ACTIVE

ADAMS

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Financial year 2025 · closed on 31/12/2025

Net result

3,1 M €

-15.0% YoY

Revenue

17,5 M €

-4.7% YoY

Equity

3,8 M €

0.0% YoY

Workforce

44,8 ETP

+1.1% YoY

What does ADAMS do?

ADAMS is a Public limited company incorporated in 1995. Its main activity is: Construction of roads and motorways. Its registered office is in Merksplas. It employs on average 44,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0454.312.663

Incorporation

03/02/1995

Legal form

Public limited company

Registered office

Hoekeinde 52
2330 Merksplas · FlandreSee on map

Contributed capital

371 840,29 €

Latest accounts

31/12/2025

Average workforce

44,8 ETP

Activities (NACE)

42110Construction of roads and motorways· main 42110Construction of roads and motorways 45230Maintenance and repair of motor vehicles

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2010		2009		2008		2007		2006
Income statement
Revenue	17,5 M €	-4.7%	18,4 M €	+6.8%	17,2 M €	+1.3%	17 M €	+14.1%	14,9 M €	-5.3%	15,8 M €	-2.4%	16,1 M €	-0.0%	16,2 M €	+10.1%	14,7 M €	+20.3%	12,2 M €	+8.0%	11,3 M €	-11.5%	12,7 M €	-1.9%	13 M €	+0.6%	12,9 M €	+10.6%	11,7 M €	+0.3%	11,6 M €	+2.6%	11,4 M €	+16.3%	9,8 M €	+2.6%	9,5 M €
EBITDA	4,9 M €	-11.3%	5,5 M €	+2.4%	5,4 M €	+24.2%	4,3 M €	+6.6%	4,1 M €	-11.1%	4,6 M €	+11.1%	4,1 M €	+11.2%	3,7 M €	+12.6%	3,3 M €	+108%	1,6 M €	-6.4%	1,7 M €	-11.0%	1,9 M €	-24.8%	2,5 M €	+28.5%	2 M €	-15.9%	2,3 M €	-1.6%	2,4 M €	+21.9%	1,9 M €	+31.6%	1,5 M €	-13.2%	1,7 M €
Operating result	4 M €	-17.4%	4,9 M €	+4.7%	4,7 M €	+28.0%	3,7 M €	+6.1%	3,4 M €	-10.1%	3,8 M €	+13.4%	3,4 M €	+9.3%	3,1 M €	+10.1%	2,8 M €	+169%	1 M €	-11.6%	1,2 M €	-17.8%	1,4 M €	-24.6%	1,9 M €	+45.0%	1,3 M €	-18.7%	1,6 M €	-8.3%	1,8 M €	+13.4%	1,6 M €	+45.6%	1,1 M €	-21.2%	1,4 M €
Net result	3,1 M €	-15.0%	3,7 M €	+3.9%	3,6 M €	+35.6%	2,6 M €	+2.2%	2,6 M €	-8.6%	2,8 M €	+18.6%	2,4 M €	+9.2%	2,2 M €	+16.2%	1,9 M €	+138%	783,1 k €	-9.7%	866,8 k €	-18.1%	1,1 M €	-16.9%	1,3 M €	+21.3%	1 M €	-16.2%	1,3 M €	-2.2%	1,3 M €	+6.2%	1,2 M €	+43.1%	843,3 k €	-12.6%	964,9 k €
Balance sheet
Equity	3,8 M €	0.0%	3,8 M €	+0.0%	3,8 M €	-0.0%	3,8 M €	0.0%	3,8 M €	0.0%	3,8 M €	-12.3%	4,3 M €	+9.4%	3,9 M €	+10.1%	3,6 M €	+0.2%	3,6 M €	+6.4%	3,3 M €	+0.5%	3,3 M €	-46.9%	6,3 M €	+4.6%	6 M €	+24.0%	4,8 M €	+18.5%	4,1 M €	+23.7%	3,3 M €	+27.2%	2,6 M €	+15.3%	2,2 M €
Total assets	9,7 M €	+5.6%	9,2 M €	-4.9%	9,7 M €	+8.2%	8,9 M €	-2.2%	9,1 M €	-3.4%	9,5 M €	+10.0%	8,6 M €	+7.0%	8 M €	+7.1%	7,5 M €	+26.7%	5,9 M €	+4.2%	5,7 M €	-38.2%	9,2 M €	-2.1%	9,4 M €	+17.8%	8 M €	+20.4%	6,6 M €	-0.8%	6,7 M €	+17.1%	5,7 M €	+24.6%	4,6 M €	+16.2%	3,9 M €
Cash	1,2 M €	-24.4%	1,6 M €	-2.4%	1,6 M €	-52.2%	3,4 M €	-6.7%	3,7 M €	-31.5%	5,3 M €	+28.1%	4,2 M €	+19.1%	3,5 M €	-8.2%	3,8 M €	+35.5%	2,8 M €	-16.5%	3,4 M €	-49.9%	6,7 M €	-0.1%	6,7 M €	+28.5%	5,3 M €	+31.3%	4 M €	+6.0%	3,8 M €	+629%	517,8 k €	+316%	124,4 k €	-43.9%	221,8 k €
Debts	5,5 M €	+13.9%	4,8 M €	-4.7%	5,1 M €	+15.8%	4,4 M €	-3.6%	4,5 M €	-6.2%	4,9 M €	+34.7%	3,6 M €	-1.2%	3,6 M €	+3.0%	3,5 M €	+71.6%	2,1 M €	+18.4%	1,7 M €	-67.7%	5,4 M €	+109%	2,6 M €	+59.8%	1,6 M €	+13.3%	1,4 M €	-40.4%	2,4 M €	+8.2%	2,2 M €	+17.0%	1,9 M €	+22.9%	1,5 M €
Other
Workforce	44,8 ETP	+1.1%	44,3 ETP	-2.9%	45,6 ETP	-3.8%	47,4 ETP	+3.5%	45,8 ETP	-4.8%	48,1 ETP	-3.4%	49,8 ETP	-2.4%	51,0 ETP	+2.4%	49,8 ETP	+2.7%	48,5 ETP	+0.6%	48,2 ETP	-0.4%	48,4 ETP	-5.1%	51,0 ETP	-1.9%	52,0 ETP	+2.6%	50,7 ETP	+13.7%	44,6 ETP	+5.7%	42,2 ETP	-2.5%	43,3 ETP	+8.0%	40,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 16 ended

Active mandates

R. ADAMS

Director · since 29 décembre 2023 · 0471.875.207

Represented by Raf Adams

Active

Ended mandates

ADAMS

Director · since 29 décembre 2023 · 0454.312.663

Represented by Raf Adams

Ended

R. ADAMS

Director · since 01 juin 2018 · until 07 juin 2024 · 0471.875.207

Represented by Raf Adams

Ended

R. ADAMS

Director · since 01 juin 2018 · until 07 juin 2024 · 0471.875.207

Represented by Raf ADAMS

Ended

Raf ADAMS

Managing director · since 01 juin 2018 · until 07 juin 2024

Ended

At this address

Other companies at this address

Company	CBE no.
ADAMS● Liquidation	0436.964.907

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	06/07/2026	01/07/2025	30/07/2024	12/07/2023	17/06/2022	29/09/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	03/06/2022	04/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	06/07/2026	Dutch	PDF
Full model	31/12/2024	06/06/2025	01/07/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	30/07/2024	Dutch	PDF
Full model	31/12/2022	02/06/2023	12/07/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	17/06/2022	Dutch	PDF
Full modelCorrection	31/12/2020	04/06/2021	29/09/2021	Dutch	PDF
Full model	31/12/2020	04/06/2021	12/07/2021	Dutch	PDF
Full model	31/12/2019	09/06/2020	06/07/2020	Dutch	PDF
Full model	31/12/2018	07/06/2019	08/07/2019	Dutch	PDF
Full model	31/12/2017	01/06/2018	25/07/2018	Dutch	PDF
Full modelCorrection	31/12/2016	02/06/2017	16/08/2017	Dutch	PDF
Full model	31/12/2016	02/06/2017	12/07/2017	Dutch	PDF
Full model	31/12/2015	03/06/2016	12/07/2016	Dutch	PDF
Full model	31/12/2014	05/06/2015	18/06/2015	Dutch	PDF
Full model	31/12/2013	06/06/2014	14/07/2014	Dutch	PDF
Full model	31/12/2012	07/06/2013	20/08/2013	Dutch	PDF
Full model	31/12/2011	01/06/2012	29/08/2012	Dutch	PDF
Full model	31/12/2010	03/06/2011	12/07/2011	Dutch	PDF
Full model	31/12/2009	31/03/2010	30/04/2010	Dutch	PDF
Full model	31/12/2008	05/06/2009	02/07/2009	Dutch	PDF
Full model	31/12/2007	06/06/2008	03/07/2008	Dutch	PDF
Full model	31/12/2006	01/06/2007	21/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 16 ended

Active mandates

R. ADAMS

Director · since 29 décembre 2023 · 0471.875.207

Represented by Raf Adams

Active

Ended mandates

ADAMS

Director · since 29 décembre 2023 · 0454.312.663

Represented by Raf Adams

Ended

R. ADAMS

Director · since 01 juin 2018 · until 07 juin 2024 · 0471.875.207

Represented by Raf Adams

Ended

R. ADAMS

Director · since 01 juin 2018 · until 07 juin 2024 · 0471.875.207

Represented by Raf ADAMS

Ended

Raf ADAMS

Managing director · since 01 juin 2018 · until 07 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/10/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/09/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/11/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/12/2013
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/12/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/09/2012
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20253,1 M €↓
2024
Annual accounts 20243,7 M €↑
2023
Annual accounts 20233,6 M €↑
2022
Annual accounts 20222,6 M €↑
2021
Annual accounts 20212,6 M €↓
2020
Annual accounts 20202,8 M €↑
2019
Annual accounts 20192,4 M €↑
2018
Annual accounts 20182,2 M €↑
2017
Annual accounts 20171,9 M €↑
2016
Annual accounts 2016783,1 k €↓
2015
Annual accounts 2015866,8 k €↓
2014
Annual accounts 20141,1 M €↓
2013
Annual accounts 20131,3 M €↑
2012
Annual accounts 20121 M €↓
2010
Annual accounts 20101,3 M €↓
2009
Annual accounts 20091,3 M €↑
2008
Annual accounts 20081,2 M €↑
2007
Annual accounts 2007843,3 k €↓
2006
Annual accounts 2006964,9 k €
03/02/1995
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ADAMS

Overview

What does ADAMS do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline