AD-Air · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of AD-Air is 0.1% (very low). The 2020 annual accounts show equity of €417k and a net result of €241k. Equity is growing by ~33.9% per year across the filed fiscal years. Its solvency ranks better than 65% of 590 sector peers (fiscal year 2020). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

Insufficient current data: the most recent filed accounts (financial year 2020) are too old to derive current signals.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2021 was due at the National Bank by 31-07-2022. Nothing is on record today, 1489 days later. 5 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Latest accounts filed on time

The financial year that closed on 31-12-2020 was due by 31-07-2021 and was filed on 11-06-2021, 50 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2020, that is 31-07-2021.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	nothing on record	not filed	-
31-12-2022	31-07-2023	nothing on record	not filed	-
31-12-2021	31-07-2022	nothing on record	not filed	-
31-12-2020	31-07-2021	11-06-2021	50 d early	2021-19200337
31-12-2019	31-07-2020	18-03-2020	135 d early	2020-06900423
31-12-2018	31-07-2019	03-05-2019	89 d early	2019-12100316
31-12-2017	31-07-2018	05-04-2018	117 d early	2018-09200105
31-12-2016	31-07-2017	21-03-2017	132 d early	2017-06800436
31-12-2015	31-07-2016	23-04-2016	99 d early	2016-10700086
31-12-2014	31-07-2015	01-05-2015	91 d early	2015-11200161

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Established

Founded in 2007, 19 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.1% Very low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Lower-risk legal form −Annual accounts: weaker financial profile +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€241k+14.4%

Working capital€287k+88.2%

CSV export

Annual accounts & ratios

Source: NBB · 2020

Annual accounts filed on 11-06-2021 with the NBB · fiscal year 2020 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~33.9%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2020 · NACE 69, Legal & accounting · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	63.7%	50.8%	better than 65% of 590 sector peers
Net result	€230k	€21k	better than 95% of 589 sector peers
Equity	€417k	€73k	better than 87% of 591 sector peers
Gross operating margin	€323k	€57k	better than 94% of 588 sector peers
Total assets	€655k	€224k	better than 84% of 590 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

EBITDA

€322k

+15.6% 18-20

Net profit

€241k

+14.4% 18-20

Cash flow

€243k

+14.1% 18-20

Total assets

€655k

+30.9% 18-20

Equity

€417k

+50.6% 18-20

Working capital

€287k

+88.2% 18-20

Income taxes

€95k

+15.3% 18-20

Dividends

€90k

-40.0% 18-20

Show 7 other metrics

Debt

€238k

+6.4% 18-20

Debt ≤ 1y

€238k

+6.4% 18-20

Current ratio

2.21

+31.2% 18-20

Quick ratio

2.21

+31.2% 18-20

Solvency

63.7%

+15.1% 18-20

ROE

57.7%

-24.1% 18-20

ROA

36.8%

-12.6% 18-20

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2020
Deposit	micro
Revenue	-
EBITDA	€322k
Net profit	€241k
Cash flow	€243k
Staff costs	-
Income taxes	€95k
Dividends	€90k
Total assets	€655k
Equity	€417k
Debt	€238k
of which ≤ 1y	€238k
of which > 1y	-
Working capital	€287k
Employees (FTE)	-

Ratios (computed)

	2020
Current ratio	2.21
Quick ratio	2.21
Working capital ratio	43.8%
Solvency	63.7%
Debt / equity	-
Long-term debt ratio	-
Interest coverage	-
Gross margin	-
Net margin	-
ROA	36.8%
ROE	57.7%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2020

Assets

Fixed assets €130k · 19.9% Current assets €525k · 80.1%

Equity & liabilities

Equity €417k · 63.7% Debt €238k · 36.3%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2020
Balance sheet, Assets
TOTAL ASSETS	20/58	€655k
Fixed assets	21/28	€130k
Tangible fixed assets	22/27	€3k
Financial fixed assets	28	€127k
Current assets	29/58	€525k
Amounts receivable within one year	40/41	€300k
Cash & bank	54/58	€224k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€655k
Equity	10/15	€417k
Contributions / capital	10/11	€56k
Reserves	13	€351k
Accumulated profits (losses)	14	€11k
Amounts payable	17/49	€238k
Amounts payable within one year	42/48	€238k
Trade debts payable within one year	44	€13k
Income statement
Gross operating margin	9900	€323k
Operating result	9901	€320k
Financial income	75	€7k
Financial charges	65	€1k
Result before taxes	9903	€325k
Income taxes	67/77	€95k
Net result for the period	9904	€230k
Result to be appropriated	9905	€230k

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2020 · computed

83 / 100 Excellent

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2020. Indicative, not credit advice.

Directors

Directors & mandates

1 director

4 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

Anne DORTHU
Managing director
State Gazette act 25370978 (21-11-2025)

Current
04-04-2022 → present
4 events
- 21-11-2025 Mandate renewed· Managing director
- 04-04-2022 Mandate renewed· Managing director
- 04-04-2022 Appointed· Manager
- 04-04-2022 Resigned· Managing director