Summary
ESPEJO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €3.8m and a net result of -€96,438. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 23% of 2444 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-07-2026, 7 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
7 d early
2024
6 d early
2023
on the day
2022
on the day
2021
23 d late
2020
30 d early
2019
44 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 9 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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 31 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€3.8m▼ 2.4%
2024 · €3.9m
Net result
-€96,438▼ 77.4%
2024 · -€54,370
Total assets
€13.2m▲ 7.8%
2024 · €12.2m
Solvency
29.2%▼ 3.1pp
2024 · 32.3%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€84,621▲ 95.1%€181,405▲ 114%€192,940▲ 6.4%€45,908▼ 76.2%€43,575▼ 5.1%
Net result-€18,643below the sector's middle half▲ 82.6%-€93,456below the sector's middle half▼ 401%€76,005within the sector's middle half-€54,370below the sector's middle half-€96,438below the sector's middle half▼ 77.4%
Equity€4.0mabove the sector's middle half▼ 0.5%€3.9mabove the sector's middle half▼ 2.3%€4.0mabove the sector's middle half▲ 1.9%€3.9mabove the sector's middle half▼ 1.4%€3.8mwithin the sector's middle half▼ 2.4%
Total assets€11.6mabove the sector's middle half▲ 0.1%€12.2mabove the sector's middle half▲ 5.1%€12.3mabove the sector's middle half▲ 0.7%€12.2mabove the sector's middle half▼ 0.2%€13.2mwithin the sector's middle half▲ 7.8%
Debt€4.6m▲ 0.9%€5.3m▲ 14.9%€5.3m▲ 0.4%€5.3m▲ 0.8%€6.4m▲ 19.8%
Working capital€1.2mabove the sector's middle half€892,816above the sector's middle half▼ 24.2%€1.2mabove the sector's middle half▲ 28.8%€1.1mabove the sector's middle half▼ 8.6%-€151,251within the sector's middle half
Solvency34.7%within the sector's middle half▼ 0.2pp32.3%within the sector's middle half▼ 2.4pp32.6%within the sector's middle half▲ 0.4pp32.3%within the sector's middle half▼ 0.4pp29.2%below the sector's middle half▼ 3.1pp
Current ratio2.84within the sector's middle half▲ 2.111.68within the sector's middle half▼ 1.161.86within the sector's middle half▲ 0.181.76within the sector's middle half▼ 0.100.94within the sector's middle half▼ 0.82
Return on assets (ROA)-0.2%below the sector's middle half▲ 0.8pp-0.8%below the sector's middle half▼ 0.6pp0.6%within the sector's middle half▲ 1.4pp-0.4%below the sector's middle half▼ 1.1pp-0.7%below the sector's middle half▼ 0.3pp
Staff (FTE)1.6within the sector's middle half▲ 23.1%1.5within the sector's middle half▼ 6.3%1.3within the sector's middle half▼ 13.3%1.3above the sector's middle half=1.3within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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 5% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.2m
Fixed assets
€10.9m ▲ 11.2%
Current assets
€2.3m ▼ 5.8%
Equity and liabilities €13.2m
Equity
€3.8m ▼ 2.4%
Provisions
€2.9m ▼ 0.3%
Debt
€6.4m ▲ 19.8%
Debt's share of the balance-sheet total rises from 43.7% to 48.6%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-2.5%▼
2024 · -1.4%
Debt ≤ 1 year
€2.4m▲
2024 · €1.4m
Debt > 1 year
€3.9m=
2024 · €3.9m
Income taxes
€222▼
2024 · €319
Staff costs
€92,378▲
2024 · €73,090
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €62,512 | €50,000 | €0 | €14,721 | - |
| Remuneration, social security and pensions62 | €84,070 | €82,754 | €93,902 | €73,090 | €92,378 | ▲ 26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,673 | €41,732 | €46,338 | €57,400 | €57,669 | ▲ 0.5% |
| Other operating charges640/8 | €24,631 | €9,883 | €6,383 | €9,820 | €6,074 | ▼ 38.1% |
| Gross operating margin9900 | €248,995 | €315,774 | €339,563 | €186,218 | €199,697 | ▲ 7.2% |
| Operating profit (loss)9901 | €84,621 | €181,405 | €192,940 | €45,908 | €43,575 | ▼ 5.1% |
| Financial income75/76B | €71,804 | €37,033 | €63,127 | €69,450 | €56,619 | ▼ 18.5% |
| Recurring financial income75 | €71,804 | €37,033 | €63,127 | €69,450 | €56,619 | ▼ 18.5% |
| Financial charges65/66B | €174,730 | €303,260 | €188,290 | €169,409 | €196,410 | ▲ 15.9% |
| Recurring financial charges65 | €174,730 | €303,260 | €188,290 | €169,409 | €196,410 | ▲ 15.9% |
| Profit (loss) for the period before taxes9903 | -€18,305 | -€84,821 | €67,777 | -€54,051 | -€96,216 | ▼ 78.0% |
| Income taxes67/77 | €338 | €8,635 | -€8,228 | €319 | €222 | ▼ 30.4% |
| Profit (loss) for the period9904 | -€18,643 | -€93,456 | €76,005 | -€54,370 | -€96,438 | ▼ 77.4% |
| Profit (loss) for the period to be appropriated9905 | -€18,643 | -€93,456 | €76,005 | -€54,370 | -€96,438 | ▼ 77.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.6m | €12.2m | €12.3m | €12.2m | €13.2m | ▲ 7.8% |
| Fixed assets21/28 | €9.8m | €9.9m | €9.8m | €9.8m | €10.9m | ▲ 11.2% |
| Tangible fixed assets22/27 | €704,000 | €670,222 | €701,169 | €736,049 | €779,305 | ▲ 5.9% |
| Land and buildings22 | €697,627 | €666,115 | €626,453 | €586,791 | €547,129 | ▼ 6.8% |
| Plant, machinery and equipment23 | - | - | - | - | €7,248 | - |
| Furniture and vehicles24 | €6,373 | €4,107 | €74,716 | €58,508 | €79,728 | ▲ 36.3% |
| Assets under construction and advance payments27 | - | - | - | €90,750 | €145,200 | ▲ 60.0% |
| Financial fixed assets28 | €9.1m | €9.3m | €9.1m | €9.1m | €10.1m | ▲ 11.6% |
| Current assets29/58 | €1.8m | €2.2m | €2.5m | €2.4m | €2.3m | ▼ 5.8% |
| Amounts receivable after more than one year29 | €110,000 | €638,750 | €917,267 | €807,267 | €1.4m | ▲ 78.6% |
| Other amounts receivable291 | €110,000 | €638,750 | €917,267 | €807,267 | €1.4m | ▲ 78.6% |
| Amounts receivable within one year40/41 | €64,900 | €42,574 | €84,528 | €225,973 | €677,212 | ▲ 200% |
| Trade receivables40 | €40,857 | €42,574 | €43,257 | €68,057 | €75,911 | ▲ 11.5% |
| Other amounts receivable41 | €24,043 | €0 | €41,271 | €157,917 | €601,301 | ▲ 281% |
| Current investments50/53 | €777,052 | €553,049 | €1.3m | €1.2m | €15,734 | ▼ 98.7% |
| Cash at bank and in hand54/58 | €770,307 | €895,274 | €93,222 | €123,932 | €26,291 | ▼ 78.8% |
| Deferred charges and accrued income490/1 | €96,811 | €85,712 | €99,554 | €108,449 | €132,011 | ▲ 21.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.6m | €12.2m | €12.3m | €12.2m | €13.2m | ▲ 7.8% |
| Equity10/15 | €4.0m | €3.9m | €4.0m | €3.9m | €3.8m | ▼ 2.4% |
| Contributions10/11 | €4.5m | €4.5m | €4.5m | €4.5m | €4.5m | = |
| Outside capital11 | - | - | - | - | €4.5m | - |
| Other1109/19 | - | - | - | - | €4.5m | - |
| Profit (loss) carried forward14 | -€453,367 | -€546,824 | -€470,819 | -€525,189 | -€621,626 | ▼ 18.4% |
| Provisions and deferred taxes16 | €3.0m | €3.0m | €2.9m | €2.9m | €2.9m | ▼ 0.3% |
| Provisions for liabilities and charges160/5 | €3.0m | €3.0m | €2.9m | €2.9m | €2.9m | ▼ 0.3% |
| Other liabilities and charges164/5 | €3.0m | €3.0m | €2.9m | €2.9m | €2.9m | ▼ 0.3% |
| Amounts payable17/49 | €4.6m | €5.3m | €5.3m | €5.3m | €6.4m | ▲ 19.8% |
| Amounts payable after more than one year17 | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Other amounts payable178/9 | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Amounts payable within one year42/48 | €640,805 | €1.3m | €1.3m | €1.4m | €2.4m | ▲ 76.6% |
| Current portion of amounts payable after more than one year42 | €0 | - | - | - | - | - |
| Trade debts44 | €10,076 | €14,158 | €10,917 | €24,854 | €87,434 | ▲ 252% |
| Suppliers440/4 | €10,076 | €14,158 | €10,917 | €24,854 | €87,434 | ▲ 252% |
| Taxes, remuneration and social security45 | €23,736 | €88,501 | €36,998 | €45,483 | €23,199 | ▼ 49.0% |
| Taxes450/3 | €12,865 | €77,781 | €21,016 | €33,164 | €6,822 | ▼ 79.4% |
| Remuneration and social security454/9 | €10,872 | €10,720 | €15,982 | €12,319 | €16,377 | ▲ 32.9% |
| Other amounts payable47/48 | €606,993 | €1.2m | €1.3m | €1.3m | €2.3m | ▲ 77.7% |
| Accrued charges and deferred income492/3 | €57,343 | €58,447 | €57,257 | €56,719 | €55,636 | ▼ 1.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,643 | -€93,456 | €76,005 | -€54,370 | -€96,438 | ▼ 77.4% |
| + Depreciation and write-downs630 | €55,673 | €41,732 | €46,338 | €57,400 | €57,669 | ▲ 0.5% |
| Operating cash flow (approximation) | €37,030 | -€51,724 | €122,342 | €3,030 | -€38,768 | ▼ 1,379% |
| Investment in fixed assets (approximation) | - | -€230,221 | €144,982 | -€92,280 | -€1.2m | ▼ 1,149% |
| Change in cash | - | €124,967 | -€802,052 | €30,711 | -€97,641 | ▼ 418% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
29-05
State Gazette act
Appointments: Kathia Snick, Thomas De Spiegeleire and 2 othersApproval10 facts ▸
State Gazette act
Appointments: Kathia Snick, Thomas De Spiegeleire and 2 others
Approval10 facts ▸
- General meeting, 20-04-2026
- Other statement, monistisch bestuursmodel (raad van bestuur)
- Other statement, bestuurder, hernieuwbare termijn eindigend onmiddellijk na de gewone algemene vergadering te houden in 2031
- Director appointment, Kathia Snick (director)
- Director appointment, Thomas De Spiegeleire (director)
- Director appointment, Victor De Spiegeleire (director)
- Approval, alle sinds 31/03/2026 door Kathia Snick,Thomas De Spiegeleire en Victor De Spiegeleire in hun hoedanigheid van feitelijk bestuurders gestelde handelingen, 31-03…
- Board meeting, 20-04-2026
- Director appointment, Filip De Spiegeleire (voorzitter van het bestuursorgaan)
- Director appointment, Filip De Spiegeleire (managing director)
24-02
State Gazette act
RestructuringMerger · Accounting effect · Real estate4 facts ▸
State Gazette act
Restructuring
Merger · Accounting effect · Real estate4 facts ▸
- Merger, fusie door overneming
- Accounting effect, 01-01-2026
- Real estate, Een Building op en met medegaande grond, gelegen te Gent, Nieuwbrugkaai 80/83, gekend volgens kadaster onder sectie B, nummer 1103 E P 0000 met een oppervlakte…
- Real estate, Een bedrijfsgebouw op en met medegaande grond, gelegen te Destelbergen, Houtstraat 52, gekend volgens kadaster onder sectie B, nummer 0026 X P 0000, met een opp…
2025
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €76,005
Net result €76,005 after 5 loss-making years.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 23 days late
2021
31-12
Financial
Liquidity quadruplescurrent ratio 2.84
Current ratio from 0.73 to 2.84; short-term debt falls from €4.5m to €640,805.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€106,844
Net result drops to -€106,844, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 2 have been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26069223). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 4
Filip De Spiegeleire
CurrentVoorzitter van het bestuursorgaan · since 20-04-2026
Kathia Snick
CurrentDirector · since 20-04-2026
Thomas De Spiegeleire
CurrentDirector · since 20-04-2026
Victor De Spiegeleire
CurrentDirector · since 20-04-2026
Day-to-day management 1
Filip De Spiegeleire
CurrentManaging director · since 20-04-2026
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
7 of this company's 9 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
Registered office, Destelbergen · 3 establishment units since 2016
Ground area
2.9 ha
Building footprint
7,406 m²
Volume, LiDAR
59,569 m³
4 parcels, Flanders · tallest building 16.7 m, ±4 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
3 establishment units
ESPEJO
since 20162.253.962.373
ESPEJO
since 20162.256.164.075
ESPEJO
since 20202.302.730.708
4 parcels
Flanders
4
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44013B0048/00E000 | Flanders | 1.3 ha | 1 · 6,204 m² | 12.4 m · 3 fl. |
| 44015A0047/00H000 | Flanders | 7,206 m² | 1 · 399 m² | 16.7 m · 2 fl. |
| 44013B0026/00R000 | Flanders | 7,134 m² | - | - |
| 31027D0504/00K000 | Flanders | 1,332 m² | 1 · 804 m² | 14.8 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
4 people since 2026, 4 in office
- Board
- Day-to-day management
| Name | Functions and periods |
|---|---|
| Filip De Spiegeleire |
|
| Kathia Snick |
|
| Thomas De Spiegeleire |
|
| Victor De Spiegeleire |
|
Articles of association
Who signs
Two directors jointly, or a managing director alone
Structure & network
Owners and holdings
7 holdings · 6 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 7
-
100%
-
100%
-
100%
- Boulangerie BlochsubsidiarySourceown accounts 202580%
-
80%
-
25%
- MillStone Residentials SRLROSourceown accounts 202522.5%
All subsidiaries, including indirect ones 6
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- DEPOT 52 100%
- GWALPE 100%
Leopold Van de Casserie 100%1 subsidiary
- PANISTAR 100%
- Boulangerie Bloch 80%
- LOODS 13 80%
According to the 2025 annual accounts of ESPEJO 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
4 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Acquisitions and mergers
1 transactionTook over:DEPOT 52
Recognitions · licences · registrations
Legal Entity Identifier
967600UE2KHHF6Y45182
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Identification & contact
Identification
Legal formPublic limited company
Founded09-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0656535590
Also
9925:BE0656535590
Registered
24-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.