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ADN

Active
Private limited companyfounded 1998active for 27 yearsArtanstraat 120, 1030 Schaarbeek, BelgiumKBO/BCE: BE 0464.826.176

Financials · 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
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

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.

Operating result-€31,246 2025 Net result-€22,997 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

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 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
2025 value · change against 2024
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

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date22222
full-time1----
part-time12222
in full-time equivalents1.81.61.61.61.6
Average over the year, in full-time equivalents1.61.41.61.61.6
On a permanent contract22222
Joined-21--
Left-21--

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
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)

Comparable companies

These companies have the same main activity as ADN: post-production of films, video and television programmes (NACE 59120). They are comparable in size and age: total assets between €322,000 and €1.2m, founded between 1995 and 2010.

CompanyFoundedTotal assetsEquityGross marginNet resultFTEFinancial year
ADN Schaarbeek1998€0.6m€0.4m€0.1m-€0.02m1.62025
STORYCATCHERS Antwerpen2004€0.4m€0.2m€0.1m€0.001m1.62025
The Pack Flanders Lint2010€0.5m€0.2m€0.1m€0.005m1.42025
FREE SON PRODUCTION Ukkel1995€0.3m€0.2m€0.1m€0.04m0.32025
DIVERSITY Kortenaken1998€1.2m€0.6m€0.1m€0.02m0.92025
THE SUBTITLING COMPANY Hasselt2000€0.3m€0.2m€0.2m-€0.03m3.32025
RAYGUN Brussel2006€0.7m€0.2m€0.3m€0.001m42026

They were chosen from the 448 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 12,322 companies had the same profile as ADN has now. Two years later, 0.7% had gone bankrupt and 90.3% were still going.

  • Micro
  • 20 years or older
  • solvency 30% or more
  • a small loss
0.7% went bankrupt
8.6% stopped otherwise
90.3% was still going

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 497,445 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.

The companies in ten equal groups, from the lowest to the highest expected share
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.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines

Source: Annual accounts 2025 at the NBB, filed on 20-07-2026.

Balance sheet Code20242025
Assets
Total assets20/58€601,379€565,863▼
Formation expenses20€6,914€6,314▼
Fixed assets21/28€465,142€427,358▼
Tangible fixed assets22/27€464,523€426,738▼
Land and buildings22€427,846€402,754▼
Plant, machinery and equipment23€26,531€17,377▼
Furniture and vehicles24€10,145€6,608▼
Financial fixed assets28€620€620=
Current assets29/58€129,323€132,191▲
Amounts receivable within one year40/41€83,484€82,595▼
Trade receivables40€61,286€68,250▲
Other amounts receivable41€22,198€14,346▼
Cash at bank and in hand54/58€45,211€48,561▲
Deferred charges and accrued income490/1€628€1,035▲
Equity and liabilities
Total equity and liabilities10/49€601,379€565,863▼
Equity10/15€392,596€363,706▼
Contributions10/11€18,592€18,592=
Reserves13€204,696€200,189▼
Non-distributable reserves130/1€1,859€1,859=
Reserves not available under the articles1311€1,859€1,859=
Tax-exempt reserves132€81,112€76,606▼
Distributable reserves133€121,725€121,725=
Profit (loss) carried forward14€148,674€130,183▼
Investment grants15€20,635€14,742▼
Provisions and deferred taxes16€41,766€39,446▼
Deferred taxes168€41,766€39,446▼
Amounts payable17/49€167,017€162,711▼
Amounts payable after more than one year17€19,583-
Financial debts170/4€19,583-
Amounts payable within one year42/48€143,500€159,625▲
Current portion of amounts payable after more than one year42€46,495€19,583▼
Trade debts44€77,659€122,724▲
Suppliers440/4€77,659€122,724▲
Advances received on contracts in progress46€2,278€1,268▼
Taxes, remuneration and social security45€15,215€14,198▼
Taxes450/3€4,878€3,824▼
Remuneration and social security454/9€10,336€10,374▲
Other amounts payable47/48€1,852€1,852=
Accrued charges and deferred income492/3€3,934€3,086▼
Income statement Code20242025
Remuneration, social security and pensions62€87,473€88,794▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€42,960€44,179▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€2,140€3,307▲
Other operating charges640/8€17,467€14,684▼
Gross operating margin9900€163,131€119,719▼
Operating profit (loss)9901€13,091-€31,246▼
Financial income75/76B€6,692€6,617▼
Recurring financial income75€6,692€6,617▼
Financial charges65/66B€2,138€434▼
Recurring financial charges65€2,138€434▼
Profit (loss) for the period before taxes9903€17,645-€25,063▼
Transfer from deferred taxes780€2,320€2,320=
Income taxes67/77€8,569€254▼
Profit (loss) for the period9904€11,396-€22,997▼
Transfer from tax-exempt reserves789€4,506€4,506=
Profit (loss) for the period to be appropriated9905€15,902-€18,491▼
Appropriation of the result
Profit (loss) to be appropriated9906€164,576€130,183▼
Profit (loss) brought forward from the previous period14P€148,674€148,674=
Transfer to equity691/2€15,902-
To other reserves6921€15,902-
Social balance sheet
Average headcount (FTE)90871.61.6=

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line20182019202020212022202320242025Change
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-
Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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.

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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 NBB
31-12-2024 full format 23-06-2025 2025-00165395 PDF
31-12-2023 full format 03-06-2024 2024-00105608 PDF
31-12-2022 full format 22-06-2023 2023-00147037 PDF
31-12-2021 full format 14-06-2022 2022-20064951 PDF
31-12-2020 full format 21-06-2021 2021-21900167 PDF
31-12-2019 full format 26-06-2020 2020-21800536 PDF
31-12-2018 full format 11-06-2019 2019-17600142 PDF
31-12-2017 full format 21-08-2018 2018-47500249 PDF
31-12-2016 full format 31-07-2017 2017-38600420 PDF

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