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Checked processes every Belgian company, act by act, from the Belgian Official Gazette. The data below is real and verified, this company's full, act-by-act verified dossier is still being assembled.
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Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of ADICAR is 1.1% (low). The 2024 annual accounts show negative equity (€-582k) and a net result of €-77k. Equity is shrinking by ~45.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 1225 sector peers (fiscal year 2024). The company has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 7 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone1.1%
Low
0%0,5%1,5%4%10%≥25%
Annual accounts: weaker financial profile
+Long track record
−Higher-failure-rate sector
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
1 signal · with evidenceNegative equity
Equity is negative for financial year 2024: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
View the annual accounts Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideDeadline passed, not yet counted as missing
The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 10 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.
A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
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 31-12-2024, that is 31-07-2025.
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 | 29-08-2025 | 29 d late | 2025-00439455 |
| 31-12-2023 | 31-07-2024 | 16-07-2024 | 15 d early | 2024-00251127 |
| 31-12-2022 | 31-07-2023 | 18-07-2023 | 13 d early | 2023-00250520 |
| 31-12-2021 | 31-07-2022 | 08-07-2022 | 23 d early | 2022-20163487 |
| 31-12-2020 | 31-07-2021 | 23-07-2021 | 8 d early | 2021-39000266 |
| 31-12-2019 | 31-07-2020 | 17-07-2020 | 14 d early | 2020-31300589 |
| 31-12-2018 | 31-07-2019 | 10-07-2019 | 21 d early | 2019-31400340 |
| 31-12-2017 | 31-07-2018 | 05-07-2018 | 26 d early | 2018-29500576 |
| 31-12-2016 | 31-07-2017 | 28-06-2017 | 33 d early | 2017-24000503 |
| 31-12-2015 | 31-07-2016 | 23-06-2016 | 38 d early | 2016-21500091 |
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 signalsLong-established
Founded in 1994, 32 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 administrative flags
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-77k
Working capital€-583k-1.1%
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 29-08-2025 with the NBB · fiscal year 2024 · verkort
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~45.3%/year over 7 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 2024 · NACE 47, Retail trade · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -4663.8% | 20.4% | |
| Net result | €-77k | €26k | |
| Equity | €-582k | €142k | |
| Gross operating margin | €-6k | €217k | |
| Staff costs | €-24 | €163k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P5
Stable position over 2020-2024
· n=536-1225
P10
Stable position over 2020-2024
· n=536-1224
P5
Stable position over 2020-2024
· n=536-1225
P8
Stable position over 2020-2024
· n=536-1223
Describes the position versus peers, not a forecast.
€-76k
-
18-24
€-77k
-
18-24
€-76k
-
18-24
€12k
-86.1%
18-24
€-582k
-15.2%
18-24
€-583k
-1.1%
18-24
0
-100.0%
18-24
€-24
-
18-24
€0
-100.0%
18-24
€595k
-0.1%
18-24
€595k
-0.1%
18-24
0.02
-37.2%
18-24
0.02
-37.2%
18-24
-4663.8%
-727.6%
18-24
-1.02
+13.2%
18-24
13.2%
-
18-24
-614.1%
-
18-24
-432.10
-
18-24
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Deposit | verkort |
| Revenue | - |
| EBITDA | €-76k |
| Net profit | €-77k |
| Cash flow | €-76k |
| Staff costs | €-24 |
| Income taxes | €0 |
| Dividends | - |
| Total assets | €12k |
| Equity | €-582k |
| Debt | €595k |
| of which ≤ 1y | €595k |
| of which > 1y | - |
| Working capital | €-583k |
| Employees (FTE) | 0.0 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 0.02 |
| Quick ratio | 0.02 |
| Working capital ratio | -4669.7% |
| Solvency | -4663.8% |
| Debt / equity | -1.02 |
| Long-term debt ratio | - |
| Interest coverage | -432.10 |
| Gross margin | - |
| Net margin | - |
| ROA | -614.1% |
| ROE | 13.2% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €12k |
| Fixed assets | 21/28 | €737 |
| Intangible fixed assets | 21 | €0 |
| Tangible fixed assets | 22/27 | €737 |
| Current assets | 29/58 | €12k |
| Amounts receivable within one year | 40/41 | €9k |
| Cash & bank | 54/58 | €1k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €12k |
| Equity | 10/15 | €-582k |
| Contributions / capital | 10/11 | €110k |
| Reserves | 13 | €86k |
| Accumulated profits (losses) | 14 | €-778k |
| Amounts payable | 17/49 | €595k |
| Amounts payable within one year | 42/48 | €595k |
| Trade debts payable within one year | 44 | €750 |
| Income statement | ||
| Gross operating margin | 9900 | €-6k |
| Operating result | 9901 | €-77k |
| Financial income | 75 | €783 |
| Financial charges | 65 | €177 |
| Result before taxes | 9903 | €-77k |
| Income taxes | 67/77 | €0 |
| Net result for the period | 9904 | €-77k |
| Result to be appropriated | 9905 | €-77k |
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2024 · computed7
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Unlock the full score breakdown, per-year score history and the indicative credit limit with Plus.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
11 directorsCurrent directors & mandates
-
BV HEMAX BELegal entityDirector· perm. rep.: PROVOOST MirandaState Gazette act 25134276 (24-10-2025)Current13-06-2025 → present
2 events
- 13-06-2025 Mandate renewed· Director
- 13-06-2025 Mandate renewed· Managing director
-
BV V-PARKLegal entityDirector· perm. rep.: LEFEVER KristofState Gazette act 25134276 (24-10-2025)Current13-06-2025 → present
-
Current23-10-2020 → present
-
Current20-10-2020 → present
2 events
- 23-10-2020 Mandate renewed· Managing director
- 20-10-2020 Appointed· Managing director
-
Current27-03-2013 → present
2 events
- 23-10-2020 Mandate renewed· Director
- 27-03-2013 Appointed· Director
Historic, not recently confirmed (4)
These mandates remain open in the register but have not been confirmed by a new act in over six years. They do not count as active directors.
-
HEMAX BE BVBALegal entityManaging director· perm. rep.: PROVOOST MirandaState Gazette act 19130519 (02-10-2019)Not recently confirmedlast confirmed in an act from 2019
-
MENA BVBALegal entityDirector· perm. rep.: LEFEVER KristofState Gazette act 19130519 (02-10-2019)Not recently confirmedlast confirmed in an act from 2019
-
BVBA Lefever KristofLegal entityManaging director· perm. rep.: Provoost MirandaState Gazette act 13058773 (15-04-2013)Not recently confirmedlast confirmed in an act from 2013
-
Not recently confirmedlast confirmed in an act from 2013
Former directors (2)
-
Former- → 27-03-2013
-
Former- → 27-03-2013
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.
Statutory auditor
2 auditors| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| BDO Bedrijfsrevisoren Burg. Ven. CVBA Statutory auditor · represented by Bruno Pouseele succeeded by BV o.v.v.e. BVBA POUSEELE BRUNO in 2016 |
- | 23-10-2014 → 01-01-2016 |
| BV o.v.v.e. BVBA POUSEELE BRUNO Statutory auditor · represented by Bruno POUSEELE |
- | 01-01-2016 → 12-02-2016 |
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Detailhandel in dranken, algemeen assortiment(47252) |
| Legal form | Public limited company(014) |
| Incorporation | 14-07-1994 |
| Status | Active |
| Postal code | 8670 |
Structure & network
Connections & network
3 connected companiesGroup structure
Parent · 1 subsidiary · 1 location
Control→
Parent · 1 subsidiary · 1 location
Control→
Parent · 1 subsidiary
Control→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.
Locations & real estate
Registered office
on the map · from the address register
seat.Municipality
exact location from the address register
Establishment units
1 locationADICAR
since 19942.068.551.823
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area2,144 m²
Buildings1
Building footprint80 m²
Volume (LiDAR)338 m³
Tallest building9.8 m · ±2 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38342H0360/00F000 | Flanders | 2,144 m² | 1 · 80 m² | 9.8 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
9 acts Address history · 1
07-02-2024
v3.2
All acts · 9
updated 9 months ago
2025
24-10-2025 3 reappointed
- PROVOOST Miranda, Bestuurder
- LEFEVER Kristof, Bestuurder
- PROVOOST Miranda, Gedelegeerd bestuurder
Summary:
v3.2
2024
07-02-2024 Registered office moved from De Panne to Koksijde
2020
23-10-2020 Articles of association amended
Summary:
v3.2
2019
02-10-2019 2 reappointed
- PROVOOST Miranda, Gedelegeerd bestuurder
- LEFEVER Kristof, Bestuurder
Summary:
v3.2
2016
12-02-2016 1 director appointed, 1 resigning
- Bruno POUSEELE, Commissaris
- BV o.v.v.e. CVBA BDO Bedrijfsrevisoren, Commissaris
Summary:
v3.2
2014
23-10-2014 Bruno Pouseele reappointed as statutory auditor
2013
15-04-2013 3 directors appointed, 2 resigning
- Provoost Miranda, Bestuurder
- Lefever Kristof, Bestuurder
- Provoost Miranda, Gedelegeerd bestuurder
- Dekeerle Filip, Bestuurder
- Provoost Miranda, Bestuurder
Summary:
v3.2
2008
26-06-2008 Bertin Pouseele reappointed as statutory auditor
2005
05-12-2005 Bertin Pouseele reappointed as statutory auditor
Analysis
Snowflake analysis
financial profile on 5 axes48
/ 100
Mixed profile: strong on stability, weaker on health.
All 5 axes are computed from data Checked has read.
Health
7
Profitability
66
Solvency
33
Growth
32
Stability
100
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Credit advice
verdict per customer and amountSimilar
Similar companies
Same sector, nearest firstCompany registry
Company registry (CBE)
Crossroads BankActivities
Detailhandel in dranken in gespecialiseerde winkels, algemeen assortiment47252Detailhandel in dranken, algemeen assortiment47252Detailhandel in chocolade en suikerwerk in gespecialiseerde winkels47242Detailhandel in chocolade en suikerwerk47242Detailhandel in brood-, banketbakkerswerk en suikerwerk52240Detailhandel in alcoholische en andere dranken52250
Primary activity highlighted.
Names & trade names
| Legal nameNL | ADICAR |
Registered office
Grensstraat(Kok) 2
8670 Koksijde, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.