ADR
ActiveSummary
ADR has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €79k and a net result of €17k. Equity is growing by ~49.3% per year across the filed fiscal years. Its solvency ranks better than 68% of 19356 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability84▼-9
Solvency79▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity tight (current ratio 1.38 against 2.04 in 2023; short-term debt: 45.5% and cash: 0.7% of total assets), and 45.5% 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
54.5%
Return on assets
11.8%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 10-10-2025, 71 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
71 d late
2023
83 d late
2022
61 d late
2021
31 d late
2020
31 d late
2019
28 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€79k▲ 27.7%
2023 · €62k
Total assets
€145k▲ 28.8%
2023 · €112k
Net result
€17k▼ 20.1%
2023 · €21k
Working capital
€25k▼ 52.8%
2023 · €53k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€10k▼ 39.1%€262▼ 97.5%€21k▲ 8,088%€28k▲ 28.3%€24k▼ 14.1%
Net result€8k▼ 40.6%€322▼ 96.2%€17k▲ 5,143%€21k▲ 26.8%€17k▼ 20.1%
Equity€23k▲ 49.3%€23k▲ 1.4%€40k▲ 72.2%€62k▲ 53.2%€79k▲ 27.7%
Total assets€62k▲ 10.7%€49k▼ 21.4%€80k▲ 64.9%€112k▲ 39.7%€145k▲ 28.8%
Debt€39k▼ 4.0%€25k▼ 34.9%€40k▲ 58.2%€51k▲ 26.1%€66k▲ 30.1%
Working capital€20k▲ 31.9%€22k▲ 6.5%€34k▲ 57.1%€53k▲ 54.9%€25k▼ 52.8%
Staff (FTE)1
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 14% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €145k
Fixed assets
€54k ▲ 508%
Current assets
€91k ▼ 12.2%
Equity and liabilities €145k
Equity
€79k ▲ 27.7%
Debt
€66k ▲ 30.1%
Debt's share of the balance-sheet total rises from 45.1% to 45.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€28k▼
2023 · €31k
Cash flow
€22k▼
2023 · €25k
Current ratio
1.38▼
2023 · 2.04
Debt to equity
0.84▲
2023 · 0.82
ROE
21.7%▼
2023 · 34.7%
ROA
11.8%▼
2023 · 19.1%
Interest coverage
28.30▼
2023 · 127.23
Debt ≤ 1 year
€66k▲
2023 · €51k
Income taxes
€6k▼
2023 · €6k
Staff costs
€49k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €49k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €335 | €1k | €2k | €3k | €5k | ▲ 31.5% |
| Other operating charges640/8 | - | €348 | €348 | €384 | €387 | ▲ 0.8% |
| Gross operating margin9900 | €11k | €2k | €24k | €31k | €78k | ▲ 148% |
| Operating profit (loss)9901 | €10k | €262 | €21k | €28k | €24k | ▼ 14.1% |
| Financial income75/76B | - | €568 | €0 | - | €251 | - |
| Recurring financial income75 | €225 | €568 | €0 | - | €251 | - |
| Financial charges65/66B | - | €350 | €277 | €243 | €995 | ▲ 309% |
| Recurring financial charges65 | €104 | €350 | €277 | €243 | €995 | ▲ 309% |
| Profit (loss) for the period before taxes9903 | €11k | €481 | €21k | €27k | €23k | ▼ 16.1% |
| Income taxes67/77 | €2k | €159 | €4k | €6k | €6k | ▼ 1.5% |
| Profit (loss) for the period9904 | €8k | €322 | €17k | €21k | €17k | ▼ 20.1% |
| Profit (loss) for the period to be appropriated9905 | €8k | €322 | €17k | €21k | €17k | ▼ 20.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €62k | €49k | €80k | €112k | €145k | ▲ 28.8% |
| Fixed assets21/28 | €3k | €2k | €6k | €9k | €54k | ▲ 508% |
| Tangible fixed assets22/27 | €3k | €2k | €6k | €9k | €54k | ▲ 506% |
| Furniture and vehicles24 | - | €2k | €6k | €9k | €54k | ▲ 506% |
| Financial fixed assets28 | - | - | - | - | €169 | - |
| Current assets29/58 | €59k | €47k | €74k | €103k | €91k | ▼ 12.2% |
| Amounts receivable within one year40/41 | €57k | €46k | €74k | €99k | €86k | ▼ 13.2% |
| Trade receivables40 | - | €31k | €74k | €99k | €82k | ▼ 17.4% |
| Other amounts receivable41 | - | €15k | - | - | €4k | - |
| Cash at bank and in hand54/58 | €1k | €277 | €176 | €3k | €955 | ▼ 68.7% |
| Deferred charges and accrued income490/1 | - | €768 | - | €950 | €3k | ▲ 265% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €62k | €49k | €80k | €112k | €145k | ▲ 28.8% |
| Equity10/15 | €23k | €23k | €40k | €62k | €79k | ▲ 27.7% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €500 | €500 | €500 | €500 | €500 | = |
| Non-distributable reserves130/1 | - | €500 | €500 | €500 | €500 | = |
| Reserves not available under the articles1311 | - | €500 | €500 | €500 | €500 | = |
| Profit (loss) carried forward14 | €16k | €17k | €34k | €55k | €72k | ▲ 31.1% |
| Amounts payable17/49 | €39k | €25k | €40k | €51k | €66k | ▲ 30.1% |
| Amounts payable within one year42/48 | €39k | €25k | €40k | €51k | €66k | ▲ 30.1% |
| Financial debts43 | - | - | - | €820 | €5k | ▲ 504% |
| Credit institutions430/8 | - | - | - | €820 | €5k | ▲ 504% |
| Trade debts44 | €23k | €21k | €21k | €15k | €10k | ▼ 35.4% |
| Suppliers440/4 | - | €21k | €21k | €15k | €10k | ▼ 35.4% |
| Taxes, remuneration and social security45 | - | €2k | €11k | €28k | €25k | ▼ 11.0% |
| Taxes450/3 | - | €2k | €6k | €28k | €19k | ▼ 30.9% |
| Remuneration and social security454/9 | - | - | €5k | - | €6k | - |
| Other amounts payable47/48 | - | €2k | €8k | €7k | €26k | ▲ 286% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8k | €322 | €17k | €21k | €17k | ▼ 20.1% |
| + Depreciation and write-downs630 | €335 | €1k | €2k | €3k | €5k | ▲ 31.5% |
| Operating cash flow (approximation) | €9k | €1k | €19k | €25k | €22k | ▼ 12.9% |
| Investment in fixed assets (approximation) | - | €0 | €-6k | €-6k | €-50k | ▼ 710% |
| Change in cash | - | €-1k | €-101 | €3k | €-2k | ▼ 173% |
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
2025
10-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 71 days late
2024
22-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 83 days late
2023
31-12
Financial
Highest result since 2018net €21k ▲26.8%
Operating result €28k, net result €21k, both a record.
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 61 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €14k
Net result €14k after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
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, Court-Saint-Etienne · 1 establishment unit since 2018
Ground area
4,137 m²
Building footprint
241 m²
Volume, LiDAR
1,139 m³
Parcel 25023G0410/00E000, Wallonia · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ADR
since 20182.271.505.616
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25023G0410/00E000 | Wallonia | 4,137 m² | 1 · 241 m² | 7.4 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.
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ADVISAS
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Of 9,143 companies in sector 68201 we hold annual accounts for 6,764. 3,916 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 (pre-2019)
Founded28-12-2017
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
64210Activities of holding companies
68203Renting and operating of own or leased non-residential real estate, excluding land
82100Office administrative and support services
Scores and ratios are computed by Checked and are not a credit decision.