ADNCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 10 filings
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
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€69,835
2025
20182025
Net result
€23,212
▼ 21.6%
2025
middle half of the sector
20182025
Equity
€1.3m
▲ 1.9%
2025
highest quarter of the sector
20182025
Total assets
€3.2m
▲ 0.4%
2025
highest quarter of the sector
20182025
Debt
€1.9m
▼ 0.5%
2025
20182025
Working capital
-€44,704
▲ 94.3%
2025
lowest quarter of the sector
20182025
Solvency
39.4%
▲ 0.6pp
2025
middle half of the sector
20182025
Current ratio
0.54
▲ 0.43
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.7%
▼ 0.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m=€0.2m▲ 33.3%€0.2m▲ 1.3%€0.1m▼ 30.0%€0.2m▲ 26.5%€0.1m▼ 3.6%-€0.07m
Net result€0.04m-€0.04m▲ 3.5%€0.08mabove the sector's middle half▲ 107%€0.09mabove the sector's middle half▲ 19.0%€0.05mwithin the sector's middle half▼ 46.5%€0.06mwithin the sector's middle half▲ 25.2%€0.03mwithin the sector's middle half▼ 52.5%€0.02mwithin the sector's middle half▼ 21.6%
Equity€0.9m-€0.9m▲ 4.2%€1.0mabove the sector's middle half▲ 8.4%€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€3.1m-€3.1m▼ 0.5%€3.1mabove the sector's middle half▲ 1.2%€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€2.2m-€2.1m▼ 2.4%€2.1m▼ 1.9%€2.0m▼ 3.7%€2.0m▼ 3.0%€1.9m▼ 3.2%€2.0m▲ 3.1%€1.9m▼ 0.5%
Working capital-€0.9m--€1.0m▼ 5.1%-€1.0mbelow the sector's middle half▲ 3.2%-€0.9mbelow the sector's middle half▲ 0.7%-€1.0mbelow the sector's middle half▼ 3.0%-€1.0mbelow the sector's middle half▼ 7.3%-€0.8mbelow the sector's middle half▲ 25.0%-€0.04mbelow the sector's middle half▲ 94.3%
Solvency29.0%-30.4%▲ 1.4pp32.5%within the sector's middle half▲ 2.1pp35.3%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 ratio0.02-0.00▼ 0.020.01below the sector's middle half▲ 0.010.04below 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)1.2%-1.2%=2.5%within the sector's middle half▲ 1.3pp3.0%within the sector's middle half▲ 0.5pp1.6%below 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 sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €69,835, after a profit of €149,384 in 2024. It is the lowest result since 2021.
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.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| part-time | 1 | 1 | 1 | - |
| in full-time equivalents | 0.1 | 0.1 | 1 | 1 |
| Average over the year, in full-time equivalents | - | - | 0.1 | 0.1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 2 | - | - | - |
| Left | 1 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €44,606 | - | €113,925 |
| Financial fixed assets | €300 | - | - | - | - |
| Depreciation and write-downs of the year | €9,904 | €9,904 | €8,669 | €11,152 | €35,836 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 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 | - | - | €1,764 | €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 | €130,369 | €130,381 | €177,934 | €186,608 | €148,469 | €188,018 | €180,986 | -€1,978 | - |
| Operating profit (loss)9901 | €129,501 | €129,513 | €172,633 | €174,885 | €122,433 | €154,899 | €149,384 | -€69,835 | - |
| Financial income75/76B | - | - | - | - | - | - | €8 | €119,430 | ▲ 15,430× |
| Recurring financial income75 | - | - | - | - | - | - | €8 | €119,430 | ▲ 15,430× |
| Financial charges65/66B | - | - | - | €68,172 | €66,668 | €85,655 | €101,525 | €6,826 | ▼ 93.3% |
| Recurring financial charges65 | €82,945 | €79,810 | €69,560 | €68,172 | €66,668 | €85,655 | €101,525 | €6,826 | ▼ 93.3% |
| Profit (loss) for the period before taxes9903 | €46,556 | €49,703 | €103,072 | €106,713 | €55,766 | €69,244 | €47,866 | €42,769 | ▼ 10.6% |
| Income taxes67/77 | €10,121 | €12,000 | €24,890 | €13,650 | €5,970 | €6,903 | €18,273 | €19,557 | ▲ 7.0% |
| Profit (loss) for the period9904 | €36,435 | €37,703 | €78,182 | €93,063 | €49,796 | €62,341 | €29,593 | €23,212 | ▼ 21.6% |
| Profit (loss) for the period to be appropriated9905 | €36,435 | €37,703 | €78,182 | €93,063 | €49,796 | €62,341 | €29,593 | €23,212 | ▼ 21.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.2m | €3.2m | ▲ 0.4% |
| Fixed assets21/28 | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.2m | ▲ 2.0% |
| Tangible fixed assets22/27 | - | - | €0.03m | €0.02m | €0.008m | €0.04m | €0.03m | €0.1m | ▲ 263% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.09m | - |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.008m | €0.04m | €0.03m | €0.02m | ▼ 37.5% |
| Financial fixed assets28 | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | ▼ 0.6% |
| Current assets29/58 | €0.02m | €0.003m | €0.01m | €0.04m | €0.04m | €0.001m | €0.1m | €0.05m | ▼ 46.9% |
| Amounts receivable within one year40/41 | €0.02m | - | €0.006m | - | €0.002m | - | €0.02m | €0.009m | ▼ 64.8% |
| Trade receivables40 | - | - | - | - | €0.002m | - | €0.02m | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.009m | - |
| Cash at bank and in hand54/58 | €0.002m | €0.003m | €0.007m | €0.04m | €0.03m | €0.001m | €0.07m | €0.04m | ▼ 43.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | - | - | €0.001m | €0.002m | ▲ 149% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.2m | €3.2m | ▲ 0.4% |
| Equity10/15 | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 1.9% |
| Contributions10/11 | €0.8m | €0.8m | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Reserves13 | €0.005m | €0.006m | €0.006m | €0.006m | €0.006m | - | €0.03m | €0.05m | ▲ 78.4% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €0.03m | €0.05m | ▲ 78.4% |
| Profit (loss) carried forward14 | €0.09m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | = |
| Amounts payable17/49 | €2.2m | €2.1m | €2.1m | €2.0m | €2.0m | €1.9m | €2.0m | €1.9m | ▼ 0.5% |
| Amounts payable after more than one year17 | €1.2m | €1.2m | €1.1m | €1.0m | €0.9m | €0.8m | €1.1m | €1.9m | ▲ 72.9% |
| Financial debts170/4 | - | - | - | €1.0m | €0.9m | €0.8m | €1.1m | €1.9m | ▲ 72.9% |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €0.9m | €0.1m | ▼ 89.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.1m | €0.06m | €0.01m | ▼ 80.9% |
| Trade debts44 | €0.003m | €0.002m | €14 | €198 | €0.005m | €0.003m | €146 | €0.003m | ▲ 22× |
| Suppliers440/4 | - | - | - | €198 | €0.005m | €0.003m | €146 | €0.003m | ▲ 22× |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.05m | €0.03m | €0.05m | €0.04m | ▼ 18.6% |
| Taxes450/3 | - | - | - | €0.06m | €0.05m | €0.03m | €0.05m | €0.04m | ▼ 17.1% |
| Remuneration and social security454/9 | - | - | - | - | €0.003m | €0.003m | €0.003m | €0.002m | ▼ 42.0% |
| Other amounts payable47/48 | - | - | - | €0.8m | €0.9m | €0.9m | €0.8m | €0.04m | ▼ 94.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,435 | €37,703 | €78,182 | €93,063 | €49,796 | €62,341 | €29,593 | €23,212 | ▼ 21.6% |
| + Depreciation and write-downs630 | - | - | €1,764 | €9,904 | €9,904 | €8,669 | €11,152 | €35,836 | ▲ 221% |
| Operating cash flow (approximation) | €36,435 | €37,703 | €79,946 | €102,967 | €59,699 | €71,010 | €40,744 | €59,048 | ▲ 44.9% |
| Investment in fixed assets (approximation) | - | €0 | -€29,711 | -€300 | €0 | -€41,418 | €0 | -€96,879 | - |
| Change in cash | - | €927 | €3,790 | €29,163 | -€1,263 | -€33,767 | €74,138 | -€32,381 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00300981 | |
| 31-12-2024 | micro format | 06-08-2025 | 2025-00367324 | |
| 31-12-2023 | micro format | 06-09-2024 | 2024-00457942 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00350928 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20289874 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61800080 | |
| 31-12-2019 | full format | 14-08-2020 | 2020-41800260 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-26500119 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-29200095 | |
| 31-12-2016 | full format | 19-07-2017 | 2017-34000245 |