ADONIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 33 filings
Turnover
≈ €130,000
Estimated: probably between €87,000 and €150,000
Total assets
€124,075▲ 9.6%
2024 · €113,225
Net result
-€6,557▲ 56.8%
2024 · -€15,180
Working capital
€53,822=
2024 · €53,820
In the rankings
#5 oldest company in Ganshoren, Transport and storage sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,511
▲ 55.7%
2025
20182025
Net result
-€6,557
▲ 56.8%
2025
lowest quarter of the sector
20182025
Equity
€69,615
▼ 8.6%
2025
middle half of the sector
20182025
Total assets
€124,075
▲ 9.6%
2025
middle half of the sector
20182025
Debt
€54,460
▲ 47.0%
2025
20182025
Working capital
€53,822
=
2025
highest quarter of the sector
20182025
Solvency
56.1%
▼ 11.2pp
2025
middle half of the sector
20182025
Current ratio
2.00
▼ 0.50
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.3%
▲ 8.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
▼ 44.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€12,307-€3,200€46,519▲ 15×€11,839▼ 74.5%€8,098▼ 31.6%€2,124▼ 73.8%-€12,429-€5,511▲ 55.7%
Net result-€13,682-€487€44,821above the sector's middle half▲ 92×€8,486within the sector's middle half▼ 81.1%-€5,874below the sector's middle half-€1,815within the sector's middle half▲ 69.1%-€15,180below the sector's middle half▼ 737%-€6,557below the sector's middle half▲ 56.8%
Equity€45,247-€45,734▲ 1.1%€90,555within the sector's middle half▲ 98.0%€99,041above the sector's middle half▲ 9.4%€93,167within the sector's middle half▼ 5.9%€91,353within the sector's middle half▼ 1.9%€76,172within the sector's middle half▼ 16.6%€69,615within the sector's middle half▼ 8.6%
Total assets€147,266-€157,931▲ 7.2%€128,680within the sector's middle half▼ 18.5%€119,279within the sector's middle half▼ 7.3%€157,989within the sector's middle half▲ 32.5%€232,794within the sector's middle half▲ 47.3%€113,225within the sector's middle half▼ 51.4%€124,075within the sector's middle half▲ 9.6%
Debt€102,019-€112,196▲ 10.0%€38,125▼ 66.0%€20,238▼ 46.9%€64,822▲ 220%€141,441▲ 118%€37,053▼ 73.8%€54,460▲ 47.0%
Working capital€32,385-€38,414▲ 18.6%€84,756above the sector's middle half▲ 121%€88,837above the sector's middle half▲ 4.8%€86,319above the sector's middle half▼ 2.8%€85,679above the sector's middle half▼ 0.7%€53,820above the sector's middle half▼ 37.2%€53,822above the sector's middle half=
Solvency30.7%-29.0%▼ 1.8pp70.4%above the sector's middle half▲ 41.4pp83.0%above the sector's middle half▲ 12.7pp59.0%within the sector's middle half▼ 24.1pp39.2%within the sector's middle half▼ 19.7pp67.3%above the sector's middle half▲ 28.0pp56.1%within the sector's middle half▼ 11.2pp
Current ratio1.34-1.35▲ 0.013.22above the sector's middle half▲ 1.879.29above the sector's middle half▲ 6.062.52within the sector's middle half▼ 6.761.62within the sector's middle half▼ 0.902.50above the sector's middle half▲ 0.882.00within the sector's middle half▼ 0.50
Return on assets (ROA)-9.3%-0.3%▲ 9.6pp34.8%above the sector's middle half▲ 34.5pp7.1%within the sector's middle half▼ 27.7pp-3.7%below the sector's middle half▼ 10.8pp-0.8%within the sector's middle half▲ 2.9pp-13.4%below the sector's middle half▼ 12.6pp-5.3%below the sector's middle half▲ 8.1pp
Staff (FTE)11.3within the sector's middle half▲ 30.0%1.3=2.3▲ 76.9%2.1▼ 8.7%1.8▼ 14.3%1▼ 44.4%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 €5,511, smaller than the loss of €12,429 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €124,075
Fixed assets
€16,327 ▼ 30.7%
Current assets
€107,748 ▲ 20.2%
Equity and liabilities €124,075
Equity
€69,615 ▼ 8.6%
Debt
€54,460 ▲ 47.0%
Debt's share of the balance-sheet total rises from 32.7% to 43.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,172▲
2024 · -€6,294
Cash flow
€2,125▲
2024 · -€9,046
Quick ratio
0.85▲
2024 · 0.73
Debt to equity
0.78▲
2024 · 0.49
ROE
-9.4%▲
2024 · -19.9%
Interest coverage
5.29▲
2024 · -3.53
Debt ≤ 1 year
€53,926▲
2024 · €35,842
Income taxes
€447▼
2024 · €970
Staff costs
€33,990▲
2024 · €33,937
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 1 | 1 |
| full-time | 1 | 2 | 2 | 1 | 1 |
| part-time | 1 | - | 1 | - | - |
| in full-time equivalents | 1.3 | 2 | 2.3 | 1 | 1 |
| Average over the year, in full-time equivalents | 1.3 | 2.3 | 2.1 | 1.8 | 1 |
| On a permanent contract | 1 | 2 | 3 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,339 | €619 | - | €20,000 | €1,446 |
| Depreciation and write-downs of the year | €4,418 | €5,317 | €5,324 | €6,135 | €8,682 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,175 | €2,814 | - | - | €24 | - |
| Remuneration, social security and pensions62 | - | - | - | €34,800 | €40,813 | €41,631 | €33,937 | €33,990 | ▲ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,446 | €9,446 | €6,545 | €4,418 | €5,317 | €5,324 | €6,135 | €8,682 | ▲ 41.5% |
| Other operating charges640/8 | - | - | - | €11,308 | €8,887 | €8,901 | €7,524 | €6,779 | ▼ 9.9% |
| Non-recurring operating charges66A | - | - | - | €0 | €0 | €1 | €0 | - | - |
| Gross operating margin9900 | -€529 | €41,208 | €84,511 | €62,366 | €63,115 | €57,981 | €35,167 | €43,940 | ▲ 24.9% |
| Operating profit (loss)9901 | -€12,307 | €3,200 | €46,519 | €11,839 | €8,098 | €2,124 | -€12,429 | -€5,511 | ▲ 55.7% |
| Recurring financial income75 | €0 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,078 | €2,124 | €1,845 | €1,781 | €600 | ▼ 66.3% |
| Recurring financial charges65 | €1,375 | €2,052 | €1,698 | €3,078 | €2,124 | €1,845 | €1,781 | €600 | ▼ 66.3% |
| Profit (loss) for the period before taxes9903 | -€13,682 | €1,148 | €44,821 | €8,761 | €5,974 | €279 | -€14,210 | -€6,110 | ▲ 57.0% |
| Income taxes67/77 | - | €661 | - | €275 | €11,848 | €2,094 | €970 | €447 | ▼ 53.9% |
| Profit (loss) for the period9904 | -€13,682 | €487 | €44,821 | €8,486 | -€5,874 | -€1,815 | -€15,180 | -€6,557 | ▲ 56.8% |
| Profit (loss) for the period to be appropriated9905 | -€13,682 | €487 | €44,821 | €8,486 | -€5,874 | -€1,815 | -€15,180 | -€6,557 | ▲ 56.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €147,266 | €157,931 | €128,680 | €119,279 | €157,989 | €232,794 | €113,225 | €124,075 | ▲ 9.6% |
| Fixed assets21/28 | €20,053 | €10,607 | €5,800 | €19,721 | €15,023 | €9,698 | €23,564 | €16,327 | ▼ 30.7% |
| Tangible fixed assets22/27 | €19,758 | €10,312 | €5,505 | €19,426 | €14,728 | €9,403 | €23,269 | €16,032 | ▼ 31.1% |
| Plant, machinery and equipment23 | - | - | - | €2,562 | €2,556 | €1,925 | €1,293 | €2,152 | ▲ 66.5% |
| Furniture and vehicles24 | - | - | - | €14,244 | €10,861 | €7,479 | €21,976 | €13,880 | ▼ 36.8% |
| Other tangible fixed assets26 | - | - | - | €2,620 | €1,310 | - | - | - | - |
| Financial fixed assets28 | €295 | €295 | €295 | €295 | €295 | €295 | €295 | €295 | = |
| Current assets29/58 | €127,212 | €147,324 | €122,880 | €99,558 | €142,966 | €223,095 | €89,661 | €107,748 | ▲ 20.2% |
| Stocks and contracts in progress3 | €74,415 | €52,952 | €37,901 | €31,196 | €55,205 | €90,867 | €63,531 | €62,116 | ▼ 2.2% |
| Stocks30/36 | - | - | - | €31,196 | €55,205 | €90,867 | €63,531 | €62,116 | ▼ 2.2% |
| Amounts receivable within one year40/41 | €13,494 | €18,156 | €17,409 | €24,502 | €14,607 | €20,476 | €9,048 | €2,548 | ▼ 71.8% |
| Trade receivables40 | - | - | - | €11,553 | - | €81 | €2,539 | €2,020 | ▼ 20.5% |
| Other amounts receivable41 | - | - | - | €12,949 | €14,607 | €20,395 | €6,508 | €528 | ▼ 91.9% |
| Current investments50/53 | €20,009 | €12,008 | €12,008 | €5,008 | €2,008 | €2,008 | €2,008 | €2,008 | = |
| Cash at bank and in hand54/58 | €19,295 | €64,208 | €55,562 | €38,852 | €71,147 | €109,242 | €15,074 | €41,076 | ▲ 172% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €503 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €147,266 | €157,931 | €128,680 | €119,279 | €157,989 | €232,794 | €113,225 | €124,075 | ▲ 9.6% |
| Equity10/15 | €45,247 | €45,734 | €90,555 | €99,041 | €93,167 | €91,353 | €76,172 | €69,615 | ▼ 8.6% |
| Contributions10/11 | €7,437 | €7,437 | - | €7,437 | €7,437 | €7,437 | €7,437 | €7,437 | = |
| Reserves13 | €35,640 | €35,640 | €35,640 | €35,640 | €35,640 | €35,640 | €35,640 | €35,640 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €33,781 | €33,781 | €33,781 | €33,781 | €33,781 | = |
| Profit (loss) carried forward14 | €2,170 | €2,657 | €47,478 | €55,964 | €50,090 | €48,276 | €33,095 | €26,538 | ▼ 19.8% |
| Amounts payable17/49 | €102,019 | €112,196 | €38,125 | €20,238 | €64,822 | €141,441 | €37,053 | €54,460 | ▲ 47.0% |
| Amounts payable after more than one year17 | €7,192 | €3,287 | - | €9,517 | €6,803 | €4,025 | €1,211 | - | - |
| Financial debts170/4 | - | - | - | €9,517 | €6,803 | €4,025 | €1,211 | - | - |
| Amounts payable within one year42/48 | €94,827 | €108,909 | €38,125 | €10,721 | €56,647 | €137,416 | €35,842 | €53,926 | ▲ 50.5% |
| Trade debts44 | €86,084 | €90,601 | €23,721 | - | €46,399 | €125,195 | €28,759 | €44,332 | ▲ 54.2% |
| Suppliers440/4 | - | - | - | - | €46,399 | €125,195 | €28,759 | €44,332 | ▲ 54.2% |
| Advances received on contracts in progress46 | - | - | - | €265 | €240 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,101 | €4,654 | €6,866 | €5,466 | €7,978 | ▲ 45.9% |
| Taxes450/3 | - | - | - | €289 | - | €596 | €541 | €2,785 | ▲ 415% |
| Remuneration and social security454/9 | - | - | - | €4,813 | €4,654 | €6,270 | €4,925 | €5,193 | ▲ 5.4% |
| Other amounts payable47/48 | - | - | - | €5,354 | €5,354 | €5,354 | €1,616 | €1,616 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,372 | - | - | €534 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,682 | €487 | €44,821 | €8,486 | -€5,874 | -€1,815 | -€15,180 | -€6,557 | ▲ 56.8% |
| + Depreciation and write-downs630 | €9,446 | €9,446 | €6,545 | €4,418 | €5,317 | €5,324 | €6,135 | €8,682 | ▲ 41.5% |
| Operating cash flow (approximation) | -€4,236 | €9,934 | €51,366 | €12,904 | -€557 | €3,510 | -€9,046 | €2,125 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,738 | -€18,339 | -€619 | €0 | -€20,000 | -€1,446 | ▲ 92.8% |
| Change in cash | - | €44,914 | -€8,646 | -€16,709 | €32,294 | €38,095 | -€94,167 | €26,002 | - |
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, 12,322 companies had the same profile as ADONIS has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADONIS itself: 0.3% 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 12,322 companies, not a prediction for ADONIS. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00333999 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00425014 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00299272 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00365804 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20330909 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57700368 | |
| 31-12-2019 | micro format | 06-11-2020 | 2020-69000008 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-50500200 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-50800035 | |
| 31-12-2015 | full format | 30-09-2016 | 2016-62500083 |