SAPEC
ActiveSummary
SAPEC has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €65.4m and a net result of €1.7m. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 95% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability44▲+2
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 14.53 against 9.24 in 2024; short-term debt: 1.3% and cash: 4.7% of total assets), and 1.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
98.4%
Return on assets
2.5%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 09-07-2026, 22 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
22 d early
2024
29 d early
2023
29 d early
2022
18 d early
2021
26 d early
2020
32 d early
2019
30 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 3 days before the deadline, and 39% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema, statutory accounts
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.7m▲ 43.8%
2024 · €1.2m
Working capital
€11.8m▲ 7.3%
2024 · €11.0m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€768,315▲ 45.2%€864,178-€308,262€140,534-€65,666
Net result-€450,867▼ 157%€2.1m€692,077▼ 66.5%€1.2m▲ 66.7%€1.7m▲ 43.8%
Equity€62.9m▼ 2.3%€64.5m▲ 2.7%€64.7m▲ 0.3%€64.6m▼ 0.2%€65.4m▲ 1.3%
Total assets€65.9m▼ 4.8%€65.8m▼ 0.1%€65.4m▼ 0.6%€66.1m▲ 1.0%€66.4m▲ 0.5%
Debt€2.8m▼ 33.1%€1.1m▼ 62.2%€507,986▼ 52.4%€1.3m▲ 164%€875,361▼ 34.7%
Working capital€8.7m▼ 18.0%€11.0m▲ 25.8%€11.2m▲ 1.7%€11.0m▼ 1.4%€11.8m▲ 7.3%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €65,666 after €140,534 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €66.4m
Fixed assets
€53.7m =
Current assets
€12.7m ▲ 2.8%
Equity and liabilities €66.4m
Equity
€65.4m ▲ 1.3%
Provisions
€198,154 =
Debt
€875,361 ▼ 34.7%
Debt's share of the balance-sheet total falls from 2.0% to 1.3%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
14.53▲
2024 · 9.24
Debt to equity
0.01▼
2024 · 0.02
ROE
2.5%▲
2024 · 1.8%
ROA
2.5%▲
2024 · 1.7%
Debt ≤ 1 year
€875,361▼
2024 · €1.3m
Income taxes
€1,079▼
2024 · €2,162
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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €1.9m | €14,000 | €192,626 | - | - |
| Other operating income74 | - | - | €14,000 | €185,126 | - | - |
| Non-recurring operating income76A | - | €1.9m | - | €7,500 | - | - |
| Operating charges60/66A | €768,315 | €1.1m | €322,262 | €52,092 | €65,666 | ▲ 26.1% |
| Services and other goods61 | €977,635 | €1.0m | €320,566 | €50,349 | €63,860 | ▲ 26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,964 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €34,741 | -€34,741 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€500,000 | - | - | - | - | - |
| Other operating charges640/8 | €256,715 | €33,594 | €36,436 | €1,743 | €1,806 | ▲ 3.6% |
| Operating profit (loss)9901 | -€768,315 | €864,178 | -€308,262 | €140,534 | -€65,666 | ▼ 147% |
| Financial income75/76B | €375,216 | €1.4m | €980,496 | €1.0m | €1.7m | ▲ 68.8% |
| Recurring financial income75 | €375,216 | €1.4m | €980,496 | €1.0m | €1.7m | ▲ 68.8% |
| Income from financial fixed assets750 | - | €1.0m | €400,000 | €500,000 | €1.3m | ▲ 161% |
| Income from current assets751 | €375,216 | €399,973 | €580,496 | €522,618 | €422,904 | ▼ 19.1% |
| Other financial income752/9 | - | €28,145 | - | - | - | - |
| Financial charges65/66B | €57,768 | €49,100 | €586 | €7,212 | €683 | ▼ 90.5% |
| Recurring financial charges65 | €57,768 | €49,100 | €586 | €7,212 | €683 | ▼ 90.5% |
| Debt charges650 | €57,123 | €47,552 | €31 | €3 | €6 | ▲ 80.0% |
| Other financial charges652/9 | €645 | €1,548 | €555 | €7,208 | €677 | ▼ 90.6% |
| Profit (loss) for the period before taxes9903 | -€450,867 | €2.2m | €671,648 | €1.2m | €1.7m | ▲ 43.6% |
| Income taxes67/77 | - | €175,500 | -€20,429 | €2,162 | €1,079 | ▼ 50.1% |
| Taxes670/3 | - | €175,500 | - | €2,168 | €1,737 | ▼ 19.9% |
| Tax adjustments and reversals of tax provisions77 | - | - | €20,429 | €7 | €659 | ▲ 9,388% |
| Profit (loss) for the period9904 | -€450,867 | €2.1m | €692,077 | €1.2m | €1.7m | ▲ 43.8% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €637,115 | - |
| Profit (loss) for the period to be appropriated9905 | -€450,867 | €2.1m | €692,077 | €1.2m | €2.3m | ▲ 99.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €65.9m | €65.8m | €65.4m | €66.1m | €66.4m | ▲ 0.5% |
| Fixed assets21/28 | €54.3m | €53.7m | €53.7m | €53.7m | €53.7m | = |
| Intangible fixed assets21 | €31 | - | - | - | - | - |
| Tangible fixed assets22/27 | €584,989 | - | - | - | - | - |
| Land and buildings22 | €584,396 | - | - | - | - | - |
| Furniture and vehicles24 | €354 | - | - | - | - | - |
| Other tangible fixed assets26 | €240 | - | - | - | - | - |
| Financial fixed assets28 | €53.7m | €53.7m | €53.7m | €53.7m | €53.7m | = |
| Affiliated companies280/1 | €53.7m | €53.7m | €53.7m | €53.7m | €53.7m | = |
| Participating interests280 | €53.7m | €53.7m | €53.7m | €53.7m | €53.7m | = |
| Current assets29/58 | €11.6m | €12.1m | €11.7m | €12.4m | €12.7m | ▲ 2.8% |
| Amounts receivable within one year40/41 | €8.5m | €9.6m | €8.8m | €8.9m | €8.3m | ▼ 6.8% |
| Trade receivables40 | €159,880 | €161,528 | €440,219 | €702,444 | €106,688 | ▼ 84.8% |
| Other amounts receivable41 | €8.3m | €9.4m | €8.3m | €8.2m | €8.2m | ▼ 0.1% |
| Current investments50/53 | - | - | €1.0m | - | - | - |
| Other investments51/53 | - | - | €1.0m | - | - | - |
| Cash at bank and in hand54/58 | €3.1m | €2.5m | €1.9m | €3.4m | €3.1m | ▼ 8.5% |
| Deferred charges and accrued income490/1 | €14,568 | €5,346 | €12,804 | €73,298 | €1.3m | ▲ 1,686% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €65.9m | €65.8m | €65.4m | €66.1m | €66.4m | ▲ 0.5% |
| Equity10/15 | €62.9m | €64.5m | €64.7m | €64.6m | €65.4m | ▲ 1.3% |
| Contributions10/11 | €43.7m | €43.7m | €43.7m | €43.7m | €43.7m | = |
| Capital10 | €36.6m | €36.6m | €36.6m | €36.6m | €36.6m | = |
| Issued capital100 | €36.6m | €36.6m | €36.6m | €36.6m | €36.6m | = |
| Outside capital11 | €7.1m | €7.1m | €7.1m | €7.1m | €7.1m | = |
| Share premium1100/10 | €7.1m | €7.1m | €7.1m | €7.1m | €7.1m | = |
| Reserves13 | €4.5m | €4.5m | €4.5m | €4.5m | €3.9m | ▼ 14.0% |
| Non-distributable reserves130/1 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Legal reserve130 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Tax-exempt reserves132 | €874,916 | €874,916 | €874,916 | €874,916 | €237,801 | ▼ 72.8% |
| Profit (loss) carried forward14 | €14.6m | €16.3m | €16.5m | €16.3m | €17.7m | ▲ 8.9% |
| Provisions and deferred taxes16 | €198,154 | €198,154 | €198,154 | €198,154 | €198,154 | = |
| Provisions for liabilities and charges160/5 | €198,154 | €198,154 | €198,154 | €198,154 | €198,154 | = |
| Taxes161 | €198,154 | €198,154 | €198,154 | €198,154 | €198,154 | = |
| Amounts payable17/49 | €2.8m | €1.1m | €507,986 | €1.3m | €875,361 | ▼ 34.7% |
| Amounts payable within one year42/48 | €2.8m | €1.1m | €507,986 | €1.3m | €875,361 | ▼ 34.7% |
| Financial debts43 | €1.0m | - | - | - | - | - |
| Other loans439 | €1.0m | - | - | - | - | - |
| Trade debts44 | €131,683 | €396,618 | €7,986 | €31,666 | €21,896 | ▼ 30.9% |
| Suppliers440/4 | €131,683 | €396,618 | €7,986 | €31,666 | €21,896 | ▼ 30.9% |
| Taxes, remuneration and social security45 | €26,378 | €255,371 | - | - | €3,465 | - |
| Taxes450/3 | €26,378 | €255,371 | - | - | €3,465 | - |
| Other amounts payable47/48 | €1.7m | €414,625 | €500,000 | €1.3m | €850,000 | ▼ 35.0% |
| Accrued charges and deferred income492/3 | €288 | €834 | - | €968 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€450,867 | €2.1m | €692,077 | €1.2m | €1.7m | ▲ 43.8% |
| + Depreciation and write-downs630 | €33,964 | - | - | - | - | - |
| Operating cash flow (approximation) | -€416,903 | €2.1m | €692,077 | €1.2m | €1.7m | ▲ 43.8% |
| Investment in fixed assets (approximation) | - | €585,021 | €0 | €0 | €0 | - |
| Change in cash | - | -€565,826 | -€580,567 | €1.5m | -€290,061 | ▼ 120% |
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
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity doublescurrent ratio 23.03
Current ratio from 11.31 to 23.03; short-term debt falls from €1.1m to €507,986.
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €2.1m
Net result €2.1m after 2 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 11.31
Current ratio from 4.10 to 11.31; short-term debt falls from €2.8m to €1.1m.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€450,867
Net result drops to -€450,867, the lowest in the series; recovery starts the following year.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €114,211
Net result €114,211 after one loss-making year.
Show earlier events
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · consolidated
09-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 28 acts read
About the unread acts
We know of 28 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
28 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, Brussel · 1 establishment unit since 1926
Ground area
975 m²
Building footprint
1,484 m²
Volume, LiDAR
27,640 m³
Parcel 21807G0121/00A008, Brussels · tallest building 31.4 m, ±6 floors. Linked by address, not a title deed.
122
companies at this address
See who is registered here
1 establishment unit
Louizalaan 240, 1050 Elsene
since 19262.102.658.409
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0121/00A008 | Brussels | 975 m² | 1 · 1,484 m² | 31.4 m · 6 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.
Structure & network
Owners and holdings
2 owners · 1 holdingOwners 2
- SOCLINPAR SALUparentSourceown accounts 202591.57%
-
8.43%
Holdings 1
-
100%
According to the 2025 annual accounts of SAPEC 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
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
5493007EPM2CHCSVQW04
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Of 538 companies in sector 46120 we hold annual accounts for 304. 21 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-01-1968
Fiscal year end31-12
Abbreviation FR
S.A.P.E.C.
Activities, NACEBEL 2025
46120Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0403085280
Registered
17-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
6 convocationsOrdinary general meeting
suivant : 1. Prise de connaissance et discussion des comptes annuels statu- taires et consolidés
Ordinary general meeting
suivant : 1. Prise de connaissance et discussion des comptes annuels statutaires et consolidés
Ordinary general meeting
suivant : En assemblée générale ordinaire statuant aux conditions de quorum et de majorité requises
Ordinary general meeting
suivant : - En assemblée générale ordinaire statuant aux conditions de quorum et de majorité requises
Ordinary general meeting
suivant : En assemblée générale ordinaire statuant aux conditions de quorum et de majorité requises
Show 1 more convocations
Extraordinary general meeting
suivant : - En assemblée générale extraordinaire statuant aux conditions de quorum et de majorité requises