ADV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 10 filings
Turnover
€277,691▼ 12.5%
2023 · €317,498
EBIT margin
-1.7%▼ 2.2pp
2023 · 0.5%
Net result
€28,674
2024 · -€7,168
Working capital
€90,782
2024 · -€963
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€42,882
2025
20182025
Net result
€28,674
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€71,688
▲ 66.7%
2025
middle half of the sector
20182025
Total assets
€140,686
▲ 68.6%
2025
middle half of the sector
20182025
Debt
€68,998
▲ 70.7%
2025
20182025
Working capital
€90,782
2025
middle half of the sector
20182025
Solvency
51.0%
▼ 0.6pp
2025
middle half of the sector
20182025
Current ratio
5.96
▲ 4.99
2025
highest quarter of the sector
20182025
Return on assets (ROA)
20.4%
▲ 29.0pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€334,904-€316,186▼ 5.6%€277,566▼ 12.2%€369,026▲ 33.0%€375,092▲ 1.6%€317,498▼ 15.4%€277,691▼ 12.5%
Operating result-€12,151--€1,351▲ 88.9%€6,927€10,197▲ 47.2%€42,651▲ 318%€1,496▼ 96.5%-€4,804€42,882
Net result-€14,252--€3,170▲ 77.8%€5,569within the sector's middle half€6,912within the sector's middle half▲ 24.1%€28,620above the sector's middle half▲ 314%-€2,288below the sector's middle half-€7,168below the sector's middle half▼ 213%€28,674within the sector's middle half
EBIT margin-3.6%--0.4%▲ 3.2pp2.5%▲ 2.9pp2.8%▲ 0.3pp11.4%▲ 8.6pp0.5%▼ 10.9pp-1.7%▼ 2.2pp
Equity€14,538-€11,368▼ 21.8%€16,937below the sector's middle half▲ 49.0%€23,849within the sector's middle half▲ 40.8%€52,469within the sector's middle half▲ 120%€50,181within the sector's middle half▼ 4.4%€43,013within the sector's middle half▼ 14.3%€71,688within the sector's middle half▲ 66.7%
Total assets€92,658-€64,977▼ 29.9%€67,369below the sector's middle half▲ 3.7%€60,799below the sector's middle half▼ 9.8%€125,223within the sector's middle half▲ 106%€113,855within the sector's middle half▼ 9.1%€83,444within the sector's middle half▼ 26.7%€140,686within the sector's middle half▲ 68.6%
Debt€78,120-€53,609▼ 31.4%€50,431▼ 5.9%€36,950▼ 26.7%€72,754▲ 96.9%€63,673▼ 12.5%€40,431▼ 36.5%€68,998▲ 70.7%
Working capital-€27,959--€25,271▲ 9.6%-€13,380below the sector's middle half▲ 47.1%-€2,124below the sector's middle half▲ 84.1%-€27,841below the sector's middle half▼ 1,211%-€14,098below the sector's middle half▲ 49.4%-€963below the sector's middle half▲ 93.2%€90,782within the sector's middle half
Solvency15.7%-17.5%▲ 1.8pp25.1%within the sector's middle half▲ 7.6pp39.2%within the sector's middle half▲ 14.1pp41.9%within the sector's middle half▲ 2.7pp44.1%within the sector's middle half▲ 2.2pp51.5%within the sector's middle half▲ 7.5pp51.0%within the sector's middle half▼ 0.6pp
Current ratio0.54-0.49▼ 0.050.64below the sector's middle half▲ 0.150.92below the sector's middle half▲ 0.280.44below the sector's middle half▼ 0.480.72below the sector's middle half▲ 0.280.97below the sector's middle half▲ 0.255.96above the sector's middle half▲ 4.99
Return on assets (ROA)-15.4%--4.9%▲ 10.5pp8.3%within the sector's middle half▲ 13.1pp11.4%within the sector's middle half▲ 3.1pp22.9%above the sector's middle half▲ 11.5pp-2.0%below the sector's middle half▼ 24.9pp-8.6%below the sector's middle half▼ 6.6pp20.4%above the sector's middle half▲ 29.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a profit of €42,882, after a loss of €4,804 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €140,686
Fixed assets
€31,597 ▼ 39.1%
Current assets
€109,089 ▲ 246%
Equity and liabilities €140,686
Equity
€71,688 ▲ 66.7%
Debt
€68,998 ▲ 70.7%
Debt's share of the balance-sheet total rises from 48.5% to 49.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€64,220▲
2024 · €21,321
Cash flow
€50,012▲
2024 · €18,956
Quick ratio
4.69▲
2024 · 0.64
Debt to equity
0.96▲
2024 · 0.94
ROE
40.0%▲
2024 · -16.7%
Interest coverage
79.07▲
2024 · 21.08
Debt ≤ 1 year
€18,307▼
2024 · €32,489
Debt > 1 year
€2,691▼
2024 · €7,942
Income taxes
€13,449▲
2024 · €1,353
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,310 | €87,623 | €1,030 | €743 | €1,017 |
| Depreciation and write-downs of the year | €10,868 | €19,629 | €26,675 | €26,124 | €21,338 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €334,904 | €316,186 | €277,566 | €369,026 | €375,092 | €317,498 | €277,691 | - | - |
| Non-recurring operating income76A | - | - | - | - | €19,594 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €350,289 | €312,829 | €291,928 | €263,654 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,836 | €24,307 | €28,130 | €10,868 | €19,629 | €26,675 | €26,124 | €21,338 | ▼ 18.3% |
| Other operating charges640/8 | - | - | - | €870 | €3,050 | €603 | €623 | €636 | ▲ 2.1% |
| Gross operating margin9900 | €12,749 | €23,972 | €35,923 | €21,935 | €65,330 | €28,774 | €21,943 | €64,856 | ▲ 196% |
| Operating profit (loss)9901 | -€12,151 | -€1,351 | €6,927 | €10,197 | €42,651 | €1,496 | -€4,804 | €42,882 | - |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | €53 | ▲ 5,302× |
| Recurring financial income75 | €11 | €185 | €65 | - | - | €0 | €0 | €53 | ▲ 5,302× |
| Financial charges65/66B | - | - | - | €1,362 | €1,085 | €1,256 | €1,011 | €812 | ▼ 19.7% |
| Recurring financial charges65 | €1,861 | €1,777 | €1,228 | €1,362 | €1,085 | €1,256 | €1,011 | €812 | ▼ 19.7% |
| Profit (loss) for the period before taxes9903 | -€14,002 | -€2,943 | €5,764 | €8,835 | €41,566 | €240 | -€5,815 | €42,123 | - |
| Income taxes67/77 | €250 | €227 | €195 | €1,923 | €12,946 | €2,528 | €1,353 | €13,449 | ▲ 894% |
| Profit (loss) for the period9904 | -€14,252 | -€3,170 | €5,569 | €6,912 | €28,620 | -€2,288 | -€7,168 | €28,674 | - |
| Profit (loss) for the period to be appropriated9905 | -€14,252 | -€3,170 | €5,569 | €6,912 | €28,620 | -€2,288 | -€7,168 | €28,674 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €92,658 | €64,977 | €67,369 | €60,799 | €125,223 | €113,855 | €83,444 | €140,686 | ▲ 68.6% |
| Fixed assets21/28 | €60,329 | €40,870 | €43,509 | €34,950 | €102,944 | €77,299 | €51,918 | €31,597 | ▼ 39.1% |
| Tangible fixed assets22/27 | €59,972 | €40,512 | €43,151 | €34,592 | €102,586 | €76,941 | €51,560 | €31,239 | ▼ 39.4% |
| Plant, machinery and equipment23 | - | - | - | €1,398 | €1,165 | €932 | €1,278 | €797 | ▼ 37.6% |
| Furniture and vehicles24 | - | - | - | €17,852 | €88,689 | €65,888 | €42,771 | €25,541 | ▼ 40.3% |
| Other tangible fixed assets26 | - | - | - | €15,342 | €12,732 | €10,122 | €7,511 | €4,901 | ▼ 34.8% |
| Financial fixed assets28 | €358 | €358 | €358 | €358 | €358 | €358 | €358 | €358 | = |
| Current assets29/58 | €32,328 | €24,108 | €23,860 | €25,849 | €22,279 | €36,556 | €31,526 | €109,089 | ▲ 246% |
| Stocks and contracts in progress3 | €22,940 | €23,476 | €11,062 | €9,900 | €9,680 | €9,120 | €10,670 | €23,230 | ▲ 118% |
| Stocks30/36 | - | - | - | €9,900 | €9,680 | €9,120 | €10,670 | €23,230 | ▲ 118% |
| Amounts receivable within one year40/41 | €9,388 | - | €6,193 | €5,293 | €2,599 | €3,972 | €6,892 | €29,375 | ▲ 326% |
| Trade receivables40 | - | - | - | €1,468 | €2,599 | - | €645 | €9,995 | ▲ 16× |
| Other amounts receivable41 | - | - | - | €3,825 | - | €3,972 | €6,247 | €19,380 | ▲ 210% |
| Cash at bank and in hand54/58 | - | - | €6,605 | €10,000 | €10,000 | €23,464 | €13,964 | €56,484 | ▲ 304% |
| Deferred charges and accrued income490/1 | - | - | - | €656 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €92,658 | €64,977 | €67,369 | €60,799 | €125,223 | €113,855 | €83,444 | €140,686 | ▲ 68.6% |
| Equity10/15 | €14,538 | €11,368 | €16,937 | €23,849 | €52,469 | €50,181 | €43,013 | €71,688 | ▲ 66.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€4,062 | -€7,232 | -€1,663 | €5,249 | €33,869 | €31,581 | €24,413 | €53,088 | ▲ 117% |
| Amounts payable17/49 | €78,120 | €53,609 | €50,431 | €36,950 | €72,754 | €63,673 | €40,431 | €68,998 | ▲ 70.7% |
| Amounts payable after more than one year17 | €17,832 | €4,231 | €13,191 | €8,977 | €22,634 | €13,020 | €7,942 | €2,691 | ▼ 66.1% |
| Financial debts170/4 | - | - | - | €8,977 | €22,634 | €13,020 | €7,942 | €2,691 | ▼ 66.1% |
| Amounts payable within one year42/48 | €60,288 | €49,379 | €37,240 | €27,972 | €50,120 | €50,653 | €32,489 | €18,307 | ▼ 43.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,214 | €9,026 | €9,614 | €5,443 | €5,250 | ▼ 3.5% |
| Financial debts43 | - | - | - | €7,369 | €2,877 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €7,369 | €2,877 | - | - | - | - |
| Trade debts44 | €35,258 | €15,753 | €1,861 | €867 | €4,335 | €11,664 | €8,149 | €8,831 | ▲ 8.4% |
| Suppliers440/4 | - | - | - | €867 | €4,335 | €11,664 | €8,149 | €8,831 | ▲ 8.4% |
| Taxes, remuneration and social security45 | - | - | - | €12,225 | €8,540 | €11,301 | €5,879 | €4,225 | ▼ 28.1% |
| Taxes450/3 | - | - | - | €1,725 | €2,040 | €8,801 | €2,879 | €1,725 | ▼ 40.1% |
| Remuneration and social security454/9 | - | - | - | €10,500 | €6,500 | €2,500 | €3,000 | €2,500 | ▼ 16.7% |
| Other amounts payable47/48 | - | - | - | €3,298 | €25,341 | €18,074 | €13,018 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €48,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,252 | -€3,170 | €5,569 | €6,912 | €28,620 | -€2,288 | -€7,168 | €28,674 | - |
| + Depreciation and write-downs630 | €23,836 | €24,307 | €28,130 | €10,868 | €19,629 | €26,675 | €26,124 | €21,338 | ▼ 18.3% |
| Operating cash flow (approximation) | €9,584 | €21,137 | €33,699 | €17,780 | €48,249 | €24,386 | €18,956 | €50,012 | ▲ 164% |
| Investment in fixed assets (approximation) | - | -€4,847 | -€30,769 | -€2,310 | -€87,623 | -€1,030 | -€743 | -€1,017 | ▼ 36.8% |
| Change in cash | - | - | - | €3,395 | €0 | €13,464 | -€9,500 | €42,520 | - |
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, 34,693 companies had the same profile as ADV has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ADV 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 34,693 companies, not a prediction for ADV. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00321988 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00194104 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00175693 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00179177 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20276835 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44800354 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-36700164 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-39800461 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-26600493 | |
| 31-12-2016 | full format | 04-08-2017 | 2017-40700510 |