ADRE (0865.394.606): financials and annual accounts

ADRE

Uccle ·KBO/BCE: BE 0865.394.606

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	143,406	132,880	143,374	162,888	245,335	242,035	235,476	250,447	254,582	191,972	158,372	278,681	278,489	235,525	209,094	177,219	161,506	158,726	138,241	169,973
Fixed assets`21/28`	73,301	78,534	88,136	100,125	112,115	118,683	124,987	149,302	171,261	125,219	140,941	153,828	172,407	18,134	32,869	60,232	87,246	114,426	105,350	120,247
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	16,257	32,515	48,772	65,029	81,287	97,544	113,801
Tangible fixed assets`22/27`	73,301	78,534	88,136	100,125	112,115	118,683	124,987	149,302	171,261	125,219	140,941	153,828	172,407	1,877	329	11,435	22,192	33,115	7,781	6,421
Land and buildings`22`	66,501	72,055	83,671	95,286	106,902	103,184	94,118	102,440	110,762	119,331	134,369	151,528	170,953	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	4,380	4,380	4,380	4,380	4,380	4,380	4,380	4,380	4,380	2,000	-	-	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	2,421	2,099	85	459	833	169	939	2,332	1,369	3,888	6,572	2,300	1,454	1,877	329	10,876	21,075	31,439	5,265	5,857
Other tangible fixed assets`26`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	558	1,117	1,675	2,516	564
Financial fixed assets`28`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25	25	25	25	25	25
Current assets`29/58`	70,105	54,345	55,238	62,762	133,220	123,352	110,489	101,145	83,321	66,753	17,431	124,853	106,082	217,391	176,225	116,987	74,260	44,300	32,891	49,726
Amounts receivable after more than one year`29`	-	-	30,231	43,970	-	111,143	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	30,231	43,970	-	111,143	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	29,341	19,751	17,322	9,209	126,347	-	101,641	93,983	65,887	37,961	12,819	115,956	93,111	216,925	175,241	114,141	67,967	31,638	21,898	32,157
Trade receivables`40`	-	-	-	-	-	-	-	-	407	-	11,389	11,000	5,686	15,245	-	-	-	-	-	-
Other amounts receivable`41`	29,341	19,751	17,322	9,209	126,347	-	101,641	93,983	65,480	37,961	1,430	104,956	87,425	201,680	175,241	114,141	67,967	31,638	21,898	32,157
Current investments`50/53`	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	39,710	33,867	6,969	8,921	6,055	9,456	-	4	-	15,680	4,126	-	-	-	-	-	-	545	-	-
Deferred charges and accrued income`490/1`	1,054	727	716	662	818	2,753	8,848	7,158	17,434	13,112	486	8,897	12,971	466	984	2,846	6,293	12,117	10,993	17,569
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	143,406	132,880	143,374	162,888	245,335	242,035	235,476	250,447	254,582	191,972	158,372	278,681	278,489	235,525	209,094	177,219	161,506	158,726	138,241	169,973
Equity`10/15`	114,334	94,133	69,630	87,378	101,841	201,515	182,981	169,830	128,854	114,391	69,717	210,633	198,503	188,662	174,828	107,986	53,043	28,495	23,454	21,540
Contributions`10/11`	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
Issued capital`100`	-	-	-	-	-	-	18,600	12,400	12,400	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	6,200	-	-	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Reserves`13`	101,934	81,733	56,773	74,521	88,984	133,658	115,124	101,973	60,997	46,534	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Non-distributable reserves`130/1`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Reserves not available under the articles`1311`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	100,074	79,873	54,913	72,661	87,124	131,798	113,264	100,113	59,137	44,674	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	-	-	457	457	457	55,457	55,457	55,457	55,457	55,457	55,457	196,373	184,243	174,402	160,568	93,726	38,783	14,235	9,194	7,280
Amounts payable`17/49`	29,072	38,746	73,744	75,509	143,494	40,520	52,495	80,617	125,728	77,581	88,655	68,048	79,986	46,863	34,266	69,233	108,463	130,231	114,787	148,433
Amounts payable after more than one year`17`	-	1,557	7,725	13,795	19,770	-	11,336	23,816	50,932	28,778	21,205	32,253	42,950	-	8,185	17,115	45,100	82,614	76,224	104,904
Financial debts`170/4`	-	1,557	7,725	13,795	19,770	-	11,336	23,816	50,932	28,778	21,205	32,253	42,950	-	8,185	17,115	45,100	82,614	76,224	104,904
Amounts payable within one year`42/48`	29,072	37,189	66,019	61,714	123,724	40,520	41,159	56,801	74,796	48,803	66,944	35,081	37,036	46,650	19,569	52,118	63,362	47,618	38,563	43,362
Current portion of amounts payable after more than one year`42`	1,557	11,361	9,856	8,475	7,145	12,593	18,984	39,866	51,570	26,112	16,948	16,602	16,270	14,008	10,501	34,517	37,513	37,513	28,680	35,371
Financial debts`43`	-	-	-	-	-	-	4,973	-	6,792	-	1,072	3,273	4,888	-	-	5,298	9,421	-	1,393	1,388
Credit institutions`430/8`	-	-	-	-	-	-	4,973	-	6,792	-	1,072	3,273	4,888	-	-	-	9,421	-	1,393	1,388
Other loans`439`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,298	-	-	-	-
Trade debts`44`	1,552	4,917	5,864	3,865	3,002	18,437	1,346	2,394	876	579	1,283	1,336	2,147	2,293	2,253	967	3,050	4,675	2,093	368
Suppliers`440/4`	1,552	4,917	5,864	3,865	3,002	18,437	1,346	2,394	876	579	1,283	1,336	2,147	2,293	2,253	967	3,050	4,675	2,093	368
Taxes, remuneration and social security`45`	6,596	6,902	8,490	5,474	9,490	9,490	15,856	14,541	15,558	22,112	47,641	13,870	12,423	22,654	-	11,336	13,378	5,429	6,397	6,235
Taxes`450/3`	6,596	6,902	6,490	5,474	9,490	9,490	15,856	14,541	15,558	22,112	47,641	11,370	12,423	22,654	-	9,344	13,378	5,429	6,397	6,235
Remuneration and social security`454/9`	-	-	2,000	-	-	-	-	-	-	-	-	2,500	-	-	-	1,992	-	-	-	-
Other amounts payable`47/48`	19,367	14,010	41,810	43,900	104,087	-	-	-	-	-	-	-	1,308	7,695	6,816	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	-	-	-	506	714	-	213	6,512	-	-	-	-	167
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	385
Gross operating margin`9900`	78,506	75,276	50,949	54,423	36,628	52,699	38,866	82,307	61,979	90,605	44,830	32,587	45,331	63,716	102,357	97,983	73,385	44,790	30,415	46,641
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	13,453	11,936	11,990	11,990	22,818	23,947	24,315	24,775	31,618	17,722	19,842	20,715	43,041	17,362	27,363	28,002	28,280	29,424	20,007	20,256
Other operating charges`640/8`	2,592	2,453	2,370	2,404	3,604	845	2,143	1,820	7,287	1,981	1,844	1,857	1,223	950	437	89	199	-	-	353
Operating charges capitalised as restructuring costs`649`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-
Operating profit (loss)`9901`	62,460	60,886	36,589	40,029	10,206	27,907	12,408	55,712	23,074	70,902	23,144	10,015	1,067	45,404	74,558	69,892	44,906	15,367	10,408	26,031
Financial income`75/76B`	-	-	-	-	-	2,550	8,576	6,874	4,290	1,759	7,589	8,296	12,599	17,092	-	-	-	0	-	0
Recurring financial income`75`	-	-	-	-	-	2,550	8,576	6,874	4,290	1,759	7,589	8,296	12,599	17,092	-	-	-	0	-	0
Financial charges`65/66B`	1,297	1,488	1,512	1,523	2,077	1,663	310	3,069	2,185	1,875	2,315	2,625	1,590	2,050	2,716	4,950	7,008	6,377	7,093	8,886
Recurring financial charges`65`	1,297	1,488	1,512	1,523	2,077	1,663	310	3,069	2,185	1,875	2,315	2,625	1,590	2,050	2,716	4,950	7,008	6,377	7,093	8,886
Profit (loss) for the period before taxes`9903`	61,164	59,399	35,077	38,506	8,130	28,794	20,674	59,517	25,179	70,786	28,418	15,686	12,076	60,446	71,842	64,942	37,898	8,990	3,315	17,530
Income taxes`67/77`	21,596	20,886	11,016	9,068	3,717	10,260	7,523	18,541	10,716	26,112	9,524	3,556	2,237	46,612	5,000	10,000	13,350	3,949	1,914	4,996
Profit (loss) for the period`9904`	39,567	38,513	24,061	29,438	4,413	18,534	13,151	40,976	14,463	44,674	18,894	12,130	9,839	13,834	66,842	54,942	24,548	5,041	1,401	12,534
Profit (loss) for the period to be appropriated`9905`	39,567	38,513	24,061	29,438	4,413	18,534	13,151	40,976	14,463	44,674	18,894	12,130	9,839	13,834	66,842	54,942	24,548	5,041	1,401	12,534
Appropriation of the result
Profit (loss) to be appropriated`9906`	39,567	38,970	24,518	29,895	59,870	73,991	68,608	96,433	69,920	100,131	215,267	196,373	184,243	174,402	160,568	93,726	38,783	14,235	8,681	9,140
Profit (loss) brought forward from the previous period`14P`	-	457	457	457	55,457	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	18,534	13,151	40,977	14,463	44,674	-	-	-	-	-	-	-	-	-	-	-	-	-	513	-
Transfer to equity`691/2`	38,734	38,111	23,228	-	-	18,534	13,151	40,976	14,463	44,674	-	-	-	-	-	-	-	-	-	1,860
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,860
To other reserves`6921`	38,734	38,111	23,228	-	-	18,534	13,151	40,976	14,463	44,674	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	19,367	14,010	41,810	43,900	104,087	-	-	-	-	-	159,810	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	19,367	14,010	41,810	43,900	104,087	-	-	-	-	-	159,810	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	14-07-2026	2026-00296587	PDF
31-12-2024	micro format	01-07-2025	2025-00219603	PDF
31-12-2023	micro format	17-07-2024	2024-00258504	PDF
31-12-2022	micro format	06-07-2023	2023-00215367	PDF
31-12-2021	micro format	12-08-2022	2022-20292221	PDF
31-12-2020	micro format	17-08-2021	2021-49400223	PDF
31-12-2019	micro format	18-08-2020	2020-41900455	PDF
31-12-2018	micro format	09-08-2019	2019-45100339	PDF
31-12-2017	micro format	02-08-2018	2018-42500247	PDF
31-12-2016	full format	31-08-2017	2017-56100090	PDF
31-12-2015	full format	28-07-2016	2016-36600334	PDF
31-12-2014	full format	20-08-2015	2015-44100437	PDF
31-12-2013	full format	22-08-2014	2014-47200497	PDF
31-12-2012	full format	23-08-2013	2013-50800366	PDF
31-12-2011	full format	26-07-2012	2012-34600087	PDF
31-12-2010	full format	23-12-2011	2011-65100576	PDF
31-12-2009	full format	31-08-2010	2010-53000220	PDF
31-12-2008	full format	29-08-2009	2009-69700228	PDF
31-12-2007	full format	30-08-2008	2008-67400167	PDF
31-12-2006	full format	27-08-2007	2007-59500151	PDF
31-12-2005	full format	22-08-2006	2006-64600126	PDF
31-12-2004	full format	28-09-2005	2005-73004984	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	75,914	72,823	48,579	52,019	33,024	51,854	36,723	80,487	54,692	88,624	42,986	30,730	44,108	62,766	101,920	97,894	73,186	44,790	30,415	46,287
Cash flow	53,020	50,450	36,051	41,427	27,231	42,481	37,466	65,751	46,081	62,396	38,736	32,845	52,880	31,196	94,205	82,944	52,829	34,465	21,408	32,790
Investment in fixed assets (approximation)	8,220	2,335	0	0	16,249	17,644	0	2,816	77,659	2,000	6,955	2,136	195,673	2,652	0	988	1,100	38,500	5,110	4,197
Change in cash	5,843	26,898	-1,952	2,866	-3,401	-	-	-	-	11,554	-	-	-	-	-	-	-	-	-	-
Working capital	41,033	17,156	-10,781	1,048	9,496	82,832	69,330	44,344	8,525	17,950	-49,513	89,772	69,046	170,741	156,656	64,869	10,898	-3,318	-5,672	6,364
Solvency	79.7%	70.8%	48.6%	53.6%	41.5%	83.3%	77.7%	67.8%	50.6%	59.6%	44.0%	75.6%	71.3%	80.1%	83.6%	60.9%	32.8%	18.0%	17.0%	12.7%
Current ratio	2.41	1.46	0.84	1.02	1.08	3.04	2.68	1.78	1.11	1.37	0.26	3.56	2.86	4.66	9.01	2.24	1.17	0.93	0.85	1.15
Debt to equity	0.25	0.41	1.06	0.86	1.41	0.20	0.29	0.47	0.98	0.68	1.27	0.32	0.40	0.25	0.20	0.64	2.04	4.57	4.89	6.89
ROE	34.6%	40.9%	34.6%	33.7%	4.3%	9.2%	7.2%	24.1%	11.2%	39.1%	27.1%	5.8%	5.0%	7.3%	38.2%	50.9%	46.3%	17.7%	6.0%	58.2%
ROA	27.6%	29.0%	16.8%	18.1%	1.8%	7.7%	5.6%	16.4%	5.7%	23.3%	11.9%	4.4%	3.5%	5.9%	32.0%	31.0%	15.2%	3.2%	1.0%	7.4%
Interest coverage	58.54	48.96	32.13	34.16	15.90	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€8,220	€2,335	-	-	€16,249
Depreciation and write-downs of the year	€13,453	€11,936	€11,990	€11,990	€22,818

ADRE

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on ADRE

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