ACTIVE

PROPAGANDA

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Financial year 2025 · closed on 31/12/2025

Net result

-587,4 k €

-788.0% YoY

Gross margin

1,8 M €

-6.3% YoY

Equity

1,6 M €

-26.6% YoY

Workforce

25,0 ETP

-2.3% YoY

What does PROPAGANDA do?

PROPAGANDA is a Public limited company incorporated in 1994. Its main activity is: Manufacture of rubber products. Its registered office is in Zaventem. It employs on average 25,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0453.854.981

Incorporation

25/11/1994

Legal form

Public limited company

Registered office

Minervastraat 4
1930 Zaventem · FlandreSee on map

Contributed capital

1 842 062,00 €

Latest accounts

31/12/2025

Average workforce

25,0 ETP

Activities (NACE)

22150Manufacture of rubber products· main 58190Other publishing activities 58190Other publishing activities 70210Public relations and communication activities 73300Advertising and market research 74141Specialised design activities

Joint committees (3)

Signals

Solid equityHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,8 M €	-6.3%	2 M €	-23.8%	2,6 M €	+4.7%	2,5 M €	-1.5%	2,5 M €	+4.4%	2,4 M €	+18.7%	2 M €	-2.2%	2,1 M €	+20.8%	1,7 M €	+3.3%	1,6 M €	+14.8%	1,4 M €	+3.8%	1,4 M €	+13.3%	1,2 M €	-7.9%	1,3 M €	+11.1%	1,2 M €	+20.1%	993,7 k €	-1.5%	1 M €	+1.2%	997,8 k €	+16.7%	854,9 k €	+33.1%	642,5 k €
EBITDA	-467,7 k €	-545%	105,2 k €	-60.3%	265,2 k €	+60.6%	165,1 k €	-66.9%	499,2 k €	-26.7%	680,9 k €	+51.8%	448,6 k €	-15.0%	527,9 k €	+109%	252,2 k €	+21.2%	208,1 k €	-11.1%	234,1 k €	-17.9%	285,1 k €	+32.3%	215,5 k €	-5.2%	227,5 k €	-4.5%	238,1 k €	+18.0%	201,8 k €	-4.2%	210,7 k €	-28.2%	293,5 k €	+10.5%	265,7 k €	+192%	91,1 k €
Operating result	-520,9 k €	-3035%	17,8 k €	-87.8%	145 k €	+168%	54,1 k €	-86.4%	397,5 k €	-35.1%	612,5 k €	+67.3%	366,1 k €	-19.0%	452,3 k €	+163%	172,1 k €	+31.3%	131 k €	-23.3%	170,8 k €	-28.0%	237,4 k €	+42.6%	166,4 k €	+0.6%	165,4 k €	-16.4%	197,9 k €	+23.0%	160,8 k €	-3.2%	166,2 k €	-32.9%	247,8 k €	+13.7%	218 k €	+367%	46,7 k €
Net result	-587,4 k €	-788%	-66,1 k €	-455%	18,7 k €	-86.7%	139,9 k €	-45.1%	254,8 k €	-44.3%	457,6 k €	+94.8%	234,9 k €	-22.4%	302,6 k €	+209%	97,8 k €	+30.2%	75,1 k €	-39.2%	123,7 k €	-37.3%	197,1 k €	+54.7%	127,4 k €	-6.3%	135,9 k €	-13.2%	156,6 k €	+7.8%	145,3 k €	-0.1%	145,4 k €	-34.9%	223,4 k €	+48.2%	150,7 k €	+768%	17,4 k €
Balance sheet
Equity	1,6 M €	-26.6%	2,2 M €	-6.6%	2,4 M €	+318%	565,1 k €	+1.8%	555,2 k €	+14.4%	485,4 k €	+57.7%	307,8 k €	+3.3%	297,8 k €	+0.9%	295,2 k €	+19.3%	247,4 k €	+11.3%	222,3 k €	+1.7%	218,6 k €	+1.0%	216,5 k €	+1.1%	214,1 k €	+1.4%	211,2 k €	+7.2%	197,1 k €	+1.4%	194,3 k €	+1.5%	191,4 k €	+1.6%	188,4 k €	+116%	87,4 k €
Total assets	5,2 M €	-16.1%	6,2 M €	+7.5%	5,8 M €	+2.5%	5,6 M €	-2.4%	5,8 M €	+35.1%	4,3 M €	+61.6%	2,6 M €	-18.3%	3,2 M €	+5.3%	3,1 M €	+11.0%	2,8 M €	+34.9%	2 M €	-5.8%	2,2 M €	-5.7%	2,3 M €	+35.9%	1,7 M €	-17.2%	2 M €	+31.6%	1,6 M €	+8.2%	1,4 M €	-13.6%	1,7 M €	+26.0%	1,3 M €	+10.5%	1,2 M €
Cash	30,8 k €	-71.5%	108,3 k €	+11.6%	97 k €	-84.5%	624,7 k €	+49.3%	418,4 k €	+162%	159,5 k €	+0.6%	158,6 k €	-55.0%	352,5 k €	+62.1%	217,4 k €	-6.3%	231,9 k €	+2330%	9,5 k €	-88.5%	83,1 k €	+253%	23,6 k €	-88.4%	203,5 k €	+83.6%	110,9 k €	+534%	17,5 k €	-57.2%	40,8 k €	+0.3%	40,7 k €	+26.2%	32,3 k €	+388%	6,6 k €
Debts	3,4 M €	-13.0%	4 M €	+17.6%	3,4 M €	-33.1%	5 M €	-2.1%	5,1 M €	+42.0%	3,6 M €	+68.5%	2,2 M €	-17.4%	2,6 M €	-1.0%	2,6 M €	+17.1%	2,2 M €	+26.0%	1,8 M €	-6.1%	1,9 M €	-5.8%	2 M €	+44.2%	1,4 M €	-20.6%	1,8 M €	+37.4%	1,3 M €	+5.4%	1,2 M €	-15.9%	1,4 M €	+36.5%	1,1 M €	+12.3%	942,2 k €
Other
Workforce	25,0 ETP	-2.3%	25,6 ETP	-21.2%	32,5 ETP	-11.2%	36,6 ETP	+6.7%	34,3 ETP	+12.5%	30,5 ETP	+14.2%	26,7 ETP	+4.3%	25,6 ETP	+3.2%	24,8 ETP	+7.4%	23,1 ETP	+12.1%	20,6 ETP	+8.4%	19,0 ETP	+5.0%	18,1 ETP	-5.7%	19,2 ETP	+12.3%	17,1 ETP	+14.8%	14,9 ETP	+5.7%	14,1 ETP	+2.2%	13,8 ETP	+16.0%	11,9 ETP	+7.2%	11,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 29 ended

Active mandates

CEDAR HOUSE

Director · since 21 décembre 2022 · 0473.439.578

Represented by GERRIT TULKENS

Active

LIBENTER

Director · since 21 décembre 2022 · 0871.310.022

Represented by MICHEL LIBENS

Active

GERRIT TULKENS

Director · since 31 juillet 2018

Active

Ended mandates

CEDAR HOUSE

Managing director · since 21 décembre 2022 · until 15 mai 2028 · 0473.439.578

Represented by Gerrit Tulkens

Ended

CEDAR HOUSE

Director · since 21 décembre 2022 · 0473.439.578

Represented by TULKENS GERRIT

Ended

LIBENTER

Managing director · since 21 décembre 2022 · until 15 mai 2028 · 0871.310.022

Represented by Michel Libens

Ended

LIBENTER

Director · since 21 décembre 2022 · 0871.310.022

Represented by LIBENS MICHEL

Ended

At this address

Other companies at this address

Company	CBE no.
ASSOCIATION OF COMMUNICATION COMPANIES● Active	0451.546.876
GROEP PROPAGANDA● Active	1029.261.456
Imperio● Active	0699.983.375
Minervo● Active	0739.571.649

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/08/2026	29/08/2025	28/08/2024	28/08/2023	06/07/2022	09/07/2021
General meeting	30/06/2026	30/06/2025	17/05/2024	19/05/2023	20/05/2022	21/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	29/08/2025	Dutch	PDF
Abridged model	31/12/2023	17/05/2024	28/08/2024	Dutch	PDF
Abridged model	31/12/2022	19/05/2023	28/08/2023	Dutch	PDF
Abridged model	31/12/2021	20/05/2022	06/07/2022	Dutch	PDF
Abridged model	31/12/2020	21/05/2021	09/07/2021	Dutch	PDF
Abridged model	31/12/2019	15/05/2020	22/06/2020	Dutch	PDF
Abridged model	31/12/2018	17/05/2019	18/06/2019	Dutch	PDF
Abridged model	31/12/2017	18/05/2018	18/06/2018	Dutch	PDF
Abridged model	31/12/2016	19/05/2017	21/06/2017	Dutch	PDF
Abridged model	31/12/2015	20/05/2016	23/06/2016	Dutch	PDF
Abridged model	31/12/2014	15/05/2015	17/06/2015	Dutch	PDF
Abridged model	31/12/2013	16/05/2014	30/10/2014	Dutch	PDF
Abridged model	31/12/2012	17/05/2013	17/06/2013	Dutch	PDF
Abridged model	31/12/2011	18/05/2012	05/02/2013	Dutch	PDF
Abridged model	31/12/2010	10/06/2011	22/09/2011	Dutch	PDF
Abridged model	31/12/2009	11/06/2010	16/08/2010	Dutch	PDF
Abridged model	31/12/2008	05/06/2009	24/08/2009	Dutch	PDF
Abridged model	31/12/2007	16/05/2008	04/07/2008	Dutch	PDF
Abridged model	31/12/2006	25/05/2007	21/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 29 ended

Active mandates

CEDAR HOUSE

Director · since 21 décembre 2022 · 0473.439.578

Represented by GERRIT TULKENS

Active

LIBENTER

Director · since 21 décembre 2022 · 0871.310.022

Represented by MICHEL LIBENS

Active

GERRIT TULKENS

Director · since 31 juillet 2018

Active

Ended mandates

CEDAR HOUSE

Managing director · since 21 décembre 2022 · until 15 mai 2028 · 0473.439.578

Represented by Gerrit Tulkens

Ended

CEDAR HOUSE

Director · since 21 décembre 2022 · 0473.439.578

Represented by TULKENS GERRIT

Ended

LIBENTER

Managing director · since 21 décembre 2022 · until 15 mai 2028 · 0871.310.022

Represented by Michel Libens

Ended

LIBENTER

Director · since 21 décembre 2022 · 0871.310.022

Represented by LIBENS MICHEL

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/09/2026
ONTSLAGEN, BENOEMINGEN
PDF
Capital / shares09/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates06/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office25/05/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates28/08/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/05/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/02/2014
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/02/2014
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-587,4 k €↓
2024
Annual accounts 2024-66,1 k €↓
2023
Annual accounts 202318,7 k €↓
2022
Annual accounts 2022139,9 k €↓
2021
Annual accounts 2021254,8 k €↓
2020
Annual accounts 2020457,6 k €↑
2019
Annual accounts 2019234,9 k €↓
2018
Annual accounts 2018302,6 k €↑
2017
Annual accounts 201797,8 k €↑
2016
Annual accounts 201675,1 k €↓
2015
Annual accounts 2015123,7 k €↓
2014
Annual accounts 2014197,1 k €↑
2013
Annual accounts 2013127,4 k €↓
2012
Annual accounts 2012135,9 k €↓
2011
Annual accounts 2011156,6 k €↑
2010
Annual accounts 2010145,3 k €↓
2009
Annual accounts 2009145,4 k €↓
2008
Annual accounts 2008223,4 k €↑
2007
Annual accounts 2007150,7 k €↑
2006
Annual accounts 200617,4 k €
25/11/1994
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PROPAGANDA

Overview

What does PROPAGANDA do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline