AZCOM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
≈ €57,000
Estimated: probably between €32,000 and €110,000
Total assets
€128,028▲ 11.9%
2024 · €114,455
Net result
€7,464▲ 72.9%
2024 · €4,318
Working capital
€13,661▲ 108%
2024 · €6,566
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€8,538
▲ 71.4%
2025
20202025
Net result
€7,464
▲ 72.9%
2025
middle half of the sector
20202025
Equity
€16,528
▲ 82.3%
2025
middle half of the sector
20202025
Total assets
€128,028
▲ 11.9%
2025
middle half of the sector
20202025
Debt
€111,500
▲ 5.8%
2025
20202025
Working capital
€13,661
▲ 108%
2025
middle half of the sector
20202025
Solvency
12.9%
▲ 5.0pp
2025
middle half of the sector
20202025
Current ratio
1.12
▲ 0.06
2025
middle half of the sector
20202025
Return on assets (ROA)
5.8%
▲ 2.1pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€413-€4,309▼ 943%-€10,268▼ 138%€4,982€8,538▲ 71.4%
Net result-€413within the sector's middle half-€4,413within the sector's middle half▼ 968%-€10,428below the sector's middle half▼ 136%€4,318within the sector's middle half€7,464within the sector's middle half▲ 72.9%
Equity-€413within the sector's middle half€3,174within the sector's middle half€4,746within the sector's middle half▲ 49.5%€9,064within the sector's middle half▲ 91.0%€16,528within the sector's middle half▲ 82.3%
Total assets€20,000below the sector's middle half-€20,051below the sector's middle half▲ 0.3%€3,174below the sector's middle half▼ 84.2%€13,873below the sector's middle half▲ 337%€114,455within the sector's middle half▲ 725%€128,028within the sector's middle half▲ 11.9%
Debt€20,000-€20,465▲ 2.3%€9,127€105,391▲ 12×€111,500▲ 5.8%
Working capital€0within the sector's middle half--€413within the sector's middle half€3,655within the sector's middle half€6,566within the sector's middle half▲ 79.7%€13,661within the sector's middle half▲ 108%
Solvency-2.1%within the sector's middle half34.2%within the sector's middle half7.9%within the sector's middle half▼ 26.3pp12.9%within the sector's middle half▲ 5.0pp
Current ratio1.00within the sector's middle half-0.98within the sector's middle half▼ 0.021.40within the sector's middle half1.06within the sector's middle half▼ 0.341.12within the sector's middle half▲ 0.06
Return on assets (ROA)-2.1%within the sector's middle half-75.2%below the sector's middle half3.8%within the sector's middle half▲ 78.9pp5.8%within the sector's middle half▲ 2.1pp
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 71% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €128,028
Fixed assets
€2,867 ▲ 14.8%
Current assets
€125,161 ▲ 11.8%
Equity and liabilities €128,028
Equity
€16,528 ▲ 82.3%
Debt
€111,500 ▲ 5.8%
Debt's share of the balance-sheet total falls from 92.1% to 87.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€10,148▲
2024 · €5,420
Cash flow
€9,074▲
2024 · €4,756
Debt to equity
6.75▼
2024 · 11.63
ROE
45.2%▼
2024 · 47.6%
Interest coverage
9.45▲
2024 · 8.16
Debt ≤ 1 year
€111,500▲
2024 · €105,391
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,679 | - | €1,845 | €1,979 |
| Depreciation and write-downs of the year | - | €252 | €336 | €438 | €1,610 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €252 | €336 | €438 | €1,610 | ▲ 268% |
| Other operating charges640/8 | - | - | - | €1,079 | €407 | €400 | ▼ 1.7% |
| Gross operating margin9900 | - | -€413 | -€4,057 | -€8,853 | €5,827 | €10,548 | ▲ 81.0% |
| Operating profit (loss)9901 | - | -€413 | -€4,309 | -€10,268 | €4,982 | €8,538 | ▲ 71.4% |
| Financial charges65/66B | - | - | €104 | €160 | €664 | €1,074 | ▲ 61.7% |
| Recurring financial charges65 | - | - | €104 | €160 | €664 | €1,074 | ▲ 61.7% |
| Profit (loss) for the period before taxes9903 | - | -€413 | -€4,413 | -€10,428 | €4,318 | €7,464 | ▲ 72.9% |
| Profit (loss) for the period9904 | - | -€413 | -€4,413 | -€10,428 | €4,318 | €7,464 | ▲ 72.9% |
| Profit (loss) for the period to be appropriated9905 | - | -€413 | -€4,413 | -€10,428 | €4,318 | €7,464 | ▲ 72.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €20,000 | €20,051 | €3,174 | €13,873 | €114,455 | €128,028 | ▲ 11.9% |
| Fixed assets21/28 | - | - | €1,427 | €1,091 | €2,498 | €2,867 | ▲ 14.8% |
| Tangible fixed assets22/27 | - | - | €1,427 | €1,091 | €2,498 | €2,867 | ▲ 14.8% |
| Furniture and vehicles24 | - | - | €1,427 | €1,091 | €2,498 | €2,867 | ▲ 14.8% |
| Current assets29/58 | €20,000 | €20,051 | €1,747 | €12,782 | €111,957 | €125,161 | ▲ 11.8% |
| Amounts receivable within one year40/41 | €20,000 | €20,051 | €713 | €8,213 | €8,770 | €37,628 | ▲ 329% |
| Trade receivables40 | - | - | - | €7,191 | €7,076 | €33,884 | ▲ 379% |
| Other amounts receivable41 | - | €20,051 | €713 | €1,022 | €1,694 | €3,744 | ▲ 121% |
| Cash at bank and in hand54/58 | - | - | €1,034 | €4,569 | €103,187 | €87,533 | ▼ 15.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €20,000 | €20,051 | €3,174 | €13,873 | €114,455 | €128,028 | ▲ 11.9% |
| Equity10/15 | - | -€413 | €3,174 | €4,746 | €9,064 | €16,528 | ▲ 82.3% |
| Contributions10/11 | - | - | €8,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | - | €8,000 | €20,000 | - | - | - |
| Issued capital100 | - | - | €20,000 | €20,000 | - | - | - |
| Uncalled capital101 | - | - | €12,000 | - | - | - | - |
| Profit (loss) carried forward14 | - | -€413 | -€4,826 | -€15,254 | -€10,936 | -€3,472 | ▲ 68.3% |
| Amounts payable17/49 | €20,000 | €20,465 | - | €9,127 | €105,391 | €111,500 | ▲ 5.8% |
| Amounts payable within one year42/48 | €20,000 | €20,465 | - | €9,127 | €105,391 | €111,500 | ▲ 5.8% |
| Trade debts44 | - | €465 | - | €7,127 | €94,078 | €108,699 | ▲ 15.5% |
| Suppliers440/4 | - | €465 | - | €7,127 | €94,078 | €108,699 | ▲ 15.5% |
| Taxes, remuneration and social security45 | - | - | - | - | €8,613 | €778 | ▼ 91.0% |
| Taxes450/3 | - | - | - | - | €1,235 | €528 | ▼ 57.2% |
| Remuneration and social security454/9 | - | - | - | - | €7,378 | €250 | ▼ 96.6% |
| Other amounts payable47/48 | - | €20,000 | - | €2,000 | €2,700 | €2,023 | ▼ 25.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | -€413 | -€4,413 | -€10,428 | €4,318 | €7,464 | ▲ 72.9% |
| + Depreciation and write-downs630 | - | - | €252 | €336 | €438 | €1,610 | ▲ 268% |
| Operating cash flow (approximation) | - | -€413 | -€4,161 | -€10,092 | €4,756 | €9,074 | ▲ 90.8% |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€1,845 | -€1,979 | ▼ 7.3% |
| Change in cash | - | - | - | €3,535 | €98,618 | -€15,654 | - |
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 AZCOM 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 AZCOM itself: 0.7% 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 AZCOM. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00251749 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00329942 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00434419 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00303769 | |
| 31-12-2021 | micro format | 03-11-2022 | 2022-20485646 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-54000373 |