ADRATIO
ActiveSummary
ADRATIO has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €212,761 and a net result of €3,940. Equity remains stable across the filed fiscal years (±1.6% per year). Its solvency ranks better than 95% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71=
Solvency100=
Growth64=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17,000 at 30 days acceptable
short-term debt: 0.2% and cash: 0.5% of total assets, and 0.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers 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 →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
99.5%
Return on assets
1.8%
Age of the figures
9 mo
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
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 19-05-2026, 73 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
73 d early
2024
52 d early
2023
94 d early
2022
77 d early
2021
74 d early
2020
52 d early
2019
81 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 72 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 18 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€29,150▲ 16.4%
2021 · €25,050
EBIT margin
-3.4%▲ 13.2pp
2021 · -16.6%
Net result
€3,940▲ 3.7%
2024 · €3,798
Working capital
€107,321▲ 35.0%
2024 · €79,505
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€25,050€29,150▲ 16.4%
Operating result-€4,155-€998▲ 76.0%-€2,197▼ 120%€3,374€2,512▼ 25.5%
Net result-€5,561within the sector's middle half-€1,965within the sector's middle half▲ 64.7%-€2,305within the sector's middle half▼ 17.3%€3,798within the sector's middle half€3,940within the sector's middle half▲ 3.7%
EBIT margin-16.6%-3.4%▲ 13.2pp
Equity€210,627within the sector's middle half▼ 3.2%€207,329within the sector's middle half▼ 1.6%€205,023within the sector's middle half▼ 1.1%€208,821within the sector's middle half▲ 1.9%€212,761within the sector's middle half▲ 1.9%
Total assets€224,118within the sector's middle half▼ 23.2%€215,311within the sector's middle half▼ 3.9%€210,047within the sector's middle half▼ 2.4%€211,181within the sector's middle half▲ 0.5%€213,854within the sector's middle half▲ 1.3%
Debt€13,491▼ 81.8%€7,983▼ 40.8%€5,024▼ 37.1%€2,359▼ 53.0%€1,093▼ 53.7%
Working capital€15,036within the sector's middle half▼ 76.1%€33,592within the sector's middle half▲ 123%€53,881within the sector's middle half▲ 60.4%€79,505within the sector's middle half▲ 47.6%€107,321within the sector's middle half▲ 35.0%
Solvency94.0%above the sector's middle half▲ 19.4pp96.3%above the sector's middle half▲ 2.3pp97.6%above the sector's middle half▲ 1.3pp98.9%above the sector's middle half▲ 1.3pp99.5%above the sector's middle half▲ 0.6pp
Current ratio2.35within the sector's middle half▼ 2.635.71above the sector's middle half▲ 3.3616.08above the sector's middle half▲ 10.3734.70above the sector's middle half▲ 18.62
Return on assets (ROA)-2.5%below the sector's middle half▼ 11.7pp-0.9%within the sector's middle half▲ 1.6pp-1.1%within the sector's middle half▼ 0.2pp1.8%within the sector's middle half▲ 2.9pp1.8%within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
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 2025; 2025 is 26% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €213,854
Fixed assets
€106,040 ▼ 18.0%
Current assets
€107,814 ▲ 31.7%
Equity and liabilities €213,854
Equity
€212,761 ▲ 1.9%
Debt
€1,093 ▼ 53.7%
Debt's share of the balance-sheet total falls from 1.1% to 0.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,788▼
2024 · €26,650
Cash flow
€27,216▲
2024 · €27,074
Debt to equity
0.01▼
2024 · 0.01
ROE
1.9%▲
2024 · 1.8%
Interest coverage
139.28▲
2024 · 136.32
Debt ≤ 1 year
€493▼
2024 · €2,359
A ratio outside any meaningful range has been withheld (balance sheet total €213,854, equity €212,761).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.8%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 10,905 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €25,050 | €29,150 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €4,010 | €3,892 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,472 | €23,380 | €23,400 | €23,276 | €23,276 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3,158 | - | - |
| Other operating charges640/8 | €2,723 | €2,876 | €3,046 | - | €3,257 | - |
| Non-recurring operating charges66A | - | - | - | - | €0 | - |
| Gross operating margin9900 | €21,040 | €25,258 | €24,249 | €29,807 | €29,045 | ▼ 2.6% |
| Operating profit (loss)9901 | -€4,155 | -€998 | -€2,197 | €3,374 | €2,512 | ▼ 25.5% |
| Financial income75/76B | €168 | - | €118 | €1,185 | €1,613 | ▲ 36.1% |
| Recurring financial income75 | €109 | - | €118 | €1,185 | €1,605 | ▲ 35.4% |
| Non-recurring financial income76B | €59 | - | - | - | €8 | - |
| Financial charges65/66B | €1,574 | €225 | €191 | €195 | €185 | ▼ 5.3% |
| Recurring financial charges65 | €1,574 | €225 | €191 | €195 | €185 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | -€5,561 | -€1,223 | -€2,270 | €4,364 | €3,940 | ▼ 9.7% |
| Income taxes67/77 | - | €742 | €35 | €565 | - | - |
| Profit (loss) for the period9904 | -€5,561 | -€1,965 | -€2,305 | €3,798 | €3,940 | ▲ 3.7% |
| Profit (loss) for the period to be appropriated9905 | -€5,561 | -€1,965 | -€2,305 | €3,798 | €3,940 | ▲ 3.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €224,118 | €215,311 | €210,047 | €211,181 | €213,854 | ▲ 1.3% |
| Fixed assets21/28 | €197,966 | €174,586 | €152,592 | €129,316 | €106,040 | ▼ 18.0% |
| Tangible fixed assets22/27 | €197,966 | €174,586 | €152,592 | €129,316 | €106,040 | ▼ 18.0% |
| Land and buildings22 | €180,532 | €159,869 | €139,205 | €118,542 | €97,878 | ▼ 17.4% |
| Plant, machinery and equipment23 | €17,106 | €14,554 | €13,387 | €10,774 | €8,162 | ▼ 24.2% |
| Furniture and vehicles24 | €328 | €164 | - | - | - | - |
| Current assets29/58 | €26,152 | €40,725 | €57,455 | €81,865 | €107,814 | ▲ 31.7% |
| Amounts receivable within one year40/41 | €8,274 | €9,347 | €8,893 | €7,579 | €6,774 | ▼ 10.6% |
| Other amounts receivable41 | €8,274 | €9,347 | €8,893 | €7,579 | €6,774 | ▼ 10.6% |
| Current investments50/53 | €11,055 | €27,055 | €45,028 | €73,503 | €100,022 | ▲ 36.1% |
| Cash at bank and in hand54/58 | €6,822 | €4,323 | €3,534 | €782 | €1,017 | ▲ 30.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €224,118 | €215,311 | €210,047 | €211,181 | €213,854 | ▲ 1.3% |
| Equity10/15 | €210,627 | €207,329 | €205,023 | €208,821 | €212,761 | ▲ 1.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €197,588 | €196,255 | €196,255 | €196,255 | €196,255 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €195,728 | €194,395 | €194,395 | €194,395 | €194,395 | = |
| Profit (loss) carried forward14 | -€5,561 | -€7,527 | -€9,832 | -€6,034 | -€2,094 | ▲ 65.3% |
| Amounts payable17/49 | €13,491 | €7,983 | €5,024 | €2,359 | €1,093 | ▼ 53.7% |
| Amounts payable after more than one year17 | €1,725 | - | - | - | - | - |
| Financial debts170/4 | €1,725 | - | - | - | - | - |
| Amounts payable within one year42/48 | €11,116 | €7,133 | €3,574 | €2,359 | €493 | ▼ 79.1% |
| Current portion of amounts payable after more than one year42 | €5,109 | €1,725 | - | - | - | - |
| Trade debts44 | €393 | €373 | €661 | €295 | €111 | ▼ 62.3% |
| Suppliers440/4 | €393 | €373 | €661 | €295 | €111 | ▼ 62.3% |
| Other amounts payable47/48 | €5,614 | €5,035 | €2,913 | €2,064 | €381 | ▼ 81.5% |
| Accrued charges and deferred income492/3 | €650 | €850 | €1,450 | - | €600 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,561 | -€1,965 | -€2,305 | €3,798 | €3,940 | ▲ 3.7% |
| + Depreciation and write-downs630 | €22,472 | €23,380 | €23,400 | €23,276 | €23,276 | = |
| Operating cash flow (approximation) | €16,911 | €21,414 | €21,095 | €27,074 | €27,216 | ▲ 0.5% |
| Investment in fixed assets (approximation) | - | €0 | -€1,406 | €0 | €0 | ▼ 100% |
| Change in cash | - | -€2,499 | -€789 | -€2,752 | €235 | ▲ 109% |
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
19-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Liquidity times 6current ratio 218.79
Current ratio from 34.70 to 218.79; short-term debt falls from €2,359 to €493.
09-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €3,798
Net result €3,798 after 3 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 34.70
Current ratio from 16.08 to 34.70; short-term debt falls from €3,574 to €2,359.
28-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity triplescurrent ratio 16.08
Current ratio from 5.71 to 16.08; short-term debt falls from €7,133 to €3,574.
15-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity doublescurrent ratio 5.71
Current ratio from 2.35 to 5.71; short-term debt falls from €11,116 to €7,133.
18-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet -€5,561
Net result drops to -€5,561, the lowest in the series; recovery starts the following year.
09-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Show earlier events
2020
31-12
Financial
Highest result since 2018net €26,868 ▲7.9%
Operating result €38,072, net result €26,868, both a record.
31-12
Financial
Equity above €200,000Eq €217,543 ▲13.3%
3 profitable years in a row build equity to €217,543.
11-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
06-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-05
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 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Grimbergen · 1 establishment unit since 2008
Ground area
697 m²
Building footprint
132 m²
Volume, LiDAR
729 m³
Parcel 23402E0401/00A004, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
AdRatio, afgekort @ratio
since 20082.168.942.764
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23402E0401/00A004 | Flanders | 697 m² | 1 · 132 m² | 8.8 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.
Recognitions · licences · registrations
Legal Entity Identifier
875500VMBPB37ATIBJ42
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Of 9,145 companies in sector 68201 we hold annual accounts for 6,776. 4,849 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
Founded25-02-2008
Fiscal year end31-12
Abbreviation NL
@Ratio
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68110Buying and selling of own real estate
E-invoicing
Reachable via Peppol
Peppol ID
0208:0895965046
Also
9925:BE0895965046
Registered
30-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.