YAZ
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 80 days after the deadline Filed on 19 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00565605.
Annual accounts 2025 filed on 19-10-2026 at the NBB all 15 filings
Equity
€239,118▼ 15.5%
2024 · €282,945
Total assets
€398,049▼ 12.3%
2024 · €453,885
Net result
-€43,827▲ 54.4%
2024 · -€96,032
Working capital
€217,411▼ 13.5%
2024 · €251,483
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€40,266
▲ 60.7%
2025
20182025
Net result
-€43,827
▲ 54.4%
2025
lowest quarter of the sector
20182025
Equity
€239,118
▼ 15.5%
2025
middle half of the sector
20182025
Total assets
€398,049
▼ 12.3%
2025
middle half of the sector
20182025
Debt
€158,931
▼ 7.0%
2025
20182025
Working capital
€217,411
▼ 13.5%
2025
middle half of the sector
20182025
Solvency
60.1%
▼ 2.3pp
2025
middle half of the sector
20182025
Current ratio
2.42
▼ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
-11.0%
▲ 10.1pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€31,085-€30,013▼ 3.4%€8,013▼ 73.3%€31,866▲ 298%€111,564▲ 250%€6,857▼ 93.9%-€102,503-€40,266▲ 60.7%
Net result€23,207-€21,405▼ 7.8%€5,777within the sector's middle half▼ 73.0%€23,998within the sector's middle half▲ 315%€110,503above the sector's middle half▲ 360%-€28,798below the sector's middle half-€96,032below the sector's middle half▼ 233%-€43,827below the sector's middle half▲ 54.4%
Equity€246,091-€267,496▲ 8.7%€273,273above the sector's middle half▲ 2.2%€297,271above the sector's middle half▲ 8.8%€407,774above the sector's middle half▲ 37.2%€378,977above the sector's middle half▼ 7.1%€282,945above the sector's middle half▼ 25.3%€239,118within the sector's middle half▼ 15.5%
Total assets€261,861-€284,287▲ 8.6%€289,494within the sector's middle half▲ 1.8%€327,318within the sector's middle half▲ 13.1%€444,038above the sector's middle half▲ 35.7%€555,037above the sector's middle half▲ 25.0%€453,885above the sector's middle half▼ 18.2%€398,049within the sector's middle half▼ 12.3%
Debt€15,770-€16,791▲ 6.5%€16,220▼ 3.4%€30,046▲ 85.2%€36,264▲ 20.7%€176,061▲ 385%€170,939▼ 2.9%€158,931▼ 7.0%
Working capital€236,411-€268,576▲ 13.6%€279,178above the sector's middle half▲ 3.9%€303,176above the sector's middle half▲ 8.6%€413,679above the sector's middle half▲ 36.4%€337,759above the sector's middle half▼ 18.4%€251,483above the sector's middle half▼ 25.5%€217,411within the sector's middle half▼ 13.5%
Solvency94.0%-94.1%▲ 0.1pp94.4%above the sector's middle half▲ 0.3pp90.8%above the sector's middle half▼ 3.6pp91.8%above the sector's middle half▲ 1.0pp68.3%within the sector's middle half▼ 23.6pp62.3%within the sector's middle half▼ 5.9pp60.1%within the sector's middle half▼ 2.3pp
Current ratio25.20-25.89▲ 0.6928.32above the sector's middle half▲ 2.4313.61above the sector's middle half▼ 14.7114.67above the sector's middle half▲ 1.062.99within the sector's middle half▼ 11.682.52within the sector's middle half▼ 0.462.42within the sector's middle half▼ 0.10
Return on assets (ROA)8.9%-7.5%▼ 1.3pp2.0%within the sector's middle half▼ 5.5pp7.3%within the sector's middle half▲ 5.3pp24.9%above the sector's middle half▲ 17.6pp-5.2%below the sector's middle half▼ 30.1pp-21.2%below the sector's middle half▼ 16.0pp-11.0%within the sector's middle half▲ 10.1pp
Staff (FTE)2within the sector's middle half2.2▲ 10.0%2.2=3▲ 36.4%1▼ 66.7%
above
within
below
The sector band is the middle half of the companies in Gambling and betting activities (NACE 92). 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 a loss of €40,266, smaller than the loss of €102,503 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €398,049
Fixed assets
€27,706 ▼ 26.0%
Current assets
€370,342 ▼ 11.1%
Equity and liabilities €398,049
Equity
€239,118 ▼ 15.5%
Debt
€158,931 ▼ 7.0%
Debt's share of the balance-sheet total rises from 37.7% to 39.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€30,511▲
2024 · -€92,747
Cash flow
-€34,072▲
2024 · -€86,276
Debt to equity
0.66▲
2024 · 0.60
ROE
-18.3%▲
2024 · -33.9%
Interest coverage
-704.47▼
2024 · -466.82
Debt ≤ 1 year
€152,931▼
2024 · €164,939
Debt > 1 year
€6,000=
2024 · €6,000
Income taxes
€3,518▲
2024 · -€59
Staff costs
€624▼
2024 · €30,566
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | - |
| full-time | 3 | 3 | 3 | - |
| in full-time equivalents | 3 | 3 | 3 | - |
| Average over the year, in full-time equivalents | 2.2 | 2.2 | 3 | 1 |
| On a permanent contract | 3 | 1 | 3 | - |
| Joined | 2 | 3 | - | 0 |
| Left | 1 | 3 | - | 3 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €47,541 | - | - |
| Financial fixed assets | - | - | €5,100 | - | - |
| Depreciation and write-downs of the year | - | - | €5,518 | €9,756 | €9,756 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €40,022 | €65,821 | €96,697 | €30,566 | €624 | ▼ 98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,855 | €8,072 | €4,826 | - | - | €5,518 | €9,756 | €9,756 | = |
| Other operating charges640/8 | - | - | - | €2,888 | €4,242 | €68,074 | €2,565 | €2,183 | ▼ 14.9% |
| Gross operating margin9900 | €46,214 | €48,286 | €55,821 | €74,776 | €181,627 | €177,146 | -€59,617 | -€27,704 | ▲ 53.5% |
| Operating profit (loss)9901 | €31,085 | €30,013 | €8,013 | €31,866 | €111,564 | €6,857 | -€102,503 | -€40,266 | ▲ 60.7% |
| Financial income75/76B | - | - | - | - | - | €0 | €6,611 | - | - |
| Recurring financial income75 | €3 | €46 | - | - | - | €0 | €6,611 | - | - |
| Financial charges65/66B | - | - | - | €1,527 | €1,061 | €1,037 | €199 | €43 | ▼ 78.2% |
| Recurring financial charges65 | €797 | €1,208 | €1,853 | €1,527 | €1,061 | €1,037 | €199 | €43 | ▼ 78.2% |
| Profit (loss) for the period before taxes9903 | €30,290 | €28,852 | €6,160 | €30,338 | €110,503 | €5,821 | -€96,090 | -€40,310 | ▲ 58.1% |
| Income taxes67/77 | €7,083 | €7,446 | €383 | €6,340 | - | €34,618 | -€59 | €3,518 | - |
| Profit (loss) for the period9904 | €23,207 | €21,405 | €5,777 | €23,998 | €110,503 | -€28,798 | -€96,032 | -€43,827 | ▲ 54.4% |
| Profit (loss) for the period to be appropriated9905 | €23,207 | €21,405 | €5,777 | €23,998 | €110,503 | -€28,798 | -€96,032 | -€43,827 | ▲ 54.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €261,861 | €284,287 | €289,494 | €327,318 | €444,038 | €555,037 | €453,885 | €398,049 | ▼ 12.3% |
| Fixed assets21/28 | €15,680 | €4,921 | €95 | €95 | €95 | €47,218 | €37,462 | €27,706 | ▼ 26.0% |
| Tangible fixed assets22/27 | €15,680 | €4,826 | - | - | - | €42,023 | €32,267 | €22,511 | ▼ 30.2% |
| Furniture and vehicles24 | - | - | - | - | - | €42,023 | €32,267 | €22,511 | ▼ 30.2% |
| Financial fixed assets28 | - | €95 | €95 | €95 | €95 | €5,195 | €5,195 | €5,195 | = |
| Current assets29/58 | €246,181 | €279,367 | €289,399 | €327,223 | €443,943 | €507,820 | €416,422 | €370,342 | ▼ 11.1% |
| Amounts receivable within one year40/41 | €42,338 | €169,837 | €344 | €1,014 | €183,935 | €304,400 | €274,530 | €242,129 | ▼ 11.8% |
| Trade receivables40 | - | - | - | €200 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €814 | €183,935 | €304,400 | €274,530 | €242,129 | ▼ 11.8% |
| Cash at bank and in hand54/58 | €203,843 | €109,530 | €289,054 | €324,183 | €260,009 | €202,885 | €141,372 | €128,213 | ▼ 9.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,026 | - | €535 | €520 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €261,861 | €284,287 | €289,494 | €327,318 | €444,038 | €555,037 | €453,885 | €398,049 | ▼ 12.3% |
| Equity10/15 | €246,091 | €267,496 | €273,273 | €297,271 | €407,774 | €378,977 | €282,945 | €239,118 | ▼ 15.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €225,631 | €247,036 | €252,813 | €276,811 | €387,314 | €358,517 | €262,485 | €218,658 | ▼ 16.7% |
| Amounts payable17/49 | €15,770 | €16,791 | €16,220 | €30,046 | €36,264 | €176,061 | €170,939 | €158,931 | ▼ 7.0% |
| Amounts payable after more than one year17 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Other amounts payable178/9 | - | - | - | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Amounts payable within one year42/48 | €9,770 | €10,791 | €10,220 | €24,046 | €30,264 | €170,061 | €164,939 | €152,931 | ▼ 7.3% |
| Trade debts44 | €2,687 | €2,856 | €909 | €3,132 | €6,232 | €9,588 | €4,720 | €3,102 | ▼ 34.3% |
| Suppliers440/4 | - | - | - | €3,132 | €6,232 | €9,588 | €4,720 | €3,102 | ▼ 34.3% |
| Taxes, remuneration and social security45 | - | - | - | €8,032 | €13,311 | €61,383 | €22,827 | €11,168 | ▼ 51.1% |
| Taxes450/3 | - | - | - | €6,416 | €6,788 | €38,100 | €2,956 | €352 | ▼ 88.1% |
| Remuneration and social security454/9 | - | - | - | €1,616 | €6,523 | €23,283 | €19,872 | €10,816 | ▼ 45.6% |
| Other amounts payable47/48 | - | - | - | €12,882 | €10,720 | €99,089 | €137,392 | €138,661 | ▲ 0.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,207 | €21,405 | €5,777 | €23,998 | €110,503 | -€28,798 | -€96,032 | -€43,827 | ▲ 54.4% |
| + Depreciation and write-downs630 | €10,855 | €8,072 | €4,826 | - | - | €5,518 | €9,756 | €9,756 | = |
| Operating cash flow (approximation) | €34,061 | €29,477 | €10,603 | €23,998 | €110,503 | -€23,279 | -€86,276 | -€34,072 | ▲ 60.5% |
| Investment in fixed assets (approximation) | - | €2,688 | €0 | €0 | €0 | -€52,641 | €0 | €0 | - |
| Change in cash | - | -€94,313 | €179,525 | €35,128 | -€64,174 | -€57,124 | -€61,513 | -€13,159 | ▲ 78.6% |
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, 4,805 companies had the same profile as YAZ has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of YAZ 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 4,805 companies, not a prediction for YAZ. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-10-2026 | 2026-00565605 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00335282 | |
| 31-12-2023 | micro format | 08-11-2024 | 2024-00600578 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00398075 | |
| 31-12-2021 | micro format | 10-08-2022 | 2022-20281091 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-61400323 | |
| 31-12-2019 | micro format | 16-10-2020 | 2020-62100240 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55300011 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-59900070 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-52700057 |