SPAACO
ActiveSummary
SPAACO has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €921,124 and a net result of €69,454. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 81% of 294 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability75▼-8
Solvency93▲+6
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity short (current ratio 0.94 against 1.05 in 2023; short-term debt: 32.4% and cash: 26.6% of total assets), and 32.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer 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 2024Solvency, return and age of the figures
Solvency
67.6%
Return on assets
5.1%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 17-06-2025, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
44 d early
2023
42 d early
2022
41 d early
2021
45 d early
2020
45 d early
2019
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 42 days before the deadline; the sector median for financial year 2024 is 23 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€921,124▼ 16.4%
2023 · €1.1m
Total assets
€1.4m▼ 23.7%
2023 · €1.8m
Net result
€69,454▼ 66.8%
2023 · €209,031
Working capital
-€27,379
2023 · €32,400
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, 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
Line20202021202220232024
Operating result€165,161▲ 1.1%€142,801▼ 13.5%€435,491▲ 205%€275,544▼ 36.7%€83,443▼ 69.7%
Net result€97,609within the sector's middle half▲ 17.6%€91,787within the sector's middle half▼ 6.0%€316,431within the sector's middle half▲ 245%€209,031within the sector's middle half▼ 33.9%€69,454within the sector's middle half▼ 66.8%
Equity€1.1mwithin the sector's middle half▲ 9.9%€1.2mwithin the sector's middle half▲ 8.5%€1.5mwithin the sector's middle half▲ 26.9%€1.1mwithin the sector's middle half▼ 26.2%€921,124within the sector's middle half▼ 16.4%
Total assets€1.6mwithin the sector's middle half▼ 12.6%€1.5mwithin the sector's middle half▼ 6.8%€1.7mwithin the sector's middle half▲ 11.6%€1.8mwithin the sector's middle half▲ 4.4%€1.4mwithin the sector's middle half▼ 23.7%
Debt€558,274▼ 37.4%€354,888▼ 36.4%€216,144▼ 39.1%€681,866▲ 215%€440,601▼ 35.4%
Working capital-€163,060▲ 46.2%-€32,571▲ 80.0%€318,559€32,400▼ 89.8%-€27,379
Solvency66.0%above the sector's middle half▲ 13.5pp76.8%above the sector's middle half▲ 10.8pp87.4%above the sector's middle half▲ 10.5pp61.8%above the sector's middle half▼ 25.6pp67.6%above the sector's middle half▲ 5.9pp
above
within
below
the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 70% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.4m
Fixed assets
€948,503 ▼ 11.3%
Current assets
€413,222 ▼ 42.1%
Equity and liabilities €1.4m
Equity
€921,124 ▼ 16.4%
Debt
€440,601 ▼ 35.4%
Debt's share of the balance-sheet total falls from 38.2% to 32.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€215,755▼
2023 · €403,527
Cash flow
€201,767▼
2023 · €337,013
Current ratio
0.94▼
2023 · 1.05
Debt to equity
0.48▼
2023 · 0.62
ROE
7.5%▼
2023 · 19.0%
ROA
5.1%▼
2023 · 11.7%
Interest coverage
91.43▲
2023 · 85.71
Debt ≤ 1 year
€440,601▼
2023 · €681,866
Income taxes
€23,622▼
2023 · €70,580
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
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 17,810 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €23,277 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €127,983 | €127,983 | €127,983 | €127,983 | €132,312 | ▲ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €2,168 | - |
| Other operating charges640/8 | - | €969 | €970 | €1,069 | €1,086 | ▲ 1.5% |
| Gross operating margin9900 | €294,112 | €271,752 | €564,444 | €404,596 | €219,009 | ▼ 45.9% |
| Operating profit (loss)9901 | €165,161 | €142,801 | €435,491 | €275,544 | €83,443 | ▼ 69.7% |
| Financial income75/76B | - | €26 | €18 | €8,775 | €11,992 | ▲ 36.7% |
| Recurring financial income75 | €30 | €26 | €18 | €8,775 | €11,992 | ▲ 36.7% |
| Financial charges65/66B | - | €20,445 | €14,032 | €4,708 | €2,360 | ▼ 49.9% |
| Recurring financial charges65 | €35,034 | €20,445 | €14,032 | €4,708 | €2,360 | ▼ 49.9% |
| Profit (loss) for the period before taxes9903 | €130,157 | €122,381 | €421,477 | €279,611 | €93,076 | ▼ 66.7% |
| Income taxes67/77 | €32,548 | €30,594 | €105,046 | €70,580 | €23,622 | ▼ 66.5% |
| Profit (loss) for the period9904 | €97,609 | €91,787 | €316,431 | €209,031 | €69,454 | ▼ 66.8% |
| Profit (loss) for the period to be appropriated9905 | €97,609 | €91,787 | €316,431 | €209,031 | €69,454 | ▼ 66.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €1.5m | €1.7m | €1.8m | €1.4m | ▼ 23.7% |
| Fixed assets21/28 | €1.5m | €1.3m | €1.2m | €1.1m | €948,503 | ▼ 11.3% |
| Tangible fixed assets22/27 | €1.5m | €1.3m | €1.2m | €1.1m | €948,503 | ▼ 11.3% |
| Plant, machinery and equipment23 | - | €730,495 | €660,242 | €589,990 | €948,503 | ▲ 60.8% |
| Leasing and similar rights25 | - | €594,740 | €537,010 | €479,280 | - | - |
| Current assets29/58 | €189,478 | €205,861 | €511,531 | €714,266 | €413,222 | ▼ 42.1% |
| Amounts receivable within one year40/41 | €35,074 | €33,118 | €70,548 | €439,976 | €50,957 | ▼ 88.4% |
| Trade receivables40 | - | €29,791 | €48,570 | €35,006 | €29,223 | ▼ 16.5% |
| Other amounts receivable41 | - | €3,328 | €21,978 | €404,971 | €21,733 | ▼ 94.6% |
| Cash at bank and in hand54/58 | €150,796 | €171,909 | €429,674 | €262,981 | €362,265 | ▲ 37.8% |
| Deferred charges and accrued income490/1 | - | €834 | €11,309 | €11,309 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €1.5m | €1.7m | €1.8m | €1.4m | ▼ 23.7% |
| Equity10/15 | €1.1m | €1.2m | €1.5m | €1.1m | €921,124 | ▼ 16.4% |
| Contributions10/11 | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Capital10 | - | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Issued capital100 | - | €400,000 | €400,000 | €400,000 | €400,000 | = |
| Reserves13 | €684,421 | €776,208 | €1.1m | €701,670 | €521,124 | ▼ 25.7% |
| Non-distributable reserves130/1 | - | €38,810 | €40,000 | €40,000 | €40,000 | = |
| Legal reserve130 | - | €38,810 | €40,000 | €40,000 | €40,000 | = |
| Distributable reserves133 | - | €737,398 | €1.1m | €661,670 | €481,124 | ▼ 27.3% |
| Amounts payable17/49 | €558,274 | €354,888 | €216,144 | €681,866 | €440,601 | ▼ 35.4% |
| Amounts payable after more than one year17 | €205,736 | €116,455 | €23,171 | - | - | - |
| Financial debts170/4 | - | €116,455 | €23,171 | - | - | - |
| Amounts payable within one year42/48 | €352,538 | €238,433 | €192,972 | €681,866 | €440,601 | ▼ 35.4% |
| Current portion of amounts payable after more than one year42 | - | €89,281 | €93,284 | €23,171 | - | - |
| Financial debts43 | - | €96,042 | - | - | €160,341 | - |
| Other loans439 | - | €96,042 | - | - | €160,341 | - |
| Trade debts44 | €44,366 | €52,515 | €77,372 | €33,038 | €29,424 | ▼ 10.9% |
| Suppliers440/4 | - | €52,515 | €77,372 | €33,038 | €29,424 | ▼ 10.9% |
| Taxes, remuneration and social security45 | - | €595 | €22,317 | €25,656 | €836 | ▼ 96.7% |
| Taxes450/3 | - | €595 | €22,317 | €25,656 | €836 | ▼ 96.7% |
| Other amounts payable47/48 | - | - | - | €600,000 | €250,000 | ▼ 58.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €97,609 | €91,787 | €316,431 | €209,031 | €69,454 | ▼ 66.8% |
| + Depreciation and write-downs630 | €127,983 | €127,983 | €127,983 | €127,983 | €132,312 | ▲ 3.4% |
| Operating cash flow (approximation) | €225,591 | €219,770 | €444,414 | €337,013 | €201,767 | ▼ 40.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€11,546 | - |
| Change in cash | - | €21,113 | €257,765 | -€166,693 | €99,284 | ▲ 160% |
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
2025
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €69,454 ▼66.8%
Net result drops to €69,454, the lowest in the series.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €316,431 ▲245%
Operating result €435,491, net result €316,431, both a record.
31-12
Financial
Liquidity triplescurrent ratio 2.65
Current ratio from 0.86 to 2.65; short-term debt falls from €238,433 to €192,972.
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1mEq €1.1m ▲9.9%
3 profitable years in a row build equity to €1.1m.
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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, Stabroek · 1 establishment unit since 2012
Ground area
5.1 ha
Building footprint
9,238 m²
Parcel 11044C0025/00G000, Flanders. Linked by address, not a title deed.
43
companies at this address
See who is registered here
1 establishment unit
SPAACO
since 20122.208.542.520
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11044C0025/00G000 | Flanders | 5.1 ha | 1 · 9,238 m² | - |
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
1 ownerChain of control
- VLAECO
- SPAACO
Highest known parent: VLAECO. The sources do not say who stands above it.
Owners 1
- VLAECOparentSourceaccounts VLAECO 2024100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
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Of 814 companies in sector 35110 we hold annual accounts for 632. 436 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
Founded23-03-2012
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
35150Electricity, gas, steam and air conditioning supply
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844884549
Also
9925:BE0844884549
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.