We report on the magnetic properties of Fe and Co adatoms on a Cu2N/Cu(100)-c(2×2) surface investigated by x-ray magnetic dichroism measurements and density functional theory (DFT) calculations including the local coulomb interaction. We compare these results with properties formerly deduced from STM spin excitation spectroscopy (SES) performed on the individual adatoms. In particular we focus on the values of the local magnetic moments determined by XMCD compared to the expectation values derived from the description of the SES data. The angular dependence of the projected magnetic moments along the magnetic field, as measured by XMCD, can be understood on the basis of the SES Hamiltonian. In agreement with DFT, the XMCD measurements show large orbital contributions to the total magnetic moment for both magnetic adatoms.