Ardex
ActiveSummary
Ardex has been active since 1946 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €409k and a net result of €-67k. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 85% of 4539 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
64
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability1▲+1
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity short (current ratio 0.04 against 1.09 in 2024; short-term debt: 12.9% and cash: 0.2% of total assets), and 12.9% of the assets are financed with debt.
Credit check for your own amount and term
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← 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
1819202122232425
2018 to 2025 · latest year €-67k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-05-2026, 81 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
81 d early
2024
77 d early
2023
78 d early
2022
89 d early
2021
61 d early
2020
72 d early
2019
74 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-67k▲ 13.2%
2024 · €-77k
2018: €6k
2019: €1k
2020: €126
2021: €599
2022: €63
2023: €-19k
2024: €-77k
2018 → 2025
Working capital
€-58k
2024 · €2k
2018: €100k
2019: €51k
2020: €61k
2021: €68k
2022: €78k
2023: €69k
2024: €2k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€572k-€572k=€552k▼ 3.4%€475k▼ 13.9%€409k▼ 14.0%
Operating result€2k-€924▼ 44.5%€-19k€-76k▼ 303%€-65k▲ 14.2%
Net result€599-€63▼ 89.4%€-19k€-77k▼ 294%€-67k▲ 13.2%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €65k in 2025 against €76k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €469k
Fixed assets
€466k ▼ 1.4%
Current assets
€3k ▼ 89.4%
Equity and liabilities €469k
Equity
€409k ▼ 14.0%
Debt
€60k ▲ 165%
Debt's share of the balance-sheet total rises from 4.6% to 12.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-58k▲
2024 · €-66k
Cash flow
€-60k▲
2024 · €-67k
Current ratio
0.04▼
2024 · 1.09
Debt to equity
0.15▲
2024 · 0.05
ROE
-16.3%▼
2024 · -16.1%
ROA
-14.2%▲
2024 · -15.4%
Interest coverage
-120.57▼
2024 · -99.07
Debt ≤ 1 year
€60k▲
2024 · €23k
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 · 39 lines
Balance sheet
Code20242025
Assets
Total assets20/58€498k€469k▼
Fixed assets21/28€473k€466k▼
Tangible fixed assets22/27€473k€466k▼
Land and buildings22€473k€466k▼
Current assets29/58€25k€3k▼
Amounts receivable within one year40/41€3k€2k▼
Other amounts receivable41€3k€2k▼
Cash at bank and in hand54/58€22k€800▼
Equity and liabilities
Total equity and liabilities10/49€498k€469k▼
Equity10/15€475k€409k▼
Contributions10/11€97k€97k=
Capital10€97k€97k=
Issued capital100€97k€97k=
Revaluation surpluses12€407k€407k=
Reserves13€28k€28k=
Non-distributable reserves130/1€10k€10k=
Legal reserve130€10k€10k=
Tax-exempt reserves132€13k€13k=
Distributable reserves133€5k€5k=
Profit (loss) carried forward14€-56k€-123k▼
Amounts payable17/49€23k€60k▲
Amounts payable within one year42/48€23k€60k▲
Trade debts44€23k€22k▼
Suppliers440/4€23k€22k▼
Other amounts payable47/48-€38k
Income statement
Code20242025
Operating charges60/66A€76k€65k▼
Services and other goods61€52k€46k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€7k▼
Other operating charges640/8€14k€12k▼
Operating profit (loss)9901€-76k€-65k▲
Financial charges65/66B€666€1k▲
Recurring financial charges65€666€1k▲
Debt charges650-€485
Other financial charges652/9€666€816▲
Profit (loss) for the period before taxes9903€-77k€-67k▲
Profit (loss) for the period9904€-77k€-67k▲
Profit (loss) for the period to be appropriated9905€-77k€-67k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-56k€-123k▼
Profit (loss) brought forward from the previous period14P€20k€-56k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet €-77k
Net result drops to €-77k, the lowest in the series; recovery starts the following year.
14-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
20-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity triplescurrent ratio 89.66
Current ratio from 29.94 to 89.66; short-term debt falls from €2k to €685.
18-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-06
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.
Directors · office · real estate
Directors
20 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 1946
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Borsbeeksebrug 222600 AntwerpenGround area
3.0 ha
Building footprint
3,835 m²
Volume, LiDAR
5,010 m³
2 parcels, Flanders · tallest building 7.0 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
's Herenbaan 216, 2840 Rumst
since 19462.005.180.832
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11302A0095/00E008 | Flanders | 2.4 ha | 1 · 2,699 m² | - |
| 11036A0029/00B002 | Flanders | 6,536 m² | 1 · 1,136 m² | 7.0 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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BE 1004.964.639
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Voorzorgkas van de zelfstandigen en de ondernemingen
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MICONERGY
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Of 12,022 companies in sector 68203 we hold annual accounts for 5,986. 4,420 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded04-02-1946
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 49 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.