ESPINET
ActiveSummary
ESPINET has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €114,283 and a net result of -€3,587. Equity has been shrinking by about 3.3% per year since 2018. The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 08-02-1989 Normal situation
- Activity
- No activity registered in the KBO
- Establishment units
- 2.042.442.985 1410 Waterloo, since 07-03-1989
- 2.042.442.886 1640 Sint-Genesius-Rode, since 28-11-1990
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €10,791
- ▲ 37.7%
- Turnover
- ≈ €73,000
- estimated
- Loss
- €3,587
- ▼ 42.1%
- Equity
- €114,283
- ▼ 3.0%
- Total assets
- €276,419
- ▼ 3.0%
- 2025 accounts filed 27 days after the deadline
Score breakdownraises riskLiquidity: current ratio 0.00, cash €167lowers riskSize: total assets €276,419Founded in 1989Figures for financial year 2025 (filed on 27-08-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 39% of them on solvency, 12% on liquidity, 45% on profitability and 35% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 7 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00434623.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 37 filings
Every figure per financial year
The operating result for 2025 is a loss of €3,423, smaller than the loss of €6,027 in 2024.
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,381 | €2,385 | - | €14,221 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,843 | €7,220 | €7,309 | €8,493 | €8,673 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,257 | €3,257 | €3,733 | €6,843 | €7,220 | €7,309 | €8,493 | €8,673 | ▲ 2.1% |
| Other operating charges640/8 | - | - | - | €4,615 | €4,719 | €5,175 | €5,372 | €5,541 | ▲ 3.1% |
| Gross operating margin9900 | €7,287 | €12,785 | €601 | €7,639 | €9,745 | €7,929 | €7,838 | €10,791 | ▲ 37.7% |
| Operating profit (loss)9901 | -€130 | €5,289 | -€7,715 | -€3,818 | -€2,194 | -€4,555 | -€6,027 | -€3,423 | ▲ 43.2% |
| Recurring financial income75 | €1 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €190 | -€5,089 | €163 | €163 | €163 | = |
| Recurring financial charges65 | €5,478 | €5,715 | €5,263 | €190 | -€5,089 | €163 | €163 | €163 | = |
| Profit (loss) for the period before taxes9903 | -€5,608 | -€426 | -€12,978 | -€4,009 | €2,895 | -€4,718 | -€6,190 | -€3,587 | ▲ 42.1% |
| Profit (loss) for the period9904 | -€5,608 | -€426 | -€12,978 | -€4,009 | €2,895 | -€4,718 | -€6,190 | -€3,587 | ▲ 42.1% |
| Profit (loss) for the period to be appropriated9905 | -€5,608 | -€426 | -€12,978 | -€4,009 | €2,895 | -€4,718 | -€6,190 | -€3,587 | ▲ 42.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €267,854 | €267,686 | €278,494 | €292,230 | €287,665 | €279,299 | €285,105 | €276,419 | ▼ 3.0% |
| Fixed assets21/28 | €264,944 | €261,687 | €274,499 | €291,036 | €286,202 | €278,893 | €284,621 | €275,947 | ▼ 3.0% |
| Tangible fixed assets22/27 | €264,944 | €261,687 | €274,499 | €291,036 | €286,202 | €278,893 | €284,621 | €275,947 | ▼ 3.0% |
| Land and buildings22 | - | - | - | €255,173 | €252,291 | €249,409 | €246,527 | €243,645 | ▼ 1.2% |
| Plant, machinery and equipment23 | - | - | - | €35,863 | €33,911 | €29,484 | €36,947 | €31,481 | ▼ 14.8% |
| Furniture and vehicles24 | - | - | - | - | - | - | €1,146 | €822 | ▼ 28.3% |
| Current assets29/58 | €2,910 | €5,999 | €3,996 | €1,194 | €1,463 | €405 | €484 | €472 | ▼ 2.4% |
| Amounts receivable within one year40/41 | - | - | €2,175 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €2,910 | €5,999 | €970 | €943 | €1,199 | €141 | €179 | €167 | ▼ 6.5% |
| Deferred charges and accrued income490/1 | - | - | - | €251 | €264 | €264 | €305 | €305 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €267,854 | €267,686 | €278,494 | €292,230 | €287,665 | €279,299 | €285,105 | €276,419 | ▼ 3.0% |
| Equity10/15 | €143,296 | €142,870 | €129,892 | €125,883 | €128,778 | €124,060 | €117,870 | €114,283 | ▼ 3.0% |
| Contributions10/11 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Capital10 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Issued capital100 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Non-distributable reserves130/1 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Legal reserve130 | - | - | - | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Profit (loss) carried forward14 | -€21,704 | -€22,130 | -€35,108 | -€39,117 | -€36,222 | -€40,940 | -€47,130 | -€50,717 | ▼ 7.6% |
| Amounts payable17/49 | €124,558 | €124,816 | €148,602 | €166,347 | €158,886 | €155,239 | €167,235 | €162,136 | ▼ 3.0% |
| Amounts payable within one year42/48 | €124,558 | €124,816 | €143,350 | €161,095 | €158,886 | €155,239 | €167,235 | €162,136 | ▼ 3.0% |
| Trade debts44 | €2,118 | €1,261 | €7,519 | - | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €161,095 | €158,886 | €155,239 | €167,235 | €162,136 | ▼ 3.0% |
| Accrued charges and deferred income492/3 | - | - | - | €5,252 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,608 | -€426 | -€12,978 | -€4,009 | €2,895 | -€4,718 | -€6,190 | -€3,587 | ▲ 42.1% |
| + Depreciation and write-downs630 | €3,257 | €3,257 | €3,733 | €6,843 | €7,220 | €7,309 | €8,493 | €8,673 | ▲ 2.1% |
| Operating cash flow (approximation) | -€2,351 | €2,831 | -€9,246 | €2,834 | €10,115 | €2,590 | €2,302 | €5,087 | ▲ 121% |
| Investment in fixed assets (approximation) | - | €0 | -€16,544 | -€23,381 | -€2,385 | €0 | -€14,221 | €0 | - |
| Change in cash | - | €3,089 | -€5,028 | -€27 | €256 | -€1,057 | €38 | -€12 | - |
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, 12,322 companies had the same profile as ESPINET has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ESPINET itself: 0.2% 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 12,322 companies, not a prediction for ESPINET. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-08-2026 | 2026-00434623 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00449671 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00382559 | |
| 31-12-2022 | micro format | 05-08-2023 | 2023-00314840 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20190626 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37600421 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30600189 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-62400037 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-52200221 | |
| 31-12-2016 | micro format | 18-07-2017 | 2017-32800399 |
Board & ownership
Directors
Owners and capital
Owners
Network & group
ESPINET shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of ESPINET. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 22552F0002/00P074 | Flanders | 1,738 m² | 1 · 195 m² | 8.8 m · 2 |
| 25110S0025/02H000 | Wallonia | 1,705 m² | 1 · 146 m² | 8.4 m · 2 |