SAPINA
ActiveSummary
SAPINA has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-54k) and a net result of €-24k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 17090 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▲+10
Solvency16▼-6
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.65 against 0.81 in 2024; short-term debt: 109.5% and cash: 0% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five 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 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-9.5%
Return on assets
-4.3%
Age of the figures
15 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €-54k
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 08-02-2026, 8 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
8 d late
2024
2 d early
2023
2 d early
2022
3 d late
2021
102 d late
2020
108 d late
2019
26 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-54k▼ 82.7%
2024 · €-30k
2019: €73k
2020: €100k▲ +36.2% vs 2019
2021: €232k▲ +132% vs 2020highest in 7 years
2022: €65k▼ -72.0% vs 2021
2023: €74k▲ +14.4% vs 2022
2024: €-30k▼ -140% vs 2023
2025: €-54k▼ -82.7% vs 2024lowest in 7 years
2019 → 2025
Total assets
€569k▼ 44.3%
2024 · €1.02M
2019: €324klowest in 7 years
2020: €375k▲ +15.7% vs 2019
2021: €1.84M▲ +391% vs 2020highest in 7 years
2022: €1.06M▼ -42.2% vs 2021
2023: €1.09M▲ +2.2% vs 2022
2024: €1.02M▼ -6.0% vs 2023
2025: €569k▼ -44.3% vs 2024
2019 → 2025
Net result
€-24k▲ 76.5%
2024 · €-104k
2019: €67k
2020: €27k▼ -60.5% vs 2019
2021: €132k▲ +396% vs 2020highest in 7 years
2022: €6k▼ -95.6% vs 2021
2023: €9k▲ +62.6% vs 2022
2024: €-104k▼ -1210% vs 2023lowest in 7 years
2025: €-24k▲ +76.5% vs 2024
2019 → 2025
Working capital
€-219k▼ 70.8%
2024 · €-128k
2019: €-65k
2020: €-16k▲ +75.2% vs 2019
2021: €88k▲ +642% vs 2020highest in 7 years
2022: €-37k▼ -142% vs 2021
2023: €-40k▼ -9.1% vs 2022
2024: €-128k▼ -221% vs 2023
2025: €-219k▼ -70.8% vs 2024lowest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€232k-€65k▼ 72.0%€74k▲ 14.4%€-30k€-54k▼ 82.7%
2021: €232khighest in 5 years
2022: €65k▼ -72.0% vs 2021
2023: €74k▲ +14.4% vs 2022
2024: €-30k▼ -140% vs 2023
2025: €-54k▼ -82.7% vs 2024lowest in 5 years
Operating result€181k-€46k▼ 74.5%€47k▲ 2.4%€-94k€-6k▲ 93.2%
2021: €181khighest in 5 years
2022: €46k▼ -74.5% vs 2021
2023: €47k▲ +2.4% vs 2022
2024: €-94k▼ -299% vs 2023lowest in 5 years
2025: €-6k▲ +93.2% vs 2024
Net result€132k-€6k▼ 95.6%€9k▲ 62.6%€-104k€-24k▲ 76.5%
2021: €132khighest in 5 years
2022: €6k▼ -95.6% vs 2021
2023: €9k▲ +62.6% vs 2022
2024: €-104k▼ -1210% vs 2023lowest in 5 years
2025: €-24k▲ +76.5% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6k in 2025 against €94k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €569k
Fixed assets
€165k ▼ 64.7%
Current assets
€404k ▼ 27.1%
Key figures and ratios
EBITDA
€5k▲
2024 · €-50k
Cash flow
€-13k▲
2024 · €-60k
Solvency
-9.5%▼
2024 · -2.9%
Current ratio
0.65▼
2024 · 0.81
Debt to equity
-11.55▲
2024 · -35.64
ROA
-4.3%▲
2024 · -10.2%
Interest coverage
0.28▲
2024 · -5.07
Debt
€623k▼
2024 · €1.05M
Debt ≤ 1 year
€623k▼
2024 · €683k
Income taxes
€16
Staff costs
€87k▼
2024 · €701k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.02M€569k▼
Fixed assets21/28€468k€165k▼
Tangible fixed assets22/27€468k€163k▼
Land and buildings22€444k€163k▼
Plant, machinery and equipment23€24k-
Financial fixed assets28-€2k
Current assets29/58€554k€404k▼
Stocks and contracts in progress3€175k-
Stocks30/36€175k-
Amounts receivable within one year40/41€374k€404k▲
Trade receivables40€322k€338k▲
Other amounts receivable41€53k€66k▲
Cash at bank and in hand54/58€5k€62▼
Equity and liabilities
Total equity and liabilities10/49€1.02M€569k▼
Equity10/15€-30k€-54k▼
Contributions10/11€19k€19k=
Reserves13€56k€56k=
Distributable reserves133€56k€56k=
Profit (loss) carried forward14€-104k€-128k▼
Amounts payable17/49€1.05M€623k▼
Amounts payable after more than one year17€370k-
Financial debts170/4€370k-
Amounts payable within one year42/48€683k€623k▼
Current portion of amounts payable after more than one year42€15k-
Trade debts44€57k€125k▲
Suppliers440/4€57k€125k▲
Advances received on contracts in progress46€157k€135k▼
Taxes, remuneration and social security45€453k€364k▼
Taxes450/3€400k€304k▼
Remuneration and social security454/9€53k€60k▲
Income statement
Code20242025
Remuneration, social security and pensions62€701k€87k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€11k▼
Other operating charges640/8€11k€19k▲
Non-recurring operating charges66A-€305k
Gross operating margin9900€663k€417k▼
Operating profit (loss)9901€-94k€-6k▲
Financial income75/76B-€58
Recurring financial income75-€58
Financial charges65/66B€10k€18k▲
Recurring financial charges65€10k€18k▲
Profit (loss) for the period before taxes9903€-104k€-24k▲
Income taxes67/77-€16
Profit (loss) for the period9904€-104k€-24k▲
Profit (loss) for the period to be appropriated9905€-104k€-24k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-104k€-128k▼
Profit (loss) brought forward from the previous period14P-€-104k
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €490k | €565k | €792k | €701k | €87k | ▼ 87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €70k | €58k | €53k | €44k | €11k | ▼ 73.9% |
| Other operating charges640/8 | €20k | €34k | €60k | €11k | €19k | ▲ 63.3% |
| Non-recurring operating charges66A | €5k | - | - | - | €305k | - |
| Gross operating margin9900 | €767k | €704k | €952k | €663k | €417k | ▼ 37.1% |
| Operating profit (loss)9901 | €181k | €46k | €47k | €-94k | €-6k | ▲ 93.2% |
| Financial income75/76B | €13k | €1 | - | - | €58 | - |
| Recurring financial income75 | €13k | €1 | - | - | €58 | - |
| Financial charges65/66B | €11k | €15k | €10k | €10k | €18k | ▲ 83.3% |
| Recurring financial charges65 | €11k | €15k | €10k | €10k | €18k | ▲ 83.3% |
| Profit (loss) for the period before taxes9903 | €183k | €31k | €37k | €-104k | €-24k | ▲ 76.5% |
| Income taxes67/77 | €51k | €25k | €28k | - | €16 | - |
| Profit (loss) for the period9904 | €132k | €6k | €9k | €-104k | €-24k | ▲ 76.5% |
| Profit (loss) for the period to be appropriated9905 | €132k | €6k | €9k | €-104k | €-24k | ▲ 76.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.84M | €1.06M | €1.09M | €1.02M | €569k | ▼ 44.3% |
| Fixed assets21/28 | €658k | €542k | €500k | €468k | €165k | ▼ 64.7% |
| Tangible fixed assets22/27 | €658k | €542k | €498k | €468k | €163k | ▼ 65.2% |
| Land and buildings22 | €451k | €466k | €455k | €444k | €163k | ▼ 63.3% |
| Plant, machinery and equipment23 | €4k | €4k | €11k | €24k | - | - |
| Furniture and vehicles24 | €123k | €72k | €31k | - | - | - |
| Assets under construction and advance payments27 | €81k | - | - | - | - | - |
| Financial fixed assets28 | - | - | €2k | - | €2k | - |
| Current assets29/58 | €1.18M | €523k | €588k | €554k | €404k | ▼ 27.1% |
| Stocks and contracts in progress3 | - | €175k | €175k | €175k | - | - |
| Stocks30/36 | - | €175k | €175k | €175k | - | - |
| Amounts receivable within one year40/41 | €1.14M | €314k | €378k | €374k | €404k | ▲ 8.0% |
| Trade receivables40 | €909k | €290k | €354k | €322k | €338k | ▲ 5.1% |
| Other amounts receivable41 | €235k | €24k | €24k | €53k | €66k | ▲ 25.5% |
| Cash at bank and in hand54/58 | €39k | €27k | €35k | €5k | €62 | ▼ 98.7% |
| Deferred charges and accrued income490/1 | - | €6k | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.84M | €1.06M | €1.09M | €1.02M | €569k | ▼ 44.3% |
| Equity10/15 | €232k | €65k | €74k | €-30k | €-54k | ▼ 82.7% |
| Contributions10/11 | €6k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €226k | €46k | €56k | €56k | €56k | = |
| Distributable reserves133 | €226k | €46k | €56k | €56k | €56k | = |
| Profit (loss) carried forward14 | - | - | - | €-104k | €-128k | ▼ 23.5% |
| Amounts payable17/49 | €1.61M | €1,000k | €1.01M | €1.05M | €623k | ▼ 40.8% |
| Amounts payable after more than one year17 | €469k | €415k | €386k | €370k | - | - |
| Financial debts170/4 | €469k | €415k | €386k | €370k | - | - |
| Amounts payable within one year42/48 | €1.09M | €559k | €628k | €683k | €623k | ▼ 8.7% |
| Current portion of amounts payable after more than one year42 | €653k | €54k | €29k | €15k | - | - |
| Trade debts44 | €377k | €97k | €92k | €57k | €125k | ▲ 117% |
| Suppliers440/4 | €377k | €97k | €92k | €57k | €125k | ▲ 117% |
| Advances received on contracts in progress46 | - | €138k | €46k | €157k | €135k | ▼ 14.2% |
| Taxes, remuneration and social security45 | €66k | €270k | €461k | €453k | €364k | ▼ 19.7% |
| Taxes450/3 | €66k | €270k | €343k | €400k | €304k | ▼ 24.0% |
| Remuneration and social security454/9 | - | - | €118k | €53k | €60k | ▲ 12.7% |
| Accrued charges and deferred income492/3 | €45k | €26k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €132k | €6k | €9k | €-104k | €-24k | ▲ 76.5% |
| + Depreciation and write-downs630 | €70k | €58k | €53k | €44k | €11k | ▼ 73.9% |
| Operating cash flow (approximation) | €202k | €63k | €63k | €-60k | €-13k | ▲ 78.4% |
| Investment in fixed assets (approximation) | - | €58k | €-11k | €-13k | €292k | ▲ 2,419% |
| Change in cash | - | €-12k | €7k | €-30k | €-5k | ▲ 84.2% |
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
08-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 8 days late
2025
29-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Weakest financial yearnet €-104k
Net result drops to €-104k, the lowest in the series; recovery starts the following year.
29-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
03-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 3 days late
2022
13-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 102 days late
2021
30-06
Financial
Highest result since 2019net €132k ▲396%
Operating result €181k, net result €132k, both a record.
30-06
Financial
Equity above €200kEq €232k ▲132%
3 profitable years in a row build equity to €232k.
19-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 108 days late
2020
26-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 26 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Sint-Jans-Molenbeek · 1 establishment unit since 2017
Ground area
3,115 m²
Building footprint
757 m²
Volume, LiDAR
44,734 m³
2 parcels, Brussels, Flanders · tallest building 85.5 m, ±27 floors. Linked by address, not a title deed.
1 establishment unit
Zuidlaan 78, 9230 Wetteren
since 20172.270.539.871
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21524C0177/00C000indicative | Brussels | 2,517 m² | 1 · 547 m² | 85.5 m · 27 fl. |
| 42303F0272/00T000 | Flanders | 598 m² | 1 · 210 m² | 11.7 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels 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
2024 to 2025 · 2 entries · 5,112 EUR awarded · 5,112 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,704 EUR | 1,704 EUR |
| 2024 | 1 | 3,408 EUR | 3,408 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
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Of 29,993 companies in sector 62200 we hold annual accounts for 18,396. 15,561 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
Founded17-11-2017
Fiscal year end30-06
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
Contact
E-mail
mahjoubslimi@yahoo.com
Scores and ratios are computed by Checked and are not a credit decision.