Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 41 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 32.5 to 25.
Financials
Financial year 2025
PROPAGANDA from Zaventem, company number BE0453854981, closed financial year 2025 with a result of € -587,418 after tax. For that financial year PROPAGANDA recorded a gross margin of € 1.8 million and equity of € 1.6 million. Compared with financial year 2024, the result moved from € -66,149 to € -587,418. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on August 31, 2026.
€ 1.6 million
▼ 27% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -587,418
▼ 788 % more loss than in 2024
Profit after tax over the fiscal year.
€ 30,810
▼ 72% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -221,817.
People and assets in 2025
25
▼ 0.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.8 million
▼ 3% vs 2024
€ 70,300 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 16,782
▲ 39% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.5 million
▼ 19% vs 2024
€ 415,401 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 965,978
▼ 5% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 389,904
▲ 53% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 2,455,104 | € 2,571,107 | € 1,958,993 | € 1,835,642 | ▼ 6% |
| Profit after taxes | € 139,907 | € 18,659 | € -66,149 | € -587,418 | ▼ € 521,269 |
| Equity | € 565,091 | € 2,363,812 | € 2,207,663 | € 1,620,245 | ▼ 27% |
| Total debts | € 5,052,355 | € 3,396,627 | € 3,985,138 | € 3,578,124 | ▼ 10% |
| Cash | € 624,720 | € 96,988 | € 108,263 | € 30,810 | ▼ 72% |
| Retained profit | € 503,091 | € 521,750 | € 365,601 | € -221,817 | ▼ € 587,418 |
| Dividend | € 130,000 | € 0 | € 90,000 | € 0 | ▼ 100% |
| Bank debt | € 2,141,259 | € 1,925,628 | € 1,868,168 | € 1,515,514 | ▼ 19% |
| Balance sheet total | € 5,617,446 | € 5,760,439 | € 6,192,801 | € 5,198,369 | ▼ 16% |
| Employees (FTE) | 36.6 | 32.5 | 25.6 | 25 | ▼ 0.6 |
Key figures of PROPAGANDA, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to PROPAGANDA?
What happened at PROPAGANDA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 587,418. filed late Source: NBB ↗
- CEDAR HOUSE BV became a director. NBB
- LIBENTER CommV became a director. NBB
- GERRIT TULKENS became a director. NBB
- New establishment in Zaventem. KBO
- Start of the company according to the CBE. KBO
In short
From € 139,907 profit in 2022 to € 587,418 loss in 2025.
Paid € 92,014 in corporate taxes since 2022.
Best year ever: 2022, with € 139,907 profit.
On average € 73,400 of value added per employee in 2025.
Management
The stake of Imperio comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
PROPAGANDABehind PROPAGANDA are CEDAR HOUSE BV, LIBENTER CommV and GERRIT TULKENS. The shares are held by Imperio (90%). It owns 100% of Cypres, 100% of CYPRES DIGITAL MEDIA, 100% of UITGEVERIJ F - TWEE and 100% of We Are Digital itself.
Directors
According to the 2025 annual accounts
Director · represented by GERRIT TULKENS
Also active at: UITGEVERIJ F - TWEE, Cypres, CYPRES DIGITAL MEDIA, We Are Digital, CONTENT MAKERS, Minervo
since 2022
Director · represented by MICHEL LIBENS
Also active at: UITGEVERIJ F - TWEE, Cypres, CYPRES DIGITAL MEDIA, CONTENT MAKERS, Minervo, Eco-Biz
since 2022
GERRIT TULKENS
Director
Also active at: Cypres, CYPRES DIGITAL MEDIA, CEDAR HOUSE, BEAU'HOUSE, We Are Digital, Imperio, CONTENT MAKERS, Minervo +2 more
since 2018
Shareholders
90%
Participations
Establishments
Establishment units
Physical locations of this company
Minervastraat 4
1930 Zaventem
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 4 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0453.854.981
- VAT number
- BE 0453.854.981
- Registered office
- Minervastraat 4, 1930 Zaventem
- Names & denominations
- PROPAGANDA
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 25 November 1994
- Peppol
- Active · Active since 21 Oct 2026
- Activities · NACE
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