ADR Construct
ActiveSummary
The annual accounts of ADR Construct for fiscal year 2025 show a net loss of 95% of the equity at the start of that year. The 2025 annual accounts show equity of €14,419 and a net result of -€272,683. Equity is shrinking by ~22% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 9% of 7900 sector peers (fiscal year 2025). The company has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-75
Solvency27▼-31
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.88 against 1.37 in 2024; short-term debt: 97.6% and cash: 35.3% of total assets), and 97.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 2025Solvency, return and age of the figures
Solvency
2.4%
Return on assets
-45.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 7900 sector peers (2025).
NBB · sector comparisonPosition among 7900 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
58 d early
2023
86 d early
2022
33 d early
2021
31 d early
2020
39 d early
2019
7 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 38 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€14,419▼ 95.0%
2024 · €287,101
Total assets
€601,860▼ 30.5%
2024 · €865,589
Net result
-€272,683
2024 · €42,967
Working capital
-€68,961
2024 · €216,082
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
Line20212022202320242025
Operating result€200,653▲ 21.3%-€366,910€419,852€33,985▼ 91.9%-€291,404
Net result€158,664▲ 30.5%-€349,340€405,973€42,967▼ 89.4%-€272,683
Equity€830,468▲ 1.1%€281,128▼ 66.1%€287,101▲ 2.1%€287,101=€14,419▼ 95.0%
Total assets€1.8m▲ 6.8%€1.1m▼ 34.9%€942,404▼ 17.6%€865,589▼ 8.2%€601,860▼ 30.5%
Debt€927,138▲ 12.5%€862,927▼ 6.9%€655,302▼ 24.1%€578,487▼ 11.7%€587,442▲ 1.5%
Working capital€97,364▼ 22.9%€240,752▲ 147%€229,705▼ 4.6%€216,082▼ 5.9%-€68,961
Staff (FTE)15.4▲ 3.4%16▲ 3.9%16=14.8▼ 7.5%15.4▲ 4.1%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2025 Equity -95% on 2024. Cause not known from the registers.
- 2024 Net result -89% on 2023. Cause not known from the registers.
- 2022 Equity -66% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €291,404 after €33,985 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €601,860
Fixed assets
€83,380 ▲ 17.4%
Current assets
€518,480 ▼ 34.7%
Equity and liabilities €601,860
Equity
€14,419 ▼ 95.0%
Debt
€587,442 ▲ 1.5%
Debt's share of the balance-sheet total rises from 66.8% to 97.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€277,543▼
2024 · €75,713
Cash flow
-€258,822▼
2024 · €84,694
Current ratio
0.88▼
2024 · 1.37
Quick ratio
0.58▼
2024 · 0.89
Debt to equity
40.74▲
2024 · 2.01
ROA
-45.3%▼
2024 · 5.0%
Interest coverage
-30.94▼
2024 · 42.65
Debt ≤ 1 year
€587,442▲
2024 · €578,487
Income taxes
€1,197▼
2024 · €24,954
Staff costs
€1.1m▲
2024 · €989,023
A ratio outside any meaningful range has been withheld (balance sheet total €601,860, equity €14,419).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 175 companies that looked in July 2024 the way this one looks now, 4.0% went bankrupt within 24 months and 85% are still going.
- Small
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
4.0%
went bankrupt
8.0%
stopped otherwise
85%
still going
A further 3.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 175 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €2,066 | €8,836 | €0 | - | - | - |
| Remuneration, social security and pensions62 | €889,697 | €967,327 | €943,978 | €989,023 | €1.1m | ▲ 7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €90,044 | €810,147 | €17,989 | €41,727 | €13,861 | ▼ 66.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0 | - | - | - | - | - |
| Other operating charges640/8 | €11,146 | €11,563 | €12,370 | €13,278 | €12,700 | ▼ 4.4% |
| Gross operating margin9900 | €1.2m | €1.4m | €1.4m | €1.1m | €797,544 | ▼ 26.0% |
| Operating profit (loss)9901 | €200,653 | -€366,910 | €419,852 | €33,985 | -€291,404 | ▼ 957% |
| Financial income75/76B | €37,179 | €39,525 | €33,532 | €35,710 | €28,888 | ▼ 19.1% |
| Recurring financial income75 | €37,179 | €39,525 | €33,532 | €35,710 | €28,888 | ▼ 19.1% |
| Financial charges65/66B | €19,588 | €21,330 | €6,076 | €1,775 | €8,970 | ▲ 405% |
| Recurring financial charges65 | €19,588 | €21,330 | €6,076 | €1,775 | €8,970 | ▲ 405% |
| Profit (loss) for the period before taxes9903 | €218,244 | -€348,715 | €447,309 | €67,921 | -€271,486 | ▼ 500% |
| Income taxes67/77 | €59,581 | €625 | €41,335 | €24,954 | €1,197 | ▼ 95.2% |
| Profit (loss) for the period9904 | €158,664 | -€349,340 | €405,973 | €42,967 | -€272,683 | ▼ 735% |
| Profit (loss) for the period to be appropriated9905 | €158,664 | -€349,340 | €405,973 | €42,967 | -€272,683 | ▼ 735% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.1m | €942,404 | €865,589 | €601,860 | ▼ 30.5% |
| Fixed assets21/28 | €854,871 | €41,104 | €57,396 | €71,019 | €83,380 | ▲ 17.4% |
| Intangible fixed assets21 | €3,765 | €1,471 | €170 | €0 | - | - |
| Tangible fixed assets22/27 | €847,360 | €39,508 | €57,226 | €31,767 | €44,128 | ▲ 38.9% |
| Plant, machinery and equipment23 | €8,420 | €6,131 | €9,962 | €12,325 | €8,927 | ▼ 27.6% |
| Furniture and vehicles24 | €26,549 | €17,805 | €12,560 | €12,685 | €11,646 | ▼ 8.2% |
| Leasing and similar rights25 | €774,928 | €0 | - | - | - | - |
| Other tangible fixed assets26 | €37,463 | €15,571 | €34,703 | €6,757 | €23,556 | ▲ 249% |
| Financial fixed assets28 | €3,745 | €125 | €0 | €39,252 | €39,252 | = |
| Current assets29/58 | €902,735 | €1.1m | €885,008 | €794,570 | €518,480 | ▼ 34.7% |
| Stocks and contracts in progress3 | €293,083 | €293,649 | €224,375 | €281,558 | €179,960 | ▼ 36.1% |
| Stocks30/36 | €293,083 | €293,649 | €224,375 | €281,558 | €179,960 | ▼ 36.1% |
| Amounts receivable within one year40/41 | €215,844 | €352,591 | €207,083 | €276,833 | €104,781 | ▼ 62.2% |
| Trade receivables40 | €193,186 | €277,378 | €193,007 | €248,340 | €103,742 | ▼ 58.2% |
| Other amounts receivable41 | €22,658 | €75,213 | €14,077 | €28,493 | €1,040 | ▼ 96.4% |
| Current investments50/53 | €7,832 | €0 | - | €2,058 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €384,150 | €453,115 | €451,585 | €202,736 | €212,744 | ▲ 4.9% |
| Deferred charges and accrued income490/1 | €1,827 | €3,595 | €1,964 | €31,384 | €20,995 | ▼ 33.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.1m | €942,404 | €865,589 | €601,860 | ▼ 30.5% |
| Equity10/15 | €830,468 | €281,128 | €287,101 | €287,101 | €14,419 | ▼ 95.0% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €805,468 | €256,128 | €262,101 | €262,101 | €262,101 | = |
| Non-distributable reserves130/1 | €2,500 | €2,500 | €0 | - | - | - |
| Reserves not available under the articles1311 | €2,500 | €2,500 | €0 | - | - | - |
| Distributable reserves133 | €802,968 | €253,628 | €262,101 | €262,101 | €262,101 | = |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | -€272,683 | - |
| Amounts payable17/49 | €927,138 | €862,927 | €655,302 | €578,487 | €587,442 | ▲ 1.5% |
| Amounts payable after more than one year17 | €116,267 | €728 | €0 | - | - | - |
| Financial debts170/4 | €116,267 | €728 | €0 | - | - | - |
| Amounts payable within one year42/48 | €805,372 | €862,199 | €655,302 | €578,487 | €587,442 | ▲ 1.5% |
| Current portion of amounts payable after more than one year42 | €134,416 | €147,160 | €728 | €58,500 | €0 | ▼ 100% |
| Financial debts43 | - | - | - | €138 | €152,915 | ▲ 110,564% |
| Credit institutions430/8 | - | - | - | €138 | €152,915 | ▲ 110,564% |
| Trade debts44 | €167,177 | €146,192 | €115,052 | €211,524 | €137,992 | ▼ 34.8% |
| Suppliers440/4 | €167,177 | €146,192 | €115,052 | €211,524 | €137,992 | ▼ 34.8% |
| Advances received on contracts in progress46 | €247,390 | €265,403 | €192,230 | €84,300 | €34,887 | ▼ 58.6% |
| Taxes, remuneration and social security45 | €106,389 | €103,444 | €147,292 | €115,958 | €182,512 | ▲ 57.4% |
| Taxes450/3 | €7,906 | €131 | €41,480 | €25,426 | €26,147 | ▲ 2.8% |
| Remuneration and social security454/9 | €98,483 | €103,313 | €105,812 | €90,533 | €156,365 | ▲ 72.7% |
| Other amounts payable47/48 | €150,000 | €200,000 | €200,000 | €108,067 | €79,136 | ▼ 26.8% |
| Accrued charges and deferred income492/3 | €5,499 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €158,664 | -€349,340 | €405,973 | €42,967 | -€272,683 | ▼ 735% |
| + Depreciation and write-downs630 | €90,044 | €810,147 | €17,989 | €41,727 | €13,861 | ▼ 66.8% |
| Operating cash flow (approximation) | €248,707 | €460,807 | €423,963 | €84,694 | -€258,822 | ▼ 406% |
| Investment in fixed assets (approximation) | - | €3,620 | -€34,282 | -€55,350 | -€26,222 | ▲ 52.6% |
| Change in cash | - | €68,965 | -€1,530 | -€248,848 | €10,008 | ▲ 104% |
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
Next filing, fiscal year 2026, expected by
2026
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
06-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €405,973
Net result €405,973 after one loss-making year.
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€349,340
Net result drops to -€349,340, the lowest in the series; recovery starts the following year.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €66,076
Net result €66,076 after one loss-making year.
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Wommelgem · 1 establishment unit since 1991
Ground area
3,421 m²
Building footprint
1,780 m²
Volume, LiDAR
13,676 m³
Parcel 11052D0043/00G002, Flanders · tallest building 8.6 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
ADR CONSTRUCT BVBA
since 19912.051.981.847
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11052D0043/00G002 | Flanders | 3,421 m² | 1 · 1,780 m² | 8.6 m · 3 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.
Structure & network
Owners and holdings
3 ownersChain of control
- Machaman
- ADR Construct
Highest known parent: Machaman. The sources do not say who stands above it.
Owners 3
- Machamanparent100%
-
50%
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 1,800 EUR awarded · 1,800 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 1,800 EUR | 1,800 EUR |
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RWF
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Of 20,025 companies in sector 43320 we hold annual accounts for 9,134. 5,471 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
Founded20-02-1991
Fiscal year end31-12
Activities, NACEBEL 2025
25120Manufacture of fabricated metal products, except machinery and equipment
43320Joinery installation
46831Wholesale of construction materials, general range
E-invoicing
Reachable via Peppol
Peppol ID
0208:0443354138
Also
9925:BE0443354138
Registered
22-03-2024
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.