Checked.be · Company dossierhttps://checked.be/en/c/aspiravi-0477518825 · as of 01-10-2026
ASPIRAVI
Active
Public limited company · founded 2002 · 24 yrs activePresident Kennedypark(Kor) 8A, 8500 Kortrijk, BelgiumKBO/BCE: BE 0477.518.825
Summary
ASPIRAVI has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €108.5m and a net result of €29.6m. Equity is growing by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 55% of 271 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability87▼-6
Solvency58▼-1
Growth71▼-1
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 1.89 against 2.32 in 2024; short-term debt: 17.1% and cash: 1.4% of total assets), but 67.4% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 64 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
○
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 29 May (4 of the last 5 filed years within 30 days of that day).
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
ASPIRAVI was incorporated on 15 May 2002.1Since 2026, Kristof Bossuyt has served as director of the company.2Revenue grew from EUR 49 million in 2018 to EUR 80 million in 2025 and headcount from 47.6 to 48.7 full-time equivalents.3
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
Net result€23.4mabove the sector's middle half▼ 14.6%€16.2mabove the sector's middle half▼ 30.8%€51.6mabove the sector's middle half▲ 220%€54.2mabove the sector's middle half▲ 4.9%€29.6mabove the sector's middle half▼ 45.4%
Equity€70.2mabove the sector's middle half▼ 0.1%€70.2mabove the sector's middle half=€84.4mabove the sector's middle half▲ 20.3%€108.5mabove the sector's middle half▲ 28.5%€108.5mabove the sector's middle half=
Total assets€173.3mabove the sector's middle half▲ 1.6%€177.3mabove the sector's middle half▲ 2.3%€239.7mabove the sector's middle half▲ 35.2%€315.2mabove the sector's middle half▲ 31.5%€333.0mabove the sector's middle half▲ 5.6%
Working capital€30.6mabove the sector's middle half▼ 34.5%-€8.9mbelow the sector's middle half-€11.2mbelow the sector's middle half▼ 25.2%€63.4mabove the sector's middle half€50.7mabove the sector's middle half▼ 20.0%
Solvency40.5%within the sector's middle half▼ 0.7pp39.6%within the sector's middle half▼ 0.9pp35.2%within the sector's middle half▼ 4.4pp34.4%within the sector's middle half▼ 0.8pp32.6%within the sector's middle half▼ 1.8pp
Current ratio1.72within the sector's middle half▼ 0.930.80within the sector's middle half▼ 0.920.81within the sector's middle half▲ 0.012.32above the sector's middle half▲ 1.501.89within the sector's middle half▼ 0.43
Return on assets (ROA)13.5%above the sector's middle half▼ 2.6pp9.1%above the sector's middle half▼ 4.4pp21.5%above the sector's middle half▲ 12.4pp17.2%above the sector's middle half▼ 4.3pp8.9%above the sector's middle half▼ 8.3pp
Staff (FTE)38.9above the sector's middle half▼ 13.6%40.4above the sector's middle half▲ 3.9%42.8above the sector's middle half▲ 5.9%47.2above the sector's middle half▲ 10.3%48.7above the sector's middle half▲ 3.2%
abovewithinbelowthe middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 9% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €333.0m
67.6%
32.4%
Fixed assets€225.3m ▲ 10.7%
Current assets€107.8m ▼ 3.5%
Equity and liabilities €333.0m
32.6%
66.2%
Equity€108.5m =
Provisions€4.1m ▲ 6.7%
Debt€220.4m ▲ 8.6%
Debt's share of the balance-sheet total rises from 64.4% to 66.2%. Debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€47.3m▼
2024 · €47.7m
Cash flow
€47.9m▼
2024 · €70.1m
Quick ratio
1.86▼
2024 · 2.30
Debt to equity
2.03▲
2024 · 1.87
ROE
27.3%▼
2024 · 49.9%
Interest coverage
8.01▼
2024 · 8.42
Debt ≤ 1 year
€57.0m▲
2024 · €48.2m
Debt > 1 year
€161.7m▲
2024 · €152.0m
Income taxes
€3.9m▼
2024 · €5.9m
Staff costs
€4.7m▲
2024 · €4.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
Small
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
0.2%went bankrupt
4.7%stopped otherwise
95%still going
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
The companies in ten equal groups, from lowest to 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%
1.0%
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%
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,134 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 95 lines
Balance sheetCode20242025
Assets
Total assets20/58€315.2m€333.0m▲
Fixed assets21/28€203.5m€225.3m▲
Tangible fixed assets22/27€170.1m€186.9m▲
Land and buildings22-€3.0m
Plant, machinery and equipment23€153.3m€151.5m▼
Furniture and vehicles24€60,152€51,387▼
Assets under construction and advance payments27€16.7m€32.4m▲
Financial fixed assets28€33.4m€38.4m▲
Affiliated companies280/1€8.8m€8.8m=
Participating interests280€8.8m€8.8m=
Companies linked by participating interests282/3€24.4m€29.5m▲
Participating interests282€24.4m€26.1m▲
Amounts receivable283-€3.4m
Other financial fixed assets284/8€157,112€5,362▼
Shares284€150,000-
Amounts receivable and cash guarantees285/8€7,112€5,362▼
Current assets29/58€111.7m€107.8m▼
Amounts receivable after more than one year29€3.4m-
Other amounts receivable291€3.4m-
Stocks and contracts in progress3€937,044€1.6m▲
Stocks30/36€937,044€1.6m▲
Finished goods33€937,044€1.6m▲
Amounts receivable within one year40/41€27.6m€44.6m▲
Trade receivables40€23.8m€40.4m▲
Other amounts receivable41€3.8m€4.2m▲
Current investments50/53€69.1m€54.9m▼
Other investments51/53€69.1m€54.9m▼
Cash at bank and in hand54/58€7.6m€4.8m▼
Deferred charges and accrued income490/1€3.0m€1.8m▼
Equity and liabilities
Total equity and liabilities10/49€315.2m€333.0m▲
Equity10/15€108.5m€108.5m=
Contributions10/11€6.2m€6.2m=
Capital10€6.2m€6.2m=
Issued capital100€6.2m€6.2m=
Reserves13€102.3m€102.3m=
Non-distributable reserves130/1€624,262€624,262=
Legal reserve130€624,262€624,262=
Distributable reserves133€101.6m€101.7m=
Provisions and deferred taxes16€3.9m€4.1m▲
Provisions for liabilities and charges160/5€3.9m€4.1m▲
Environmental obligations163€3.9m€4.1m▲
Amounts payable17/49€202.9m€220.4m▲
Amounts payable after more than one year17€152.0m€161.7m▲
Financial debts170/4€152.0m€161.7m▲
Subordinated loans170€16.6m€17.4m▲
Credit institutions173€135.4m€144.3m▲
Amounts payable within one year42/48€48.2m€57.0m▲
Current portion of amounts payable after more than one year42€12.5m€11.6m▼
Financial debts43€13,000-
Credit institutions430/8€13,000-
Trade debts44€2.7m€11.5m▲
Suppliers440/4€2.7m€11.5m▲
Taxes, remuneration and social security45€3.0m€3.2m▲
Taxes450/3€2.5m€2.7m▲
Remuneration and social security454/9€485,889€518,412▲
Other amounts payable47/48€30.1m€30.7m▲
Accrued charges and deferred income492/3€2.7m€1.7m▼
Income statementCode20242025
Operating income70/76A€81.8m€82.5m▲
Turnover70€79.5m€79.5m=
Change in stocks of work in progress, finished goods and contracts in progress71€310,131€682,122▲
Other operating income74€2.0m€2.4m▲
Non-recurring operating income76A€4,172-
Operating charges60/66A€50.0m€53.6m▲
Goods for resale, raw materials and consumables60€11.3m€10.2m▼
Purchases600/8€10.4m€10.2m▼
Change in stocks: decrease (increase)609€923,700-
Services and other goods61€17.5m€19.6m▲
Remuneration, social security and pensions62€4.7m€4.7m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€15.9m€18.3m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€220,834€256,179▲
What happened to the company over the years, from its founding to recent changes. Many changes in a short time are a reason to ask questions.
Next filing, fiscal year 2026, expected by
31-07-2027
2026
03-06
State Gazette actAppointments: Kristof Bossuyt (director) and Grant Thornton Bedrijfsrevisoren (statutory auditor)
3 facts ▸
General meeting, 29-04-2026
Director appointment, Kristof Bossuyt (director)
Auditor appointment, Grant Thornton Bedrijfsrevisoren (statutory auditor)
29-05
NBB filingAnnual accounts filed
fiscal year 2025 · full schema
2025
29-05
NBB filingAnnual accounts filed
fiscal year 2024 · full schema
2024
31-12
FinancialHighest result since 2018net €54.2m ▲4.9%
Net result €54.2m, the highest in the series.
31-12
FinancialLiquidity triplescurrent ratio 2.32
Current ratio from 0.81 to 2.32; short-term debt falls from €59.4m to €48.2m.
31-12
FinancialEquity above €100mEq €108.5m ▲28.5%
7 profitable years in a row build equity to €108.5m.
28-06
NBB filingAnnual accounts filed
fiscal year 2023 · full schema
2023
22-05
NBB filingAnnual accounts filed
fiscal year 2022 · full schema
2022
31-12
FinancialWeakest financial yearnet €16.2m ▼30.8%
Net result drops to €16.2m, the lowest in the series; recovery starts the following year.
27-05
NBB filingAnnual accounts filed
fiscal year 2021 · consolidated
24-05
NBB filingAnnual accounts filed
fiscal year 2021 · full schema
2021
17-05
NBB filingAnnual accounts filed
fiscal year 2020 · consolidated
Show earlier events
16-05
NBB filingAnnual accounts filed
fiscal year 2020 · full schema
2020
19-05
NBB filingAnnual accounts filed
fiscal year 2019 · full schema
19-05
NBB filingAnnual accounts filed
fiscal year 2019 · consolidated
2019
31-12
FinancialEquity above €50mEq €55.5m ▲32.5%
2 profitable years in a row build equity to €55.5m.
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 42 acts read
About the unread acts
Of the 42 Belgian State Gazette acts we know for this company, 1 has been read. The other 41 have not been read yet: what they contain is neither established nor disproved here.
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
Statutory auditor · since 03-06-2026 · perm. rep.: Elie Janssens
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
41 of this company's 42 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Registered office, Kortrijk · 1 establishment unit since 2003
The establishment unit on the mapLoading the map
seatestablishmentThe establishment unit on the map
Ground area
5,043 m²
Building footprint
811 m²
Volume, LiDAR
10,830 m³
Parcel 34354D0092/00F000, Flanders · tallest building 17.6 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
ASPIRAVI
President Kennedypark(Kor) 8A, 8500 KortrijkNACE 7415101
since 20032.126.644.133
1 parcel
Flanders1(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
34354D0092/00F000
Flanders
5,043 m²
1 · 811 m²
17.6 m · 4 fl.
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
According to the 2025 annual accounts of ASPIRAVI and those of the other companies, the acts in the Belgian Gazette and the LEI register.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
9 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 814 companies in this sector we hold annual accounts for 632. 62 are within a factor 10 of this equity. The 4 above are the closest to it. See the whole sector
Company details
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded15-05-2002
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID0208:0477518825
Also9925:BE0477518825
Registered27-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.