Thank you for you feedback Chris,
The issue found, wrong connection settings.
Quering the SELECT * FROM system.tables throws an error 5125 "Advantage does not have a data dictionary associated with the specified handle. AdsCommand query execution failed". So this explains whats was wrong, i used the alias and not the data dictionary
The tables on the Server Explorer are populated correctly
Connection String: User ID=adssys;Initial Catalog="C:\Program Files\Advantage 11.0\Help\ADS_DATA\IW.add"; User ID=adssys Provider: .NET Framework Data Provider for Advantage Database Server State: Open Type: Advantage Database Server Version: 11.0.0.1