ADVAGREEN
ActiveSummary
ADVAGREEN has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11.4m and a net result of €1.4m. Equity is growing by ~44.8% per year across the filed fiscal years. Its solvency ranks better than 90% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-3
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000,000 at 30 days acceptable
Liquidity ample (current ratio 6.59 against 8.26 in 2024; short-term debt: 13.5% and cash: 47.8% of total assets), and 14.5% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2025Solvency, return and age of the figures
Solvency
85.5%
Return on assets
10.6%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
41 d early
2023
29 d late
2022
on the day
2021
25 d late
2020
30 d late
2019
59 d late
← 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 14 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.4m▼ 4.1%
2024 · €1.5m
Working capital
€10.1m▲ 17.2%
2024 · €8.6m
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€957,717▲ 45.8%€8.1m▲ 741%€2.7m▼ 66.7%€1.8m▼ 31.5%€1.8m▼ 3.0%
Net result€703,024▲ 45.2%€6.0m▲ 753%€2.0m▼ 66.0%€1.5m▼ 27.7%€1.4m▼ 4.1%
Equity€1.2m▲ 141%€6.8m▲ 464%€8.6m▲ 26.4%€10.0m▲ 17.2%€11.4m▲ 13.9%
Total assets€3.8m▲ 197%€10.0m▲ 163%€9.4m▼ 6.2%€11.2m▲ 19.6%€13.4m▲ 19.0%
Debt€2.6m▲ 232%€3.2m▲ 24.2%€835,698▼ 74.3%€1.2m▲ 43.9%€1.9m▲ 61.2%
Working capital€589,572▲ 239%€5.8m▲ 878%€7.4m▲ 28.7%€8.6m▲ 16.5%€10.1m▲ 17.2%
Staff (FTE)2.8▼ 6.7%3.8▲ 35.7%5.3▲ 39.5%5.4▲ 1.9%5.2▼ 3.7%
Why a figure moved sharply
- 2022 Net result +753% on 2021. The accounts now follow the full schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 3% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.4m
Fixed assets
€1.4m ▲ 1.6%
Current assets
€11.9m ▲ 21.4%
Equity and liabilities €13.4m
Equity
€11.4m ▲ 13.9%
Debt
€1.9m ▲ 61.2%
Debt's share of the balance-sheet total rises from 10.7% to 14.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.1m▼
2024 · €2.1m
Cash flow
€1.7m▼
2024 · €1.7m
Current ratio
6.59▼
2024 · 8.26
Quick ratio
6.10▼
2024 · 7.48
Debt to equity
0.17▲
2024 · 0.12
ROE
12.4%▼
2024 · 14.7%
ROA
10.6%▼
2024 · 13.1%
Interest coverage
377.56▼
2024 · 400.05
Debt ≤ 1 year
€1.8m▲
2024 · €1.2m
Debt > 1 year
€124,056
Income taxes
€518,608▼
2024 · €532,306
Staff costs
€394,441▲
2024 · €317,828
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,058 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% | 1.6% |
| 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 74% 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 31,324 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €9,840 | €0 | €125,015 | €15,077 | €865 | ▼ 94.3% |
| Remuneration, social security and pensions62 | €159,808 | €197,318 | €329,318 | €317,828 | €394,441 | ▲ 24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €98,459 | €107,431 | €125,033 | €247,128 | €278,232 | ▲ 12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€40,995 | €0 | ▲ 100% |
| Other operating charges640/8 | €2,211 | €12,840 | €17,117 | €11,166 | €29,129 | ▲ 161% |
| Non-recurring operating charges66A | - | - | €22,996 | €0 | €8,154 | - |
| Gross operating margin9900 | €1.2m | €8.4m | €3.2m | €2.4m | €2.5m | ▲ 5.1% |
| Operating profit (loss)9901 | €957,717 | €8.1m | €2.7m | €1.8m | €1.8m | ▼ 3.0% |
| Financial income75/76B | €27 | €4,251 | €79,182 | €174,050 | €154,552 | ▼ 11.2% |
| Recurring financial income75 | €27 | €4,251 | €79,182 | €174,050 | €154,552 | ▼ 11.2% |
| Financial charges65/66B | €12,605 | €18,191 | €17,084 | €5,213 | €5,460 | ▲ 4.7% |
| Recurring financial charges65 | €12,605 | €18,191 | €17,084 | €5,213 | €5,460 | ▲ 4.7% |
| Profit (loss) for the period before taxes9903 | €945,140 | €8.0m | €2.7m | €2.0m | €1.9m | ▼ 3.7% |
| Income taxes67/77 | €242,116 | €2.0m | €707,598 | €532,306 | €518,608 | ▼ 2.6% |
| Profit (loss) for the period9904 | €703,024 | €6.0m | €2.0m | €1.5m | €1.4m | ▼ 4.1% |
| Profit (loss) for the period to be appropriated9905 | €703,024 | €6.0m | €2.0m | €1.5m | €1.4m | ▼ 4.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.8m | €10.0m | €9.4m | €11.2m | €13.4m | ▲ 19.0% |
| Fixed assets21/28 | €1.6m | €1.9m | €1.1m | €1.4m | €1.4m | ▲ 1.6% |
| Intangible fixed assets21 | - | - | €93,308 | €119,810 | €10,605 | ▼ 91.1% |
| Tangible fixed assets22/27 | €1.6m | €1.9m | €1.0m | €1.2m | €1.3m | ▲ 11.3% |
| Land and buildings22 | €1.4m | €1.4m | €0 | - | €24,233 | - |
| Plant, machinery and equipment23 | €7,618 | €218,057 | €185,312 | €141,513 | €93,332 | ▼ 34.0% |
| Furniture and vehicles24 | €74,773 | €294,303 | €291,496 | €440,316 | €566,098 | ▲ 28.6% |
| Other tangible fixed assets26 | - | - | €527,910 | €587,106 | €617,226 | ▲ 5.1% |
| Assets under construction and advance payments27 | €86,277 | €15,946 | €0 | - | - | - |
| Financial fixed assets28 | €3,363 | €3,363 | €48,363 | €115,863 | €115,863 | = |
| Current assets29/58 | €2.2m | €8.1m | €8.2m | €9.8m | €11.9m | ▲ 21.4% |
| Amounts receivable after more than one year29 | - | - | - | €22,500 | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €22,500 | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €16,249 | €636,532 | €443,076 | €933,513 | €886,043 | ▼ 5.1% |
| Stocks30/36 | €16,249 | €636,532 | €443,076 | €933,513 | €886,043 | ▼ 5.1% |
| Amounts receivable within one year40/41 | €2.0m | €4.3m | €1.4m | €1.6m | €4.6m | ▲ 180% |
| Trade receivables40 | €1.7m | €3.5m | €714,702 | €639,942 | €1.4m | ▲ 114% |
| Other amounts receivable41 | €339,039 | €863,131 | €635,889 | €993,396 | €3.2m | ▲ 222% |
| Cash at bank and in hand54/58 | €191,339 | €3.1m | €6.4m | €7.1m | €6.4m | ▼ 10.6% |
| Deferred charges and accrued income490/1 | €3,773 | €10,999 | €47,667 | €92,377 | €90,568 | ▼ 2.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.8m | €10.0m | €9.4m | €11.2m | €13.4m | ▲ 19.0% |
| Equity10/15 | €1.2m | €6.8m | €8.6m | €10.0m | €11.4m | ▲ 13.9% |
| Contributions10/11 | €208,592 | €208,592 | €250,000 | €250,000 | €250,000 | = |
| Capital10 | €208,592 | €208,592 | €250,000 | €250,000 | €250,000 | = |
| Issued capital100 | €208,592 | €208,592 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | €20,859 | €20,859 | €20,859 | €20,859 | €20,859 | = |
| Non-distributable reserves130/1 | €20,859 | €20,859 | €20,859 | €20,859 | €20,859 | = |
| Legal reserve130 | €20,859 | €20,859 | €20,859 | €20,859 | €20,859 | = |
| Profit (loss) carried forward14 | €971,258 | €6.5m | €8.3m | €9.8m | €11.2m | ▲ 14.3% |
| Amounts payable17/49 | €2.6m | €3.2m | €835,698 | €1.2m | €1.9m | ▲ 61.2% |
| Amounts payable after more than one year17 | €983,327 | €914,396 | €0 | - | €124,056 | - |
| Financial debts170/4 | €983,327 | €914,396 | €0 | - | €124,056 | - |
| Amounts payable within one year42/48 | €1.6m | €2.3m | €831,392 | €1.2m | €1.8m | ▲ 52.1% |
| Current portion of amounts payable after more than one year42 | €68,142 | €68,931 | €0 | - | €44,395 | - |
| Financial debts43 | €33,460 | €100,384 | €0 | - | - | - |
| Credit institutions430/8 | €33,460 | €100,384 | €0 | - | - | - |
| Trade debts44 | €1.5m | €1.3m | €759,575 | €921,815 | €1.7m | ▲ 83.7% |
| Suppliers440/4 | €1.5m | €1.3m | €759,575 | €921,815 | €1.7m | ▲ 83.7% |
| Advances received on contracts in progress46 | - | - | - | €220,907 | €20 | ▼ 100.0% |
| Taxes, remuneration and social security45 | €13,974 | €387,317 | €71,817 | €47,549 | €53,704 | ▲ 12.9% |
| Taxes450/3 | €4,192 | €352,630 | €7,763 | €4,679 | €0 | ▼ 100% |
| Remuneration and social security454/9 | €9,782 | €34,688 | €64,054 | €42,870 | €53,704 | ▲ 25.3% |
| Other amounts payable47/48 | - | €430,000 | €0 | - | €19,373 | - |
| Accrued charges and deferred income492/3 | €21 | €1,215 | €4,306 | €11,905 | €2,605 | ▼ 78.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €703,024 | €6.0m | €2.0m | €1.5m | €1.4m | ▼ 4.1% |
| + Depreciation and write-downs630 | €98,459 | €107,431 | €125,033 | €247,128 | €278,232 | ▲ 12.6% |
| Operating cash flow (approximation) | €801,483 | €6.1m | €2.2m | €1.7m | €1.7m | ▼ 1.7% |
| Investment in fixed assets (approximation) | - | -€433,284 | €648,917 | -€505,347 | -€300,981 | ▲ 40.4% |
| Change in cash | - | €2.9m | €3.3m | €742,660 | -€759,149 | ▼ 202% |
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
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €10mEq €10.0m ▲17.2%
7 profitable years in a row build equity to €10.0m.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
31-12
Financial
Liquidity triplescurrent ratio 9.92
Current ratio from 3.47 to 9.92; short-term debt falls from €2.3m to €831,392.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2018net €6.0m ▲753%
Operating result €8.1m, net result €6.0m, both a record.
31-12
Financial
Liquidity triplescurrent ratio 3.47
Current ratio from 1.36 to 3.47.
31-12
Financial
Equity above €5mEq €6.8m ▲464%
5 profitable years in a row build equity to €6.8m.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
31-12
Financial
Equity above €1mEq €1.2m ▲141%
4 profitable years in a row build equity to €1.2m.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
Show earlier events
2020
31-12
Financial
Equity above €200,000Eq €497,686 ▲3,624%
3 profitable years in a row build equity to €497,686.
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 59 days late
2019
31-12
Financial
Liquidity times 5current ratio 6.52
Current ratio from 1.23 to 6.52; short-term debt falls from €421,065 to €46,763.
29-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 9 days late
2017
10-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 10 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Waterloo · 3 establishment units since 1993
Ground area
1.4 ha
Building footprint
4,387 m²
Volume, LiDAR
33,713 m³
2 parcels, Wallonia · tallest building 22.9 m, ±6 floors. Linked by address, not a title deed.
3 establishment units
Drève Richelle 161/O, 1410 Waterloo
since 19932.062.284.831
ADVAGREEN
since 20062.356.223.832
Advagreen - Houdeng
since 20262.388.236.307
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25763M0621/00F000indicative | Wallonia | 1.0 ha | 1 · 1,772 m² | 22.9 m · 6 fl. |
| 55020B0417/00E003 | Wallonia | 4,355 m² | 1 · 2,615 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
3 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 3
- ADVAGREEN EASTERN-EUROPEHUsubsidiarySourceown accounts 202555%
- ADVAGREEN GERMANYDESourceown accounts 202550%
- ADVAGREEN FRANCEFRSourceown accounts 202545%
According to the 2025 annual accounts of ADVAGREEN 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.
Recognitions · licences · registrations
Food safety, FASFC
3 sitesLa Louvière2.388.236.307
Saint-Ghislain2.356.223.832
Waterloo2.062.284.831
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Of 163 companies in sector 46852 we hold annual accounts for 95. 27 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-04-1992
Fiscal year end31-12
Activities, NACEBEL 2025
46852Wholesale trade
Contact
E-mail
info@advagreen.comSaint-Ghislain
E-invoicing
Reachable via Peppol
Peppol ID
0208:0447092301
Also
9925:BE0447092301
Registered
02-05-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.