.999.933Private limited company
ADL-Forwarding
Wipstraat 15 ·1140 Evere, Belgium· 8 yrs active
Sector: Service activities incidental to land transportation
(52210)
Conclusion
The computed 12-month bankruptcy probability of ADL-Forwarding is 1.6% (moderate). The 2025 annual accounts show equity of €126k and a net result of €106k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 36% of 694 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €126k |
| Net result | €106k |
| Better than sector | 36% |
| Active | 8 yrs |
Financial profile
74
/ 100
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
Health
68
Profitability
100
Solvency
42
Growth
58
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
More than 3 years active
Founded in 2018, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
68
/ 100
Healthy
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€9k
estimate, not credit advice
Score history
93
2021
73
2022
65
2023
68
2024
68
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.32 (≥ 1.0)
+5
Quick ratio
Quick ratio 1.32 (≥ 1.0)
+5
Leverage
Debt/equity 3.13 (> 3.0)
-10
Profitability
ROE 84% (≥ 10%)
+10
Interest coverage
Interest coverage 14.3× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 28-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile
Too volatile to project: the yearly deviation from the trend is ~40% of the level (threshold 35%). We therefore deliberately show no projection line.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 52, Warehousing and support activities for transportation · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 24.2% | 36.7% | |
| Net result | €106k | €33k | |
| Equity | €126k | €313k | |
| Gross operating margin | €156k | €291k | |
| Total assets | €519k | €1.10M |
€154k
+1.0%
21-25
€106k
-6.1%
21-25
€108k
-5.8%
21-25
€519k
-1.2%
21-25
€126k
+67.3%
21-25
€125k
+70.2%
21-25
€36k
-8.9%
21-25
€55k
-2.1%
21-25
€394k
-12.6%
21-25
€394k
-12.6%
21-25
1.32
+13.2%
21-25
1.32
+13.2%
21-25
24.2%
+69.3%
21-25
3.13
-47.8%
21-25
84.0%
-43.8%
21-25
20.3%
-4.9%
21-25
14.28
-93.4%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | full schema | full schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €154k | €153k | €171k | €190k | €128k |
| Net profit | €106k | €112k | €129k | €144k | €96k |
| Cash flow | €108k | €114k | €132k | €147k | €99k |
| Staff costs | - | - | - | - | - |
| Income taxes | €36k | €40k | €38k | €43k | €29k |
| Dividends | €55k | €56k | €130k | €400k | - |
| Total assets | €519k | €526k | €482k | €664k | €485k |
| Equity | €126k | €75k | €19k | €20k | €275k |
| Debt | €394k | €451k | €463k | €645k | €209k |
| of which ≤ 1y | €394k | €451k | €463k | €645k | €209k |
| of which > 1y | - | - | - | - | - |
| Working capital | €125k | €73k | €15k | €13k | €270k |
| Employees (FTE) | - | - | - | - | - |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, full schema, micro schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.32 | 1.16 | 1.03 | 1.02 | 2.29 |
| Quick ratio | 1.32 | 1.16 | 1.03 | 1.02 | 2.29 |
| Working capital ratio | 24.0% | 13.9% | 3.2% | 1.9% | 55.8% |
| Solvency | 24.2% | 14.3% | 3.9% | 2.9% | 56.8% |
| Debt / equity | 3.13 | 6.00 | 24.38 | 32.98 | 0.76 |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | 14.28 | 216.21 | 282.14 | 247.93 | 74.12 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 20.3% | 21.4% | 26.9% | 21.7% | 19.8% |
| ROE | 84.0% | 149.5% | 681.8% | 738.0% | 34.9% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €519k | €526k | €482k | €664k | €485k |
| Fixed assets | 21/28 | €993 | €2k | €4k | €7k | €5k |
| Formation expenses | 20 | - | - | - | €57 | €227 |
| Intangible fixed assets | 21 | - | €1k | €3k | €4k | - |
| Tangible fixed assets | 22/27 | €993 | €419 | €896 | €2k | €5k |
| Current assets | 29/58 | €518k | €524k | €478k | €658k | €480k |
| Amounts receivable within one year | 40/41 | €433k | €236k | €178k | €501k | €228k |
| Cash & bank | 54/58 | €85k | €287k | €300k | €156k | €252k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €519k | €526k | €482k | €664k | €485k |
| Equity | 10/15 | €126k | €75k | €19k | €20k | €275k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €107k | €57k | €385 | €947 | €257k |
| Amounts payable | 17/49 | €394k | €451k | €463k | €645k | €209k |
| Amounts payable within one year | 42/48 | €394k | €451k | €463k | €645k | €209k |
| Trade debts payable within one year | 44 | €184k | €236k | €215k | €215k | €168k |
| Income statement | ||||||
| Gross operating margin | 9900 | €156k | €154k | €174k | €190k | €129k |
| Operating result | 9901 | €152k | €151k | €168k | €187k | €125k |
| Financial income | 75 | €377 | €1k | €651 | €713 | €334 |
| Financial charges | 65 | €11k | €707 | €605 | €764 | €2k |
| Result before taxes | 9903 | €142k | €152k | €168k | €187k | €125k |
| Income taxes | 67/77 | €36k | €40k | €38k | €43k | €29k |
| Net result for the period | 9904 | €106k | €112k | €129k | €144k | €96k |
| Result to be appropriated | 9905 | €106k | €112k | €129k | €144k | €96k |
Legal Structure
| NACE primary | Service activities incidental to land transportation(52210) |
| Legal form | Private limited company(610) |
| Incorporation | 01-06-2018 |
| Status | Active |
| Postal code | 1140 |
Establishment units
Alain Delen Logistics-Forwarding
since 20182.282.046.150
Real-estate footprint
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23081A0019/00V000 | Flanders | 723 m² | 1 · 157 m² | 8.3 m · 2 fl. |
| 21006A0065/00D002 | Brussels | 401 m² | 1 · 329 m² | 16.9 m · 4 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €100kEq €126k ▲67.3%
5 profitable years in a row build equity to €126k.
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2021net €144k ▲50.3%
Operating result €187k, net result €144k, both a record.
30-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
01-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 62 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Service activities incidental to land transportation52210Non-specialised wholesale46392Non-specialised wholesale trade46900Non-specialised retail sale with food, beverages or tobacco predominating47110Retail trade47115Other postal and courier activities53200
Names & trade names
| Legal nameFR | ADL-Forwarding |
| AbbreviationFR | ADL-Forwarding |
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