ADRIVE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00030302.
Annual accounts 2025 filed on 03-02-2026 PDF all 5 filings
Turnover
≈ €540,000
Estimated: probably between €440,000 and €750,000
Total assets
€734,163▲ 33.1%
2024 · €551,464
Net result
€189,715▼ 24.3%
2024 · €250,755
Working capital
€641,900▲ 49.8%
2024 · €428,574
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€327,564
▲ 1.9%
2025
20212025
Net result
€189,715
▼ 24.3%
2025
highest quarter of the sector
20212025
Equity
€695,633
▲ 37.5%
2025
highest quarter of the sector
20212025
Total assets
€734,163
▲ 33.1%
2025
highest quarter of the sector
20212025
Debt
€38,530
▼ 15.4%
2025
20212025
Working capital
€641,900
▲ 49.8%
2025
highest quarter of the sector
20212025
Solvency
94.8%
▲ 3.0pp
2025
highest quarter of the sector
20212025
Current ratio
17.66
▲ 7.25
2025
highest quarter of the sector
20212025
Return on assets (ROA)
25.8%
▼ 19.6pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€202,481-€188,817▼ 6.7%€306,644▲ 62.4%€321,315▲ 4.8%€327,564▲ 1.9%
Net result€151,547above the sector's middle half-€144,385above the sector's middle half▼ 4.7%€230,701above the sector's middle half▲ 59.8%€250,755above the sector's middle half▲ 8.7%€189,715above the sector's middle half▼ 24.3%
Equity€156,547within the sector's middle half-€300,932above the sector's middle half▲ 92.2%€531,633above the sector's middle half▲ 76.7%€505,918above the sector's middle half▼ 4.8%€695,633above the sector's middle half▲ 37.5%
Total assets€231,615within the sector's middle half-€395,906within the sector's middle half▲ 70.9%€613,892above the sector's middle half▲ 55.1%€551,464above the sector's middle half▼ 10.2%€734,163above the sector's middle half▲ 33.1%
Debt€75,068-€94,974▲ 26.5%€82,259▼ 13.4%€45,546▼ 44.6%€38,530▼ 15.4%
Working capital€141,109above the sector's middle half-€219,737above the sector's middle half▲ 55.7%€458,384above the sector's middle half▲ 109%€428,574above the sector's middle half▼ 6.5%€641,900above the sector's middle half▲ 49.8%
Solvency67.6%within the sector's middle half-76.0%above the sector's middle half▲ 8.4pp86.6%above the sector's middle half▲ 10.6pp91.7%above the sector's middle half▲ 5.1pp94.8%above the sector's middle half▲ 3.0pp
Current ratio3.84within the sector's middle half-3.69within the sector's middle half▼ 0.156.64above the sector's middle half▲ 2.9610.41above the sector's middle half▲ 3.7717.66above the sector's middle half▲ 7.25
Return on assets (ROA)65.4%above the sector's middle half-36.5%above the sector's middle half▼ 29.0pp37.6%above the sector's middle half▲ 1.1pp45.5%above the sector's middle half▲ 7.9pp25.8%within the sector's middle half▼ 19.6pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €734,163
Fixed assets
€53,733 ▼ 30.5%
Current assets
€680,430 ▲ 43.5%
Equity and liabilities €734,163
Equity
€695,633 ▲ 37.5%
Debt
€38,530 ▼ 15.4%
Debt's share of the balance-sheet total falls from 8.3% to 5.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€356,551▲
2024 · €345,544
Cash flow
€218,701▼
2024 · €274,985
Debt to equity
0.06▼
2024 · 0.09
ROE
27.3%▼
2024 · 49.6%
Interest coverage
5.14▼
2024 · over 100
Debt ≤ 1 year
€38,530▼
2024 · €45,546
Income taxes
€83,271▲
2024 · €76,493
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €127,202 | €3,606 | €27,311 | €5,376 |
| Depreciation and write-downs of the year | €12,211 | €23,708 | €24,230 | €28,986 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €599 awarded · €599 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,126 | €12,211 | €23,708 | €24,230 | €28,986 | ▲ 19.6% |
| Other operating charges640/8 | - | €1,450 | €975 | €1,497 | €1,540 | ▲ 2.9% |
| Gross operating margin9900 | €204,758 | €202,478 | €331,326 | €347,041 | €358,091 | ▲ 3.2% |
| Operating profit (loss)9901 | €202,481 | €188,817 | €306,644 | €321,315 | €327,564 | ▲ 1.9% |
| Financial income75/76B | - | €172 | €184 | €6,033 | €14,748 | ▲ 144% |
| Recurring financial income75 | €0 | €172 | €184 | €6,033 | €14,748 | ▲ 144% |
| Financial charges65/66B | - | €136 | €209 | €99 | €69,326 | ▲ 698× |
| Recurring financial charges65 | - | €136 | €209 | €99 | €69,326 | ▲ 698× |
| Profit (loss) for the period before taxes9903 | €202,481 | €188,853 | €306,618 | €327,248 | €272,986 | ▼ 16.6% |
| Income taxes67/77 | €50,934 | €44,469 | €75,917 | €76,493 | €83,271 | ▲ 8.9% |
| Profit (loss) for the period9904 | €151,547 | €144,385 | €230,701 | €250,755 | €189,715 | ▼ 24.3% |
| Profit (loss) for the period to be appropriated9905 | €151,547 | €144,385 | €230,701 | €250,755 | €189,715 | ▼ 24.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €231,615 | €395,906 | €613,892 | €551,464 | €734,163 | ▲ 33.1% |
| Fixed assets21/28 | €40,763 | €94,363 | €74,262 | €77,343 | €53,733 | ▼ 30.5% |
| Tangible fixed assets22/27 | €40,763 | €94,363 | €74,262 | €77,343 | €53,733 | ▼ 30.5% |
| Furniture and vehicles24 | - | €91,808 | €72,232 | €55,194 | €32,931 | ▼ 40.3% |
| Other tangible fixed assets26 | - | €2,556 | €2,030 | €22,150 | €20,802 | ▼ 6.1% |
| Current assets29/58 | €190,852 | €301,542 | €539,630 | €474,120 | €680,430 | ▲ 43.5% |
| Amounts receivable within one year40/41 | €19,347 | €46,306 | €45,137 | €45,442 | €60,911 | ▲ 34.0% |
| Trade receivables40 | - | €45,806 | €45,137 | €45,442 | €60,911 | ▲ 34.0% |
| Other amounts receivable41 | - | €500 | €0 | - | - | - |
| Current investments50/53 | €8,713 | €21,913 | €227,742 | €229,742 | €284,868 | ▲ 24.0% |
| Cash at bank and in hand54/58 | €161,368 | €233,324 | €265,031 | €195,891 | €331,086 | ▲ 69.0% |
| Deferred charges and accrued income490/1 | - | €0 | €1,720 | €3,046 | €3,565 | ▲ 17.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €231,615 | €395,906 | €613,892 | €551,464 | €734,163 | ▲ 33.1% |
| Equity10/15 | €156,547 | €300,932 | €531,633 | €505,918 | €695,633 | ▲ 37.5% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €150,000 | €295,000 | €525,000 | €498,529 | €690,000 | ▲ 38.4% |
| Distributable reserves133 | - | €295,000 | €525,000 | €498,529 | €690,000 | ▲ 38.4% |
| Profit (loss) carried forward14 | €1,547 | €932 | €1,633 | €2,388 | €633 | ▼ 73.5% |
| Amounts payable17/49 | €75,068 | €94,974 | €82,259 | €45,546 | €38,530 | ▼ 15.4% |
| Amounts payable after more than one year17 | €25,324 | €13,169 | €1,013 | €0 | - | - |
| Financial debts170/4 | - | €13,169 | €1,013 | €0 | - | - |
| Amounts payable within one year42/48 | €49,743 | €81,805 | €81,246 | €45,546 | €38,530 | ▼ 15.4% |
| Current portion of amounts payable after more than one year42 | - | €12,156 | €12,156 | €1,013 | €0 | ▼ 100% |
| Trade debts44 | €2,454 | €4,734 | €4,851 | €7,473 | €4,558 | ▼ 39.0% |
| Suppliers440/4 | - | €4,734 | €4,851 | €7,473 | €4,558 | ▼ 39.0% |
| Advances received on contracts in progress46 | - | - | - | - | €375 | - |
| Taxes, remuneration and social security45 | - | €64,916 | €64,240 | €37,060 | €33,597 | ▼ 9.3% |
| Taxes450/3 | - | €55,516 | €64,240 | €37,060 | €33,597 | ▼ 9.3% |
| Remuneration and social security454/9 | - | €9,400 | €0 | - | - | - |
| Other amounts payable47/48 | - | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €151,547 | €144,385 | €230,701 | €250,755 | €189,715 | ▼ 24.3% |
| + Depreciation and write-downs630 | €2,126 | €12,211 | €23,708 | €24,230 | €28,986 | ▲ 19.6% |
| Operating cash flow (approximation) | €153,674 | €156,595 | €254,409 | €274,985 | €218,701 | ▼ 20.5% |
| Investment in fixed assets (approximation) | - | -€65,811 | -€3,606 | -€27,311 | -€5,376 | ▲ 80.3% |
| Change in cash | - | €71,956 | €31,707 | -€69,140 | €135,195 | - |
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, 6,782 companies had the same profile as ADRIVE has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of ADRIVE 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 6,782 companies, not a prediction for ADRIVE. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 03-02-2026 | 2026-00030302 | |
| 30-06-2024 | micro format | 03-06-2025 | 2025-00129518 | |
| 30-06-2023 | micro format | 08-01-2024 | 2024-00002159 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00015998 | |
| 30-06-2021 | micro format | 04-01-2022 | 2022-00200568 |