State-owned RomaniaFilm enters bankruptcy after eight years of insolvency

Romania’s state-owned film distribution and cinema operator RomaniaFilm, or RADEF, has entered bankruptcy after eight years in insolvency. Financial data analyzed by RisCo showed that the company accumulated net losses of RON 13.8 million between 2018 and 2025.

RADEF operates under the Culture Ministry and manages the state-owned cinema network. It was reorganized as an autonomous public company in September 1991.

Its insolvency case dates back to 2016, while formal proceedings began in 2018.

According to data analyzed by RisCo, in 2017, the final year before insolvency proceedings opened, RADEF recorded its highest turnover of the past decade, at RON 7.1 million. It posted a net profit of RON 613,000 and employed 122 people.

The following year, the turnover fell 16% to RON 6 million, while total expenses rose to RON 12.6 million. The company reported a loss of RON 6.6 million, its largest in ten years.

The turnover remained substantially below the 2017 level in recent years, reaching RON 3.8 million in 2023 and RON 3.5 million in 2024. It increased by 17% to RON 4 million in 2025.

After losses of RON 1.8 million in 2023 and RON 2.4 million in 2024, RADEF returned to profit in 2025, reporting a net result of RON 65,700, according to RisCo. The total expenses declined by 10% to RON 5.8 million, while revenue rose by 42% to RON 5.9 million.

However, RON 1.9 million, or almost one-third of its 2025 revenue, came from sources other than current operations.

Between 2018 and 2025, the company posted a profit in only three years: 2021, 2022, and 2025.

RADEF reported 49 employees in 2023 and 47 in 2024, but no employees in 2025, according to the same analysis. It nevertheless continued to list 51 active operating locations and held RON 4.9 million in cash at the end of last year.