ANDA Projects
ActiveSummary
ANDA Projects has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €152,297 and a net result of -€30,308. Equity is shrinking by ~2.8% per year across the filed fiscal years. Its solvency ranks better than 70% of 177 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability4▲+3
Solvency84▼-5
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity ample (current ratio 1.85 against 1.56 in 2024; short-term debt: 41% and cash: 47.5% of total assets), and 41% of the assets are financed with debt.
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Signals
Six 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
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
59%
Return on assets
-11.7%
Age of the figures
15 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€30,308
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
25 d late
2023
29 d late
2022
28 d late
2021
24 d late
2020
2 d late
2019
14 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 17 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 32% 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 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€152,297▼ 16.6%
2024 · €182,604
Total assets
€258,208▼ 9.4%
2024 · €285,096
Net result
-€30,308▲ 23.0%
2024 · -€39,373
Working capital
€89,820▲ 55.6%
2024 · €57,735
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-€20,918€35,049€7,510▼ 78.6%-€38,864-€30,476▲ 21.6%
Net result-€21,708€33,044€6,387▼ 80.7%-€39,373-€30,308▲ 23.0%
Equity€182,545▼ 10.6%€215,589▲ 18.1%€221,977▲ 3.0%€182,604▼ 17.7%€152,297▼ 16.6%
Total assets€347,314▼ 0.7%€404,410▲ 16.4%€368,447▼ 8.9%€285,096▼ 22.6%€258,208▼ 9.4%
Debt€164,768▲ 13.3%€188,821▲ 14.6%€146,471▼ 22.4%€102,491▼ 30.0%€105,911▲ 3.3%
Working capital€151,629▼ 8.4%€182,905▲ 20.6%€145,402▼ 20.5%€57,735▼ 60.3%€89,820▲ 55.6%
Staff (FTE)1▼ 28.6%1=1=1=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €30,476 in 2025 against €38,864 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €258,208
Fixed assets
€62,477 ▼ 50.0%
Current assets
€195,731 ▲ 22.2%
Equity and liabilities €258,208
Equity
€152,297 ▼ 16.6%
Debt
€105,911 ▲ 3.3%
Debt's share of the balance-sheet total rises from 35.9% to 41.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€16,642▼
2024 · -€16,523
Cash flow
-€16,473▲
2024 · -€17,031
Current ratio
1.85▲
2024 · 1.56
Quick ratio
1.78▲
2024 · 1.56
Debt to equity
0.70▲
2024 · 0.56
ROE
-19.9%▲
2024 · -21.6%
ROA
-11.7%▲
2024 · -13.8%
Interest coverage
-127.43▲
2024 · -138.53
Debt ≤ 1 year
€105,911▲
2024 · €102,491
Income taxes
€664▼
2024 · €826
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,827 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
14%
stopped otherwise
84%
still going
A further 0.7% 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 5,827 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 | - | - | €413 | €9,822 | €145 | ▼ 98.5% |
| Remuneration, social security and pensions62 | - | €44,265 | €43,039 | €13,311 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,775 | €2,868 | €9,479 | €22,342 | €13,834 | ▼ 38.1% |
| Other operating charges640/8 | - | €3,814 | €2,493 | €2,824 | €2,540 | ▼ 10.1% |
| Non-recurring operating charges66A | - | - | - | €41 | €11,358 | ▲ 27,402% |
| Gross operating margin9900 | €35,215 | €85,997 | €62,521 | -€346 | -€2,743 | ▼ 693% |
| Operating profit (loss)9901 | -€20,918 | €35,049 | €7,510 | -€38,864 | -€30,476 | ▲ 21.6% |
| Financial income75/76B | - | €139 | €2 | €437 | €964 | ▲ 121% |
| Recurring financial income75 | €1 | €139 | €2 | €437 | €964 | ▲ 121% |
| Financial charges65/66B | - | €1,816 | €125 | €119 | €131 | ▲ 9.5% |
| Recurring financial charges65 | €466 | €1,816 | €125 | €119 | €131 | ▲ 9.5% |
| Profit (loss) for the period before taxes9903 | -€21,383 | €33,372 | €7,387 | -€38,547 | -€29,643 | ▲ 23.1% |
| Income taxes67/77 | €325 | €328 | €1,000 | €826 | €664 | ▼ 19.5% |
| Profit (loss) for the period9904 | -€21,708 | €33,044 | €6,387 | -€39,373 | -€30,308 | ▲ 23.0% |
| Profit (loss) for the period to be appropriated9905 | -€21,708 | €33,044 | €6,387 | -€39,373 | -€30,308 | ▲ 23.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €347,314 | €404,410 | €368,447 | €285,096 | €258,208 | ▼ 9.4% |
| Fixed assets21/28 | €30,916 | €32,684 | €76,575 | €124,869 | €62,477 | ▼ 50.0% |
| Tangible fixed assets22/27 | €20,078 | €21,846 | €65,737 | €115,445 | €53,052 | ▼ 54.0% |
| Land and buildings22 | - | €9,290 | €8,913 | €20,864 | €19,287 | ▼ 7.6% |
| Plant, machinery and equipment23 | - | €2,532 | €2,269 | €5,307 | €4,211 | ▼ 20.6% |
| Furniture and vehicles24 | - | €2,907 | €48,113 | €83,508 | €24,464 | ▼ 70.7% |
| Other tangible fixed assets26 | - | €4,121 | €3,445 | €2,769 | €2,093 | ▼ 24.4% |
| Assets under construction and advance payments27 | - | €2,997 | €2,997 | €2,997 | €2,997 | = |
| Financial fixed assets28 | €10,838 | €10,838 | €10,838 | €9,425 | €9,425 | = |
| Current assets29/58 | €316,397 | €371,725 | €291,872 | €160,226 | €195,731 | ▲ 22.2% |
| Stocks and contracts in progress3 | €63,410 | €289,410 | - | - | €7,000 | - |
| Stocks30/36 | - | €63,410 | - | - | - | - |
| Contracts in progress37 | - | €226,000 | - | - | €7,000 | - |
| Amounts receivable within one year40/41 | €21,677 | €36,753 | €33,862 | €25,054 | €64,820 | ▲ 159% |
| Trade receivables40 | - | €32,417 | €28,347 | €17,276 | €60,574 | ▲ 251% |
| Other amounts receivable41 | - | €4,336 | €5,515 | €7,778 | €4,247 | ▼ 45.4% |
| Cash at bank and in hand54/58 | €2,234 | €42,542 | €256,220 | €133,034 | €122,689 | ▼ 7.8% |
| Deferred charges and accrued income490/1 | - | €3,020 | €1,791 | €2,138 | €1,222 | ▼ 42.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €347,314 | €404,410 | €368,447 | €285,096 | €258,208 | ▼ 9.4% |
| Equity10/15 | €182,545 | €215,589 | €221,977 | €182,604 | €152,297 | ▼ 16.6% |
| Contributions10/11 | €371,875 | €371,875 | €371,875 | €371,875 | €371,875 | = |
| Capital10 | - | €371,875 | €371,875 | €371,875 | €371,875 | = |
| Issued capital100 | - | €371,875 | €371,875 | €371,875 | €371,875 | = |
| Reserves13 | €30,340 | €30,340 | €30,340 | €30,340 | €30,340 | = |
| Non-distributable reserves130/1 | - | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Legal reserve130 | - | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Distributable reserves133 | - | €24,090 | €24,090 | €24,090 | €24,090 | = |
| Profit (loss) carried forward14 | -€219,669 | -€186,625 | -€180,238 | -€219,610 | -€249,918 | ▼ 13.8% |
| Amounts payable17/49 | €164,768 | €188,821 | €146,471 | €102,491 | €105,911 | ▲ 3.3% |
| Amounts payable within one year42/48 | €164,768 | €188,821 | €146,471 | €102,491 | €105,911 | ▲ 3.3% |
| Trade debts44 | €34,289 | €30,003 | €19,397 | €14,992 | €8,304 | ▼ 44.6% |
| Suppliers440/4 | - | €30,003 | €19,397 | €14,992 | €8,304 | ▼ 44.6% |
| Advances received on contracts in progress46 | - | €30,000 | €30,000 | - | - | - |
| Taxes, remuneration and social security45 | - | €7,189 | €5,510 | €7,944 | €8,135 | ▲ 2.4% |
| Taxes450/3 | - | €2,847 | €89 | €3,510 | €5,273 | ▲ 50.2% |
| Remuneration and social security454/9 | - | €4,343 | €5,421 | €4,434 | €2,863 | ▼ 35.4% |
| Other amounts payable47/48 | - | €121,628 | €91,563 | €79,555 | €89,472 | ▲ 12.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,708 | €33,044 | €6,387 | -€39,373 | -€30,308 | ▲ 23.0% |
| + Depreciation and write-downs630 | €7,775 | €2,868 | €9,479 | €22,342 | €13,834 | ▼ 38.1% |
| Operating cash flow (approximation) | -€13,934 | €35,912 | €15,866 | -€17,031 | -€16,473 | ▲ 3.3% |
| Investment in fixed assets (approximation) | - | -€4,636 | -€53,369 | -€70,636 | €48,558 | ▲ 169% |
| Change in cash | - | €40,308 | €213,678 | -€123,186 | -€10,345 | ▲ 91.6% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
25-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 25 days late
2024
30-06
Financial
Weakest financial yearnet -€39,373
Net result drops to -€39,373, the lowest in the series; recovery starts the following year.
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
28-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
30-06
Financial
Back to profitnet €33,044
Net result €33,044 after one loss-making year.
30-06
Financial
Equity above €200,000Eq €215,589 ▲18.1%
Equity rises from €182,545 to €215,589.
24-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
02-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 2 days late
2020
30-06
Financial
Back to profitnet €5,122
Net result €5,122 after one loss-making year.
30-06
Financial
Equity above €200,000Eq €204,254 ▲2.6%
Equity rises from €199,132 to €204,254.
14-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 14 days late
Show earlier events
2019
20-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 20 days late
2018
12-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 12 days late
2017
02-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Hove · 1 establishment unit since 1991
Ground area
671 m²
Building footprint
203 m²
Volume, LiDAR
1,014 m³
Parcel 11021A0216/00G005, Flanders · tallest building 9.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Anda Projects
since 19912.053.032.219
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11021A0216/00G005 | Flanders | 671 m² | 1 · 203 m² | 9.5 m · 1 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
2022 · 1 entry · 209 EUR awarded · 209 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 209 EUR | 209 EUR |
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Of 978 companies in sector 38210 we hold annual accounts for 585. 337 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
Founded17-05-1991
Fiscal year end30-06
Activities, NACEBEL 2025
38210Materials recovery from waste
E-invoicing
Reachable via Peppol
Peppol ID
0208:0444196157
Also
9925:BE0444196157
Registered
21-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.