ADN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 27 filings
Turnover
≈ €300,000
Estimated: probably between €190,000 and €570,000
EBIT margin
Not included in this filing
Net result
-€22,997
2024 · €11,396
Working capital
-€27,434▼ 93.5%
2024 · -€14,177
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€31,246
2025
20182025
Net result
-€22,997
2025
lowest quarter of the sector
20182025
Equity
€363,706
▼ 7.4%
2025
highest quarter of the sector
20182025
Total assets
€565,863
▼ 5.9%
2025
middle half of the sector
20182025
Debt
€162,711
▼ 2.6%
2025
20182025
Working capital
-€27,434
▼ 93.5%
2025
lowest quarter of the sector
20182025
Solvency
64.3%
▼ 1.0pp
2025
middle half of the sector
20182025
Current ratio
0.83
▼ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.1%
▼ 6.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1.6
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,050--€19,698€23,371€66,726▲ 186%€29,734▼ 55.4%€6,528▼ 78.0%€13,091▲ 101%-€31,246
Net result€15,074--€3,762€15,734within the sector's middle half€44,277within the sector's middle half▲ 181%€22,001within the sector's middle half▼ 50.3%€5,786within the sector's middle half▼ 73.7%€11,396within the sector's middle half▲ 97.0%-€22,997below the sector's middle half
Equity€332,522-€322,867▼ 2.9%€332,707within the sector's middle half▲ 3.0%€371,092within the sector's middle half▲ 11.5%€387,200within the sector's middle half▲ 4.3%€387,093within the sector's middle half=€392,596within the sector's middle half▲ 1.4%€363,706above the sector's middle half▼ 7.4%
Total assets€874,930-€801,683▼ 8.4%€719,629within the sector's middle half▼ 10.2%€814,433within the sector's middle half▲ 13.2%€788,949within the sector's middle half▼ 3.1%€700,779within the sector's middle half▼ 11.2%€601,379within the sector's middle half▼ 14.2%€565,863within the sector's middle half▼ 5.9%
Debt€486,721-€425,448▼ 12.6%€335,874▼ 21.1%€394,614▲ 17.5%€355,342▼ 10.0%€269,600▼ 24.1%€167,017▼ 38.1%€162,711▼ 2.6%
Working capital-€11,410--€16,060▼ 40.8%-€1,532within the sector's middle half▲ 90.5%€13,297within the sector's middle half€10,399within the sector's middle half▼ 21.8%-€4,855within the sector's middle half-€14,177within the sector's middle half▼ 192%-€27,434below the sector's middle half▼ 93.5%
Solvency38.0%-40.3%▲ 2.3pp46.2%within the sector's middle half▲ 6.0pp45.6%within the sector's middle half▼ 0.7pp49.1%within the sector's middle half▲ 3.5pp55.2%within the sector's middle half▲ 6.2pp65.3%above the sector's middle half▲ 10.0pp64.3%within the sector's middle half▼ 1.0pp
Current ratio0.95-0.92▼ 0.030.99within the sector's middle half▲ 0.071.05within the sector's middle half▲ 0.071.04within the sector's middle half▼ 0.010.98within the sector's middle half▼ 0.070.90within the sector's middle half▼ 0.070.83below the sector's middle half▼ 0.07
Return on assets (ROA)1.7%--0.5%▼ 2.2pp2.2%within the sector's middle half▲ 2.7pp5.4%within the sector's middle half▲ 3.3pp2.8%within the sector's middle half▼ 2.6pp0.8%within the sector's middle half▼ 2.0pp1.9%within the sector's middle half▲ 1.1pp-4.1%within the sector's middle half▼ 6.0pp
Staff (FTE)3.6-2.8▼ 22.2%2.5within the sector's middle half▼ 10.7%1.6below the sector's middle half▼ 36.0%1.4below the sector's middle half▼ 12.5%1.6below the sector's middle half▲ 14.3%1.6within the sector's middle half=1.6within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €31,246, after a profit of €13,091 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €559,549
Fixed assets
€427,358 ▼ 8.1%
Current assets
€132,191 ▲ 2.2%
Equity and liabilities €565,863
Equity
€363,706 ▼ 7.4%
Provisions
€39,446 ▼ 5.6%
Debt
€162,711 ▼ 2.6%
Debt's share of the balance-sheet total rises from 27.8% to 28.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12,934▼
2024 · €56,050
Cash flow
€21,182▼
2024 · €54,356
Debt to equity
0.45▲
2024 · 0.43
ROE
-6.3%▼
2024 · 2.9%
Interest coverage
29.78▲
2024 · 26.22
Debt ≤ 1 year
€159,625▲
2024 · €143,500
Income taxes
€254▼
2024 · €8,569
Staff costs
€88,794▲
2024 · €87,473
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 1 | - | - | - | - |
| part-time | 1 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.8 | 1.6 | 1.6 | 1.6 | 1.6 |
| Average over the year, in full-time equivalents | 1.6 | 1.4 | 1.6 | 1.6 | 1.6 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | 2 | 1 | - | - |
| Left | - | 2 | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,725 | €17,534 | €3,528 | €9,690 | €4,295 |
| Depreciation and write-downs of the year | €42,949 | €35,951 | €41,116 | €42,960 | €44,179 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €71,970 | €71,076 | €80,897 | €87,473 | €88,794 | ▲ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €77,047 | €50,843 | €42,759 | €42,949 | €35,951 | €41,116 | €42,960 | €44,179 | ▲ 2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €2,140 | €3,307 | ▲ 54.5% |
| Other operating charges640/8 | - | - | - | €19,884 | €21,407 | €14,084 | €17,467 | €14,684 | ▼ 15.9% |
| Gross operating margin9900 | €246,957 | €160,425 | €139,575 | €201,529 | €158,168 | €142,624 | €163,131 | €119,719 | ▼ 26.6% |
| Operating profit (loss)9901 | €26,050 | -€19,698 | €23,371 | €66,726 | €29,734 | €6,528 | €13,091 | -€31,246 | - |
| Financial income75/76B | - | - | - | €5,896 | €5,874 | €6,232 | €6,692 | €6,617 | ▼ 1.1% |
| Recurring financial income75 | €6,568 | €24,638 | €5,893 | €5,896 | €5,874 | €6,232 | €6,692 | €6,617 | ▼ 1.1% |
| Financial charges65/66B | - | - | - | €4,736 | €3,052 | €2,837 | €2,138 | €434 | ▼ 79.7% |
| Recurring financial charges65 | €10,390 | €7,922 | €6,283 | €4,736 | €3,052 | €2,837 | €2,138 | €434 | ▼ 79.7% |
| Profit (loss) for the period before taxes9903 | €22,228 | -€2,982 | €22,981 | €67,886 | €32,556 | €9,923 | €17,645 | -€25,063 | - |
| Transfer from deferred taxes780 | - | - | - | €2,320 | €2,320 | €2,320 | €2,320 | €2,320 | = |
| Income taxes67/77 | €9,474 | €3,100 | €9,568 | €25,929 | €12,875 | €6,457 | €8,569 | €254 | ▼ 97.0% |
| Profit (loss) for the period9904 | €15,074 | -€3,762 | €15,734 | €44,277 | €22,001 | €5,786 | €11,396 | -€22,997 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €4,506 | €4,506 | €4,506 | €4,506 | €4,506 | = |
| Profit (loss) for the period to be appropriated9905 | €19,581 | €744 | €20,240 | €48,784 | €26,507 | €10,292 | €15,902 | -€18,491 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €874,930 | €801,683 | €719,629 | €814,433 | €788,949 | €700,779 | €601,379 | €565,863 | ▼ 5.9% |
| Formation expenses20 | - | - | - | - | - | €8,714 | €6,914 | €6,314 | ▼ 8.7% |
| Fixed assets21/28 | €669,859 | €620,215 | €590,354 | €554,131 | €535,714 | €498,413 | €465,142 | €427,358 | ▼ 8.1% |
| Intangible fixed assets21 | €1,000 | €500 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €668,240 | €619,095 | €589,735 | €553,511 | €535,094 | €497,793 | €464,523 | €426,738 | ▼ 8.1% |
| Land and buildings22 | - | - | - | €503,125 | €478,032 | €452,939 | €427,846 | €402,754 | ▼ 5.9% |
| Plant, machinery and equipment23 | - | - | - | €43,981 | €37,332 | €31,206 | €26,531 | €17,377 | ▼ 34.5% |
| Furniture and vehicles24 | - | - | - | €6,405 | €19,730 | €13,647 | €10,145 | €6,608 | ▼ 34.9% |
| Financial fixed assets28 | €620 | €620 | €620 | €620 | €620 | €620 | €620 | €620 | = |
| Current assets29/58 | €205,071 | €181,468 | €129,274 | €260,302 | €253,235 | €193,653 | €129,323 | €132,191 | ▲ 2.2% |
| Amounts receivable within one year40/41 | €124,191 | €96,152 | €72,184 | €100,647 | €112,289 | €93,301 | €83,484 | €82,595 | ▼ 1.1% |
| Trade receivables40 | - | - | - | €89,901 | €100,704 | €80,231 | €61,286 | €68,250 | ▲ 11.4% |
| Other amounts receivable41 | - | - | - | €10,746 | €11,585 | €13,070 | €22,198 | €14,346 | ▼ 35.4% |
| Cash at bank and in hand54/58 | €80,880 | €83,569 | €55,776 | €158,108 | €136,724 | €99,381 | €45,211 | €48,561 | ▲ 7.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,548 | €4,222 | €971 | €628 | €1,035 | ▲ 64.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €874,930 | €801,683 | €719,629 | €814,433 | €788,949 | €700,779 | €601,379 | €565,863 | ▼ 5.9% |
| Equity10/15 | €332,522 | €322,867 | €332,707 | €371,092 | €387,200 | €387,093 | €392,596 | €363,706 | ▼ 7.4% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €110,008 | €105,501 | €121,235 | €165,512 | €187,514 | €193,300 | €204,696 | €200,189 | ▼ 2.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €94,630 | €90,124 | €85,618 | €81,112 | €76,606 | ▼ 5.6% |
| Distributable reserves133 | - | - | - | €69,023 | €95,530 | €105,823 | €121,725 | €121,725 | = |
| Profit (loss) carried forward14 | €147,930 | €148,674 | €148,674 | €148,674 | €148,674 | €148,674 | €148,674 | €130,183 | ▼ 12.4% |
| Investment grants15 | - | - | - | €38,313 | €32,421 | €26,528 | €20,635 | €14,742 | ▼ 28.6% |
| Provisions and deferred taxes16 | €55,688 | €53,368 | €51,047 | €48,727 | €46,407 | €44,086 | €41,766 | €39,446 | ▼ 5.6% |
| Deferred taxes168 | - | - | - | €48,727 | €46,407 | €44,086 | €41,766 | €39,446 | ▼ 5.6% |
| Amounts payable17/49 | €486,721 | €425,448 | €335,874 | €394,614 | €355,342 | €269,600 | €167,017 | €162,711 | ▼ 2.6% |
| Amounts payable after more than one year17 | €270,240 | €227,921 | €205,068 | €146,974 | €111,871 | €66,078 | €19,583 | - | - |
| Financial debts170/4 | - | - | - | €146,974 | €111,871 | €66,078 | €19,583 | - | - |
| Amounts payable within one year42/48 | €216,481 | €197,527 | €130,806 | €247,005 | €242,836 | €198,508 | €143,500 | €159,625 | ▲ 11.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €58,094 | €48,831 | €45,794 | €46,495 | €19,583 | ▼ 57.9% |
| Trade debts44 | €96,007 | €112,279 | €64,072 | €138,464 | €141,256 | €120,229 | €77,659 | €122,724 | ▲ 58.0% |
| Suppliers440/4 | - | - | - | €138,464 | €141,256 | €120,229 | €77,659 | €122,724 | ▲ 58.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €2,278 | €1,268 | ▼ 44.3% |
| Taxes, remuneration and social security45 | - | - | - | €34,015 | €36,366 | €16,102 | €15,215 | €14,198 | ▼ 6.7% |
| Taxes450/3 | - | - | - | €25,928 | €31,803 | €7,338 | €4,878 | €3,824 | ▼ 21.6% |
| Remuneration and social security454/9 | - | - | - | €8,086 | €4,563 | €8,764 | €10,336 | €10,374 | ▲ 0.4% |
| Other amounts payable47/48 | - | - | - | €16,433 | €16,383 | €16,383 | €1,852 | €1,852 | = |
| Accrued charges and deferred income492/3 | - | - | - | €635 | €635 | €5,014 | €3,934 | €3,086 | ▼ 21.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,074 | -€3,762 | €15,734 | €44,277 | €22,001 | €5,786 | €11,396 | -€22,997 | - |
| + Depreciation and write-downs630 | €77,047 | €50,843 | €42,759 | €42,949 | €35,951 | €41,116 | €42,960 | €44,179 | ▲ 2.8% |
| Operating cash flow (approximation) | €92,121 | €47,081 | €58,492 | €87,226 | €57,952 | €46,901 | €54,356 | €21,182 | ▼ 61.0% |
| Investment in fixed assets (approximation) | - | -€1,199 | -€12,898 | -€6,725 | -€17,534 | -€3,814 | -€9,690 | -€6,395 | ▲ 34.0% |
| Change in cash | - | €2,689 | -€27,793 | €102,331 | -€21,384 | -€37,342 | -€54,170 | €3,349 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as ADN has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADN itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for ADN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-07-2026 | 2026-00311405 | |
| 31-12-2024 | full format | 23-06-2025 | 2025-00165395 | |
| 31-12-2023 | full format | 03-06-2024 | 2024-00105608 | |
| 31-12-2022 | full format | 22-06-2023 | 2023-00147037 | |
| 31-12-2021 | full format | 14-06-2022 | 2022-20064951 | |
| 31-12-2020 | full format | 21-06-2021 | 2021-21900167 | |
| 31-12-2019 | full format | 26-06-2020 | 2020-21800536 | |
| 31-12-2018 | full format | 11-06-2019 | 2019-17600142 | |
| 31-12-2017 | full format | 21-08-2018 | 2018-47500249 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-38600420 |