YPSILON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 11 filings
Turnover
€89,930▲ 6.6%
2021 · €84,383
EBIT margin
45.9%▲ 3.5pp
2021 · 42.4%
Net result
€36,561▲ 5.6%
2024 · €34,609
Working capital
-€91,299▲ 1.5%
2024 · -€92,714
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€61,344
▲ 1.7%
2025
20182025
Net result
€36,561
▲ 5.6%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€366,303
▲ 11.1%
2025
20182025
Total assets
€701,081
▼ 5.5%
2025
20182025
Debt
€334,778
▼ 18.8%
2025
20182025
Working capital
-€91,299
▲ 1.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€85,740-€84,640▼ 1.3%€55,515▼ 34.4%€84,383▲ 52.0%€89,930▲ 6.6%
Operating result€36,947-€34,881▼ 5.6%€6,112▼ 82.5%€35,761▲ 485%€41,282▲ 15.4%€59,564▲ 44.3%€60,327▲ 1.3%€61,344▲ 1.7%
Net result€14,778-€12,397▼ 16.1%-€5,289€16,820€19,670▲ 16.9%€32,933▲ 67.4%€34,609▲ 5.1%€36,561▲ 5.6%
EBIT margin43.1%-41.2%▼ 1.9pp11.0%▼ 30.2pp42.4%▲ 31.4pp45.9%▲ 3.5pp
Equity€242,534-€254,930▲ 5.1%€249,642▼ 2.1%€266,461▲ 6.7%€286,131▲ 7.4%€319,064▲ 11.5%€329,743▲ 3.3%€366,303▲ 11.1%
Total assets€938,250-€888,889▼ 5.3%€854,324▼ 3.9%€813,538▼ 4.8%€779,065▼ 4.2%€765,172▼ 1.8%€741,870▼ 3.0%€701,081▼ 5.5%
Debt€695,717-€633,959▼ 8.9%€604,683▼ 4.6%€547,077▼ 9.5%€492,934▼ 9.9%€446,108▼ 9.5%€412,128▼ 7.6%€334,778▼ 18.8%
Working capital-€70,888--€77,108▼ 8.8%-€68,682▲ 10.9%-€72,361▼ 5.4%-€77,285▼ 6.8%-€78,361▼ 1.4%-€92,714▼ 18.3%-€91,299▲ 1.5%
The operating result for 2025 is 2% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €701,081
Fixed assets
€695,331 ▼ 3.2%
Current assets
€5,750 ▼ 75.5%
Equity and liabilities €701,081
Equity
€366,303 ▲ 11.1%
Debt
€334,778 ▼ 18.8%
Debt's share of the balance-sheet total falls from 55.6% to 47.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€92,786▲
2024 · €91,274
Cash flow
€68,003▲
2024 · €65,556
Current ratio
0.06▼
2024 · 0.20
Debt to equity
0.91▼
2024 · 1.25
ROE
10.0%▼
2024 · 10.5%
ROA
5.2%▲
2024 · 4.7%
Interest coverage
12.02▲
2024 · 10.06
Debt ≤ 1 year
€97,049▼
2024 · €116,187
Debt > 1 year
€237,509▼
2024 · €294,816
Income taxes
€17,062▲
2024 · €16,649
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €55,000 | €55,000 | - | - | €55,000 |
| Mortgage mandates | - | €745,000 | - | - | €745,000 |
| Carrying value of the mortgaged assets | €806,813 | €770,088 | - | - | €695,331 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €9,850 | - | €8,376 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €39,510 | €36,725 | €30,595 | €30,947 | €31,442 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €85,740 | €84,640 | €55,515 | €84,383 | €89,930 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €790 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €2,275 | €4,851 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,510 | €39,510 | €39,510 | €39,510 | €36,725 | €30,595 | €30,947 | €31,442 | ▲ 1.6% |
| Other operating charges640/8 | - | - | - | €6,836 | €7,071 | €7,057 | €7,323 | €7,545 | ▲ 3.0% |
| Gross operating margin9900 | €83,264 | €83,477 | €53,392 | €82,107 | €85,079 | €97,216 | €98,597 | €100,332 | ▲ 1.8% |
| Operating profit (loss)9901 | €36,947 | €34,881 | €6,112 | €35,761 | €41,282 | €59,564 | €60,327 | €61,344 | ▲ 1.7% |
| Recurring financial income75 | - | - | €2,850 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €13,208 | €11,820 | €10,438 | €9,069 | €7,722 | ▼ 14.9% |
| Recurring financial charges65 | €16,324 | €15,226 | €14,250 | €13,208 | €11,820 | €10,438 | €9,069 | €7,722 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | €20,623 | €19,655 | -€5,289 | €22,553 | €29,463 | €49,126 | €51,258 | €53,622 | ▲ 4.6% |
| Income taxes67/77 | €5,845 | €7,258 | - | €5,733 | €9,793 | €16,194 | €16,649 | €17,062 | ▲ 2.5% |
| Profit (loss) for the period9904 | €14,778 | €12,397 | -€5,289 | €16,820 | €19,670 | €32,933 | €34,609 | €36,561 | ▲ 5.6% |
| Profit (loss) for the period to be appropriated9905 | €14,778 | €12,397 | -€5,289 | €16,820 | €19,670 | €32,933 | €34,609 | €36,561 | ▲ 5.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €938,250 | €888,889 | €854,324 | €813,538 | €779,065 | €765,172 | €741,870 | €701,081 | ▼ 5.5% |
| Fixed assets21/28 | €925,343 | €885,833 | €846,323 | €806,813 | €770,088 | €749,343 | €718,397 | €695,331 | ▼ 3.2% |
| Tangible fixed assets22/27 | €925,343 | €885,833 | €846,323 | €806,813 | €770,088 | €749,343 | €718,397 | €695,331 | ▼ 3.2% |
| Land and buildings22 | - | - | - | €806,813 | €770,088 | €749,343 | €718,397 | €695,331 | ▼ 3.2% |
| Current assets29/58 | €12,907 | €3,056 | €8,001 | €6,725 | €8,976 | €15,828 | €23,473 | €5,750 | ▼ 75.5% |
| Amounts receivable within one year40/41 | - | - | €4,770 | €855 | €35 | €2,382 | €7,000 | €2,938 | ▼ 58.0% |
| Trade receivables40 | - | - | - | - | - | €2,382 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €855 | €35 | €0 | €7,000 | €2,938 | ▼ 58.0% |
| Cash at bank and in hand54/58 | €3,607 | €3,056 | €3,231 | €5,870 | €8,941 | €13,446 | €16,473 | €2,812 | ▼ 82.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €938,250 | €888,889 | €854,324 | €813,538 | €779,065 | €765,172 | €741,870 | €701,081 | ▼ 5.5% |
| Equity10/15 | €242,534 | €254,930 | €249,642 | €266,461 | €286,131 | €319,064 | €329,743 | €366,303 | ▲ 11.1% |
| Contributions10/11 | €210,000 | €210,000 | - | €210,000 | €210,000 | €210,000 | €210,000 | €210,000 | = |
| Reserves13 | €32,534 | €44,930 | €44,930 | €56,461 | €76,131 | €109,064 | €119,743 | €156,303 | ▲ 30.5% |
| Non-distributable reserves130/1 | - | - | - | €21,000 | €21,000 | €21,000 | €21,000 | €21,000 | = |
| Reserves not available under the articles1311 | - | - | - | €21,000 | €21,000 | €21,000 | €21,000 | €21,000 | = |
| Distributable reserves133 | - | - | - | €35,461 | €55,131 | €88,064 | €98,743 | €135,303 | ▲ 37.0% |
| Profit (loss) carried forward14 | - | - | -€5,289 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €695,717 | €633,959 | €604,683 | €547,077 | €492,934 | €446,108 | €412,128 | €334,778 | ▼ 18.8% |
| Amounts payable after more than one year17 | €611,702 | €553,575 | €527,779 | €467,551 | €406,012 | €351,415 | €294,816 | €237,509 | ▼ 19.4% |
| Financial debts170/4 | - | - | - | €463,701 | €402,752 | €348,155 | €292,206 | €234,899 | ▼ 19.6% |
| Other amounts payable178/9 | - | - | - | €3,850 | €3,260 | €3,260 | €2,610 | €2,610 | = |
| Amounts payable within one year42/48 | €83,795 | €80,164 | €76,684 | €79,086 | €86,261 | €94,190 | €116,187 | €97,049 | ▼ 16.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €60,228 | €60,949 | €54,597 | €55,949 | €57,307 | ▲ 2.4% |
| Trade debts44 | €5,742 | - | €55 | - | - | €2,382 | €1,468 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | - | - | €2,382 | €1,468 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €5,733 | €9,793 | €25,986 | €19,842 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €5,733 | €9,793 | €25,986 | €19,842 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €13,124 | €15,520 | €11,224 | €38,928 | €39,742 | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | €440 | €660 | €504 | €1,124 | €220 | ▼ 80.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,778 | €12,397 | -€5,289 | €16,820 | €19,670 | €32,933 | €34,609 | €36,561 | ▲ 5.6% |
| + Depreciation and write-downs630 | €39,510 | €39,510 | €39,510 | €39,510 | €36,725 | €30,595 | €30,947 | €31,442 | ▲ 1.6% |
| Operating cash flow (approximation) | €54,288 | €51,907 | €34,221 | €56,330 | €56,395 | €63,527 | €65,556 | €68,003 | ▲ 3.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€9,850 | €0 | -€8,376 | - |
| Change in cash | - | -€551 | €175 | €2,639 | €3,072 | €4,505 | €3,027 | -€13,662 | - |
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 YPSILON 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 YPSILON itself: 0.3% 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 YPSILON. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00287975 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00362001 | |
| 31-12-2023 | micro format | 12-12-2024 | 2024-00619123 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379829 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20039046 | |
| 31-12-2020 | micro format | 30-05-2021 | 2021-15800312 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-65100289 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55500398 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53300517 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-52800065 |