Adseco
ActiveSummary
Adseco has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.0m and a net result of €206,344. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 83% of 8113 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability91▼-2
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85,000 at 30 days acceptable
Liquidity ample (current ratio 5.36 against 1.91 in 2023; short-term debt: 6% and cash: 6.6% of total assets), and 12.3% 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○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
87.7%
Return on assets
17.5%
Age of the figures
21 mo
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €1.0m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 07-07-2025, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
24 d early
2023
56 d early
2022
27 d early
2021
48 d early
2020
30 d early
2019
20 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 34 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€1.0m▲ 24.7%
2023 · €827,271
Total assets
€1.2m▲ 12.1%
2023 · €1.1m
Net result
€206,344▲ 3.2%
2023 · €199,988
Working capital
€309,898▲ 198%
2023 · €104,096
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
Line20202021202220232024
Operating result€16,826▼ 30.8%€62,185▲ 270%€324,147▲ 421%€155,710▼ 52.0%€162,102▲ 4.1%
Net result€2,726within the sector's middle half▼ 59.7%€41,623within the sector's middle half▲ 1,427%€325,243above the sector's middle half▲ 681%€199,988above the sector's middle half▼ 38.5%€206,344above the sector's middle half▲ 3.2%
Equity-€37,917below the sector's middle half▲ 6.7%€3,706below the sector's middle half€628,949above the sector's middle half▲ 16,872%€827,271within the sector's middle half▲ 31.5%€1.0mwithin the sector's middle half▲ 24.7%
Total assets€430,755within the sector's middle half▼ 8.4%€408,194within the sector's middle half▼ 5.2%€952,148above the sector's middle half▲ 133%€1.1mwithin the sector's middle half▲ 10.3%€1.2mwithin the sector's middle half▲ 12.1%
Debt€368,672▼ 10.3%€304,488▼ 17.4%€323,199▲ 6.1%€223,268▼ 30.9%€145,267▼ 34.9%
Working capital-€12,991below the sector's middle half▲ 80.6%-€43,143below the sector's middle half▼ 232%-€7,310below the sector's middle half▲ 83.1%€104,096within the sector's middle half€309,898within the sector's middle half▲ 198%
Solvency-8.8%below the sector's middle half▼ 0.2pp0.9%below the sector's middle half▲ 9.7pp66.1%within the sector's middle half▲ 65.1pp78.7%above the sector's middle half▲ 12.7pp87.7%above the sector's middle half▲ 8.9pp
Current ratio0.46below the sector's middle half▲ 0.300.30below the sector's middle half▼ 0.150.94below the sector's middle half▲ 0.641.91within the sector's middle half▲ 0.975.36above the sector's middle half▲ 3.45
Return on assets (ROA)0.6%within the sector's middle half▼ 0.8pp10.2%within the sector's middle half▲ 9.6pp34.2%above the sector's middle half▲ 24.0pp19.0%above the sector's middle half▼ 15.1pp17.5%above the sector's middle half▼ 1.5pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 4% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.2m
Fixed assets
€796,243 ▼ 4.3%
Current assets
€380,920 ▲ 74.5%
Equity and liabilities €1.2m
Equity
€1.0m ▲ 24.7%
Debt
€145,267 ▼ 34.9%
Debt's share of the balance-sheet total falls from 21.3% to 12.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€196,602▲
2023 · €188,285
Cash flow
€240,844▲
2023 · €232,563
Debt to equity
0.14▼
2023 · 0.27
ROE
20.0%▼
2023 · 24.2%
Interest coverage
22.02▲
2023 · 19.34
Debt ≤ 1 year
€71,022▼
2023 · €114,257
Debt > 1 year
€70,000▼
2023 · €105,000
Income taxes
€61,016▲
2023 · €37,723
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,662 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% | 1.7% |
| 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 75% 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 17,810 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,811 | €32,774 | €32,386 | €32,575 | €34,500 | ▲ 5.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€100,000 | €0 | - | - |
| Other operating charges640/8 | - | €2,959 | €1,319 | €816 | €2,852 | ▲ 249% |
| Gross operating margin9900 | €55,366 | €97,919 | €257,852 | €189,101 | €199,454 | ▲ 5.5% |
| Operating profit (loss)9901 | €16,826 | €62,185 | €324,147 | €155,710 | €162,102 | ▲ 4.1% |
| Financial income75/76B | - | €0 | €94,500 | €91,735 | €114,188 | ▲ 24.5% |
| Recurring financial income75 | €0 | €0 | €94,500 | €91,735 | €114,188 | ▲ 24.5% |
| Financial charges65/66B | - | €4,847 | €7,550 | €9,734 | €8,930 | ▼ 8.3% |
| Recurring financial charges65 | €7,020 | €4,847 | €7,550 | €9,734 | €8,930 | ▼ 8.3% |
| Profit (loss) for the period before taxes9903 | €9,806 | €57,338 | €411,097 | €237,711 | €267,360 | ▲ 12.5% |
| Income taxes67/77 | €7,080 | €15,715 | €85,853 | €37,723 | €61,016 | ▲ 61.7% |
| Profit (loss) for the period9904 | €2,726 | €41,623 | €325,243 | €199,988 | €206,344 | ▲ 3.2% |
| Profit (loss) for the period to be appropriated9905 | €2,726 | €41,623 | €325,243 | €199,988 | €206,344 | ▲ 3.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €430,755 | €408,194 | €952,148 | €1.1m | €1.2m | ▲ 12.1% |
| Fixed assets21/28 | €419,829 | €389,273 | €831,487 | €832,187 | €796,243 | ▼ 4.3% |
| Tangible fixed assets22/27 | €419,829 | €388,273 | €355,487 | €356,187 | €320,243 | ▼ 10.1% |
| Land and buildings22 | - | €173,861 | €154,801 | €136,142 | €116,839 | ▼ 14.2% |
| Furniture and vehicles24 | - | €1,260 | €912 | €564 | €216 | ▼ 61.6% |
| Other tangible fixed assets26 | - | €213,152 | €199,773 | €219,481 | €203,188 | ▼ 7.4% |
| Financial fixed assets28 | - | €1,000 | €476,000 | €476,000 | €476,000 | = |
| Current assets29/58 | €10,926 | €18,921 | €120,661 | €218,353 | €380,920 | ▲ 74.5% |
| Amounts receivable within one year40/41 | €4,498 | - | €42,350 | €3,701 | €519 | ▼ 86.0% |
| Trade receivables40 | - | - | €42,350 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €3,701 | €519 | ▼ 86.0% |
| Current investments50/53 | - | - | - | - | €300,000 | - |
| Cash at bank and in hand54/58 | €3,431 | €15,892 | €75,272 | €196,266 | €77,298 | ▼ 60.6% |
| Deferred charges and accrued income490/1 | - | €3,029 | €3,039 | €18,385 | €3,102 | ▼ 83.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €430,755 | €408,194 | €952,148 | €1.1m | €1.2m | ▲ 12.1% |
| Equity10/15 | -€37,917 | €3,706 | €628,949 | €827,271 | €1.0m | ▲ 24.7% |
| Contributions10/11 | - | €18,600 | €318,600 | €318,600 | €318,600 | = |
| Reserves13 | - | - | €310,349 | €508,671 | €713,296 | ▲ 40.2% |
| Distributable reserves133 | - | - | €310,349 | €508,671 | €713,296 | ▲ 40.2% |
| Profit (loss) carried forward14 | -€56,517 | -€14,894 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €100,000 | €100,000 | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | €100,000 | €0 | - | - | - |
| Other liabilities and charges164/5 | - | €100,000 | €0 | - | - | - |
| Amounts payable17/49 | €368,672 | €304,488 | €323,199 | €223,268 | €145,267 | ▼ 34.9% |
| Amounts payable after more than one year17 | €343,339 | €241,007 | €191,637 | €105,000 | €70,000 | ▼ 33.3% |
| Financial debts170/4 | - | €241,007 | €191,637 | €105,000 | €70,000 | ▼ 33.3% |
| Amounts payable within one year42/48 | €23,916 | €62,064 | €127,971 | €114,257 | €71,022 | ▼ 37.8% |
| Current portion of amounts payable after more than one year42 | - | €33,073 | €27,864 | €15,000 | €0 | ▼ 100% |
| Financial debts43 | - | - | €35,000 | €35,000 | €35,000 | = |
| Other loans439 | - | - | €35,000 | €35,000 | €35,000 | = |
| Trade debts44 | €600 | €21,470 | €0 | €935 | €1,549 | ▲ 65.8% |
| Suppliers440/4 | - | €21,470 | €0 | €935 | €1,549 | ▲ 65.8% |
| Taxes, remuneration and social security45 | - | €6,521 | €60,755 | €61,656 | €32,754 | ▼ 46.9% |
| Taxes450/3 | - | €6,521 | €60,755 | €61,656 | €32,754 | ▼ 46.9% |
| Other amounts payable47/48 | - | €1,000 | €4,352 | €1,666 | €1,718 | ▲ 3.1% |
| Accrued charges and deferred income492/3 | - | €1,417 | €3,591 | €4,012 | €4,245 | ▲ 5.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,726 | €41,623 | €325,243 | €199,988 | €206,344 | ▲ 3.2% |
| + Depreciation and write-downs630 | €37,811 | €32,774 | €32,386 | €32,575 | €34,500 | ▲ 5.9% |
| Operating cash flow (approximation) | €40,537 | €74,397 | €357,630 | €232,563 | €240,844 | ▲ 3.6% |
| Investment in fixed assets (approximation) | - | -€2,218 | -€474,600 | -€33,275 | €1,444 | ▲ 104% |
| Change in cash | - | €12,461 | €59,380 | €120,994 | -€118,968 | ▼ 198% |
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
2025
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity triplescurrent ratio 5.36
Current ratio from 1.91 to 5.36; short-term debt falls from €114,257 to €71,022.
31-12
Financial
Equity above €1mEq €1.0m ▲24.7%
6 profitable years in a row build equity to €1.0m.
05-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity doublescurrent ratio 1.91
Current ratio from 0.94 to 1.91; short-term debt falls from €127,971 to €114,257.
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €325,243 ▲681%
Operating result €324,147, net result €325,243, both a record.
31-12
Financial
Equity above €500,000Eq €628,949 ▲16,872%
4 profitable years in a row build equity to €628,949.
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-12
Financial
Back to profitnet €6,763
Net result €6,763 after one loss-making year.
Show earlier events
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
19-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2014
11-07
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Waasmunster · 1 establishment unit since 2008
Ground area
1,788 m²
Building footprint
263 m²
Volume, LiDAR
819 m³
Parcel 42023B0621/00G000, Flanders · tallest building 20.3 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Adseco
since 20082.172.137.727
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42023B0621/00G000 | Flanders | 1,787 m² | 1 · 263 m² | 20.3 m |
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
2 holdingsOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
50%
According to the 2024 annual accounts of Adseco and those 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.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 27,523 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
Founded10-07-2008
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
64210Activities of holding companies
68110Buying and selling of own real estate
70100Activities of head offices
E-invoicing
Reachable via Peppol
Peppol ID
0208:0899197522
Also
9925:BE0899197522
Registered
30-08-2023
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.