SAPACO
ActiveSummary
SAPACO has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €76,131 and a net result of €28,864. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 91% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+2
Solvency100=
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity ample (current ratio 3.84 against 4.03 in 2024; short-term debt: 12.5% and cash: 26.8% of total assets), and 12.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
87.3%
Return on assets
33.1%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 14-10-2025, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
24 d early
2023
36 d early
2022
19 d early
2021
24 d early
2020
29 d early
2019
38 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 27 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 7 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€76,131▲ 44.8%
2024 · €52,567
Total assets
€87,184▲ 27.8%
2024 · €68,235
Net result
€28,864▲ 79.7%
2024 · €16,060
Working capital
€30,883▼ 33.3%
2024 · €46,318
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€17,414▲ 42.5%€4,610▼ 73.5%€15,436▲ 235%€23,467▲ 52.0%€39,771▲ 69.5%
Net result€13,067within the sector's middle half▲ 69.5%€3,205within the sector's middle half▼ 75.5%€10,498within the sector's middle half▲ 228%€16,060within the sector's middle half▲ 53.0%€28,864within the sector's middle half▲ 79.7%
Equity€76,844within the sector's middle half▲ 19.0%€45,949within the sector's middle half▼ 40.2%€48,607within the sector's middle half▲ 5.8%€52,567within the sector's middle half▲ 8.1%€76,131within the sector's middle half▲ 44.8%
Total assets€80,847within the sector's middle half▲ 21.2%€53,433below the sector's middle half▼ 33.9%€65,416below the sector's middle half▲ 22.4%€68,235within the sector's middle half▲ 4.3%€87,184within the sector's middle half▲ 27.8%
Debt€4,003▲ 87.2%€7,484▲ 87.0%€16,809▲ 125%€15,668▼ 6.8%€11,053▼ 29.5%
Working capital€64,440within the sector's middle half▲ 17.0%€39,938within the sector's middle half▼ 38.0%€43,608within the sector's middle half▲ 9.2%€46,318within the sector's middle half▲ 6.2%€30,883within the sector's middle half▼ 33.3%
Solvency95.0%above the sector's middle half▼ 1.7pp86.0%above the sector's middle half▼ 9.1pp74.3%above the sector's middle half▼ 11.7pp77.0%above the sector's middle half▲ 2.7pp87.3%above the sector's middle half▲ 10.3pp
Current ratio17.56above the sector's middle half▼ 10.626.42above the sector's middle half▼ 11.143.61above the sector's middle half▼ 2.814.03above the sector's middle half▲ 0.423.84above the sector's middle half▼ 0.19
Return on assets (ROA)16.2%within the sector's middle half▲ 4.6pp6.0%within the sector's middle half▼ 10.2pp16.0%within the sector's middle half▲ 10.0pp23.5%above the sector's middle half▲ 7.5pp33.1%above the sector's middle half▲ 9.6pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 69% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,184
Fixed assets
€45,424 ▲ 584%
Current assets
€41,760 ▼ 32.2%
Equity and liabilities €87,184
Equity
€76,131 ▲ 44.8%
Debt
€11,053 ▼ 29.5%
Debt's share of the balance-sheet total falls from 23.0% to 12.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€43,773▲
2024 · €25,871
Cash flow
€32,866▲
2024 · €18,464
Quick ratio
3.53▼
2024 · 3.96
Debt to equity
0.15▼
2024 · 0.30
ROE
37.9%▲
2024 · 30.6%
Interest coverage
1122.38▲
2024 · 587.98
Debt ≤ 1 year
€10,877▼
2024 · €15,273
Income taxes
€12,409▲
2024 · €7,423
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 31,349 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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9,500 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,957 | €6,393 | €1,812 | €2,404 | €4,002 | ▲ 66.5% |
| Other operating charges640/8 | - | €687 | €937 | €823 | €991 | ▲ 20.4% |
| Gross operating margin9900 | €24,110 | €11,690 | €18,185 | €26,694 | €44,764 | ▲ 67.7% |
| Operating profit (loss)9901 | €17,414 | €4,610 | €15,436 | €23,467 | €39,771 | ▲ 69.5% |
| Financial income75/76B | - | €159 | €402 | €60 | €1,541 | ▲ 2,468% |
| Recurring financial income75 | €110 | €159 | €402 | €60 | €1,541 | ▲ 2,468% |
| Financial charges65/66B | - | €36 | €34 | €44 | €39 | ▼ 11.4% |
| Recurring financial charges65 | €27 | €36 | €34 | €44 | €39 | ▼ 11.4% |
| Profit (loss) for the period before taxes9903 | €17,497 | €4,733 | €15,804 | €23,483 | €41,273 | ▲ 75.8% |
| Income taxes67/77 | €4,430 | €1,528 | €5,306 | €7,423 | €12,409 | ▲ 67.2% |
| Profit (loss) for the period9904 | €13,067 | €3,205 | €10,498 | €16,060 | €28,864 | ▲ 79.7% |
| Profit (loss) for the period to be appropriated9905 | €13,067 | €3,205 | €10,498 | €16,060 | €28,864 | ▲ 79.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €80,847 | €53,433 | €65,416 | €68,235 | €87,184 | ▲ 27.8% |
| Fixed assets21/28 | €12,516 | €6,123 | €5,111 | €6,644 | €45,424 | ▲ 584% |
| Tangible fixed assets22/27 | €12,516 | €6,123 | €5,111 | €6,644 | €45,424 | ▲ 584% |
| Plant, machinery and equipment23 | - | €2,867 | €2,764 | €5,205 | €6,433 | ▲ 23.6% |
| Furniture and vehicles24 | - | - | - | - | €38,461 | - |
| Other tangible fixed assets26 | - | €3,256 | €2,347 | €1,439 | €530 | ▼ 63.2% |
| Current assets29/58 | €68,331 | €47,310 | €60,305 | €61,591 | €41,760 | ▼ 32.2% |
| Stocks and contracts in progress3 | €822 | €769 | €539 | €1,148 | €3,414 | ▲ 197% |
| Stocks30/36 | - | €769 | €539 | €1,148 | €3,414 | ▲ 197% |
| Amounts receivable within one year40/41 | €2,857 | €10,799 | €3,489 | €4,936 | €9,953 | ▲ 102% |
| Trade receivables40 | - | €7,328 | €3,489 | €2,359 | €4,267 | ▲ 80.9% |
| Other amounts receivable41 | - | €3,471 | - | €2,577 | €5,686 | ▲ 121% |
| Cash at bank and in hand54/58 | €62,445 | €33,166 | €52,350 | €50,829 | €23,352 | ▼ 54.1% |
| Deferred charges and accrued income490/1 | - | €2,576 | €3,927 | €4,678 | €5,041 | ▲ 7.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €80,847 | €53,433 | €65,416 | €68,235 | €87,184 | ▲ 27.8% |
| Equity10/15 | €76,844 | €45,949 | €48,607 | €52,567 | €76,131 | ▲ 44.8% |
| Contributions10/11 | - | €500 | €500 | €500 | €500 | = |
| Reserves13 | €63,642 | €45,340 | €47,800 | €51,500 | €75,000 | ▲ 45.6% |
| Distributable reserves133 | - | €45,340 | €47,800 | €51,500 | €75,000 | ▲ 45.6% |
| Profit (loss) carried forward14 | €802 | €109 | €307 | €567 | €631 | ▲ 11.3% |
| Amounts payable17/49 | €4,003 | €7,484 | €16,809 | €15,668 | €11,053 | ▼ 29.5% |
| Amounts payable within one year42/48 | €3,891 | €7,372 | €16,697 | €15,273 | €10,877 | ▼ 28.8% |
| Trade debts44 | €994 | €4,660 | €1,460 | €1,027 | €4,549 | ▲ 343% |
| Suppliers440/4 | - | €4,660 | €1,460 | €1,027 | €4,549 | ▲ 343% |
| Taxes, remuneration and social security45 | - | €1,352 | €6,512 | €1,361 | - | - |
| Taxes450/3 | - | €1,352 | €6,512 | €1,361 | - | - |
| Other amounts payable47/48 | - | €1,360 | €8,725 | €12,885 | €6,328 | ▼ 50.9% |
| Accrued charges and deferred income492/3 | - | €112 | €112 | €395 | €176 | ▼ 55.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,067 | €3,205 | €10,498 | €16,060 | €28,864 | ▲ 79.7% |
| + Depreciation and write-downs630 | €5,957 | €6,393 | €1,812 | €2,404 | €4,002 | ▲ 66.5% |
| Operating cash flow (approximation) | €19,024 | €9,598 | €12,310 | €18,464 | €32,866 | ▲ 78.0% |
| Investment in fixed assets (approximation) | - | €0 | -€800 | -€3,937 | -€42,782 | ▼ 987% |
| Change in cash | - | -€29,279 | €19,184 | -€1,521 | -€27,477 | ▼ 1,707% |
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
2025
14-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Highest result since 2019net €28,864 ▲79.7%
Operating result €39,771, net result €28,864, both a record.
2024
07-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
25-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
12-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Weakest financial yearnet €3,205 ▼75.5%
Net result drops to €3,205, the lowest in the series; recovery starts the following year.
2021
07-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
02-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
23-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
03-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
04-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is 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, Geel · 1 establishment unit since 2006
Ground area
1,967 m²
Building footprint
155 m²
Volume, LiDAR
981 m³
Parcel 13374E0182/00W000, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
SAPACO
since 20062.156.542.107
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13374E0182/00W000 | Flanders | 1,967 m² | 1 · 155 m² | 8.8 m · 2 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 773 EUR awarded · 773 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 168 EUR | 168 EUR |
| 2024 | 1 | 198 EUR | 198 EUR |
| 2023 | 1 | 117 EUR | 117 EUR |
| 2022 | 1 | 290 EUR | 290 EUR |
Similar companies · same sector, comparable size
A.M.W.P.
BE 0736.933.645
Genk · Eq €76,126
DARKO CONSTRUCT
BE 0880.867.292
Jette · Eq €76,090
DE SCHRIJVER Eddy
BE 0465.647.807
Haaltert · Eq €76,187
JRC & Co
BE 0631.763.473
Braine-l'Alleud · Eq €76,048
ZWALMCONSTRUCT
BE 0461.020.808
Zwalm · Eq €76,039
Of 15,521 companies in sector 43990 we hold annual accounts for 7,423. 6,237 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded25-09-2006
Fiscal year end31-03
Activities, NACEBEL 2025
43990Other specialised construction activities
43211General electrical installation work
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0883716223
Also
9925:BE0883716223
Registered
12-03-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.