SPAG
ActiveSPAG has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €16k and a net result of €132. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 16% of 36373 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2024
46
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability69▼-31
Solvency38▼-11
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.54 against 0.81 in 2023; short-term debt: 86.7% and cash: 0.6% of total assets), and 86.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
+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
Sector 43
higher
← 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 2024Solvency, return and age of the figures
Solvency
13.3%
Return on assets
0.1%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 36373 sector peers (2024).
NBB · sector comparisonPosition among 36373 sector peers
Solvency
better than 16%
← weakest
strongest →
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 25-07-2025, 6 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
6 d early
2023
64 d late
2022
58 d late
2021
92 d late
2020
192 d late
2019
92 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Equity
€16k▲ 0.9%
2023 · €15k
2018: €11k
2019: €13k
2020: €8k
2021: €-2k
2022: €-2k
2023: €15k
2018 → 2024
Total assets
€117k▲ 80.9%
2023 · €64k
2018: €47k
2019: €109k
2020: €111k
2021: €71k
2022: €59k
2023: €64k
2018 → 2024
Net result
€132▼ 99.2%
2023 · €17k
2018: €11k
2019: €26k
2020: €-6k
2021: €-10k
2022: €801
2023: €17k
2018 → 2024
Working capital
€-47k▼ 411%
2023 · €-9k
2018: €-14k
2019: €-12k
2020: €-18k
2021: €-28k
2022: €-25k
2023: €-9k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€8k-€-2k€-2k▲ 32.7%€15k€16k▲ 0.9%
Operating result€-4k-€-9k▼ 104%€2k€21k▲ 904%€1k▼ 93.8%
Net result€-6k-€-10k▼ 69.8%€801€17k▲ 2,028%€132▼ 99.2%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 94% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €117k
Fixed assets
€62k▲ 153%
Current assets
€55k▲ 36.6%
Equity and liabilities €117k
Equity
€16k▲ 0.9%
Debt
€101k▲ 106%
The debt ratio rises from 76.1% to 86.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€11k▼
2023 · €26k
Cash flow
€10k▼
2023 · €22k
Solvency
13.3%▼
2023 · 23.9%
Current ratio
0.54▼
2023 · 0.81
Quick ratio
0.54▼
2023 · 0.81
Debt / equity
6.51▲
2023 · 3.18
ROE
0.9%▼
2023 · 110.7%
ROA
0.1%▼
2023 · 26.5%
Interest coverage
9.48▼
2023 · 28.53
Debt
€101k▲
2023 · €49k
Debt ≤ 1 year
€101k▲
2023 · €49k
Income taxes
€46▼
2023 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€64k€117k▲
Fixed assets21/28€24k€62k▲
Tangible fixed assets22/27€24k€62k▲
Land and buildings22€16k€50k▲
Plant, machinery and equipment23€0€6k▲
Furniture and vehicles24€8k€5k▼
Financial fixed assets28€200€200=
Current assets29/58€40k€55k▲
Amounts receivable within one year40/41€38k€53k▲
Trade receivables40€33k€46k▲
Other amounts receivable41€5k€6k▲
Cash at bank and in hand54/58€2k€744▼
Deferred charges and accrued income490/1-€1k
Equity and liabilities
Total equity and liabilities10/49€64k€117k▲
Equity10/15€15k€16k▲
Contributions10/11€6k€6k=
Reserves13€1k€1k=
Non-distributable reserves130/1€1k€1k=
Reserves not available under the articles1311€1k€1k=
Profit (loss) carried forward14€8k€8k▲
Amounts payable17/49€49k€101k▲
Amounts payable within one year42/48€49k€101k▲
Current portion of amounts payable after more than one year42€408-
Financial debts43€5k-
Credit institutions430/8€5k-
Trade debts44€6k€17k▲
Suppliers440/4€6k€17k▲
Taxes, remuneration and social security45€3k€3k▲
Taxes450/3€3k€3k▲
Other amounts payable47/48€34k€81k▲
Income statement
Code20232024
Remuneration, social security and pensions62€82-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€9k▲
Other operating charges640/8€2k€844▼
Gross operating margin9900€28k€12k▼
Operating profit (loss)9901€21k€1k▼
Financial income75/76B€2€1▼
Recurring financial income75€2€1▼
Financial charges65/66B€918€1k▲
Recurring financial charges65€918€1k▲
Profit (loss) for the period before taxes9903€20k€178▼
Income taxes67/77€3k€46▼
Profit (loss) for the period9904€17k€132▼
Profit (loss) for the period to be appropriated9905€17k€132▼
Appropriation of the result
Profit (loss) to be appropriated9906€8k€8k▲
Profit (loss) brought forward from the previous period14P€-9k€8k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
03-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 64 days late
2023
27-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 58 days late
2022
31-12
Financial
Back to profitnet €801
Net result €801 after 2 loss-making years.
31-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 92 days late
08-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 192 days late
2021
31-12
Financial
Weakest financial yearnet €-10k
Net result drops to €-10k, the lowest in the series; recovery starts the following year.
2020
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 92 days late
2019
31-12
Financial
Highest result since 2018net €26k ▲133%
Operating result €28k, net result €26k, both a record.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 57 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Rebecq · 1 establishment unit since 2016
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Chemin Tambourin 31430 RebecqGround area
983 m²
Building footprint
146 m²
Volume, LiDAR
663 m³
Parcel 25090E0036/00Y000, Wallonia · tallest building 6.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
SPAG
since 20162.252.490.646
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25090E0036/00Y000 | Wallonia | 983 m² | 1 · 146 m² | 6.8 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 4,270 companies in sector 43230 we hold annual accounts for 1,240. 812 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded30-03-2016
Fiscal year end31-12
Activities, NACEBEL
43230Insulation installation
43291Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.