SPAH
ActiveSummary
SPAH has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €357,928 and a net result of €23,588. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 30% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2023
Profitability32▼-47
Solvency36▼-5
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19,000 at 30 days acceptable
Liquidity ample (current ratio 2.96 against 1.24 in 2023; short-term debt: 28.1% and cash: 0.6% of total assets), but 88.8% 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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 2025Solvency, return and age of the figures
Solvency
11.2%
Return on assets
0.7%
Age of the figures
18 mo
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
192021222325
2019 to 2025 · latest year €357,928
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 28-11-2025, 28 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 · 10 filingsDeviation from the deadline
2025
28 d late
2023
1 d late
2022
55 d late
2021
25 d early
2020
47 d early
2019
23 d early
2018
28 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 6 days before the deadline; the sector median for financial year 2023 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€357,928▲ 167%
2023 · €134,207
Total assets
€3.2m▲ 281%
2023 · €836,309
Net result
€23,588▼ 64.6%
2023 · €66,663
Working capital
€1.8m▲ 1,004%
2023 · €158,716
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
Line20202021202220232025
Operating result€63,497▼ 64.1%€45,202▼ 28.8%€41,153▼ 9.0%€84,924▲ 106%€111,452-
Net result€57,598within the sector's middle half▼ 50.2%€6,889within the sector's middle half▼ 88.0%€34,936within the sector's middle half▲ 407%€66,663within the sector's middle half▲ 90.8%€23,588within the sector's middle half-
Equity€190,883within the sector's middle half▲ 43.2%€32,608below the sector's middle half▼ 82.9%€67,543below the sector's middle half▲ 107%€134,207within the sector's middle half▲ 98.7%€357,928within the sector's middle half-
Total assets€618,663below the sector's middle half▲ 68.2%€938,076within the sector's middle half▲ 51.6%€1.1mwithin the sector's middle half▲ 22.4%€836,309within the sector's middle half▼ 27.2%€3.2mwithin the sector's middle half-
Debt€427,780▲ 82.4%€905,468▲ 112%€1.1m▲ 19.4%€702,103▼ 35.0%€2.8m-
Working capital-€49,194within the sector's middle half-€12,087within the sector's middle half▲ 75.4%€128,385within the sector's middle half€158,716within the sector's middle half▲ 23.6%€1.8mabove the sector's middle half-
Solvency30.9%within the sector's middle half▼ 5.4pp3.5%below the sector's middle half▼ 27.4pp5.9%below the sector's middle half▲ 2.4pp16.0%within the sector's middle half▲ 10.2pp11.2%within the sector's middle half-
Current ratio0.88within the sector's middle half▼ 0.740.99within the sector's middle half▲ 0.111.13within the sector's middle half▲ 0.141.24within the sector's middle half▲ 0.112.96above the sector's middle half-
Return on assets (ROA)9.3%above the sector's middle half▼ 22.1pp0.7%within the sector's middle half▼ 8.6pp3.0%within the sector's middle half▲ 2.3pp8.0%above the sector's middle half▲ 4.9pp0.7%within the sector's middle half-
Staff (FTE)2within the sector's middle half▲ 233%0.9below the sector's middle half▼ 55.0%2.5within the sector's middle half▲ 178%1within the sector's middle half▼ 60.0%0.2within the sector's middle half-
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, 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 is €111,452 in 2025, compared with €84,924 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €3.2m
Fixed assets
€539,451 ▲ 2,153%
Current assets
€2.6m ▲ 226%
Equity and liabilities €3.2m
Equity
€357,928 ▲ 167%
Debt
€2.8m ▲ 303%
Debt's share of the balance-sheet total rises from 84.0% to 88.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€129,895▲
2023 · €96,889
Cash flow
€42,031▼
2023 · €78,629
Quick ratio
0.62▼
2023 · 1.24
Debt to equity
7.91▲
2023 · 5.23
ROE
6.6%▼
2023 · 49.7%
Interest coverage
1.47▼
2023 · 11.23
Debt ≤ 1 year
€896,288▲
2023 · €653,647
Debt > 1 year
€1.9m▲
2023 · €48,456
Income taxes
€18,719▲
2023 · €9,633
Staff costs
€2,064▼
2023 · €51,717
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,980 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.1%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
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 3,980 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 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,847 | - |
| Remuneration, social security and pensions62 | - | - | €4,621 | €51,717 | €2,064 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,413 | €15,691 | €20,878 | €11,966 | €18,443 | - |
| Other operating charges640/8 | - | - | €1,105 | €6,117 | €55,513 | - |
| Non-recurring operating charges66A | - | - | - | - | €344,231 | - |
| Gross operating margin9900 | €262,115 | €135,183 | €67,758 | €154,723 | €531,703 | - |
| Operating profit (loss)9901 | €63,497 | €45,202 | €41,153 | €84,924 | €111,452 | - |
| Financial income75/76B | - | - | €26,484 | €0 | €19,029 | - |
| Recurring financial income75 | €531 | €37 | €26,484 | €0 | €19,029 | - |
| Financial charges65/66B | - | - | €22,384 | €8,627 | €88,174 | - |
| Recurring financial charges65 | €3,512 | €8,550 | €22,384 | €8,627 | €88,174 | - |
| Profit (loss) for the period before taxes9903 | €62,507 | €36,689 | €45,254 | €76,296 | €42,307 | - |
| Income taxes67/77 | €4,909 | €29,800 | €10,318 | €9,633 | €18,719 | - |
| Profit (loss) for the period9904 | €57,598 | €6,889 | €34,936 | €66,663 | €23,588 | - |
| Profit (loss) for the period to be appropriated9905 | €57,598 | €6,889 | €34,936 | €66,663 | €23,588 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €618,663 | €938,076 | €1.1m | €836,309 | €3.2m | - |
| Fixed assets21/28 | €259,360 | €53,445 | €39,619 | €23,946 | €539,451 | - |
| Intangible fixed assets21 | €216,137 | - | - | - | - | - |
| Tangible fixed assets22/27 | €39,718 | €49,880 | €34,754 | €23,946 | €539,451 | - |
| Land and buildings22 | - | - | - | - | €538,860 | - |
| Plant, machinery and equipment23 | - | - | €34,754 | €18,477 | €591 | - |
| Furniture and vehicles24 | - | - | - | €5,469 | €0 | - |
| Financial fixed assets28 | €3,505 | €3,565 | €4,865 | - | - | - |
| Current assets29/58 | €359,303 | €884,630 | €1.1m | €812,363 | €2.6m | - |
| Amounts receivable after more than one year29 | - | - | €773,776 | €0 | - | - |
| Other amounts receivable291 | - | - | €773,776 | €0 | - | - |
| Stocks and contracts in progress3 | - | - | - | - | €2.1m | - |
| Stocks30/36 | - | - | - | - | €2.1m | - |
| Amounts receivable within one year40/41 | €264,012 | €854,850 | €243,336 | €696,635 | €538,662 | - |
| Trade receivables40 | - | - | €243,336 | €536,687 | €228,126 | - |
| Other amounts receivable41 | - | - | - | €159,948 | €310,535 | - |
| Cash at bank and in hand54/58 | €91,462 | €29,780 | €91,770 | €115,728 | €19,265 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €618,663 | €938,076 | €1.1m | €836,309 | €3.2m | - |
| Equity10/15 | €190,883 | €32,608 | €67,543 | €134,207 | €357,928 | - |
| Contributions10/11 | - | - | €2,509 | €2,509 | €21,059 | - |
| Reserves13 | €1,860 | €26,077 | €26,077 | €26,077 | €95,018 | - |
| Distributable reserves133 | - | - | €26,077 | €26,077 | €95,018 | - |
| Profit (loss) carried forward14 | €170,423 | €4,022 | €38,957 | €105,621 | €241,851 | - |
| Amounts payable17/49 | €427,780 | €905,468 | €1.1m | €702,103 | €2.8m | - |
| Amounts payable after more than one year17 | €17,333 | €8,751 | €100,461 | €48,456 | €1.9m | - |
| Financial debts170/4 | - | - | €100,461 | €48,456 | €1.9m | - |
| Amounts payable within one year42/48 | €408,497 | €896,717 | €980,498 | €653,647 | €896,288 | - |
| Current portion of amounts payable after more than one year42 | - | - | €56,821 | €10,015 | €529,658 | - |
| Financial debts43 | - | - | €189,968 | €223,064 | €0 | - |
| Credit institutions430/8 | - | - | €189,968 | €181,073 | €0 | - |
| Other loans439 | - | - | - | €41,991 | €0 | - |
| Trade debts44 | €222,101 | €575,685 | €673,881 | €398,781 | €291,396 | - |
| Suppliers440/4 | - | - | €673,881 | €398,781 | €291,396 | - |
| Taxes, remuneration and social security45 | - | - | €42,363 | €5,482 | €66,907 | - |
| Taxes450/3 | - | - | €39,754 | €0 | €66,907 | - |
| Remuneration and social security454/9 | - | - | €2,610 | €5,482 | €0 | - |
| Other amounts payable47/48 | - | - | €17,465 | €16,305 | €8,328 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,598 | €6,889 | €34,936 | €66,663 | €23,588 | - |
| + Depreciation and write-downs630 | €48,413 | €15,691 | €20,878 | €11,966 | €18,443 | - |
| Operating cash flow (approximation) | €106,011 | €22,580 | €55,814 | €78,629 | €42,031 | - |
| Investment in fixed assets (approximation) | - | €190,223 | -€7,052 | €3,707 | - | - |
| Change in cash | - | -€61,681 | €61,990 | €23,958 | - | - |
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
28-11
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
31-03
Financial
Liquidity doublescurrent ratio 2.96
Current ratio from 1.24 to 2.96.
31-03
Financial
Equity above €200,000Eq €357,928 ▲167%
6 profitable years in a row build equity to €357,928.
2024
01-02
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 1 day late
2023
30-06
Financial
Equity above €100,000Eq €134,207 ▲98.7%
5 profitable years in a row build equity to €134,207.
27-03
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 55 days late
2022
06-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-06
Financial
Weakest financial yearnet €6,889 ▼88%
Net result drops to €6,889, the lowest in the series; recovery starts the following year.
2020
15-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
30-06
Financial
Equity above €150,000Eq €190,883 ▲43.2%
2 profitable years in a row build equity to €190,883.
08-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
03-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Show earlier events
2017
27-12
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
09-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
22-01
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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-Martens-Latem · 1 establishment unit since 2006
Ground area
2,364 m²
Building footprint
383 m²
Volume, LiDAR
1,367 m³
Parcel 44015A0277/00R000, Flanders · tallest building 5.9 m, ±1 floor. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
SPAH
since 20062.151.516.517
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44015A0277/00R000 | Flanders | 2,364 m² | 1 · 383 m² | 5.9 m · 1 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.
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,394. 5,048 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
Founded27-01-2006
Fiscal year end31-03
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
47690Retail sale of other cultural and recreation goods
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
82300Organisation of conventions and trade shows
E-invoicing
Reachable via Peppol
Peppol ID
0208:0878965203
Registered
02-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.