AZAZ
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 89 days after the deadline Filed on 28 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00594923.
Annual accounts 2025 filed on 28-10-2026 at the NBB all 7 filings
Turnover
€156,962▲ 32.4%
2022 · €118,530
EBIT margin
-2.6%▼ 6.6pp
2022 · 4.0%
Net result
€10,583▲ 25.4%
2024 · €8,442
Working capital
-€24,323▲ 42.3%
2024 · -€42,179
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€16,093
▲ 73.2%
2025
20192025
Net result
€10,583
▲ 25.4%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€11,738
▲ 918%
2025
middle half of the sector
20192025
Total assets
€71,226
▲ 44.4%
2025
middle half of the sector
20192025
Debt
€59,488
▲ 23.5%
2025
20192025
Working capital
-€24,323
▲ 42.3%
2025
lowest quarter of the sector
20192025
Solvency
16.5%
▲ 14.1pp
2025
middle half of the sector
20192025
Current ratio
0.59
▲ 0.49
2025
middle half of the sector
20192025
Return on assets (ROA)
14.9%
▼ 2.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€133,214€118,530▼ 11.0%€156,962▲ 32.4%
Operating result-€442--€9,803▼ 2,118%€9,784€4,736▼ 51.6%-€4,050€9,291€16,093▲ 73.2%
Net result-€450--€12,070below the sector's middle half▼ 2,585%€5,556within the sector's middle half-€351within the sector's middle half-€6,173below the sector's middle half▼ 1,658%€8,442within the sector's middle half€10,583within the sector's middle half▲ 25.4%
EBIT margin7.3%4.0%▼ 3.3pp-2.6%▼ 6.6pp
Equity€5,750--€6,320below the sector's middle half-€764within the sector's middle half▲ 87.9%-€1,115within the sector's middle half▼ 46.0%-€7,288below the sector's middle half▼ 554%€1,153within the sector's middle half€11,738within the sector's middle half▲ 918%
Total assets€10,188-€37,837within the sector's middle half▲ 271%€77,594within the sector's middle half▲ 105%€67,632within the sector's middle half▼ 12.8%€58,681within the sector's middle half▼ 13.2%€49,311within the sector's middle half▼ 16.0%€71,226within the sector's middle half▲ 44.4%
Debt€4,438-€44,157▲ 895%€78,358▲ 77.5%€68,747▼ 12.3%€65,969▼ 4.0%€48,158▼ 27.0%€59,488▲ 23.5%
Working capital€3,550-€5,322within the sector's middle half▲ 49.9%-€17,443within the sector's middle half-€37,096below the sector's middle half▼ 113%-€41,546below the sector's middle half▼ 12.0%-€42,179below the sector's middle half▼ 1.5%-€24,323below the sector's middle half▲ 42.3%
Solvency56.4%--16.7%below the sector's middle half▼ 73.1pp-1.0%within the sector's middle half▲ 15.7pp-1.6%within the sector's middle half▼ 0.7pp-12.4%within the sector's middle half▼ 10.8pp2.3%within the sector's middle half▲ 14.8pp16.5%within the sector's middle half▲ 14.1pp
Current ratio1.80-1.24within the sector's middle half▼ 0.560.59within the sector's middle half▼ 0.650.18below the sector's middle half▼ 0.410.09below the sector's middle half▼ 0.090.10below the sector's middle half▲ 0.010.59within the sector's middle half▲ 0.49
Return on assets (ROA)-4.4%--31.9%below the sector's middle half▼ 27.5pp7.2%within the sector's middle half▲ 39.1pp-0.5%within the sector's middle half▼ 7.7pp-10.5%below the sector's middle half▼ 10.0pp17.1%above the sector's middle half▲ 27.6pp14.9%within the sector's middle half▼ 2.3pp
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 73% higher than in 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71,226
Fixed assets
€36,061 ▼ 19.4%
Current assets
€35,165 ▲ 667%
Equity and liabilities €71,226
Equity
€11,738 ▲ 918%
Debt
€59,488 ▲ 23.5%
Debt's share of the balance-sheet total falls from 97.7% to 83.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€24,760▲
2024 · €19,156
Cash flow
€19,250▲
2024 · €18,306
Debt to equity
5.07▼
2024 · 41.75
ROE
90.2%▼
2024 · 731.9%
Interest coverage
14.94
Debt ≤ 1 year
€59,488▲
2024 · €46,763
Income taxes
€3,853▲
2024 · €850
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Subsidies and aid
Flemish government
2025 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €133,214 | €118,530 | €156,962 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €122,858 | €111,370 | €143,461 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €23 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €800 | €1,333 | - | - | €9,593 | €9,864 | €8,667 | ▼ 12.1% |
| Other operating charges640/8 | - | - | €550 | €2,424 | €7,958 | €16,303 | €840 | ▼ 94.8% |
| Gross operating margin9900 | €554 | -€8,014 | €10,356 | €7,160 | €13,501 | €35,459 | €25,600 | ▼ 27.8% |
| Operating profit (loss)9901 | -€442 | -€9,803 | €9,784 | €4,736 | -€4,050 | €9,291 | €16,093 | ▲ 73.2% |
| Financial income75/76B | - | - | - | €110 | €31 | - | - | - |
| Recurring financial income75 | - | €26 | - | €110 | €31 | - | - | - |
| Financial charges65/66B | - | - | €4,228 | €4,570 | €2,154 | - | €1,657 | - |
| Recurring financial charges65 | €8 | €2,294 | €4,228 | €4,570 | €2,154 | - | €1,657 | - |
| Profit (loss) for the period before taxes9903 | -€450 | -€12,070 | €5,556 | €277 | -€6,173 | €9,291 | €14,436 | ▲ 55.4% |
| Income taxes67/77 | - | - | - | €628 | - | €850 | €3,853 | ▲ 353% |
| Profit (loss) for the period9904 | -€450 | -€12,070 | €5,556 | -€351 | -€6,173 | €8,442 | €10,583 | ▲ 25.4% |
| Profit (loss) for the period to be appropriated9905 | -€450 | -€12,070 | €5,556 | -€351 | -€6,173 | €8,442 | €10,583 | ▲ 25.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €10,188 | €37,837 | €77,594 | €67,632 | €58,681 | €49,311 | €71,226 | ▲ 44.4% |
| Fixed assets21/28 | €2,200 | €9,899 | €52,526 | €59,626 | €54,592 | €44,727 | €36,061 | ▼ 19.4% |
| Tangible fixed assets22/27 | €2,200 | €6,599 | €49,226 | €56,326 | €51,292 | €41,427 | €32,761 | ▼ 20.9% |
| Plant, machinery and equipment23 | - | - | €11,499 | €18,599 | €17,337 | €11,246 | €6,352 | ▼ 43.5% |
| Furniture and vehicles24 | - | - | €2,727 | €2,727 | €2,454 | €2,182 | €1,909 | ▼ 12.5% |
| Leasing and similar rights25 | - | - | €35,000 | €35,000 | €31,500 | €28,000 | €24,500 | ▼ 12.5% |
| Financial fixed assets28 | - | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | = |
| Current assets29/58 | €7,988 | €27,939 | €25,068 | €8,006 | €4,089 | €4,584 | €35,165 | ▲ 667% |
| Amounts receivable within one year40/41 | €7,979 | €27,527 | €24,463 | €3,200 | €2,890 | €2,078 | €26,864 | ▲ 13× |
| Trade receivables40 | - | - | €24,463 | - | - | - | €26,864 | - |
| Other amounts receivable41 | - | - | - | €3,200 | €2,890 | €2,078 | - | - |
| Cash at bank and in hand54/58 | €9 | €411 | €518 | €4,806 | €1,199 | €2,506 | €8,301 | ▲ 231% |
| Deferred charges and accrued income490/1 | - | - | €88 | - | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €10,188 | €37,837 | €77,594 | €67,632 | €58,681 | €49,311 | €71,226 | ▲ 44.4% |
| Equity10/15 | €5,750 | -€6,320 | -€764 | -€1,115 | -€7,288 | €1,153 | €11,738 | ▲ 918% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Other1109/19 | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Reserves13 | - | - | - | - | - | - | €5,538 | - |
| Distributable reserves133 | - | - | - | - | - | - | €5,538 | - |
| Profit (loss) carried forward14 | -€450 | -€12,520 | -€6,964 | -€7,315 | -€13,488 | -€5,047 | - | - |
| Amounts payable17/49 | €4,438 | €44,157 | €78,358 | €68,747 | €65,969 | €48,158 | €59,488 | ▲ 23.5% |
| Amounts payable after more than one year17 | - | €21,541 | €35,847 | €23,645 | €20,334 | €1,395 | - | - |
| Financial debts170/4 | - | - | €35,847 | €23,645 | €20,334 | €1,395 | - | - |
| Amounts payable within one year42/48 | €4,438 | €22,617 | €42,511 | €45,102 | €45,635 | €46,763 | €59,488 | ▲ 27.2% |
| Current portion of amounts payable after more than one year42 | - | - | €6,624 | €7,568 | €378 | €9,084 | €1,395 | ▼ 84.6% |
| Trade debts44 | €2,544 | €2,131 | €19,444 | €16,189 | €25,858 | €17,022 | €20,700 | ▲ 21.6% |
| Suppliers440/4 | - | - | €19,444 | €16,189 | €25,858 | €17,022 | €20,700 | ▲ 21.6% |
| Taxes, remuneration and social security45 | - | - | €9,218 | €21,345 | €19,400 | €20,656 | €33,875 | ▲ 64.0% |
| Taxes450/3 | - | - | €9,218 | €21,345 | €19,400 | €20,656 | €33,875 | ▲ 64.0% |
| Other amounts payable47/48 | - | - | €7,225 | - | - | - | €3,518 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€450 | -€12,070 | €5,556 | -€351 | -€6,173 | €8,442 | €10,583 | ▲ 25.4% |
| + Depreciation and write-downs630 | €800 | €1,333 | - | - | €9,593 | €9,864 | €8,667 | ▼ 12.1% |
| Operating cash flow (approximation) | €350 | -€10,737 | €5,556 | -€351 | €3,419 | €18,306 | €19,250 | ▲ 5.2% |
| Investment in fixed assets (approximation) | - | -€9,032 | -€42,627 | -€7,100 | -€4,559 | €0 | €0 | - |
| Change in cash | - | €403 | €106 | €4,289 | -€3,608 | €1,307 | €5,796 | ▲ 343% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,713 companies had the same profile as AZAZ has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AZAZ itself: 2.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,713 companies, not a prediction for AZAZ. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-10-2026 | 2026-00594923 | |
| 31-12-2024 | micro format | 09-03-2026 | 2026-00052135 | |
| 31-12-2023 | micro format | 15-11-2024 | 2024-00601290 | |
| 31-12-2022 | micro format | 15-11-2024 | 2024-00601356 | |
| 31-12-2021 | micro format | 23-11-2022 | 2022-20525653 | |
| 31-12-2020 | micro format | 06-09-2021 | 2021-66300033 | |
| 31-12-2019 | micro format | 09-10-2020 | 2020-61000137 |