ADR
ActiveSummary
ADR has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47k and a net result of €-5k. Equity is growing by ~39.2% per year across the filed fiscal years. Its solvency ranks better than 13% of 644 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability40▼-33
Solvency32▲+3
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days only on tighter terms
Liquidity short (current ratio 0.51 against 0.76 in 2024; short-term debt: 87.8% and cash: 0.1% of total assets), and 93.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Manufacture of food products (NACE 10)
about 60% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
6.6%
Return on assets
-0.7%
Age of the figures
15 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 644 sector peers (2025).
NBB · sector comparisonPosition among 644 sector peers
Solvency
better than 13%
← weakest
strongest →
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 31-12-2025, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
17 d early
2023
83 d early
2022
82 d early
2021
63 d early
2020
58 d early
2019
42 d early
← before the deadline
after the deadline →
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 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-5k
2024 · €45k
2019: €36k
2020: €3k▼ -92.5% vs 2019
2021: €32k▲ +1056% vs 2020
2022: €15k▼ -53.8% vs 2021
2023: €2k▼ -85.9% vs 2022
2024: €45k▲ +2101% vs 2023highest in 7 years
2025: €-5k▼ -111% vs 2024lowest in 7 years
2019 → 2025
Working capital
€-305k▲ 6.6%
2024 · €-326k
2019: €-465k
2020: €-330k▲ +28.9% vs 2019
2021: €-727k▼ -120% vs 2020lowest in 7 years
2022: €-499k▲ +31.3% vs 2021
2023: €-471k▲ +5.6% vs 2022
2024: €-326k▲ +30.8% vs 2023
2025: €-305k▲ +6.6% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-10k-€5k€7k▲ 44.6%€52k▲ 679%€47k▼ 9.9%
2021: €-10klowest in 5 years
2022: €5k▲ +146% vs 2021
2023: €7k▲ +44.6% vs 2022
2024: €52k▲ +679% vs 2023highest in 5 years
2025: €47k▼ -9.9% vs 2024
Operating result€42k-€38k▼ 11.2%€73k▲ 94.8%€90k▲ 22.6%€20k▼ 77.6%
2021: €42k
2022: €38k▼ -11.2% vs 2021
2023: €73k▲ +94.8% vs 2022
2024: €90k▲ +22.6% vs 2023highest in 5 years
2025: €20k▼ -77.6% vs 2024lowest in 5 years
Net result€32k-€15k▼ 53.8%€2k▼ 85.9%€45k▲ 2,101%€-5k
2021: €32k
2022: €15k▼ -53.8% vs 2021
2023: €2k▼ -85.9% vs 2022
2024: €45k▲ +2101% vs 2023highest in 5 years
2025: €-5k▼ -111% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 78% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €546k
Fixed assets
€230k ▼ 42.9%
Current assets
€316k ▼ 70.3%
Equity and liabilities €707k
Equity
€47k ▼ 9.9%
Debt
€660k ▼ 53.3%
Debt's share of the balance-sheet total falls from 96.4% to 93.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€59k▼
2024 · €188k
Cash flow
€34k▼
2024 · €144k
Current ratio
0.51▼
2024 · 0.76
Debt to equity
14.06▼
2024 · 27.14
ROE
-10.9%▼
2024 · 87.2%
ROA
-0.7%▼
2024 · 3.1%
Interest coverage
2.64▼
2024 · 10.27
Debt ≤ 1 year
€620k▼
2024 · €1.39M
Debt > 1 year
€0▼
2024 · €6k
Income taxes
€4k▼
2024 · €27k
Staff costs
€293k▼
2024 · €791k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.46M€707k▼
Formation expenses20-€161k
Fixed assets21/28€403k€230k▼
Intangible fixed assets21€15k€0▼
Tangible fixed assets22/27€384k€230k▼
Plant, machinery and equipment23€383k€0▼
Furniture and vehicles24€360€9k▲
Other tangible fixed assets26-€222k
Financial fixed assets28€4k€0▼
Current assets29/58€1.06M€316k▼
Amounts receivable after more than one year29€0-
Other amounts receivable291€0-
Amounts receivable within one year40/41€921k€314k▼
Trade receivables40€655k€8k▼
Other amounts receivable41€266k€306k▲
Current investments50/53-€781
Cash at bank and in hand54/58€141k€655▼
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€1.46M€707k▼
Equity10/15€52k€47k▼
Contributions10/11€150k€150k=
Profit (loss) carried forward14€-98k€-103k▼
Amounts payable17/49€1.41M€660k▼
Amounts payable after more than one year17€6k€0▼
Financial debts170/4€6k€0▼
Amounts payable within one year42/48€1.39M€620k▼
Current portion of amounts payable after more than one year42€95k€12k▼
Financial debts43€74k€0▼
Credit institutions430/8€74k€0▼
Trade debts44€820k€178k▼
Suppliers440/4€820k€178k▼
Taxes, remuneration and social security45€150k€191k▲
Taxes450/3€32k€31k▼
Remuneration and social security454/9€118k€159k▲
Other amounts payable47/48€249k€241k▼
Accrued charges and deferred income492/3€19k€39k▲
Income statement
Code20242025
Non-recurring operating income76A-€616k
Remuneration, social security and pensions62€791k€293k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€99k€39k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-62k€0▲
Other operating charges640/8€30k€40k▲
Operating charges capitalised as restructuring costs649-€-161k
Non-recurring operating charges66A€163k€38k▼
Gross operating margin9900€1.11M€269k▼
Operating profit (loss)9901€90k€20k▼
Financial income75/76B€1k€1k▼
Recurring financial income75€1k€1k▼
Financial charges65/66B€18k€22k▲
Recurring financial charges65€18k€22k▲
Profit (loss) for the period before taxes9903€72k€-1k▼
Income taxes67/77€27k€4k▼
Profit (loss) for the period9904€45k€-5k▼
Profit (loss) for the period to be appropriated9905€45k€-5k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-98k€-103k▼
Profit (loss) brought forward from the previous period14P€-143k€-98k▲
Social balance
Average headcount (FTE)908718.45.6▼
The notes to these accounts (24 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €616k | - |
| Remuneration, social security and pensions62 | - | €805k | €754k | €791k | €293k | ▼ 63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €152k | €120k | €114k | €99k | €39k | ▼ 60.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €62k | €0 | €-62k | €0 | ▲ 100% |
| Other operating charges640/8 | - | €23k | €28k | €30k | €40k | ▲ 29.9% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | €-161k | - |
| Non-recurring operating charges66A | - | €10k | €17k | €163k | €38k | ▼ 77.0% |
| Gross operating margin9900 | €1.13M | €1.06M | €986k | €1.11M | €269k | ▼ 75.8% |
| Operating profit (loss)9901 | €42k | €38k | €73k | €90k | €20k | ▼ 77.6% |
| Financial income75/76B | - | €5k | €3k | €1k | €1k | ▼ 2.7% |
| Recurring financial income75 | €106 | €4k | €3k | €1k | €1k | ▼ 2.7% |
| Non-recurring financial income76B | - | €999 | €0 | - | - | - |
| Financial charges65/66B | - | €9k | €11k | €18k | €22k | ▲ 22.5% |
| Recurring financial charges65 | €11k | €9k | €11k | €18k | €22k | ▲ 22.5% |
| Profit (loss) for the period before taxes9903 | €32k | €33k | €65k | €72k | €-1k | ▼ 102% |
| Income taxes67/77 | €199 | €18k | €62k | €27k | €4k | ▼ 85.6% |
| Profit (loss) for the period9904 | €32k | €15k | €2k | €45k | €-5k | ▼ 111% |
| Transfer from tax-exempt reserves789 | - | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €34k | €15k | €2k | €45k | €-5k | ▼ 111% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.67M | €1.66M | €1.44M | €1.46M | €707k | ▼ 51.8% |
| Formation expenses20 | - | - | - | - | €161k | - |
| Fixed assets21/28 | €863k | €594k | €501k | €403k | €230k | ▼ 42.9% |
| Intangible fixed assets21 | €99k | €60k | €33k | €15k | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €562k | €530k | €463k | €384k | €230k | ▼ 39.9% |
| Plant, machinery and equipment23 | - | €526k | €463k | €383k | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €457 | €409 | €360 | €9k | ▲ 2,274% |
| Leasing and similar rights25 | - | €3k | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €222k | - |
| Financial fixed assets28 | €201k | €4k | €4k | €4k | €0 | ▼ 100% |
| Current assets29/58 | €806k | €1.07M | €938k | €1.06M | €316k | ▼ 70.3% |
| Amounts receivable after more than one year29 | - | €89k | €22k | €0 | - | - |
| Other amounts receivable291 | - | €89k | €22k | €0 | - | - |
| Amounts receivable within one year40/41 | €633k | €901k | €844k | €921k | €314k | ▼ 65.9% |
| Trade receivables40 | - | €558k | €590k | €655k | €8k | ▼ 98.8% |
| Other amounts receivable41 | - | €344k | €254k | €266k | €306k | ▲ 15.1% |
| Current investments50/53 | - | - | - | - | €781 | - |
| Cash at bank and in hand54/58 | €94k | €77k | €71k | €141k | €655 | ▼ 99.5% |
| Deferred charges and accrued income490/1 | - | - | €177 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.67M | €1.66M | €1.44M | €1.46M | €707k | ▼ 51.8% |
| Equity10/15 | €-10k | €5k | €7k | €52k | €47k | ▼ 9.9% |
| Contributions10/11 | - | €150k | €150k | €150k | €150k | = |
| Reserves13 | €294 | €0 | - | - | - | - |
| Non-distributable reserves130/1 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Profit (loss) carried forward14 | €-160k | €-145k | €-143k | €-98k | €-103k | ▼ 5.2% |
| Amounts payable17/49 | €1.68M | €1.66M | €1.43M | €1.41M | €660k | ▼ 53.3% |
| Amounts payable after more than one year17 | €146k | €90k | €23k | €6k | €0 | ▼ 100% |
| Financial debts170/4 | - | €90k | €23k | €6k | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €1.53M | €1.57M | €1.41M | €1.39M | €620k | ▼ 55.3% |
| Current portion of amounts payable after more than one year42 | - | €213k | €67k | €95k | €12k | ▼ 87.9% |
| Financial debts43 | - | €103k | €149k | €74k | €0 | ▼ 100% |
| Credit institutions430/8 | - | €103k | €149k | €74k | €0 | ▼ 100% |
| Trade debts44 | €1.08M | €1.10M | €1.04M | €820k | €178k | ▼ 78.4% |
| Suppliers440/4 | - | €1.10M | €1.04M | €820k | €178k | ▼ 78.4% |
| Taxes, remuneration and social security45 | - | €154k | €155k | €150k | €191k | ▲ 27.3% |
| Taxes450/3 | - | €28k | €33k | €32k | €31k | ▼ 0.9% |
| Remuneration and social security454/9 | - | €125k | €122k | €118k | €159k | ▲ 34.9% |
| Other amounts payable47/48 | - | - | - | €249k | €241k | ▼ 3.2% |
| Accrued charges and deferred income492/3 | - | - | - | €19k | €39k | ▲ 106% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32k | €15k | €2k | €45k | €-5k | ▼ 111% |
| + Depreciation and write-downs630 | €152k | €120k | €114k | €99k | €39k | ▼ 60.2% |
| Operating cash flow (approximation) | €183k | €135k | €116k | €144k | €34k | ▼ 76.3% |
| Investment in fixed assets (approximation) | - | €149k | €-21k | €-1k | €133k | ▲ 12,214% |
| Change in cash | - | €-17k | €-6k | €69k | €-140k | ▼ 302% |
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
2025
31-12
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
30-06
Financial
Weakest financial yearnet €-5k
Net result drops to €-5k, the lowest in the series.
14-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-06
Financial
Highest result since 2019net €45k ▲2,101%
Operating result €90k, net result €45k, both a record.
2023
09-11
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
10-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
29-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
04-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
20-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
04-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
20-12
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
06-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
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, Mouscron · 2 establishment units since 2004
Ground area
2.6 ha
Building footprint
582 m²
2 parcels, Wallonia. Linked by address, not a title deed.
7
companies at this address
See who is registered here
2 establishment units
Rue du Petit Granit 3, 5580 Rochefort
since 20042.137.649.475
Slachthuisstraat 46, 7700 Mouscron
since 20242.360.070.673
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91114D0002/00S006 | Wallonia | 1.5 ha | 1 · 270 m² | - |
| 54007B0109/00M000 | Wallonia | 1.1 ha | 1 · 312 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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
2023 to 2024 · 2 entries · 837 EUR awarded · 837 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 117 EUR | 117 EUR |
| 2023 | 1 | 720 EUR | 720 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 599 companies in sector 10111 we hold annual accounts for 329. 215 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
Founded02-06-2004
Fiscal year end30-06
Activities, NACEBEL 2025
10111Manufacture of food products
46321Wholesale of meat and meat products, excluding game and poultry
Scores and ratios are computed by Checked and are not a credit decision.