YMATRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 15 filings
Turnover
≈ €400,000
Estimated: probably between €270,000 and €620,000
Total assets
€597,375▲ 18.2%
2024 · €505,260
Net result
€97,378▲ 6.7%
2024 · €91,273
Working capital
€493,348▲ 31.7%
2024 · €374,729
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€136,503
▲ 7.1%
2025
20182025
Net result
€97,378
▲ 6.7%
2025
highest quarter of the sector
20182025
Equity
€546,916
▲ 21.7%
2025
highest quarter of the sector
20182025
Total assets
€597,375
▲ 18.2%
2025
highest quarter of the sector
20182025
Debt
€50,460
▼ 9.4%
2025
20182025
Working capital
€493,348
▲ 31.7%
2025
highest quarter of the sector
20182025
Solvency
91.6%
▲ 2.6pp
2025
highest quarter of the sector
20182025
Current ratio
11.66
▲ 3.77
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.3%
▼ 1.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€84,891-€83,717▼ 1.4%€105,127▲ 25.6%€103,660▼ 1.4%€80,380▼ 22.5%€94,800▲ 17.9%€127,435▲ 34.4%€136,503▲ 7.1%
Net result€60,572-€59,675▼ 1.5%€75,749above the sector's middle half▲ 26.9%€75,505above the sector's middle half▼ 0.3%€58,017above the sector's middle half▼ 23.2%€68,770above the sector's middle half▲ 18.5%€91,273above the sector's middle half▲ 32.7%€97,378above the sector's middle half▲ 6.7%
Equity€165,757-€182,432▲ 10.1%€258,181above the sector's middle half▲ 41.5%€333,686above the sector's middle half▲ 29.2%€350,067above the sector's middle half▲ 4.9%€418,837above the sector's middle half▲ 19.6%€449,538above the sector's middle half▲ 7.3%€546,916above the sector's middle half▲ 21.7%
Total assets€172,641-€238,481▲ 38.1%€305,406within the sector's middle half▲ 28.1%€379,530above the sector's middle half▲ 24.3%€401,722above the sector's middle half▲ 5.8%€475,193above the sector's middle half▲ 18.3%€505,260above the sector's middle half▲ 6.3%€597,375above the sector's middle half▲ 18.2%
Debt€6,884-€56,049▲ 714%€47,225▼ 15.7%€45,844▼ 2.9%€51,655▲ 12.7%€56,356▲ 9.1%€55,722▼ 1.1%€50,460▼ 9.4%
Working capital€151,227-€124,830▼ 17.5%€210,268above the sector's middle half▲ 68.4%€257,233above the sector's middle half▲ 22.3%€299,449above the sector's middle half▲ 16.4%€394,542above the sector's middle half▲ 31.8%€374,729above the sector's middle half▼ 5.0%€493,348above the sector's middle half▲ 31.7%
Solvency96.0%-76.5%▼ 19.5pp84.5%above the sector's middle half▲ 8.0pp87.9%above the sector's middle half▲ 3.4pp87.1%above the sector's middle half▼ 0.8pp88.1%above the sector's middle half▲ 1.0pp89.0%above the sector's middle half▲ 0.8pp91.6%above the sector's middle half▲ 2.6pp
Current ratio22.97-3.29▼ 19.685.45above the sector's middle half▲ 2.177.43above the sector's middle half▲ 1.987.65above the sector's middle half▲ 0.228.87above the sector's middle half▲ 1.227.89above the sector's middle half▼ 0.9811.66above the sector's middle half▲ 3.77
Return on assets (ROA)35.1%-25.0%▼ 10.1pp24.8%above the sector's middle half▼ 0.2pp19.9%above the sector's middle half▼ 4.9pp14.4%above the sector's middle half▼ 5.5pp14.5%within the sector's middle half=18.1%above the sector's middle half▲ 3.6pp16.3%within the sector's middle half▼ 1.8pp
above
within
below
The sector band is the middle half of the companies in Manufacture of computer, electronic and optical products (NACE 26). 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 7% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €597,375
Fixed assets
€57,743 ▼ 24.2%
Current assets
€539,632 ▲ 25.8%
Equity and liabilities €597,375
Equity
€546,916 ▲ 21.7%
Debt
€50,460 ▼ 9.4%
Debt's share of the balance-sheet total falls from 11.0% to 8.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€159,037▲
2024 · €139,900
Cash flow
€119,913▲
2024 · €103,738
Debt to equity
0.09▼
2024 · 0.12
ROE
17.8%▼
2024 · 20.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€46,284▼
2024 · €54,366
Income taxes
€39,586▲
2024 · €36,622
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 | €51,067 | €1,400 | - | €58,106 | €4,113 |
| Depreciation and write-downs of the year | €16,702 | €26,432 | €26,722 | €12,465 | €22,535 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,695 | - | - | - | €20,814 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,583 | €25,603 | €15,397 | €16,702 | €26,432 | €26,722 | €12,465 | €22,535 | ▲ 80.8% |
| Other operating charges640/8 | - | - | - | €398 | €362 | €275 | €212 | €212 | = |
| Gross operating margin9900 | €97,145 | €109,969 | €121,175 | €120,759 | €107,174 | €121,797 | €140,112 | €159,249 | ▲ 13.7% |
| Operating profit (loss)9901 | €84,891 | €83,717 | €105,127 | €103,660 | €80,380 | €94,800 | €127,435 | €136,503 | ▲ 7.1% |
| Financial income75/76B | - | - | - | - | - | €303 | €529 | €532 | ▲ 0.4% |
| Recurring financial income75 | €0 | - | - | - | - | €303 | €529 | €532 | ▲ 0.4% |
| Financial charges65/66B | - | - | - | €92 | €89 | €91 | €69 | €70 | ▲ 1.9% |
| Recurring financial charges65 | €85 | €108 | €102 | €92 | €89 | €91 | €69 | €70 | ▲ 1.9% |
| Profit (loss) for the period before taxes9903 | €84,806 | €83,609 | €105,025 | €103,568 | €80,291 | €95,012 | €127,895 | €136,964 | ▲ 7.1% |
| Income taxes67/77 | €24,234 | €23,934 | €29,276 | €28,063 | €22,274 | €26,242 | €36,622 | €39,586 | ▲ 8.1% |
| Profit (loss) for the period9904 | €60,572 | €59,675 | €75,749 | €75,505 | €58,017 | €68,770 | €91,273 | €97,378 | ▲ 6.7% |
| Profit (loss) for the period to be appropriated9905 | €60,572 | €59,675 | €75,749 | €75,505 | €58,017 | €68,770 | €91,273 | €97,378 | ▲ 6.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €172,641 | €238,481 | €305,406 | €379,530 | €401,722 | €475,193 | €505,260 | €597,375 | ▲ 18.2% |
| Fixed assets21/28 | €14,529 | €59,028 | €47,913 | €82,278 | €57,246 | €30,524 | €76,165 | €57,743 | ▼ 24.2% |
| Tangible fixed assets22/27 | €14,529 | €59,028 | €47,913 | €82,278 | €57,246 | €30,524 | €76,165 | €57,743 | ▼ 24.2% |
| Furniture and vehicles24 | - | - | - | €81,017 | €56,615 | €30,524 | €76,165 | €57,743 | ▼ 24.2% |
| Other tangible fixed assets26 | - | - | - | €1,261 | €631 | - | - | - | - |
| Current assets29/58 | €158,112 | €179,453 | €257,493 | €297,252 | €344,476 | €444,669 | €429,095 | €539,632 | ▲ 25.8% |
| Amounts receivable within one year40/41 | €36,630 | €39,418 | €58,512 | €49,042 | €55,828 | €21,494 | €33,547 | €23,078 | ▼ 31.2% |
| Trade receivables40 | - | - | - | €42,707 | €46,065 | €17,545 | €24,421 | €22,978 | ▼ 5.9% |
| Other amounts receivable41 | - | - | - | €6,335 | €9,764 | €3,949 | €9,127 | €100 | ▼ 98.9% |
| Cash at bank and in hand54/58 | €121,390 | €138,925 | €197,833 | €246,710 | €283,961 | €421,049 | €394,103 | €514,093 | ▲ 30.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,500 | €4,687 | €2,126 | €1,445 | €2,461 | ▲ 70.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €172,641 | €238,481 | €305,406 | €379,530 | €401,722 | €475,193 | €505,260 | €597,375 | ▲ 18.2% |
| Equity10/15 | €165,757 | €182,432 | €258,181 | €333,686 | €350,067 | €418,837 | €449,538 | €546,916 | ▲ 21.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €153,357 | €170,032 | €245,781 | €321,286 | €337,667 | €406,437 | €437,138 | €534,516 | ▲ 22.3% |
| Distributable reserves133 | - | - | - | €321,286 | €337,667 | €406,437 | €437,138 | €534,516 | ▲ 22.3% |
| Amounts payable17/49 | €6,884 | €56,049 | €47,225 | €45,844 | €51,655 | €56,356 | €55,722 | €50,460 | ▼ 9.4% |
| Amounts payable within one year42/48 | €6,884 | €54,624 | €47,225 | €40,019 | €45,027 | €50,127 | €54,366 | €46,284 | ▼ 14.9% |
| Trade debts44 | - | €6,742 | €1,611 | €18 | €155 | €2,353 | €3,117 | €399 | ▼ 87.2% |
| Suppliers440/4 | - | - | - | €18 | €155 | €2,353 | €3,117 | €399 | ▼ 87.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €4,849 | €7,750 | €11,227 | €5,820 | ▼ 48.2% |
| Taxes450/3 | - | - | - | - | €4,849 | €7,750 | €11,227 | €5,820 | ▼ 48.2% |
| Other amounts payable47/48 | - | - | - | €40,000 | €40,023 | €40,023 | €40,023 | €40,066 | ▲ 0.1% |
| Accrued charges and deferred income492/3 | - | - | - | €5,825 | €6,628 | €6,229 | €1,356 | €4,175 | ▲ 208% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60,572 | €59,675 | €75,749 | €75,505 | €58,017 | €68,770 | €91,273 | €97,378 | ▲ 6.7% |
| + Depreciation and write-downs630 | €11,583 | €25,603 | €15,397 | €16,702 | €26,432 | €26,722 | €12,465 | €22,535 | ▲ 80.8% |
| Operating cash flow (approximation) | €72,155 | €85,278 | €91,146 | €92,206 | €84,449 | €95,492 | €103,738 | €119,913 | ▲ 15.6% |
| Investment in fixed assets (approximation) | - | -€70,101 | -€4,282 | -€51,067 | -€1,400 | €0 | -€58,106 | -€4,113 | ▲ 92.9% |
| Change in cash | - | €17,535 | €58,908 | €48,877 | €37,252 | €137,088 | -€26,946 | €119,990 | - |
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, 17,811 companies had the same profile as YMATRA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of YMATRA itself: < 0.1% 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 17,811 companies, not a prediction for YMATRA. 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 | micro format | 26-06-2026 | 2026-00248811 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00203064 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00325384 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00150108 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20317549 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-37300021 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-23000349 | |
| 31-12-2018 | micro format | 16-12-2019 | 2019-76300543 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-39600483 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-35400354 |