ANDICO
ActiveSummary
ANDICO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €466,175 and a net result of €106,885. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 84% of 10552 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability90▼-9
Solvency98▲+6
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 3.72 against 3.02 in 2024; short-term debt: 26.4% and cash: 57.6% of total assets), and 26.7% 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+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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
73.3%
Return on assets
16.8%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €466,175
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
47 d late
2022
31 d late
2021
31 d late
2020
26 d late
2019
31 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 32 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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. Usually files around 31 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€466,175▲ 29.7%
2024 · €359,289
Total assets
€635,828▲ 18.1%
2024 · €538,563
Net result
€106,885▼ 18.2%
2024 · €130,704
Working capital
€455,357▲ 27.3%
2024 · €357,616
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€5,213-€42,500-€6,205▲ 85.4%€169,922€152,658▼ 10.2%
Net result€3,136below the sector's middle half-€44,030below the sector's middle half-€8,207below the sector's middle half▲ 81.4%€130,704above the sector's middle half€106,885above the sector's middle half▼ 18.2%
Equity€280,822within the sector's middle half▲ 1.1%€236,792within the sector's middle half▼ 15.7%€228,585within the sector's middle half▼ 3.5%€359,289within the sector's middle half▲ 57.2%€466,175within the sector's middle half▲ 29.7%
Total assets€447,583below the sector's middle half▲ 3.2%€441,923below the sector's middle half▼ 1.3%€353,547below the sector's middle half▼ 20.0%€538,563within the sector's middle half▲ 52.3%€635,828within the sector's middle half▲ 18.1%
Debt€166,760▲ 6.9%€205,131▲ 23.0%€124,962▼ 39.1%€179,274▲ 43.5%€169,654▼ 5.4%
Working capital€253,150within the sector's middle half▲ 2.0%€207,189within the sector's middle half▼ 18.2%€219,281within the sector's middle half▲ 5.8%€357,616within the sector's middle half▲ 63.1%€455,357above the sector's middle half▲ 27.3%
Solvency62.7%above the sector's middle half▼ 1.3pp53.6%within the sector's middle half▼ 9.2pp64.7%above the sector's middle half▲ 11.1pp66.7%above the sector's middle half▲ 2.1pp73.3%above the sector's middle half▲ 6.6pp
Current ratio2.90above the sector's middle half▼ 0.652.05within the sector's middle half▼ 0.852.78within the sector's middle half▲ 0.733.02above the sector's middle half▲ 0.233.72above the sector's middle half▲ 0.70
Return on assets (ROA)0.7%below the sector's middle half▲ 2.0pp-10.0%below the sector's middle half▼ 10.7pp-2.3%below the sector's middle half▲ 7.6pp24.3%above the sector's middle half▲ 26.6pp16.8%above the sector's middle half▼ 7.5pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 10% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €635,828
Fixed assets
€12,907 ▲ 243%
Current assets
€622,922 ▲ 16.5%
Equity and liabilities €635,828
Equity
€466,175 ▲ 29.7%
Debt
€169,654 ▼ 5.4%
Debt's share of the balance-sheet total falls from 33.3% to 26.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€155,080▼
2024 · €180,163
Cash flow
€109,306▼
2024 · €140,945
Debt to equity
0.36▼
2024 · 0.50
ROE
22.9%▼
2024 · 36.4%
Interest coverage
50.56▲
2024 · 42.46
Debt ≤ 1 year
€167,564▼
2024 · €177,186
Income taxes
€47,826▲
2024 · €40,284
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 20,134 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 | €723 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,835 | €27,145 | €27,462 | €10,240 | €2,421 | ▼ 76.4% |
| Other operating charges640/8 | €3,774 | €4,311 | €3,944 | €4,750 | €4,956 | ▲ 4.3% |
| Gross operating margin9900 | €35,822 | -€11,044 | €25,200 | €184,913 | €160,035 | ▼ 13.5% |
| Operating profit (loss)9901 | €5,213 | -€42,500 | -€6,205 | €169,922 | €152,658 | ▼ 10.2% |
| Financial income75/76B | €4,440 | €4,643 | €4,044 | €5,309 | €5,120 | ▼ 3.6% |
| Recurring financial income75 | €4,440 | €4,643 | €4,044 | €5,309 | €5,120 | ▼ 3.6% |
| Financial charges65/66B | €6,182 | €5,937 | €5,810 | €4,243 | €3,067 | ▼ 27.7% |
| Recurring financial charges65 | €6,182 | €5,937 | €5,810 | €4,243 | €3,067 | ▼ 27.7% |
| Profit (loss) for the period before taxes9903 | €3,472 | -€43,794 | -€7,971 | €170,989 | €154,711 | ▼ 9.5% |
| Income taxes67/77 | €335 | €236 | €236 | €40,284 | €47,826 | ▲ 18.7% |
| Profit (loss) for the period9904 | €3,136 | -€44,030 | -€8,207 | €130,704 | €106,885 | ▼ 18.2% |
| Profit (loss) for the period to be appropriated9905 | €3,136 | -€44,030 | -€8,207 | €130,704 | €106,885 | ▼ 18.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €447,583 | €441,923 | €353,547 | €538,563 | €635,828 | ▲ 18.1% |
| Fixed assets21/28 | €61,263 | €37,700 | €11,389 | €3,761 | €12,907 | ▲ 243% |
| Tangible fixed assets22/27 | €61,223 | €37,660 | €11,349 | €3,721 | €12,867 | ▲ 246% |
| Plant, machinery and equipment23 | - | - | - | - | €8,213 | - |
| Furniture and vehicles24 | €1,041 | €3,270 | €2,752 | €3,721 | €4,653 | ▲ 25.1% |
| Leasing and similar rights25 | €60,183 | €34,390 | €8,598 | - | - | - |
| Financial fixed assets28 | €40 | €40 | €40 | €40 | €40 | = |
| Current assets29/58 | €386,320 | €404,223 | €342,158 | €534,802 | €622,922 | ▲ 16.5% |
| Amounts receivable within one year40/41 | €300,093 | €345,860 | €298,781 | €402,571 | €250,259 | ▼ 37.8% |
| Trade receivables40 | €236,238 | €278,645 | €217,489 | €313,962 | €155,027 | ▼ 50.6% |
| Other amounts receivable41 | €63,855 | €67,215 | €81,292 | €88,609 | €95,232 | ▲ 7.5% |
| Cash at bank and in hand54/58 | €79,995 | €52,402 | €38,112 | €125,841 | €366,211 | ▲ 191% |
| Deferred charges and accrued income490/1 | €6,232 | €5,961 | €5,265 | €6,390 | €6,452 | ▲ 1.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €447,583 | €441,923 | €353,547 | €538,563 | €635,828 | ▲ 18.1% |
| Equity10/15 | €280,822 | €236,792 | €228,585 | €359,289 | €466,175 | ▲ 29.7% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €293,500 | €293,500 | €293,500 | €423,500 | €523,500 | ▲ 23.6% |
| Non-distributable reserves130/1 | €5,000 | €5,000 | - | - | - | - |
| Reserves not available under the articles1311 | €5,000 | €5,000 | - | - | - | - |
| Tax-exempt reserves132 | €8,500 | €8,500 | €8,500 | €8,500 | €8,500 | = |
| Distributable reserves133 | €280,000 | €280,000 | €285,000 | €415,000 | €515,000 | ▲ 24.1% |
| Profit (loss) carried forward14 | -€62,678 | -€106,708 | -€114,915 | -€114,211 | -€107,325 | ▲ 6.0% |
| Amounts payable17/49 | €166,760 | €205,131 | €124,962 | €179,274 | €169,654 | ▼ 5.4% |
| Amounts payable after more than one year17 | €31,515 | €6,012 | - | - | - | - |
| Financial debts170/4 | €31,515 | €6,012 | - | - | - | - |
| Amounts payable within one year42/48 | €133,169 | €197,034 | €122,877 | €177,186 | €167,564 | ▼ 5.4% |
| Current portion of amounts payable after more than one year42 | €25,073 | €25,503 | €6,012 | - | - | - |
| Trade debts44 | €79,513 | €141,423 | €93,640 | €105,650 | €58,617 | ▼ 44.5% |
| Suppliers440/4 | €79,513 | €141,423 | €93,640 | €105,650 | €58,617 | ▼ 44.5% |
| Taxes, remuneration and social security45 | €28,582 | €30,108 | €23,225 | €71,536 | €108,948 | ▲ 52.3% |
| Taxes450/3 | €21,182 | €22,708 | €23,225 | €71,536 | €108,948 | ▲ 52.3% |
| Remuneration and social security454/9 | €7,400 | €7,400 | - | - | - | - |
| Accrued charges and deferred income492/3 | €2,076 | €2,085 | €2,085 | €2,088 | €2,089 | ▲ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,136 | -€44,030 | -€8,207 | €130,704 | €106,885 | ▼ 18.2% |
| + Depreciation and write-downs630 | €26,835 | €27,145 | €27,462 | €10,240 | €2,421 | ▼ 76.4% |
| Operating cash flow (approximation) | €29,972 | -€16,885 | €19,255 | €140,945 | €109,306 | ▼ 22.4% |
| Investment in fixed assets (approximation) | - | -€3,582 | -€1,151 | -€2,612 | -€11,567 | ▼ 343% |
| Change in cash | - | -€27,593 | -€14,289 | €87,728 | €240,370 | ▲ 174% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Back to profitnet €130,704
Net result €130,704 after 2 loss-making years.
16-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 47 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€44,030
Net result drops to -€44,030, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Back to profitnet €3,136
Net result €3,136 after 3 loss-making years.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 26 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 28 days late
2018
25-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 56 days late
2017
16-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 16 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Antwerpen · 1 establishment unit since 1989
Ground area
1,768 m²
Building footprint
306 m²
Volume, LiDAR
1,952 m³
Parcel 11812M0205/00Y000, Flanders · tallest building 11.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ANDICO
since 19892.121.487.493
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11812M0205/00Y000 | Flanders | 1,768 m² | 1 · 306 m² | 11.6 m · 2 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.
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Of 3,225 companies in sector 47781 we hold annual accounts for 742. 531 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
Founded28-06-1989
Fiscal year end31-12
Activities, NACEBEL 2025
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
E-invoicing
Reachable via Peppol
Peppol ID
0208:0437770502
Also
9925:BE0437770502
Registered
17-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.