ADWIZE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-02-2026 PDF all 7 filings
Turnover
≈ €370,000
Estimated: probably between €230,000 and €580,000
Total assets
€115,532▲ 4.9%
2024 · €110,156
Net result
€69,058▲ 127%
2024 · €30,451
Working capital
-€8,405
2024 · €22,682
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€88,161
▲ 104%
2025
20192025
Net result
€69,058
▲ 127%
2025
highest quarter of the sector
20192025
Equity
€4,000
▼ 88.7%
2025
lowest quarter of the sector
20192025
Total assets
€115,532
▲ 4.9%
2025
middle half of the sector
20192025
Debt
€111,532
▲ 49.1%
2025
20192025
Working capital
-€8,405
2025
lowest quarter of the sector
20192025
Solvency
3.5%
▼ 28.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.90
▼ 0.62
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
59.8%
▲ 32.1pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€22,118-€74,599▲ 237%€85,087▲ 14.1%€106,676▲ 25.4%€34,515▼ 67.6%€43,231▲ 25.3%€88,161▲ 104%
Net result€17,123-€57,927above the sector's middle half▲ 238%€67,369above the sector's middle half▲ 16.3%€83,050above the sector's middle half▲ 23.3%€24,431within the sector's middle half▼ 70.6%€30,451above the sector's middle half▲ 24.6%€69,058above the sector's middle half▲ 127%
Equity€17,123-€75,050within the sector's middle half▲ 338%€142,419above the sector's middle half▲ 89.8%€36,469within the sector's middle half▼ 74.4%€4,900below the sector's middle half▼ 86.6%€35,351within the sector's middle half▲ 621%€4,000below the sector's middle half▼ 88.7%
Total assets€62,656-€113,030within the sector's middle half▲ 80.4%€173,649within the sector's middle half▲ 53.6%€88,954within the sector's middle half▼ 48.8%€97,475within the sector's middle half▲ 9.6%€110,156within the sector's middle half▲ 13.0%€115,532within the sector's middle half▲ 4.9%
Debt€45,533-€37,980▼ 16.6%€31,231▼ 17.8%€52,485▲ 68.1%€92,575▲ 76.4%€74,805▼ 19.2%€111,532▲ 49.1%
Working capital-€6,001-€57,170within the sector's middle half€140,230above the sector's middle half▲ 145%€33,349within the sector's middle half▼ 76.2%-€5below the sector's middle half€22,682within the sector's middle half-€8,405below the sector's middle half
Solvency27.3%-66.4%above the sector's middle half▲ 39.1pp82.0%above the sector's middle half▲ 15.6pp41.0%within the sector's middle half▼ 41.0pp5.0%below the sector's middle half▼ 36.0pp32.1%within the sector's middle half▲ 27.1pp3.5%below the sector's middle half▼ 28.6pp
Current ratio0.87-2.51within the sector's middle half▲ 1.645.49above the sector's middle half▲ 2.982.87within the sector's middle half▼ 2.621.00below the sector's middle half▼ 1.871.52within the sector's middle half▲ 0.520.90below the sector's middle half▼ 0.62
Return on assets (ROA)27.3%-51.2%above the sector's middle half▲ 23.9pp38.8%above the sector's middle half▼ 12.5pp93.4%above the sector's middle half▲ 54.6pp25.1%above the sector's middle half▼ 68.3pp27.6%above the sector's middle half▲ 2.6pp59.8%above the sector's middle half▲ 32.1pp
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 104% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €115,532
Fixed assets
€41,943 ▼ 4.6%
Current assets
€73,590 ▲ 11.2%
Equity and liabilities €115,532
Equity
€4,000 ▼ 88.7%
Debt
€111,532 ▲ 49.1%
Debt's share of the balance-sheet total rises from 67.9% to 96.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€91,184▲
2024 · €45,219
Cash flow
€72,081▲
2024 · €32,439
Debt to equity
27.88▲
2024 · 2.12
Interest coverage
95.56▲
2024 · 36.56
Debt ≤ 1 year
€81,994▲
2024 · €43,509
Debt > 1 year
€29,535▼
2024 · €31,296
Income taxes
€18,152▲
2024 · €11,543
A ratio outside any meaningful range has been withheld (balance sheet total €115,532, equity €4,000).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €37,500 |
| Mortgage mandates | - | - | - | - | €3,750 |
| Carrying value of the mortgaged assets | - | - | - | - | €35,741 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €43,408 | €2,000 | €8,080 | €18,544 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,518 | €7,836 | €1,887 | €1,988 | €3,022 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €555 awarded · €555 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1,048 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,967 | €5,568 | €1,518 | €7,836 | €1,887 | €1,988 | €3,022 | ▲ 52.0% |
| Other operating charges640/8 | - | - | €3,576 | €2,032 | €2,071 | €152 | €1,204 | ▲ 694% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €2,544 | - |
| Gross operating margin9900 | €29,169 | €82,977 | €90,181 | €116,543 | €38,473 | €45,371 | €94,932 | ▲ 109% |
| Operating profit (loss)9901 | €22,118 | €74,599 | €85,087 | €106,676 | €34,515 | €43,231 | €88,161 | ▲ 104% |
| Financial income75/76B | - | - | €41 | €1 | - | €0 | €3 | ▲ 301× |
| Recurring financial income75 | - | - | €41 | €1 | - | €0 | €3 | ▲ 301× |
| Financial charges65/66B | - | - | €585 | €1,353 | €1,413 | €1,237 | €954 | ▼ 22.9% |
| Recurring financial charges65 | €30 | €68 | €585 | €1,353 | €1,413 | €1,237 | €954 | ▼ 22.9% |
| Profit (loss) for the period before taxes9903 | €22,088 | €74,531 | €84,542 | €105,324 | €33,102 | €41,994 | €87,210 | ▲ 108% |
| Income taxes67/77 | €4,965 | €16,604 | €17,173 | €22,274 | €8,670 | €11,543 | €18,152 | ▲ 57.3% |
| Profit (loss) for the period9904 | €17,123 | €57,927 | €67,369 | €83,050 | €24,431 | €30,451 | €69,058 | ▲ 127% |
| Profit (loss) for the period to be appropriated9905 | €17,123 | €57,927 | €67,369 | €83,050 | €24,431 | €30,451 | €69,058 | ▲ 127% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €62,656 | €113,030 | €173,649 | €88,954 | €97,475 | €110,156 | €115,532 | ▲ 4.9% |
| Fixed assets21/28 | €23,448 | €17,880 | €2,189 | €37,761 | €37,873 | €43,965 | €41,943 | ▼ 4.6% |
| Tangible fixed assets22/27 | €23,448 | €17,880 | €2,189 | €37,761 | €37,873 | €43,965 | €41,943 | ▼ 4.6% |
| Land and buildings22 | - | - | - | €36,689 | €35,802 | €34,915 | €34,028 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €4,105 | €4,152 | ▲ 1.2% |
| Furniture and vehicles24 | - | - | €2,189 | €1,072 | €2,071 | €4,945 | €3,762 | ▼ 23.9% |
| Current assets29/58 | €39,208 | €95,150 | €171,461 | €51,193 | €59,602 | €66,191 | €73,590 | ▲ 11.2% |
| Amounts receivable within one year40/41 | €20,796 | €25,879 | €17,798 | €46,148 | €7,852 | €7,220 | €7,600 | ▲ 5.3% |
| Trade receivables40 | - | - | €17,798 | €42,835 | €3,146 | €6,837 | €5,422 | ▼ 20.7% |
| Other amounts receivable41 | - | - | - | €3,313 | €4,706 | €383 | €2,178 | ▲ 468% |
| Cash at bank and in hand54/58 | €17,531 | €67,881 | €151,954 | €3,358 | €49,990 | €57,398 | €64,408 | ▲ 12.2% |
| Deferred charges and accrued income490/1 | - | - | €1,708 | €1,687 | €1,759 | €1,573 | €1,581 | ▲ 0.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €62,656 | €113,030 | €173,649 | €88,954 | €97,475 | €110,156 | €115,532 | ▲ 4.9% |
| Equity10/15 | €17,123 | €75,050 | €142,419 | €36,469 | €4,900 | €35,351 | €4,000 | ▼ 88.7% |
| Contributions10/11 | - | - | - | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Reserves13 | - | - | - | - | - | €31,351 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | - | - | €31,351 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €17,123 | €75,050 | €142,419 | €32,469 | €900 | - | €0 | - |
| Amounts payable17/49 | €45,533 | €37,980 | €31,231 | €52,485 | €92,575 | €74,805 | €111,532 | ▲ 49.1% |
| Amounts payable after more than one year17 | - | - | - | €34,641 | €32,969 | €31,296 | €29,535 | ▼ 5.6% |
| Financial debts170/4 | - | - | - | €34,641 | €32,969 | €31,296 | €29,535 | ▼ 5.6% |
| Amounts payable within one year42/48 | €45,209 | €37,980 | €31,231 | €17,844 | €59,606 | €43,509 | €81,994 | ▲ 88.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,644 | €1,673 | €1,673 | €1,732 | ▲ 3.5% |
| Trade debts44 | €2,952 | €150 | €2,122 | €13,322 | €1,883 | €647 | €28 | ▼ 95.7% |
| Suppliers440/4 | - | - | €2,122 | €13,322 | €1,883 | €647 | €28 | ▼ 95.7% |
| Taxes, remuneration and social security45 | - | - | €25,051 | €2,878 | €50 | €5,843 | €20,181 | ▲ 245% |
| Taxes450/3 | - | - | €25,051 | €2,878 | €50 | €5,843 | €15,181 | ▲ 160% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €5,000 | - |
| Other amounts payable47/48 | - | - | €4,058 | - | €56,000 | €35,346 | €60,054 | ▲ 69.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €3 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,123 | €57,927 | €67,369 | €83,050 | €24,431 | €30,451 | €69,058 | ▲ 127% |
| + Depreciation and write-downs630 | €3,967 | €5,568 | €1,518 | €7,836 | €1,887 | €1,988 | €3,022 | ▲ 52.0% |
| Operating cash flow (approximation) | €21,090 | €63,495 | €68,887 | €90,886 | €26,319 | €32,439 | €72,081 | ▲ 122% |
| Investment in fixed assets (approximation) | - | €0 | €14,173 | -€43,408 | -€2,000 | -€8,080 | -€1,000 | ▲ 87.6% |
| Change in cash | - | €50,350 | €84,073 | -€148,596 | €46,632 | €7,408 | €7,010 | ▼ 5.4% |
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, 2,153 companies had the same profile as ADWIZE has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of ADWIZE itself: 0.6% 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 2,153 companies, not a prediction for ADWIZE. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-02-2026 | 2026-00034281 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00365651 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00142690 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00371884 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20082630 | |
| 31-12-2020 | micro format | 10-05-2021 | 2021-13800382 | |
| 31-12-2019 | micro format | 12-06-2020 | 2020-16500413 |