ACTIVE

ADEKWAAT

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Financial year 2025 · closed on 30/06/2025

Net result

-9,3 k €

+47.7% YoY

Gross margin

-8,2 k €

+51.2% YoY

Equity

52,9 k €

-15.0% YoY

What does ADEKWAAT do?

ADEKWAAT is a Private company with limited liability incorporated in 1994. Its main activity is: Advertising agencies. Its registered office is in Molenbeek-Saint-Jean.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0454.037.796

Incorporation

23/11/1994

Legal form

Private company with limited liability

Registered office

Place de la Duchesse de Brabant 1 box 10
1080 Molenbeek-Saint-Jean · BruxellesSee on map

Contributed capital

6 205,32 €

Latest accounts

30/06/2025

Activities (NACE)

73110Advertising agencies· main 73110Advertising agencies 74401Other professional, scientific and technical activities

Signals

Solid equityLow riskGood liquidity

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	-8,2 k €	+51.2%	-16,7 k €	-234%	12,5 k €	+187%	-14,4 k €	-153%	27 k €	+1168%	-2,5 k €	-108%	31,5 k €	+1107%	-3,1 k €	-105%	67,3 k €	+115%	31,3 k €	-9.1%	34,4 k €	-47.6%	65,7 k €	+70.7%	38,5 k €	-26.0%	52,1 k €	-21.3%	66,2 k €	-1.8%	67,4 k €	+49.4%	45,1 k €	-1.8%	46 k €	+36.9%	33,6 k €
EBITDA	-8,8 k €	+48.7%	-17,2 k €	-264%	10,5 k €	+164%	-16,5 k €	-167%	24,8 k €	+1033%	-2,7 k €	-109%	29,6 k €	+560%	-6,4 k €	-117%	38,9 k €	+2584%	-1,6 k €	-105%	29,8 k €	-52.3%	62,6 k €	+80.3%	34,7 k €	-28.8%	48,8 k €	-15.2%	57,5 k €	+7.0%	53,8 k €	+48.3%	36,3 k €	-10.7%	40,6 k €	+32.5%	30,6 k €
Operating result	-9 k €	+48.7%	-17,6 k €	-270%	10,4 k €	+150%	-20,6 k €	-202%	20,3 k €	+371%	-7,5 k €	-161%	12,2 k €	+155%	-22,2 k €	-206%	20,9 k €	+201%	-20,7 k €	-711%	3,4 k €	-90.2%	34,7 k €	+526%	5,5 k €	-70.7%	18,9 k €	-25.1%	25,3 k €	+19.7%	21,1 k €	+327%	4,9 k €	-60.3%	12,4 k €	+1107%	1 k €
Net result	-9,3 k €	+47.7%	-17,8 k €	-277%	10 k €	+148%	-20,9 k €	-215%	18,1 k €	+332%	-7,8 k €	-168%	11,4 k €	+149%	-23,2 k €	-223%	18,9 k €	+168%	-27,7 k €	-20198%	-136,3 €	-101%	21,1 k €	+4730%	436 €	-93.8%	7 k €	-41.7%	12 k €	+36.7%	8,8 k €	+368%	-3,3 k €	-211%	3 k €	+216%	-2,5 k €
Balance sheet
Equity	52,9 k €	-15.0%	62,2 k €	-22.2%	80 k €	+14.3%	69,9 k €	-23.0%	90,8 k €	+24.9%	72,7 k €	-9.7%	80,6 k €	+16.5%	69,1 k €	-25.1%	92,3 k €	+25.7%	73,5 k €	-27.4%	101,1 k €	-0.1%	101,3 k €	+26.3%	80,2 k €	+0.5%	79,8 k €	+9.7%	72,8 k €	+19.8%	60,7 k €	+17.0%	51,9 k €	-6.0%	55,2 k €	+5.7%	52,2 k €
Total assets	53,7 k €	-34.4%	81,9 k €	-21.8%	104,7 k €	+15.9%	90,4 k €	-24.4%	119,4 k €	+27.6%	93,6 k €	-12.9%	107,5 k €	+7.2%	100,3 k €	-24.0%	131,9 k €	-2.1%	134,8 k €	-23.7%	176,6 k €	-13.8%	204,9 k €	+13.9%	179,9 k €	-11.6%	203,5 k €	-11.6%	230,2 k €	-3.9%	239,6 k €	-16.7%	287,5 k €	+7.3%	268 k €	-20.3%	336,1 k €
Cash	33,7 €	-99.6%	9 k €	-76.6%	38,5 k €	+46.4%	26,3 k €	-24.5%	34,8 k €	+65.9%	21 k €	+37.2%	15,3 k €	+200%	5,1 k €	-46.1%	9,5 k €	-24.5%	12,5 k €	-50.3%	25,3 k €	+3.8%	24,3 k €	+191%	8,4 k €	-51.7%	17,4 k €	-33.1%	25,9 k €	+95.2%	13,3 k €	-74.2%	51,4 k €	+346%	11,5 k €	-47.8%	22,1 k €
Debts	802,9 €	-87.9%	6,7 k €	-43.1%	11,7 k €	+57.9%	7,4 k €	-19.6%	9,2 k €	-55.9%	20,9 k €	-22.5%	27 k €	-13.5%	31,2 k €	-21.2%	39,6 k €	-35.5%	61,3 k €	-18.7%	75,5 k €	-27.2%	103,6 k €	+3.9%	99,7 k €	-19.4%	123,7 k €	-21.4%	157,5 k €	-12.0%	178,9 k €	-24.1%	235,6 k €	+10.7%	212,8 k €	-25.0%	283,8 k €
Other
Workforce	–		–		–		–		–		–		–		–		0,8 ETP	-20.0%	1,0 ETP	+900%	0,1 ETP		–		0,2 ETP		–		0,3 ETP	0.0%	0,3 ETP	-25.0%	0,4 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/06/2025 · 1 active · 1 ended

Active mandates

PABLO JONAS

Manager · since 01 juillet 2003

Active

Ended mandates

NAJAT MENOUAR

Manager · since 01 septembre 2006

Ended

At this address

Other companies at this address

Company	CBE no.
Firma Smeulders● Liquidation	0405.903.032
FTORY● Active	1034.309.416
SILVER MOVING● Bankrupt	0722.661.282

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Abridged model	Abridged model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	21/01/2026	17/12/2024	12/12/2023	15/12/2022	31/01/2022	25/01/2021
General meeting	30/12/2025	09/12/2024	11/12/2023	12/12/2022	06/12/2021	14/12/2020
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
Micro model	30/06/2025	30/12/2025	21/01/2026	French	PDF
Micro model	30/06/2024	09/12/2024	17/12/2024	French	PDF
Micro model	30/06/2023	11/12/2023	12/12/2023	French	PDF
Micro model	30/06/2022	12/12/2022	15/12/2022	French	PDF
Abridged model	30/06/2021	06/12/2021	31/01/2022	French	PDF
Abridged model	30/06/2020	14/12/2020	25/01/2021	French	PDF
Abridged model	30/06/2019	09/12/2019	02/01/2020	French	PDF
Abridged model	30/06/2018	10/12/2018	23/01/2019	French	PDF
Abridged model	30/06/2017	11/12/2017	17/01/2018	French	PDF
Abridged model	30/06/2016	12/12/2016	02/01/2017	French	PDF
Abridged model	30/06/2015	07/12/2015	04/01/2016	French	PDF
Abridged model	30/06/2014	08/12/2014	15/01/2015	French	PDF
Abridged model	30/06/2013	09/12/2013	07/02/2014	French	PDF
Abridged model	30/06/2012	10/12/2012	25/01/2013	French	PDF
Abridged model	30/06/2011	12/12/2011	31/01/2012	French	PDF
Abridged model	30/06/2010	13/12/2010	28/01/2011	French	PDF
Abridged model	30/06/2009	14/12/2009	31/01/2010	French	PDF
Abridged model	30/06/2008	08/12/2008	13/01/2009	French	PDF
Abridged model	30/06/2007	10/12/2007	14/02/2008	French	PDF
Abridged model	30/06/2006	11/12/2006	02/02/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 30/06/2025 · 1 active · 1 ended

Active mandates

PABLO JONAS

Manager · since 01 juillet 2003

Active

Ended mandates

NAJAT MENOUAR

Manager · since 01 septembre 2006

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office15/02/2019
SIEGE SOCIAL
PDF
Registered office20/03/2015
SIEGE SOCIAL
PDF
Registered office05/01/2015
SIEGE SOCIAL
PDF
Mandates16/10/2008
DEMISSIONS, NOMINATIONS
PDF
Mandates14/12/2006
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Capital / shares02/03/2005
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates14/02/2005
DEMISSIONS, NOMINATIONS
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 2025-9,3 k €↑
2024
Annual accounts 2024-17,8 k €↓
2023
Annual accounts 202310 k €↑
2022
Annual accounts 2022-20,9 k €↓
2021
Annual accounts 202118,1 k €↑
2020
Annual accounts 2020-7,8 k €↓
2019
Annual accounts 201911,4 k €↑
2018
Annual accounts 2018-23,2 k €↓
2017
Annual accounts 201718,9 k €↑
2016
Annual accounts 2016-27,7 k €↓
2015
Annual accounts 2015-136,3 €↓
2014
Annual accounts 201421,1 k €↑
2013
Annual accounts 2013436 €↓
2012
Annual accounts 20127 k €↓
2011
Annual accounts 201112 k €↑
2010
Annual accounts 20108,8 k €↑
2009
Annual accounts 2009-3,3 k €↓
2008
Annual accounts 20083 k €↑
2007
Annual accounts 2007-2,5 k €
23/11/1994
IncorporationPrivate company with limited liability

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

ADEKWAAT

Overview

What does ADEKWAAT do?

Trend over 19 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