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YSAP

Active
Private limited companyfounded 2024active for 2 yearsVerlatstraat 10, 2000 Antwerpen, BelgiumKBO/BCE: BE 1010.105.837

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 29-06-2026 at the NBB

Turnover
≈ €170,000
Estimated: probably between €110,000 and €300,000
Total assets
€108,681
Net result
€35,037
Working capital
€46,127

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
Assets €107,651
Fixed assets €12,880
Current assets €94,771
Equity and liabilities €108,681
Equity €60,037
Debt €48,644
Debt's share of the balance-sheet total is 44.8%.
Key figures and ratios
2025 value
EBITDA
€55,513
Cash flow
€42,169
Current ratio
1.95
Debt to equity
0.81
ROE
58.4%
ROA
32.2%
Interest coverage
66.49
Debt ≤ 1 year
€48,644
Income taxes
€12,582

Investments

fixed assets acquired
Item2025
Tangible fixed assets€19,535
Financial fixed assets€0
Depreciation and write-downs of the year€7,133

Source: notes to the 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 · 40 lines
Balance sheet Code2025
Assets
Total assets20/58€108,681
Formation expenses20€1,030
Fixed assets21/28€12,880
Tangible fixed assets22/27€12,880
Plant, machinery and equipment23€3,937
Furniture and vehicles24€8,943
Current assets29/58€94,771
Amounts receivable within one year40/41€6,852
Trade receivables40€6,852
Cash at bank and in hand54/58€87,919
Equity and liabilities
Total equity and liabilities10/49€108,681
Equity10/15€60,037
Contributions10/11€25,000
Reserves13€35,037
Distributable reserves133€35,037
Amounts payable17/49€48,644
Amounts payable within one year42/48€48,644
Trade debts44€10,897
Suppliers440/4€10,897
Advances received on contracts in progress46€6,102
Taxes, remuneration and social security45€13,473
Taxes450/3€13,473
Other amounts payable47/48€18,172
Income statement Code2025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7,133
Other operating charges640/8€1,558
Gross operating margin9900€57,072
Operating profit (loss)9901€48,381
Financial income75/76B€92
Recurring financial income75€87
Non-recurring financial income76B€5
Financial charges65/66B€854
Recurring financial charges65€835
Non-recurring financial charges66B€19
Profit (loss) for the period before taxes9903€47,619
Income taxes67/77€12,582
Profit (loss) for the period9904€35,037
Profit (loss) for the period to be appropriated9905€35,037
Appropriation of the result
Profit (loss) to be appropriated9906€35,037
Transfer to equity691/2€35,037
To other reserves6921€35,037

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.

Line2025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7,133
Other operating charges640/8€1,558
Gross operating margin9900€57,072
Operating profit (loss)9901€48,381
Financial income75/76B€92
Recurring financial income75€87
Non-recurring financial income76B€5
Financial charges65/66B€854
Recurring financial charges65€835
Non-recurring financial charges66B€19
Profit (loss) for the period before taxes9903€47,619
Income taxes67/77€12,582
Profit (loss) for the period9904€35,037
Profit (loss) for the period to be appropriated9905€35,037
Line2025
Assets
Total assets20/58€108,681
Formation expenses20€1,030
Fixed assets21/28€12,880
Tangible fixed assets22/27€12,880
Plant, machinery and equipment23€3,937
Furniture and vehicles24€8,943
Current assets29/58€94,771
Amounts receivable within one year40/41€6,852
Trade receivables40€6,852
Cash at bank and in hand54/58€87,919
Equity and liabilities
Total equity and liabilities10/49€108,681
Equity10/15€60,037
Contributions10/11€25,000
Reserves13€35,037
Distributable reserves133€35,037
Amounts payable17/49€48,644
Amounts payable within one year42/48€48,644
Trade debts44€10,897
Suppliers440/4€10,897
Advances received on contracts in progress46€6,102
Taxes, remuneration and social security45€13,473
Taxes450/3€13,473
Other amounts payable47/48€18,172
Line2025
Profit (loss) for the period9904€35,037
+ Depreciation and write-downs630€7,133
Operating cash flow (approximation)€42,169

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 39,278 companies had the same profile as YSAP has now. Two years later, 1.8% had gone bankrupt and 95.9% were still going.

  • Micro
  • 2 to 5 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
1.8% went bankrupt
2.3% stopped otherwise
95.9% was still going

The bankruptcy probability of YSAP itself is lower: 0.2% within 12 months. It rests on far more data about YSAP than the profile alone.

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.

The companies in ten equal groups, from the lowest to the highest expected share
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 39,278 companies, not a prediction for YSAP. 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 (1)
Financial year Type Filed Reference Document
31-12-2025 micro format 29-06-2026 2026-00228592 PDF

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