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SPAAS KAARSEN

Active
Public limited companyfounded 1988active for 37 yearsIndustriestraat 11, 3930 Hamont-Achel, BelgiumKBO/BCE: BE 0435.854.157
Summary

SPAAS KAARSEN has been active since 1988 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €24.4m and a net result of -€2.0m. Equity is growing by about 28% per year across the filed financial years. Its solvency ranks better than 41% of 143 sector peers (NACE 32, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysisFollow ReportCompare
SPAAS KAARSENActiveChecked score 88/100
Risk analysis ReportCompare

Overview

Activity
Other manufacturing not elsewhere classified
NACE 32990
Largest employer in Limburg, Other manufacturing sector1 site
Size
€109.8mturnover 2025
Staff
131.1 FTE
Equity
€24.4m
Loss
-€2.0m
Financial health
88 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.2%
Structure
Parent
BENSAR · 100%
Board
4 members
  • BENSARChair · permanent representative SPAAS Gerard
  • BENAL BVBAManaging director
2025 accounts 40 days early
Why 88raises riskLiquidity: current ratio 1.75, cash €1.9mLoss of €2.0m (financial year 2025)lowers riskFounded in 1988Legal form: public limited companyShow the evidence

Checked score

Score 2025
88 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 31% of its sector peers (all companies)
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Weak
Solvency 68-10
equity 42.9% of total assets
Liquidity 30-9
short-term debt 48.8% · cash 3.3%
Profitability 33-29
return on assets -3.6%
Bankruptcy probability, 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (19 companies, NACE 32, medium-sized)
Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025lowest value 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.2%▲ +0.1 percentage points vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.2%● unchanged vs 03-2026 05-2026: 0.2%● unchanged vs 04-2026 06-2026: 0.2%● unchanged vs 05-2026 07-2026: 0.2%● unchanged vs 06-2026 08-2026: 0.1%▼ -0.1 percentage points vs 07-2026 09-2026: 0.2%▲ +0.1 percentage points vs 08-2026 10-2026: 0.2%● unchanged vs 09-2026highest value
Credit of up to €2,100,000 on 30-day terms is acceptable
Liquidity ample (current ratio 1.75, compared with 2.32 in 2024, above the usual 1.5; short-term debt: 48.8% and cash: 3.3% of total assets), but 57.1% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (all companies): better than 59% on solvency, 27% on liquidity, 21% on profitability and 19% on growth.

The bankruptcy probability was computed on 26-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Founded in 1988
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
raises risk · Liquidity: current ratio 1.75, cash €1.9m
NBB · annual accounts
raises risk · Loss of €2.0m (financial year 2025)
NBB · annual accounts
lowers risk · Legal form: public limited company
KBO
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 22-12-2025, 40 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
40 days early
2024
21 days late
2023
40 days early
2022
41 days early
2021
54 days early
2020
39 days early
2019
44 days 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 34 days before the deadline; the sector median (NACE 32) for financial year 2024 is 2 days before the deadline, and 39% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 22 December (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
30-06-2026 year end27-10-2026 today31-01-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Resignation: Gert Hazevoet (director)Gazette deed
  2. Annual accounts filedfinancial year 2025 · full…
  3. Weakest financial yearnet -€2.0m

Key points

  • Caution: From profit to loss in 2025after €1.8m in 2024 -€2.0m View
  • Caution: Among the weakest 5% on net resultsector median €36,924 · 142 companies -€2.0m View
  • Controlled by BENSAR 100% View
  • Flemish supportawarded from 2022 to 2025 €70,228 View

By topic

Financials

Financial year
2025
Turnover
€109.8m
Loss
-€2.0m
Solvency
42.9%
Turnover▼ 6.4%
Net result
20192025
Go to Financials

Board & ownership

Board
4 members
Parent
BENSAR · 100%
  • BENSARChair
  • Dedato BVBADirector
  • BENAL BVBAManaging director
  • FLAMBO BVDirector
Go to Board & ownership

Timeline

Events
57
Since
1990
Next accounts
by 31-01-2027
  1. 20-05-2025Reappointment: BDO bedrijfsrevisoren BV (statutory auditor)
  2. 21-02-2025Annual accounts filed
  3. 22-12-2023Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Other manufacturing not elsewhere classifiedNACE 32990
Founded
16-11-1988
Year ends
30-06
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
1
Purpose
“De productie en commercialisatie van kaarsen en aanverwante artikelen in de meest…” (deed in Dutch)
Go to Articles of association

Key facts about SPAAS KAARSEN

What is the company number of SPAAS KAARSEN?
0435.854.157. In Belgium the VAT number is the company number with BE in front: BE 0435.854.157.
Where is SPAAS KAARSEN based?
The registered office is at Industriestraat 11, 3930 Hamont-Achel.Company details
What does SPAAS KAARSEN do?
According to the KBO register, the main activity is other manufacturing not elsewhere classified (NACE 32990).
What is the legal form of SPAAS KAARSEN?
Public limited company (NV).
When was SPAAS KAARSEN founded?
On 16-11-1988.
Is SPAAS KAARSEN still active?
Yes, SPAAS KAARSEN is an active enterprise in the KBO register.
How many employees does SPAAS KAARSEN have?
On average 131.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of SPAAS KAARSEN?
€109.8m in financial year 2025, according to the filed annual accounts.
Is SPAAS KAARSEN profitable?
In financial year 2025, SPAAS KAARSEN made a loss of €2.0m.
Where can I find the annual accounts of SPAAS KAARSEN?
SPAAS KAARSEN filed 35 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of SPAAS KAARSEN due?
By 31-01-2027, for financial year 2026.Timeline

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