ADRO
ActiveSummary
ADRO has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €56,763 and a net result of -€8,453. Equity is growing by ~27.6% per year across the filed fiscal years. Its solvency ranks better than 86% of 28051 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability54▼-32
Solvency100▲+4
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity tight (current ratio 1.46 against 1.2 in 2024; short-term debt: 18.2% and cash: 10.5% of total assets), and 18.2% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
+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 →
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
81.8%
Return on assets
-12.2%
Age of the figures
15 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 11-02-2026, 11 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 · 8 filingsDeviation from the deadline
2025
11 d late
2024
on the day
2023
9 d late
2022
25 d early
2021
28 d early
2020
31 d early
2019
28 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 13 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 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close26-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€56,763▼ 13.0%
2024 · €65,216
Total assets
€69,393▼ 24.9%
2024 · €92,378
Net result
-€8,453
2024 · €12,991
Working capital
€5,761▲ 4.3%
2024 · €5,521
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€19,876▲ 1,090%€20,779▲ 4.5%€16,893▼ 18.7%€21,206▲ 25.5%-€8,324
Net result€13,536▲ 1,268%€13,075▼ 3.4%€10,173▼ 22.2%€12,991▲ 27.7%-€8,453
Equity€31,377▲ 75.9%€43,652▲ 39.1%€53,025▲ 21.5%€65,216▲ 23.0%€56,763▼ 13.0%
Total assets€107,357▲ 87.5%€135,252▲ 26.0%€132,834▼ 1.8%€92,378▼ 30.5%€69,393▼ 24.9%
Debt€75,980▲ 92.8%€91,600▲ 20.6%€79,809▼ 12.9%€27,162▼ 66.0%€12,630▼ 53.5%
Working capital€16,169€39,810▲ 146%€45,854▲ 15.2%€5,521▼ 88.0%€5,761▲ 4.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €8,324 after €21,206 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €69,393
Fixed assets
€51,003 ▼ 14.6%
Current assets
€18,391 ▼ 43.7%
Equity and liabilities €69,393
Equity
€56,763 ▼ 13.0%
Debt
€12,630 ▼ 53.5%
Debt's share of the balance-sheet total falls from 29.4% to 18.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€7,269▼
2024 · €26,411
Cash flow
€7,140▼
2024 · €18,197
Current ratio
1.46▲
2024 · 1.20
Debt to equity
0.22▼
2024 · 0.42
ROE
-14.9%▼
2024 · 19.9%
ROA
-12.2%▼
2024 · 14.1%
Interest coverage
55.77▲
2024 · 8.45
Debt ≤ 1 year
€12,630▼
2024 · €27,162
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,116 | €11,366 | €2,879 | €5,206 | €15,593 | ▲ 200% |
| Other operating charges640/8 | - | €338 | €367 | €1,819 | €400 | ▼ 78.0% |
| Gross operating margin9900 | €32,325 | €32,483 | €20,139 | €28,230 | €7,670 | ▼ 72.8% |
| Operating profit (loss)9901 | €19,876 | €20,779 | €16,893 | €21,206 | -€8,324 | ▼ 139% |
| Financial income75/76B | - | - | €4 | €3 | €1 | ▼ 71.9% |
| Recurring financial income75 | - | - | €4 | €3 | €1 | ▼ 71.9% |
| Financial charges65/66B | - | €1,315 | €2,258 | €3,126 | €130 | ▼ 95.8% |
| Recurring financial charges65 | €754 | €1,315 | €2,258 | €3,126 | €130 | ▼ 95.8% |
| Profit (loss) for the period before taxes9903 | €19,121 | €19,464 | €14,639 | €18,083 | -€8,453 | ▼ 147% |
| Income taxes67/77 | €5,585 | €6,389 | €4,466 | €5,092 | - | - |
| Profit (loss) for the period9904 | €13,536 | €13,075 | €10,173 | €12,991 | -€8,453 | ▼ 165% |
| Profit (loss) for the period to be appropriated9905 | €13,536 | €13,075 | €10,173 | €12,991 | -€8,453 | ▼ 165% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €107,357 | €135,252 | €132,834 | €92,378 | €69,393 | ▼ 24.9% |
| Fixed assets21/28 | €15,208 | €3,842 | €7,171 | €59,696 | €51,003 | ▼ 14.6% |
| Tangible fixed assets22/27 | €15,208 | €3,842 | €7,171 | €59,696 | €51,003 | ▼ 14.6% |
| Plant, machinery and equipment23 | - | €3,842 | €7,171 | €59,696 | €51,003 | ▼ 14.6% |
| Current assets29/58 | €92,149 | €131,410 | €125,663 | €32,683 | €18,391 | ▼ 43.7% |
| Amounts receivable within one year40/41 | €17,012 | €49,850 | €29,063 | €13,583 | €11,077 | ▼ 18.5% |
| Trade receivables40 | - | €49,517 | €28,410 | €2,685 | €5,608 | ▲ 109% |
| Other amounts receivable41 | - | €333 | €653 | €10,897 | €5,469 | ▼ 49.8% |
| Cash at bank and in hand54/58 | €75,137 | €81,560 | €96,600 | €19,100 | €7,314 | ▼ 61.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €107,357 | €135,252 | €132,834 | €92,378 | €69,393 | ▼ 24.9% |
| Equity10/15 | €31,377 | €43,652 | €53,025 | €65,216 | €56,763 | ▼ 13.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €12,777 | €25,052 | €34,425 | €46,616 | €46,616 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €23,192 | €32,565 | €44,756 | €44,756 | = |
| Profit (loss) carried forward14 | -€1,749 | - | - | - | -€8,453 | - |
| Amounts payable17/49 | €75,980 | €91,600 | €79,809 | €27,162 | €12,630 | ▼ 53.5% |
| Amounts payable within one year42/48 | €75,980 | €91,600 | €79,809 | €27,162 | €12,630 | ▼ 53.5% |
| Trade debts44 | €2,922 | €8,383 | €819 | €3,771 | €1,707 | ▼ 54.7% |
| Suppliers440/4 | - | €8,383 | €819 | €3,771 | €1,707 | ▼ 54.7% |
| Taxes, remuneration and social security45 | - | €11,834 | €3,468 | €6,224 | €492 | ▼ 92.1% |
| Taxes450/3 | - | €11,834 | €3,468 | €6,224 | €492 | ▼ 92.1% |
| Other amounts payable47/48 | - | €71,383 | €75,522 | €17,167 | €10,432 | ▼ 39.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,536 | €13,075 | €10,173 | €12,991 | -€8,453 | ▼ 165% |
| + Depreciation and write-downs630 | €12,116 | €11,366 | €2,879 | €5,206 | €15,593 | ▲ 200% |
| Operating cash flow (approximation) | €25,652 | €24,441 | €13,052 | €18,197 | €7,140 | ▼ 60.8% |
| Investment in fixed assets (approximation) | - | €0 | -€6,208 | -€57,730 | -€6,900 | ▲ 88.0% |
| Change in cash | - | €6,423 | €15,040 | -€77,500 | -€11,786 | ▲ 84.8% |
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
11-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
2025
30-06
Financial
Weakest financial yearnet -€8,453
Net result drops to -€8,453, the lowest in the series.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
09-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 9 days late
2023
06-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
03-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Highest result since 2019net €13,536 ▲1,268%
Net result €13,536, the highest in the series.
2020
31-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
03-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
08-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
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, Maldegem · 1 establishment unit since 2017
Ground area
718 m²
Building footprint
84 m²
Volume, LiDAR
580 m³
Parcel 43010A0156/00H000, Flanders · tallest building 11.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
ADRO
since 20172.265.717.684
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43010A0156/00H000 | Flanders | 718 m² | 1 · 84 m² | 10.9 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.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 386 EUR awarded · 386 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 386 EUR | 386 EUR |
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,231. 2,542 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
Founded12-06-2017
Fiscal year end30-06
Activities, NACEBEL 2025
43120Site preparation
43211General electrical installation work
Scores and ratios are computed by Checked and are not a credit decision.