Adora
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 49 filings
Turnover
≈ €190,000
Estimated: probably between €87,000 and €450,000
Total assets
€64,720▲ 58.3%
2024 · €40,879
Net result
€24,450▼ 2.0%
2024 · €24,938
Working capital
€57,182▲ 74.7%
2024 · €32,732
In the rankings
#1 oldest company in Theux, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,708
▼ 1.8%
2025
20182025
Net result
€24,450
▼ 2.0%
2025
middle half of the sector
20182025
Equity
€57,741
▲ 73.4%
2025
middle half of the sector
20182025
Total assets
€64,720
▲ 58.3%
2025
middle half of the sector
20182025
Debt
€6,979
▼ 8.0%
2025
20182025
Working capital
€57,182
▲ 74.7%
2025
middle half of the sector
20182025
Solvency
89.2%
▲ 7.8pp
2025
highest quarter of the sector
20182025
Current ratio
9.19
▲ 3.88
2025
highest quarter of the sector
20182025
Return on assets (ROA)
37.8%
▼ 23.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,946-€9,119-€21,491-€21,247▲ 1.1%€34,908€7,037▼ 79.8%€25,171▲ 258%€24,708▼ 1.8%
Net result-€11,862--€777▲ 93.4%-€23,488below the sector's middle half▼ 2,923%-€19,424below the sector's middle half▲ 17.3%€32,097above the sector's middle half€7,235within the sector's middle half▼ 77.5%€24,938within the sector's middle half▲ 245%€24,450within the sector's middle half▼ 2.0%
Equity€12,708-€11,931▼ 6.1%-€11,556below the sector's middle half-€30,980below the sector's middle half▼ 168%€1,117below the sector's middle half€8,352below the sector's middle half▲ 648%€33,290within the sector's middle half▲ 299%€57,741within the sector's middle half▲ 73.4%
Total assets€45,235-€54,819▲ 21.2%€40,341below the sector's middle half▼ 26.4%€74,811within the sector's middle half▲ 85.4%€49,162below the sector's middle half▼ 34.3%€50,460below the sector's middle half▲ 2.6%€40,879below the sector's middle half▼ 19.0%€64,720within the sector's middle half▲ 58.3%
Debt€32,527-€42,888▲ 31.9%€51,897▲ 21.0%€105,791▲ 104%€48,045▼ 54.6%€42,108▼ 12.4%€7,588▼ 82.0%€6,979▼ 8.0%
Working capital€12,700-€11,399▼ 10.2%-€12,053below the sector's middle half-€31,539below the sector's middle half▼ 162%€661within the sector's middle half€7,794within the sector's middle half▲ 12×€32,732within the sector's middle half▲ 320%€57,182within the sector's middle half▲ 74.7%
Solvency28.1%-21.8%▼ 6.3pp-28.6%below the sector's middle half▼ 50.4pp-41.4%below the sector's middle half▼ 12.8pp2.3%below the sector's middle half▲ 43.7pp16.6%within the sector's middle half▲ 14.3pp81.4%above the sector's middle half▲ 64.9pp89.2%above the sector's middle half▲ 7.8pp
Current ratio1.40-1.27▼ 0.130.77below the sector's middle half▼ 0.500.70below the sector's middle half▼ 0.071.01within the sector's middle half▲ 0.311.19within the sector's middle half▲ 0.175.31above the sector's middle half▲ 4.139.19above the sector's middle half▲ 3.88
Return on assets (ROA)-26.2%--1.4%▲ 24.8pp-58.2%below the sector's middle half▼ 56.8pp-26.0%below the sector's middle half▲ 32.3pp65.3%above the sector's middle half▲ 91.3pp14.3%above the sector's middle half▼ 50.9pp61.0%above the sector's middle half▲ 46.7pp37.8%above the sector's middle half▼ 23.2pp
above
within
below
The sector band is the middle half of the companies in Other manufacturing (NACE 32). 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 2% lower than 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 €64,720
Fixed assets
€559 =
Current assets
€64,161 ▲ 59.1%
Equity and liabilities €64,720
Equity
€57,741 ▲ 73.4%
Debt
€6,979 ▼ 8.0%
Debt's share of the balance-sheet total falls from 18.6% to 10.8%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
8.24▲
2024 · 4.90
Debt to equity
0.12▼
2024 · 0.23
ROE
42.3%▼
2024 · 74.9%
Debt ≤ 1 year
€6,979▼
2024 · €7,588
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €0 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | - | - | - | €387 | €0 | ▼ 100% |
| Non-recurring operating charges66A | - | - | - | - | - | €171 | - | - | - |
| Gross operating margin9900 | -€8,167 | €9,119 | -€21,294 | -€21,247 | €34,908 | €7,207 | €25,559 | €24,708 | ▼ 3.3% |
| Operating profit (loss)9901 | -€8,946 | €9,119 | -€21,491 | -€21,247 | €34,908 | €7,037 | €25,171 | €24,708 | ▼ 1.8% |
| Financial income75/76B | - | - | - | €3,457 | €1,698 | €2,103 | €293 | €190 | ▼ 35.1% |
| Recurring financial income75 | €416 | €42 | €1,476 | €3,457 | €1,698 | €2,103 | €293 | €190 | ▼ 35.1% |
| Financial charges65/66B | - | - | - | €1,634 | €4,509 | €1,905 | €526 | €448 | ▼ 15.0% |
| Recurring financial charges65 | €3,332 | €9,938 | €3,473 | €1,634 | €4,509 | €1,905 | €526 | €448 | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | -€11,862 | -€777 | -€23,488 | -€19,424 | €32,097 | €7,235 | €24,938 | €24,450 | ▼ 2.0% |
| Profit (loss) for the period9904 | -€11,862 | -€777 | -€23,488 | -€19,424 | €32,097 | €7,235 | €24,938 | €24,450 | ▼ 2.0% |
| Profit (loss) for the period to be appropriated9905 | -€11,862 | -€777 | -€23,488 | -€19,424 | €32,097 | €7,235 | €24,938 | €24,450 | ▼ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €45,235 | €54,819 | €40,341 | €74,811 | €49,162 | €50,460 | €40,879 | €64,720 | ▲ 58.3% |
| Fixed assets21/28 | €559 | €559 | €559 | €559 | €559 | €559 | €559 | €559 | = |
| Financial fixed assets28 | €559 | €559 | €559 | €559 | €559 | €559 | €559 | €559 | = |
| Current assets29/58 | €44,676 | €54,260 | €39,782 | €74,253 | €48,604 | €49,901 | €40,320 | €64,161 | ▲ 59.1% |
| Stocks and contracts in progress3 | €27,153 | €37,623 | €4,996 | €32,027 | €17,658 | €3,271 | €3,125 | €6,678 | ▲ 114% |
| Stocks30/36 | - | - | - | €32,027 | €17,658 | €3,271 | €3,125 | €6,678 | ▲ 114% |
| Amounts receivable within one year40/41 | €16,121 | €14,210 | €29,146 | €42,025 | €20,344 | €40,573 | €8,998 | €13,475 | ▲ 49.7% |
| Trade receivables40 | - | - | - | €42,001 | €20,334 | €40,525 | €5,340 | €7,053 | ▲ 32.1% |
| Other amounts receivable41 | - | - | - | €24 | €10 | €48 | €3,659 | €6,422 | ▲ 75.5% |
| Cash at bank and in hand54/58 | €1,402 | €2,368 | €5,580 | €200 | €10,602 | €6,057 | €28,101 | €44,009 | ▲ 56.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €95 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €45,235 | €54,819 | €40,341 | €74,811 | €49,162 | €50,460 | €40,879 | €64,720 | ▲ 58.3% |
| Equity10/15 | €12,708 | €11,931 | -€11,556 | -€30,980 | €1,117 | €8,352 | €33,290 | €57,741 | ▲ 73.4% |
| Contributions10/11 | €37,184 | €37,184 | - | €37,184 | €37,184 | €37,184 | €37,184 | €37,184 | = |
| Reserves13 | €24,193 | €24,193 | €24,194 | €24,194 | €24,194 | €24,194 | €24,194 | €24,194 | = |
| Non-distributable reserves130/1 | - | - | - | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | = |
| Reserves not available under the articles1311 | - | - | - | €3,718 | €3,718 | €3,718 | €3,718 | €3,718 | = |
| Tax-exempt reserves132 | - | - | - | €20,475 | €20,475 | €20,475 | €20,475 | €20,475 | = |
| Profit (loss) carried forward14 | -€48,669 | -€49,446 | -€72,934 | -€92,358 | -€60,261 | -€53,026 | -€28,087 | -€3,637 | ▲ 87.1% |
| Amounts payable17/49 | €32,527 | €42,888 | €51,897 | €105,791 | €48,045 | €42,108 | €7,588 | €6,979 | ▼ 8.0% |
| Amounts payable within one year42/48 | €31,976 | €42,861 | €51,835 | €105,791 | €47,943 | €42,108 | €7,588 | €6,979 | ▼ 8.0% |
| Financial debts43 | - | - | - | €3,827 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €3,827 | - | - | - | - | - |
| Trade debts44 | €2,499 | €2,743 | €6,405 | €34,278 | €11,192 | €31,767 | €4,313 | €1,954 | ▼ 54.7% |
| Suppliers440/4 | - | - | - | €34,278 | €11,192 | €31,767 | €4,313 | €1,954 | ▼ 54.7% |
| Taxes, remuneration and social security45 | - | - | - | €3,564 | €4,646 | €3,308 | €3,275 | €5,025 | ▲ 53.4% |
| Taxes450/3 | - | - | - | €3,564 | €4,646 | €1,808 | €1,275 | €5,025 | ▲ 294% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,500 | €2,000 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €64,122 | €32,104 | €7,033 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €103 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,862 | -€777 | -€23,488 | -€19,424 | €32,097 | €7,235 | €24,938 | €24,450 | ▼ 2.0% |
| Operating cash flow (approximation) | -€11,862 | -€777 | -€23,488 | -€19,424 | €32,097 | €7,235 | €24,938 | €24,450 | ▼ 2.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €966 | €3,212 | -€5,380 | €10,402 | -€4,545 | €22,044 | €15,907 | ▼ 27.8% |
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, 31,368 companies had the same profile as Adora has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Adora 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 31,368 companies, not a prediction for Adora. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00157095 | |
| 31-12-2024 | micro format | 28-06-2025 | 2025-00191646 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00350216 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00424901 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20443491 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53600008 | |
| 31-12-2019 | micro format | 19-10-2020 | 2020-62000230 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58100022 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-51400430 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46900309 |