ANTIGONE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 23 filings
Turnover
≈ €790,000
Estimated: probably between €480,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€842,583▲ 242%
2024 · €246,098
Working capital
€1.8m▲ 13×
2024 · €139,801
In the rankings
#9 company by equity in Elsene, Publishing and media sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€94,890
2025
20182025
Net result
€842,583
▲ 242%
2025
highest quarter of the sector
20182025
Equity
€3.4m
▲ 33.0%
2025
highest quarter of the sector
20182025
Total assets
€4.4m
▲ 16.1%
2025
highest quarter of the sector
20182025
Debt
€1.0m
▼ 18.2%
2025
20182025
Working capital
€1.8m
▲ 13×
2025
highest quarter of the sector
20182025
Solvency
76.8%
▲ 9.8pp
2025
highest quarter of the sector
20182025
Current ratio
6.26
▲ 4.59
2025
highest quarter of the sector
20182025
Return on assets (ROA)
19.0%
▲ 12.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.3
=
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€0.4m-€0.005m▼ 98.9%€0.008m▲ 68.7%-€0.03m€0.04m€0.2m▲ 347%€0.4m▲ 91.8%-€0.09m
Net result€0.3m-€0.04m▼ 88.0%-€0.04mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 49.5%-€0.01mwithin the sector's middle half▲ 42.2%€0.08mwithin the sector's middle half€0.2mabove the sector's middle half▲ 193%€0.8mabove the sector's middle half▲ 242%
Equity€2.3m-€2.3m▲ 1.8%€2.3mabove the sector's middle half▼ 1.9%€2.2mabove the sector's middle half▼ 1.0%€2.2mabove the sector's middle half▼ 0.6%€2.3mabove the sector's middle half▲ 3.8%€2.6mabove the sector's middle half▲ 10.7%€3.4mabove the sector's middle half▲ 33.0%
Total assets€7.0m-€7.2m▲ 3.3%€4.9mabove the sector's middle half▼ 32.4%€5.0mabove the sector's middle half▲ 3.3%€7.4mabove the sector's middle half▲ 46.1%€4.1mwithin the sector's middle half▼ 43.9%€3.8mwithin the sector's middle half▼ 7.6%€4.4mabove the sector's middle half▲ 16.1%
Debt€4.7m-€4.9m▲ 3.9%€2.6m▼ 46.7%€2.8m▲ 7.1%€5.1m▲ 83.4%€1.8m▼ 64.6%€1.3m▼ 30.8%€1.0m▼ 18.2%
Working capital-€0.7m--€0.8m▼ 12.0%-€0.4mbelow the sector's middle half▲ 53.8%-€0.7mbelow the sector's middle half▼ 89.0%-€0.5mbelow the sector's middle half▲ 28.7%€0.1mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 15.6%€1.8mabove the sector's middle half▲ 13×
Solvency32.4%-31.9%▼ 0.4pp46.3%within the sector's middle half▲ 14.4pp44.4%within the sector's middle half▼ 1.9pp30.2%within the sector's middle half▼ 14.2pp56.0%within the sector's middle half▲ 25.7pp67.0%within the sector's middle half▲ 11.1pp76.8%above the sector's middle half▲ 9.8pp
Current ratio0.41-0.41=0.68below the sector's middle half▲ 0.270.50below the sector's middle half▼ 0.180.38below the sector's middle half▼ 0.121.61within the sector's middle half▲ 1.231.67within the sector's middle half▲ 0.066.26above the sector's middle half▲ 4.59
Return on assets (ROA)4.9%-0.6%▼ 4.4pp-0.9%within the sector's middle half▼ 1.5pp-0.4%within the sector's middle half▲ 0.5pp-0.2%within the sector's middle half▲ 0.3pp2.0%within the sector's middle half▲ 2.2pp6.5%within the sector's middle half▲ 4.4pp19.0%above the sector's middle half▲ 12.6pp
Staff (FTE)2-2=1.3below the sector's middle half▼ 35.0%1.3below the sector's middle half=1.3below the sector's middle half=1.3below the sector's middle half=1.3below the sector's middle half=1.3within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 €94,890, after a profit of €370,145 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result +242% on 2024. The accounts now follow the abbreviated format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.4m
Fixed assets
€2.3m ▼ 34.1%
Current assets
€2.1m ▲ 516%
Equity and liabilities €4.4m
Equity
€3.4m ▲ 33.0%
Debt
€1.0m ▼ 18.2%
Debt's share of the balance-sheet total falls from 33.0% to 23.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,530▼
2024 · €473,023
Cash flow
€958,002▲
2024 · €348,976
Debt to equity
0.30▼
2024 · 0.49
ROE
24.8%▲
2024 · 9.6%
Interest coverage
0.47▼
2024 · 13.41
Debt ≤ 1 year
€342,083▲
2024 · €207,646
Debt > 1 year
€681,195▼
2024 · €1.0m
Income taxes
€751▼
2024 · €94,682
Staff costs
€204,464▲
2024 · €196,051
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 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1.3 | 1.3 | 1.3 | 1.3 |
| Average over the year, in full-time equivalents | 1.3 | 1.3 | 1.3 | 1.3 |
| On a permanent contract | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €401,814 | €27,771 | €3,829 | €72,680 | €1.5m |
| Depreciation and write-downs of the year | €115,828 | €147,080 | €149,172 | €102,878 | €115,420 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,618 | - | - | €301,783 | €16,529 | ▼ 94.5% |
| Remuneration, social security and pensions62 | - | - | - | €167,860 | €178,268 | €194,445 | €196,051 | €204,464 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,818 | €68,071 | €77,911 | €115,828 | €147,080 | €149,172 | €102,878 | €115,420 | ▲ 12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €107,905 | - |
| Other operating charges640/8 | - | - | - | €6,374 | €7,085 | €8,322 | €8,687 | €1,846 | ▼ 78.7% |
| Gross operating margin9900 | €674,866 | €211,031 | €276,223 | €264,036 | €375,632 | €544,880 | €677,761 | €334,745 | ▼ 50.6% |
| Operating profit (loss)9901 | €436,336 | €4,922 | €8,302 | -€26,026 | €43,199 | €192,941 | €370,145 | -€94,890 | - |
| Financial income75/76B | - | - | - | €32,677 | €31,173 | €3 | €5,900 | €981,522 | ▲ 166× |
| Recurring financial income75 | €67,974 | €74,098 | €289 | €32,677 | €31,173 | €3 | €5,900 | €981,522 | ▲ 166× |
| Financial charges65/66B | - | - | - | €27,307 | €79,846 | €65,111 | €35,264 | €43,298 | ▲ 22.8% |
| Recurring financial charges65 | €22,500 | €16,225 | €33,283 | €27,307 | €79,846 | €65,111 | €35,264 | €43,298 | ▲ 22.8% |
| Profit (loss) for the period before taxes9903 | €481,810 | €62,795 | -€24,692 | -€20,656 | -€5,474 | €127,833 | €340,780 | €843,334 | ▲ 147% |
| Income taxes67/77 | €137,987 | €21,383 | €18,752 | €1,267 | €7,189 | €43,724 | €94,682 | €751 | ▼ 99.2% |
| Profit (loss) for the period9904 | €343,823 | €41,412 | -€43,444 | -€21,923 | -€12,663 | €84,109 | €246,098 | €842,583 | ▲ 242% |
| Profit (loss) for the period to be appropriated9905 | €343,823 | €41,412 | -€43,444 | -€21,923 | -€12,663 | €84,109 | €246,098 | €842,583 | ▲ 242% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.0m | €7.2m | €4.9m | €5.0m | €7.4m | €4.1m | €3.8m | €4.4m | ▲ 16.1% |
| Fixed assets21/28 | €6.5m | €6.7m | €4.1m | €4.3m | €7.1m | €3.8m | €3.5m | €2.3m | ▼ 34.1% |
| Tangible fixed assets22/27 | €0.8m | €0.9m | €1.2m | €1.5m | €1.4m | €1.2m | €0.9m | €2.3m | ▲ 163% |
| Land and buildings22 | - | - | - | €1.3m | €1.2m | €1.1m | €0.7m | €2.2m | ▲ 194% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | ▼ 15.5% |
| Financial fixed assets28 | €5.7m | €5.8m | €2.9m | €2.9m | €5.7m | €2.6m | €2.6m | - | - |
| Current assets29/58 | €0.5m | €0.5m | €0.8m | €0.7m | €0.3m | €0.3m | €0.3m | €2.1m | ▲ 516% |
| Amounts receivable within one year40/41 | €0.07m | €0.1m | €0.2m | €0.2m | €0.04m | €0.05m | €0.1m | €0.4m | ▲ 235% |
| Trade receivables40 | - | - | - | €0.2m | €0.02m | €0.03m | €0.03m | €0.3m | ▲ 683% |
| Other amounts receivable41 | - | - | - | €0.009m | €0.02m | €0.02m | €0.07m | €0.1m | ▲ 36.5% |
| Current investments50/53 | €0.3m | €0.2m | €0.2m | €0.2m | €0.05m | €0.08m | €0.09m | €1.6m | ▲ 17× |
| Cash at bank and in hand54/58 | €0.04m | €0.1m | €0.4m | €0.3m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 47.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.007m | €0.004m | €0.006m | €0.001m | ▼ 91.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.0m | €7.2m | €4.9m | €5.0m | €7.4m | €4.1m | €3.8m | €4.4m | ▲ 16.1% |
| Equity10/15 | €2.3m | €2.3m | €2.3m | €2.2m | €2.2m | €2.3m | €2.6m | €3.4m | ▲ 33.0% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | - | - | - | - |
| Issued capital100 | - | - | - | €0.06m | €0.06m | - | - | - | - |
| Reserves13 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Distributable reserves133 | - | - | - | - | - | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | €1.6m | €1.7m | €1.6m | €1.6m | €1.6m | €1.7m | €1.9m | €2.8m | ▲ 43.5% |
| Amounts payable17/49 | €4.7m | €4.9m | €2.6m | €2.8m | €5.1m | €1.8m | €1.3m | €1.0m | ▼ 18.2% |
| Amounts payable after more than one year17 | €3.5m | €3.6m | €1.5m | €1.4m | €4.3m | €1.4m | €1.0m | €0.7m | ▼ 35.0% |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.9m | €0.8m | €0.7m | ▼ 14.6% |
| Other amounts payable178/9 | - | - | - | €0.8m | €3.7m | €0.5m | €0.3m | €0.01m | ▼ 96.0% |
| Amounts payable within one year42/48 | €1.2m | €1.3m | €1.1m | €1.4m | €0.8m | €0.2m | €0.2m | €0.3m | ▲ 64.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | ▲ 2.9% |
| Financial debts43 | - | - | - | €1.0m | €0.5m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €1.0m | €0.5m | - | - | - | - |
| Trade debts44 | €0.009m | €0.02m | €0.03m | €0.02m | €0.1m | €0.02m | €0.05m | €0.1m | ▲ 173% |
| Suppliers440/4 | - | - | - | €0.02m | €0.1m | €0.02m | €0.05m | €0.1m | ▲ 173% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.05m | €0.04m | €0.04m | ▲ 13.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0.01m | €0.02m | ▲ 30.8% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.05m | - | €0.005m | €0.05m | ▲ 925% |
| Accrued charges and deferred income492/3 | - | - | - | €101 | €0.08m | €0.3m | €0.001m | €0.004m | ▲ 368% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.04m | -€0.04m | -€0.02m | -€0.01m | €0.08m | €0.2m | €0.8m | ▲ 242% |
| + Depreciation and write-downs630 | €0.06m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 12.2% |
| Operating cash flow (approximation) | €0.4m | €0.1m | €0.03m | €0.09m | €0.1m | €0.2m | €0.3m | €1.0m | ▲ 175% |
| Investment in fixed assets (approximation) | - | -€0.2m | €2.5m | -€0.4m | -€2.9m | €3.1m | €0.2m | €1.1m | ▲ 346% |
| Change in cash | - | €0.06m | €0.3m | -€0.1m | -€0.07m | -€0.01m | -€0.04m | €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, 31,368 companies had the same profile as ANTIGONE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ANTIGONE itself: < 0.1% 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 31,368 companies, not a prediction for ANTIGONE. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00213304 | |
| 31-12-2024 | full format | 25-06-2025 | 2025-00174453 | |
| 31-12-2023 | full format | 29-06-2024 | 2024-00182545 | |
| 31-12-2022 | full format | 21-06-2023 | 2023-00143230 | |
| 31-12-2021 | full format | 09-06-2022 | 2022-20053045 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-23900526 | |
| 31-12-2019 | full format | 04-08-2020 | 2020-39100309 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-39700118 | |
| 31-12-2017 | full format | 05-07-2018 | 2018-28400140 | |
| 31-12-2016 | micro format | 02-08-2017 | 2017-39700172 |