ADNIGO
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 27-10-2026 at the NBB all 35 filings
Turnover
≈ €86,000
Estimated: probably between €75,000 and €110,000
EBIT margin
Not included in this filing
Net result
-€23,524
2025 · €35,609
Working capital
€458,011▼ 8.0%
2025 · €498,096
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€20,929
▲ 33.2%
2026
20192026
Net result
-€23,524
2026
20192026
Equity
€468,930
▼ 4.8%
2026
20192026
Total assets
€1.0m
▼ 8.3%
2026
20192026
Debt
€547,651
▼ 11.1%
2026
20192026
Working capital
€458,011
▼ 8.0%
2026
20192026
Solvency
46.1%
▲ 1.7pp
2026
20192026
Current ratio
8.48
▲ 0.61
2026
20192026
Return on assets (ROA)
-2.3%
▼ 5.5pp
2026
20192026
Staff (FTE)
0
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.07m-€0.04m▼ 43.8%-€0.03m€0.4m-€0.1m-€0.06m▲ 58.6%-€0.03m▲ 43.8%-€0.02m▲ 33.2%
Net result€0.004m-€0.03m▲ 592%-€0.05mbelow the sector's middle half€0.3mabove the sector's middle half-€0.1mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 48.0%€0.04mabove the sector's middle half-€0.02m
Equity€0.4m-€0.4m▲ 6.8%€0.4mabove the sector's middle half▼ 10.7%€0.7mabove the sector's middle half▲ 70.9%€0.5mabove the sector's middle half▼ 19.9%€0.5mabove the sector's middle half▼ 12.9%€0.5mabove the sector's middle half▲ 7.8%€0.5m▼ 4.8%
Total assets€1.3m-€1.3m▼ 1.1%€1.2mabove the sector's middle half▼ 8.9%€1.5mabove the sector's middle half▲ 26.4%€1.3mabove the sector's middle half▼ 13.6%€1.2mabove the sector's middle half▼ 9.6%€1.1mabove the sector's middle half▼ 5.1%€1.0m▼ 8.3%
Debt€0.9m-€0.9m▼ 4.3%€0.8m▼ 7.9%€0.7m▼ 7.1%€0.7m▼ 7.5%€0.6m▼ 8.2%€0.6m▼ 1.9%€0.5m▼ 11.1%
Working capital€0.1m-€0.2m▲ 36.2%€0.2mabove the sector's middle half▼ 13.2%€0.7mabove the sector's middle half▲ 377%€0.6mabove the sector's middle half▼ 12.8%€0.5mabove the sector's middle half▼ 17.4%€0.5mabove the sector's middle half▼ 3.8%€0.5m▼ 8.0%
Solvency30.6%-33.0%▲ 2.4pp32.4%within the sector's middle half▼ 0.6pp43.8%within the sector's middle half▲ 11.4pp40.6%within the sector's middle half▼ 3.2pp39.1%within the sector's middle half▼ 1.5pp44.4%within the sector's middle half▲ 5.3pp46.1%▲ 1.7pp
Current ratio3.21-3.33▲ 0.123.45above the sector's middle half▲ 0.1212.80above the sector's middle half▲ 9.3411.02above the sector's middle half▼ 1.789.07above the sector's middle half▼ 1.957.87above the sector's middle half▼ 1.208.48▲ 0.61
Return on assets (ROA)0.3%-2.1%▲ 1.8pp-3.9%below the sector's middle half▼ 6.0pp18.2%above the sector's middle half▲ 22.0pp-10.1%below the sector's middle half▼ 28.3pp-5.8%below the sector's middle half▲ 4.3pp3.2%within the sector's middle half▲ 9.0pp-2.3%▼ 5.5pp
Staff (FTE)0.3-0.10
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2026 is a loss of €20,929, smaller than the loss of €31,338 in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.0m
Fixed assets
€497,318 ▼ 7.5%
Current assets
€519,262 ▼ 9.0%
Equity and liabilities €1.0m
Equity
€468,930 ▼ 4.8%
Debt
€547,651 ▼ 11.1%
Debt's share of the balance-sheet total falls from 55.6% to 53.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€19,942▼
2025 · €20,763
Cash flow
€17,347▼
2025 · €87,710
Debt to equity
1.17▼
2025 · 1.25
ROE
-5.0%▼
2025 · 7.2%
Interest coverage
2.02▲
2025 · 1.41
Debt ≤ 1 year
€61,251▼
2025 · €72,554
Debt > 1 year
€486,400▼
2025 · €543,183
Income taxes
€0▼
2025 · €10,338
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,932 | €7,293 | €7,292 | €3,307 | €649 |
| Depreciation and write-downs of the year | €63,992 | €49,688 | €50,273 | €52,101 | €40,871 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €431,450 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €209 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €88,623 | €89,597 | €86,297 | €63,992 | €49,688 | €50,273 | €52,101 | €40,871 | ▼ 21.6% |
| Other operating charges640/8 | - | - | - | €48,782 | €41,201 | €45,206 | €45,548 | €46,975 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | - | €69,815 | - | - | - | - |
| Gross operating margin9900 | €217,051 | €188,695 | €102,944 | €495,465 | €25,843 | €39,677 | €66,311 | €66,917 | ▲ 0.9% |
| Operating profit (loss)9901 | €72,217 | €40,611 | -€32,846 | €382,482 | -€134,861 | -€55,802 | -€31,338 | -€20,929 | ▲ 33.2% |
| Financial income75/76B | - | - | - | - | - | €5 | €8,533 | €7,266 | ▼ 14.9% |
| Recurring financial income75 | - | €14 | - | - | - | €5 | €8,533 | €7,266 | ▼ 14.9% |
| Financial charges65/66B | - | - | - | €14,022 | €12,878 | €11,903 | €14,737 | €9,861 | ▼ 33.1% |
| Recurring financial charges65 | €71,007 | €16,163 | €15,306 | €14,022 | €12,878 | €11,903 | €14,737 | €9,861 | ▼ 33.1% |
| Profit (loss) for the period before taxes9903 | €1,210 | €24,462 | -€48,152 | €368,460 | -€147,739 | -€67,700 | -€37,542 | -€23,524 | ▲ 37.3% |
| Transfer from deferred taxes780 | - | - | - | €4,144 | €17,453 | - | €83,489 | €0 | ▼ 100% |
| Transfer to deferred taxes680 | - | - | - | €100,942 | - | - | - | - | - |
| Income taxes67/77 | - | - | - | - | - | - | €10,338 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €3,925 | €27,176 | -€45,858 | €271,662 | -€130,286 | -€67,700 | €35,609 | -€23,524 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €3,242 | €52,361 | - | €250,466 | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | - | - | - | €302,828 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €10,386 | €33,637 | -€38,977 | -€27,924 | -€77,925 | -€67,700 | €286,075 | -€23,524 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.3m | €1.2m | €1.5m | €1.3m | €1.2m | €1.1m | €1.0m | ▼ 8.3% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 7.5% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 7.5% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 7.5% |
| Furniture and vehicles24 | - | - | - | €299 | €159 | €19 | €0 | - | - |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 9.0% |
| Amounts receivable within one year40/41 | €0.008m | €0.02m | €0.005m | - | - | - | - | €0.001m | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.001m | - |
| Current investments50/53 | - | - | - | - | - | - | €0.4m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.8m | €0.7m | €0.6m | €0.2m | €0.5m | ▲ 205% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 20.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.2m | €1.5m | €1.3m | €1.2m | €1.1m | €1.0m | ▼ 8.3% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.7m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 4.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.7m | €0.7m | €0.7m | €0.4m | €0.4m | ▼ 5.5% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0 | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.6% |
| Profit (loss) carried forward14 | -€0.08m | -€0.05m | -€0.09m | -€0.1m | -€0.2m | -€0.3m | €0 | - | - |
| Provisions and deferred taxes16 | €0.009m | €0.006m | €0.004m | €0.1m | €0.08m | €0.08m | €0 | - | - |
| Deferred taxes168 | - | - | - | €0.1m | €0.08m | €0.08m | €0 | - | - |
| Amounts payable17/49 | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 11.1% |
| Amounts payable after more than one year17 | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 10.5% |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 11.9% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.04m | €0.04m | ▲ 8.2% |
| Amounts payable within one year42/48 | €0.06m | €0.07m | €0.06m | €0.06m | €0.06m | €0.06m | €0.07m | €0.06m | ▼ 15.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 1.8% |
| Trade debts44 | €0.002m | €0.02m | €0.007m | €0.005m | €0.006m | €0.006m | €0.006m | €0.001m | ▼ 77.4% |
| Suppliers440/4 | - | - | - | €0.005m | €0.006m | €0.006m | €0.006m | €0.001m | ▼ 77.4% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €0.008m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | - | - | - | €0.008m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,925 | €27,176 | -€45,858 | €271,662 | -€130,286 | -€67,700 | €35,609 | -€23,524 | - |
| + Depreciation and write-downs630 | €88,623 | €89,597 | €86,297 | €63,992 | €49,688 | €50,273 | €52,101 | €40,871 | ▼ 21.6% |
| Operating cash flow (approximation) | €92,548 | €116,773 | €40,439 | €335,654 | -€80,598 | -€17,427 | €87,710 | €17,347 | ▼ 80.2% |
| Investment in fixed assets (approximation) | - | -€12,356 | -€6,255 | €191,356 | €62,521 | -€33,650 | -€3,307 | -€649 | ▲ 80.4% |
| Change in cash | - | €50,153 | -€19,761 | €572,279 | -€89,924 | -€107,824 | -€411,143 | €347,805 | - |
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, 8,617 companies had the same profile as ADNIGO has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADNIGO itself: < 0.1% within 12 months.
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 8,617 companies, not a prediction for ADNIGO. 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.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 27-10-2026 | 2026-00568947 | |
| 31-03-2025 | micro format | 16-09-2025 | 2025-00492241 | |
| 31-03-2024 | micro format | 20-11-2024 | 2024-00603515 | |
| 31-03-2023 | micro format | 16-11-2023 | 2023-00513524 | |
| 31-03-2022 | micro format | 08-12-2022 | 2022-20538239 | |
| 31-03-2021 | micro format | 17-11-2021 | 2021-77800301 | |
| 31-03-2020 | micro format | 24-12-2020 | 2020-77200549 | |
| 31-03-2019 | micro format | 09-01-2020 | 2020-01100230 | |
| 31-03-2018 | micro format | 30-11-2018 | 2018-73200517 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68600545 |