ADRENALIGNE
ActiveSummary
The annual accounts of ADRENALIGNE for financial year 2025 show a net loss of 648% of total assets and of 93% of the equity at the start of that year. The 2025 annual accounts show equity of €278,374 and a net result of -€3.8m. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 52% of 324 sector peers (NACE 58, financial year 2025). The company has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 19-03-2009 Normal situation
- Activity
- Book publishing NACE 58110and 6 others
- Establishment unit
- 2.198.555.478 1170 Watermaal-Bosvoorde, since 19-03-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 19-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €29,894
- Turnover
- ≈ €110,000
- estimated
- Loss
- €3.8m
- Equity
- €278,374
- ▼ 93.2%
- Total assets
- €586,559
- ▼ 86.7%
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €3.8m (financial year 2025)lowers riskSize: total assets €586,559Sector: Publishing activities (NACE 58)Figures for financial year 2025 (filed on 27-05-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 58, micro). It does better than 50% of them on solvency, 24% on liquidity, 8% on profitability and 7% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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Signals
The company filed its last 7 accounts on average 71 days before the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-05-2026 at the NBB Annual accounts 2025 (PDF) all 18 filings
Every figure per financial year
The operating result for 2025 is a loss of €3.8m, larger than the loss of €1,993 in 2024. It is the lowest result since 2018.
- 2025 Equity -93% on 2024. Merger absorbing PHILIPPE TOME, Official Gazette 17-07-2025.
The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €497,793 |
| Financial fixed assets | €4.4m | - | - | - | - |
| Depreciation and write-downs of the year | - | - | - | - | €20,957 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | - | €0.02m | - |
| Other operating charges640/8 | - | - | - | €348 | €0.001m | €0.001m | €0.001m | €0.004m | ▲ 275% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €3.8m | - |
| Gross operating margin9900 | -€0.003m | -€0.002m | -€0.002m | -€0.002m | -€0.001m | -€0.001m | -€0.001m | €0.03m | - |
| Operating profit (loss)9901 | -€0.004m | -€0.003m | -€0.003m | -€0.002m | -€0.002m | -€0.002m | -€0.002m | -€3.8m | ▼ 190,649% |
| Financial income75/76B | - | - | - | €4.0m | - | €0.08m | €0.04m | - | - |
| Recurring financial income75 | €0.001m | €0.001m | €0.02m | €4.0m | - | €0.08m | €0.04m | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €115 | €242 | €45 | €238 | ▲ 429% |
| Recurring financial charges65 | €56 | €42 | €0.02m | €0.02m | €115 | €242 | €45 | €238 | ▲ 429% |
| Profit (loss) for the period before taxes9903 | -€0.003m | -€0.002m | -€0.003m | €4.0m | -€0.002m | €0.07m | €0.04m | -€3.8m | - |
| Income taxes67/77 | - | - | - | - | - | - | - | -€40 | - |
| Profit (loss) for the period9904 | -€0.003m | -€0.002m | -€0.003m | €4.0m | -€0.002m | €0.07m | €0.04m | -€3.8m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.003m | -€0.002m | -€0.003m | €4.0m | -€0.002m | €0.07m | €0.04m | -€3.8m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.02m | €0.02m | €4.1m | €4.4m | €4.4m | €4.4m | €4.4m | €0.6m | ▼ 86.7% |
| Fixed assets21/28 | - | - | - | €4.4m | €4.4m | €4.4m | €4.4m | €0.5m | ▼ 88.3% |
| Tangible fixed assets22/27 | - | - | - | - | - | - | - | €0.5m | - |
| Land and buildings22 | - | - | - | - | - | - | - | €0.5m | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.001m | - |
| Financial fixed assets28 | - | - | - | €4.4m | €4.4m | €4.4m | €4.4m | - | - |
| Current assets29/58 | €0.02m | €0.02m | €4.1m | €4 | €0.001m | €238 | €0.01m | €0.07m | ▲ 444% |
| Amounts receivable within one year40/41 | €0.006m | €0.007m | - | - | - | - | €0.01m | €0.004m | ▼ 69.9% |
| Trade receivables40 | - | - | - | - | - | - | - | €0.004m | - |
| Other amounts receivable41 | - | - | - | - | - | - | €0.01m | - | - |
| Cash at bank and in hand54/58 | €73 | €31 | - | €4 | €0.001m | €238 | €200 | €0.07m | ▲ 337× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.02m | €0.02m | €4.1m | €4.4m | €4.4m | €4.4m | €4.4m | €0.6m | ▼ 86.7% |
| Equity10/15 | -€0.02m | -€0.02m | -€0.02m | €4.0m | €4.0m | €4.0m | €4.1m | €0.3m | ▼ 93.2% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.03m | -€0.03m | -€0.04m | €4.0m | €4.0m | €4.0m | €4.1m | €0.3m | ▼ 93.5% |
| Amounts payable17/49 | €0.04m | €0.04m | €4.1m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 2.9% |
| Amounts payable within one year42/48 | €0.04m | €0.04m | €4.1m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 2.9% |
| Financial debts43 | - | - | - | - | - | - | - | €11 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €11 | - |
| Trade debts44 | €0.003m | €0.005m | €0.008m | €0.009m | €0.009m | - | - | €0.004m | - |
| Suppliers440/4 | - | - | - | €0.009m | €0.009m | - | - | €0.004m | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €0.001m | - |
| Taxes450/3 | - | - | - | - | - | - | - | €0.001m | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 4.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.003m | -€0.002m | -€0.003m | €4.0m | -€0.002m | €0.07m | €0.04m | -€3.8m | - |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €0.02m | - |
| Operating cash flow (approximation) | -€0.003m | -€0.002m | -€0.003m | €4.0m | -€0.002m | €0.07m | €0.04m | -€3.8m | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | €0 | €3.8m | - |
| Change in cash | - | -€42 | - | - | €0.001m | -€359 | -€38 | €0.07m | - |
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, 376 companies had the same profile as ADRENALIGNE has now. Two years later, 91.8% were still going and 0.8% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ADRENALIGNE 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 376 companies, not a prediction for ADRENALIGNE. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-05-2026 | 2026-00124853 | |
| 31-12-2025 | full format | 25-03-2026 | 2026-00063219 | |
| 31-12-2024 | full format | 27-02-2025 | 2025-00041663 | |
| 31-12-2023 | micro format | 06-06-2024 | 2024-00115701 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00112274 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20147413 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-29400156 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-19200274 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42800387 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-25100235 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 17-07-2025 Converted to available equity
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
Articles of association, deed of 17-07-2025 (in French)
Network & group
Holdings and subsidiaries
Holdings 0
See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.
Former holdings (1)
This company merged into ADRENALIGNE on 17-07-2025.
- Equity €79,762 Profit of €11,577 in 2025 (profit of €56,218 in 2024)100%
Holdings through the years 2021 to 2024
| Name | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PHILIPPE - TOME | 99.2% | 100% | ||
Source: list of holdings in its own accounts
Acquisitions and mergers
1 transactionConnections & network
1 current directorThe network starts from the directors of ADRENALIGNE. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
17-07
Gazette deed
Merger: ADRENALIGNE takes over PHILIPPE TOMEAppointment: LIMBOSCH Cécile (director) · The company holds all the shares of PHILIPPE TOME4 points ▸
- General meeting, 27-06-2025, mentioned 2 times in the deed
- Accounting effect, 01-01-2025
- The company holds all the shares of PHILIPPE TOME
- Director appointment, LIMBOSCH Cécile
- The act holds 10 more points.
02-04
Gazette deed
Merger proposal: ADRENALIGNE takes over PHILIPPE TOME2 points ▸
- Board meeting, 28-02-2025
- Net-asset statement, 31-12-2024
- The act holds 5 more points.
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
4 activities
- La prestation de services du graphisme, de la publicité et de la communication
- La production audiovisuelle sur tout support
- La conception, la réalisation, la co-production, la production d'œuvres littéraires, artistiques et graphiques, de scénarios de bandes dessinées et de films, notamment de films d'animation, pour tous support et tous travaux intellectuels liés au domaine de l'animation et de la littérature
- La location de biens immobiliers lui appartenant en propre et l'activité de marchand de biens immobiliers cette activité recouvrant l'achat et la rénovation ou la construction d'immeubles d'habitations ou industriels destinés à la revente
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21017D0072/00F003 | Brussels | 309 m² | 1 · 86 m² | 14.8 m · 3 |