MICHIELS - SPINETTE
ActiveMICHIELS - SPINETTE has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €58k and a net result of €-17k. Equity remains stable across the filed fiscal years (±2.5% per year). Its solvency ranks better than 94% of 1987 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
65
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-71
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity ample (current ratio 7.79 against 5.19 in 2024; short-term debt: 5% and cash: 14.6% of total assets), and 5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Sector 90
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
95%
Return on assets
-28%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
35 d early
2023
41 d early
2022
on the day
2021
61 d early
2020
32 d early
2019
7 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€58k▼ 22.8%
2024 · €75k
2018: €89k
2019: €66k
2020: €56k
2021: €62k
2022: €50k
2023: €73k
2024: €75k
2018 → 2025
Total assets
€61k▼ 25.0%
2024 · €81k
2018: €101k
2019: €70k
2020: €61k
2021: €64k
2022: €57k
2023: €77k
2024: €81k
2018 → 2025
Net result
€-17k
2024 · €2k
2018: €9k
2019: €-22k
2020: €-10k
2021: €5k
2022: €-12k
2023: €23k
2024: €2k
2018 → 2025
Working capital
€21k▼ 20.6%
2024 · €26k
2018: €62k
2019: €50k
2020: €49k
2021: €52k
2022: €17k
2023: €14k
2024: €26k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€62k-€50k▼ 19.1%€73k▲ 46.9%€75k▲ 2.2%€58k▼ 22.8%
Operating result€6k-€-11k€26k€4k▼ 83.3%€-17k
Net result€5k-€-12k€23k€2k▼ 93.2%€-17k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €17k after €4k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €61k
Fixed assets
€37k▼ 24.0%
Current assets
€24k▼ 26.4%
Equity and liabilities €61k
Equity
€58k▼ 22.8%
Debt
€3k▼ 51.0%
The debt ratio falls from 7.7% to 5.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-5k▼
2024 · €16k
Cash flow
€-5k▼
2024 · €13k
Solvency
95.0%▲
2024 · 92.3%
Current ratio
7.79▲
2024 · 5.19
Quick ratio
5.18▲
2024 · 3.95
Debt / equity
0.05▼
2024 · 0.08
ROE
-29.5%▼
2024 · 2.1%
ROA
-28.0%▼
2024 · 2.0%
Interest coverage
-22.34▼
2024 · 69.62
Debt
€3k▼
2024 · €6k
Debt ≤ 1 year
€3k▼
2024 · €6k
Income taxes
€352▼
2024 · €2k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€81k€61k▼
Fixed assets21/28€49k€37k▼
Tangible fixed assets22/27€49k€37k▼
Land and buildings22€2k€1k▼
Plant, machinery and equipment23€36k€31k▼
Furniture and vehicles24€8k€2k▼
Other tangible fixed assets26€3k€3k▼
Current assets29/58€33k€24k▼
Stocks and contracts in progress3€8k€8k▲
Stocks30/36€8k€8k▲
Amounts receivable within one year40/41€2k€7k▲
Trade receivables40€2k€5k▲
Other amounts receivable41€0€2k▲
Cash at bank and in hand54/58€22k€9k▼
Deferred charges and accrued income490/1€2k€199▼
Equity and liabilities
Total equity and liabilities10/49€81k€61k▼
Equity10/15€75k€58k▼
Contributions10/11€20k€20k=
Reserves13€55k€55k=
Distributable reserves133€55k€55k=
Profit (loss) carried forward14-€-17k
Amounts payable17/49€6k€3k▼
Amounts payable within one year42/48€6k€3k▼
Trade debts44€2k€219▼
Suppliers440/4€2k€219▼
Taxes, remuneration and social security45€3k€3k▼
Taxes450/3€3k€3k▼
Other amounts payable47/48€1k€0▼
Income statement
Code20242025
Non-recurring operating income76A€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€12k▲
Other operating charges640/8€1k€1k▲
Gross operating margin9900€17k€-4k▼
Operating profit (loss)9901€4k€-17k▼
Financial income75/76B€1€0▼
Recurring financial income75€1€0▼
Financial charges65/66B€228€216▼
Recurring financial charges65€228€216▼
Profit (loss) for the period before taxes9903€4k€-17k▼
Income taxes67/77€2k€352▼
Profit (loss) for the period9904€2k€-17k▼
Profit (loss) for the period to be appropriated9905€2k€-17k▼
Appropriation of the result
Profit (loss) to be appropriated9906€2k€-17k▼
Profit (loss) brought forward from the previous period14P€0-
Transfer to equity691/2€2k€0▼
To other reserves6921€2k€0▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €23k
Net result €23k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €5k
Net result €5k after 2 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 26.00
Current ratio from 11.64 to 26.00; short-term debt falls from €5k to €2k.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €-22k ▼341%
Net result drops to €-22k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 14.86
Current ratio from 6.22 to 14.86; short-term debt falls from €12k to €4k.
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
19-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Aalst · 1 establishment unit since 2002
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Achterstraat 22/B9310 AalstGround area
381 m²
Building footprint
46 m²
Volume, LiDAR
225 m³
Parcel 41039A0110/00D000, Flanders · tallest building 6.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Achterstraat 22 B, 9310 Aalst
since 20022.100.554.695
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41039A0110/00D000 | Flanders | 381 m² | 1 · 46 m² | 6.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,398 companies in sector 90393 we hold annual accounts for 939. 748 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded21-03-2002
Fiscal year end31-12
Activities, NACEBEL
90393Specialised image, lighting and sound technical services
92313
Sources
Crossroads Bank for EnterprisesNational Bank · 14 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.