ADNCO
ActiveSummary
ADNCO has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.3m and a net result of €23,212. Equity is growing by ~5.1% per year across the filed fiscal years. Its solvency ranks better than 37% of 31942 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability20▼-13
Solvency64=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity short (current ratio 0.54 against 0.11 in 2024; short-term debt: 3% and cash: 1.3% of total assets), and 60.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.4%
Return on assets
0.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
6 d late
2023
37 d late
2022
22 d late
2021
9 d late
2020
30 d late
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 15 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 9 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€23,212▼ 21.6%
2024 · €29,593
Working capital
-€44,704▲ 94.3%
2024 · -€787,207
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€174,885▲ 1.3%€122,433▼ 30.0%€154,899▲ 26.5%€149,384▼ 3.6%-€69,835
Net result€93,063above the sector's middle half▲ 19.0%€49,796within the sector's middle half▼ 46.5%€62,341within the sector's middle half▲ 25.2%€29,593within the sector's middle half▼ 52.5%€23,212within the sector's middle half▼ 21.6%
Equity€1.1mabove the sector's middle half▲ 9.2%€1.2mabove the sector's middle half▲ 4.5%€1.2mabove the sector's middle half▲ 5.2%€1.2mabove the sector's middle half▲ 2.4%€1.3mabove the sector's middle half▲ 1.9%
Total assets€3.1mabove the sector's middle half▲ 0.5%€3.1mabove the sector's middle half▼ 0.3%€3.1mabove the sector's middle half▼ 0.1%€3.2mabove the sector's middle half▲ 2.8%€3.2mabove the sector's middle half▲ 0.4%
Debt€2.0m▼ 3.7%€2.0m▼ 3.0%€1.9m▼ 3.2%€2.0m▲ 3.1%€1.9m▼ 0.5%
Working capital-€949,758below the sector's middle half▲ 0.7%-€978,654below the sector's middle half▼ 3.0%-€1.0mbelow the sector's middle half▼ 7.3%-€787,207below the sector's middle half▲ 25.0%-€44,704below the sector's middle half▲ 94.3%
Solvency35.3%within the sector's middle half▲ 2.8pp37.1%within the sector's middle half▲ 1.7pp39.0%within the sector's middle half▲ 2.0pp38.9%within the sector's middle half▼ 0.2pp39.4%within the sector's middle half▲ 0.6pp
Current ratio0.04below the sector's middle half▲ 0.020.04below the sector's middle half=0.00below the sector's middle half▼ 0.040.11below the sector's middle half▲ 0.110.54below the sector's middle half▲ 0.43
Return on assets (ROA)3.0%within the sector's middle half▲ 0.5pp1.6%within the sector's middle half▼ 1.4pp2.0%within the sector's middle half▲ 0.4pp0.9%below the sector's middle half▼ 1.1pp0.7%below the sector's middle half▼ 0.2pp
Staff (FTE)11=
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €69,835 after €149,384 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.2m
Fixed assets
€3.2m ▲ 2.0%
Current assets
€53,340 ▼ 46.9%
Equity and liabilities €3.2m
Equity
€1.3m ▲ 1.9%
Debt
€1.9m ▼ 0.5%
Debt's share of the balance-sheet total falls from 61.1% to 60.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€33,999▼
2024 · €160,535
Cash flow
€59,048▲
2024 · €40,744
Debt to equity
1.54▼
2024 · 1.57
ROE
1.8%▼
2024 · 2.4%
Interest coverage
-4.98▼
2024 · 1.58
Debt ≤ 1 year
€98,045▼
2024 · €887,635
Debt > 1 year
€1.9m▲
2024 · €1.1m
Income taxes
€19,557▲
2024 · €18,273
Staff costs
€21,533▲
2024 · €17,350
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €14,053 | €17,640 | €17,350 | €21,533 | ▲ 24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,904 | €9,904 | €8,669 | €11,152 | €35,836 | ▲ 221% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €345 | - |
| Other operating charges640/8 | €1,820 | €2,079 | €6,810 | €3,101 | €10,143 | ▲ 227% |
| Gross operating margin9900 | €186,608 | €148,469 | €188,018 | €180,986 | -€1,978 | ▼ 101% |
| Operating profit (loss)9901 | €174,885 | €122,433 | €154,899 | €149,384 | -€69,835 | ▼ 147% |
| Financial income75/76B | - | - | - | €8 | €119,430 | ▲ 1,542,920% |
| Recurring financial income75 | - | - | - | €8 | €119,430 | ▲ 1,542,920% |
| Financial charges65/66B | €68,172 | €66,668 | €85,655 | €101,525 | €6,826 | ▼ 93.3% |
| Recurring financial charges65 | €68,172 | €66,668 | €85,655 | €101,525 | €6,826 | ▼ 93.3% |
| Profit (loss) for the period before taxes9903 | €106,713 | €55,766 | €69,244 | €47,866 | €42,769 | ▼ 10.6% |
| Income taxes67/77 | €13,650 | €5,970 | €6,903 | €18,273 | €19,557 | ▲ 7.0% |
| Profit (loss) for the period9904 | €93,063 | €49,796 | €62,341 | €29,593 | €23,212 | ▼ 21.6% |
| Profit (loss) for the period to be appropriated9905 | €93,063 | €49,796 | €62,341 | €29,593 | €23,212 | ▼ 21.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.1m | €3.1m | €3.1m | €3.2m | €3.2m | ▲ 0.4% |
| Fixed assets21/28 | €3.1m | €3.1m | €3.1m | €3.1m | €3.2m | ▲ 2.0% |
| Tangible fixed assets22/27 | €18,043 | €8,140 | €40,889 | €29,738 | €107,826 | ▲ 263% |
| Furniture and vehicles24 | - | - | - | - | €89,240 | - |
| Leasing and similar rights25 | €18,043 | €8,140 | €40,889 | €29,738 | €18,586 | ▼ 37.5% |
| Financial fixed assets28 | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | ▼ 0.6% |
| Current assets29/58 | €36,555 | €36,369 | €761 | €100,428 | €53,340 | ▼ 46.9% |
| Amounts receivable within one year40/41 | - | €1,841 | - | €24,672 | €8,692 | ▼ 64.8% |
| Trade receivables40 | - | €1,841 | - | €24,672 | - | - |
| Other amounts receivable41 | - | - | - | - | €8,692 | - |
| Cash at bank and in hand54/58 | €35,791 | €34,528 | €761 | €74,899 | €42,518 | ▼ 43.2% |
| Deferred charges and accrued income490/1 | €764 | - | - | €856 | €2,130 | ▲ 149% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.1m | €3.1m | €3.1m | €3.2m | €3.2m | ▲ 0.4% |
| Equity10/15 | €1.1m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 1.9% |
| Contributions10/11 | €807,000 | €807,000 | €811,473 | €811,473 | €811,473 | = |
| Reserves13 | €6,390 | €6,390 | - | €29,593 | €52,805 | ▲ 78.4% |
| Non-distributable reserves130/1 | €6,390 | €6,390 | - | - | - | - |
| Reserves not available under the articles1311 | €6,390 | €6,390 | - | - | - | - |
| Distributable reserves133 | - | - | - | €29,593 | €52,805 | ▲ 78.4% |
| Profit (loss) carried forward14 | €292,471 | €342,267 | €404,608 | €404,608 | €404,608 | = |
| Amounts payable17/49 | €2.0m | €2.0m | €1.9m | €2.0m | €1.9m | ▼ 0.5% |
| Amounts payable after more than one year17 | €1.0m | €948,071 | €849,146 | €1.1m | €1.9m | ▲ 72.9% |
| Financial debts170/4 | €1.0m | €948,071 | €849,146 | €1.1m | €1.9m | ▲ 72.9% |
| Amounts payable within one year42/48 | €986,313 | €1.0m | €1.1m | €887,635 | €98,045 | ▼ 89.0% |
| Current portion of amounts payable after more than one year42 | €94,287 | €96,800 | €102,327 | €58,224 | €11,107 | ▼ 80.9% |
| Trade debts44 | €198 | €5,337 | €2,758 | €146 | €3,255 | ▲ 2,132% |
| Suppliers440/4 | €198 | €5,337 | €2,758 | €146 | €3,255 | ▲ 2,132% |
| Taxes, remuneration and social security45 | €58,238 | €52,292 | €32,957 | €48,593 | €39,551 | ▼ 18.6% |
| Taxes450/3 | €58,238 | €49,684 | €30,017 | €45,627 | €37,830 | ▼ 17.1% |
| Remuneration and social security454/9 | - | €2,609 | €2,940 | €2,967 | €1,721 | ▼ 42.0% |
| Other amounts payable47/48 | €833,589 | €860,593 | €912,622 | €780,672 | €44,132 | ▼ 94.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €93,063 | €49,796 | €62,341 | €29,593 | €23,212 | ▼ 21.6% |
| + Depreciation and write-downs630 | €9,904 | €9,904 | €8,669 | €11,152 | €35,836 | ▲ 221% |
| Operating cash flow (approximation) | €102,967 | €59,699 | €71,010 | €40,744 | €59,048 | ▲ 44.9% |
| Investment in fixed assets (approximation) | - | €0 | -€41,418 | €0 | -€96,879 | - |
| Change in cash | - | -€1,263 | -€33,767 | €74,138 | -€32,381 | ▼ 144% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €23,212 ▼21.6%
Net result drops to €23,212, the lowest in the series.
06-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 6 days late
2024
06-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 37 days late
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
31-12
Financial
Highest result since 2018net €93,063 ▲19%
Operating result €174,885, net result €93,063, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Equity above €1mEq €1.0m ▲8.4%
3 profitable years in a row build equity to €1.0m.
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 14 days late
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
19-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Vorst · 1 establishment unit since 2015
Ground area
4,064 m²
Building footprint
1,969 m²
Volume, LiDAR
13,318 m³
Parcel 21384D0045/00T000, Brussels · tallest building 31.1 m, ±2 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 establishment unit
ADNCO
since 20152.244.194.671
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21384D0045/00T000 | Brussels | 4,064 m² | 1 · 1,969 m² | 31.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holding · 3 subsidiaries in the treeOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 1
-
99%
All subsidiaries, including indirect ones 3
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
Protec Belgium 99%2 subsidiaries
SDT International 68.11%1 subsidiary
- SDT ITALIAIT 100%
According to the 2024 annual accounts of ADNCO and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,629. 25,261 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-06-2015
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
62900Other information technology and computer services
82990Other business support services
Contact
E-mail
andre.degraeve@adncosrl.comVorst
Phone
+32477300152Vorst
E-invoicing
Reachable via Peppol
Peppol ID
0208:0631985385
Also
9925:BE0631985385
Registered
19-08-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.