ESPINA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 34 filings
Turnover
≈ €140,000
Estimated: probably between €75,000 and €310,000
Total assets
€676,555▲ 0.8%
2024 · €671,491
Net result
€17,985▼ 47.3%
2024 · €34,100
Working capital
€152,101▲ 6.0%
2024 · €143,553
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€20,111
▼ 55.5%
2025
20192025
Net result
€17,985
▼ 47.3%
2025
middle half of the sector
20192025
Equity
€499,236
▲ 3.7%
2025
highest quarter of the sector
20192025
Total assets
€676,555
▲ 0.8%
2025
middle half of the sector
20192025
Debt
€177,320
▼ 6.8%
2025
20192025
Working capital
€152,101
▲ 6.0%
2025
highest quarter of the sector
20192025
Solvency
73.8%
▲ 2.1pp
2025
highest quarter of the sector
20192025
Current ratio
8.72
▲ 0.98
2025
highest quarter of the sector
20192025
Return on assets (ROA)
2.7%
▼ 2.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€59,244-€43,373▼ 26.8%€56,440▲ 30.1%€36,044▼ 36.1%€30,584▼ 15.1%€45,157▲ 47.6%€20,111▼ 55.5%
Net result€37,716-€27,052within the sector's middle half▼ 28.3%€40,105above the sector's middle half▲ 48.3%€25,885within the sector's middle half▼ 35.5%€23,449within the sector's middle half▼ 9.4%€34,100within the sector's middle half▲ 45.4%€17,985within the sector's middle half▼ 47.3%
Equity€333,060-€359,312above the sector's middle half▲ 7.9%€398,617above the sector's middle half▲ 10.9%€423,702above the sector's middle half▲ 6.3%€447,151above the sector's middle half▲ 5.5%€481,251within the sector's middle half▲ 7.6%€499,236above the sector's middle half▲ 3.7%
Total assets€576,746-€584,501within the sector's middle half▲ 1.3%€594,905within the sector's middle half▲ 1.8%€636,283within the sector's middle half▲ 7.0%€648,172within the sector's middle half▲ 1.9%€671,491below the sector's middle half▲ 3.6%€676,555within the sector's middle half▲ 0.8%
Debt€243,686-€225,189▼ 7.6%€196,288▼ 12.8%€212,581▲ 8.3%€201,022▼ 5.4%€190,240▼ 5.4%€177,320▼ 6.8%
Working capital-€90,069--€59,165within the sector's middle half▲ 34.3%€4,622within the sector's middle half€41,220within the sector's middle half▲ 792%€88,517within the sector's middle half▲ 115%€143,553within the sector's middle half▲ 62.2%€152,101above the sector's middle half▲ 6.0%
Solvency57.7%-61.5%within the sector's middle half▲ 3.7pp67.0%above the sector's middle half▲ 5.5pp66.6%above the sector's middle half▼ 0.4pp69.0%above the sector's middle half▲ 2.4pp71.7%above the sector's middle half▲ 2.7pp73.8%above the sector's middle half▲ 2.1pp
Current ratio0.26-0.37below the sector's middle half▲ 0.111.17within the sector's middle half▲ 0.802.93above the sector's middle half▲ 1.765.24above the sector's middle half▲ 2.317.74above the sector's middle half▲ 2.508.72above the sector's middle half▲ 0.98
Return on assets (ROA)6.5%-4.6%within the sector's middle half▼ 1.9pp6.7%within the sector's middle half▲ 2.1pp4.1%within the sector's middle half▼ 2.7pp3.6%within the sector's middle half▼ 0.5pp5.1%above the sector's middle half▲ 1.5pp2.7%within the sector's middle half▼ 2.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 55% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €676,555
Fixed assets
€504,760 ▼ 0.4%
Current assets
€171,796 ▲ 4.2%
Equity and liabilities €676,555
Equity
€499,236 ▲ 3.7%
Debt
€177,320 ▼ 6.8%
Debt's share of the balance-sheet total falls from 28.3% to 26.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€44,919▼
2024 · €77,291
Cash flow
€42,793▼
2024 · €66,234
Debt to equity
0.36▼
2024 · 0.40
ROE
3.6%▼
2024 · 7.1%
Interest coverage
28.63▼
2024 · 46.47
Debt ≤ 1 year
€19,695▼
2024 · €21,292
Debt > 1 year
€157,625▼
2024 · €168,948
Income taxes
€5,995▼
2024 · €11,595
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €44,954 | - | - | €22,922 |
| Depreciation and write-downs of the year | €34,924 | €34,924 | €32,134 | €24,808 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,532 | €33,532 | €34,210 | €34,924 | €34,924 | €32,134 | €24,808 | ▼ 22.8% |
| Other operating charges640/8 | - | - | - | €12,018 | €5,627 | €6,073 | €11,376 | ▲ 87.3% |
| Gross operating margin9900 | €97,672 | €85,995 | €102,018 | €82,986 | €71,134 | €83,364 | €56,296 | ▼ 32.5% |
| Operating profit (loss)9901 | €59,244 | €43,373 | €56,440 | €36,044 | €30,584 | €45,157 | €20,111 | ▼ 55.5% |
| Financial income75/76B | - | - | - | €278 | €2,305 | €2,201 | €5,438 | ▲ 147% |
| Recurring financial income75 | - | - | - | €278 | €2,305 | €2,201 | €5,438 | ▲ 147% |
| Financial charges65/66B | - | - | - | €1,850 | €1,680 | €1,663 | €1,569 | ▼ 5.7% |
| Recurring financial charges65 | €5,651 | €5,082 | €3,009 | €1,850 | €1,680 | €1,663 | €1,569 | ▼ 5.7% |
| Profit (loss) for the period before taxes9903 | €53,593 | €38,291 | €53,431 | €34,471 | €31,209 | €45,695 | €23,980 | ▼ 47.5% |
| Income taxes67/77 | €15,877 | €11,239 | €13,326 | €8,586 | €7,760 | €11,595 | €5,995 | ▼ 48.3% |
| Profit (loss) for the period9904 | €37,716 | €27,052 | €40,105 | €25,885 | €23,449 | €34,100 | €17,985 | ▼ 47.3% |
| Profit (loss) for the period to be appropriated9905 | €37,716 | €27,052 | €40,105 | €25,885 | €23,449 | €34,100 | €17,985 | ▼ 47.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €576,746 | €584,501 | €594,905 | €636,283 | €648,172 | €671,491 | €676,555 | ▲ 0.8% |
| Fixed assets21/28 | €544,816 | €549,050 | €563,673 | €573,703 | €538,780 | €506,646 | €504,760 | ▼ 0.4% |
| Tangible fixed assets22/27 | €544,816 | €549,050 | €563,673 | €573,703 | €538,780 | €506,646 | €504,760 | ▼ 0.4% |
| Land and buildings22 | - | - | - | €457,218 | €538,780 | €506,646 | €504,760 | ▼ 0.4% |
| Assets under construction and advance payments27 | - | - | - | €116,486 | - | - | - | - |
| Current assets29/58 | €31,930 | €35,451 | €31,232 | €62,580 | €109,393 | €164,845 | €171,796 | ▲ 4.2% |
| Amounts receivable within one year40/41 | €123 | €4,818 | €2,731 | €46,077 | €88,689 | €89,923 | €119,033 | ▲ 32.4% |
| Other amounts receivable41 | - | - | - | €46,077 | €88,689 | €89,923 | €119,033 | ▲ 32.4% |
| Cash at bank and in hand54/58 | €31,808 | €30,633 | €28,501 | €16,502 | €20,704 | €74,922 | €52,763 | ▼ 29.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €576,746 | €584,501 | €594,905 | €636,283 | €648,172 | €671,491 | €676,555 | ▲ 0.8% |
| Equity10/15 | €333,060 | €359,312 | €398,617 | €423,702 | €447,151 | €481,251 | €499,236 | ▲ 3.7% |
| Contributions10/11 | €74,368 | €74,368 | - | €74,368 | €74,368 | €74,368 | €74,368 | = |
| Contributions outside capital11 | - | - | - | - | - | - | €74,368 | - |
| Other1109/19 | - | - | - | - | - | - | €74,368 | - |
| Reserves13 | €258,692 | €284,944 | €324,249 | €349,334 | €372,783 | €406,883 | €424,868 | ▲ 4.4% |
| Non-distributable reserves130/1 | - | - | - | €7,437 | €7,437 | €7,437 | €7,437 | = |
| Reserves not available under the articles1311 | - | - | - | €7,437 | €7,437 | €7,437 | €7,437 | = |
| Distributable reserves133 | - | - | - | €341,897 | €365,346 | €399,446 | €417,431 | ▲ 4.5% |
| Amounts payable17/49 | €243,686 | €225,189 | €196,288 | €212,581 | €201,022 | €190,240 | €177,320 | ▼ 6.8% |
| Amounts payable after more than one year17 | €121,687 | €130,573 | €169,678 | €191,222 | €180,146 | €168,948 | €157,625 | ▼ 6.7% |
| Financial debts170/4 | - | - | - | €191,222 | €180,146 | €168,948 | €157,625 | ▼ 6.7% |
| Amounts payable within one year42/48 | €121,999 | €94,616 | €26,610 | €21,359 | €20,876 | €21,292 | €19,695 | ▼ 7.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,954 | €11,076 | €11,199 | €11,323 | ▲ 1.1% |
| Financial debts43 | - | - | - | €8,342 | €8,367 | €8,369 | €8,360 | ▼ 0.1% |
| Credit institutions430/8 | - | - | - | €8,342 | €8,367 | €8,369 | €8,360 | ▼ 0.1% |
| Trade debts44 | - | €931 | €931 | €1,433 | €1,433 | €130 | €12 | ▼ 90.8% |
| Suppliers440/4 | - | - | - | €1,433 | €1,433 | €130 | €12 | ▼ 90.8% |
| Taxes, remuneration and social security45 | - | - | - | €189 | - | €1,595 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €189 | - | €1,595 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €441 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,716 | €27,052 | €40,105 | €25,885 | €23,449 | €34,100 | €17,985 | ▼ 47.3% |
| + Depreciation and write-downs630 | €33,532 | €33,532 | €34,210 | €34,924 | €34,924 | €32,134 | €24,808 | ▼ 22.8% |
| Operating cash flow (approximation) | €71,248 | €60,584 | €74,315 | €60,808 | €58,373 | €66,234 | €42,793 | ▼ 35.4% |
| Investment in fixed assets (approximation) | - | -€37,766 | -€48,833 | -€44,954 | €0 | €0 | -€22,922 | - |
| Change in cash | - | -€1,174 | -€2,133 | -€11,998 | €4,201 | €54,219 | -€22,160 | - |
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, 14,766 companies had the same profile as ESPINA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ESPINA 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 14,766 companies, not a prediction for ESPINA. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00030355 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00024848 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00013684 | |
| 30-06-2022 | micro format | 18-01-2023 | 2023-00000621 | |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81000281 | |
| 30-06-2020 | micro format | 16-12-2020 | 2020-75900238 | |
| 30-06-2019 | micro format | 08-01-2020 | 2020-00500227 | |
| 30-06-2018 | micro format | 20-12-2018 | 2018-75100051 | |
| 30-06-2017 | micro format | 10-01-2018 | 2018-00900399 | |
| 30-06-2016 | abbreviated format | 26-01-2017 | 2017-02300332 |