SPANADRA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 19 filings
Turnover
≈ €640,000
Estimated: probably between €430,000 and €1.2m
Total assets
€503,222▼ 19.1%
2024 · €622,189
Net result
-€15,794
2024 · €45,116
Working capital
€331,098▼ 14.6%
2024 · €387,811
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€14,777
2025
20182025
Net result
-€15,794
2025
lowest quarter of the sector
20182025
Equity
€372,106
▼ 4.1%
2025
middle half of the sector
20182025
Total assets
€503,222
▼ 19.1%
2025
middle half of the sector
20182025
Debt
€131,116
▼ 44.0%
2025
20182025
Working capital
€331,098
▼ 14.6%
2025
middle half of the sector
20182025
Solvency
73.9%
▲ 11.6pp
2025
highest quarter of the sector
20182025
Current ratio
3.55
▲ 0.82
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-3.1%
▼ 10.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.2m▲ 300%€0.09m▼ 43.4%€0.2m▲ 187%€0.002m▼ 99.3%-€0.06m€0.01m-€0.01m
Net result€0.03m-€0.1m▲ 349%€0.06mwithin the sector's middle half▼ 57.3%€0.2mabove the sector's middle half▲ 270%€0.02mwithin the sector's middle half▼ 91.7%-€0.2mbelow the sector's middle half€0.05mwithin the sector's middle half-€0.02mbelow the sector's middle half
Equity€0.1m-€0.2m▲ 93.1%€0.3mwithin the sector's middle half▲ 27.4%€0.5mwithin the sector's middle half▲ 79.6%€0.5mwithin the sector's middle half▲ 3.7%€0.3mwithin the sector's middle half▼ 34.4%€0.4mwithin the sector's middle half▲ 13.2%€0.4mwithin the sector's middle half▼ 4.1%
Total assets€0.4m-€0.6m▲ 28.7%€0.5mwithin the sector's middle half▼ 18.5%€1.0mwithin the sector's middle half▲ 115%€1.1mwithin the sector's middle half▲ 10.8%€0.8mwithin the sector's middle half▼ 30.0%€0.6mwithin the sector's middle half▼ 20.5%€0.5mwithin the sector's middle half▼ 19.1%
Debt€0.3m-€0.4m▲ 6.6%€0.2m▼ 47.0%€0.5m▲ 168%€0.6m▲ 17.8%€0.4m▼ 26.1%€0.2m▼ 46.7%€0.1m▼ 44.0%
Working capital-€0.003m-€0.2m€0.3mwithin the sector's middle half▲ 98.6%€0.5mabove the sector's middle half▲ 51.9%€0.5mabove the sector's middle half▲ 3.1%€0.3mwithin the sector's middle half▼ 36.0%€0.4mwithin the sector's middle half▲ 16.1%€0.3mwithin the sector's middle half▼ 14.6%
Solvency25.5%-38.3%▲ 12.8pp59.8%above the sector's middle half▲ 21.6pp49.9%within the sector's middle half▼ 9.9pp46.7%within the sector's middle half▼ 3.2pp43.8%within the sector's middle half▼ 2.9pp62.3%above the sector's middle half▲ 18.6pp73.9%above the sector's middle half▲ 11.6pp
Current ratio0.97-1.49▲ 0.523.46above the sector's middle half▲ 1.972.11within the sector's middle half▼ 1.351.93within the sector's middle half▼ 0.181.78within the sector's middle half▼ 0.152.73within the sector's middle half▲ 0.953.55above the sector's middle half▲ 0.82
Return on assets (ROA)7.0%-24.5%▲ 17.5pp12.9%above the sector's middle half▼ 11.7pp22.1%above the sector's middle half▲ 9.3pp1.7%within the sector's middle half▼ 20.5pp-22.9%below the sector's middle half▼ 24.6pp7.3%within the sector's middle half▲ 30.2pp-3.1%below the sector's middle half▼ 10.4pp
Staff (FTE)2.1within the sector's middle half2within the sector's middle half▼ 4.8%2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €14,777, after a profit of €13,813 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €503,222
Fixed assets
€42,445 ▲ 298%
Current assets
€460,776 ▼ 24.7%
Equity and liabilities €503,222
Equity
€372,106 ▼ 4.1%
Debt
€131,116 ▼ 44.0%
Debt's share of the balance-sheet total falls from 37.7% to 26.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,413▼
2024 · €24,003
Cash flow
€2,396▼
2024 · €55,306
Quick ratio
2.94▲
2024 · 1.92
Debt to equity
0.35▼
2024 · 0.60
ROE
-4.2%▼
2024 · 11.6%
Interest coverage
0.90▼
2024 · 7.61
Debt ≤ 1 year
€129,678▼
2024 · €223,724
Debt > 1 year
€1,000▼
2024 · €9,952
Income taxes
€137▲
2024 · -€22,607
Staff costs
€131,766▼
2024 · €146,013
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 |
| full-time | 2 | 1 | 2 |
| part-time | 1 | 1 | - |
| in full-time equivalents | 2.2 | 1.8 | 2 |
| Average over the year, in full-time equivalents | 2.1 | 2 | 2 |
| On a permanent contract | 3 | 2 | 2 |
| Joined | 4 | 1 | - |
| Left | 1 | 2 | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €55,694 | - | - | €619 | - |
| Intangible fixed assets | - | - | - | - | €49,981 |
| Depreciation and write-downs of the year | €10,062 | €10,417 | €10,227 | €10,190 | €18,190 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €141,660 | €146,013 | €131,766 | ▼ 9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,352 | €120 | €120 | €10,062 | €10,417 | €10,227 | €10,190 | €18,190 | ▲ 78.5% |
| Other operating charges640/8 | - | - | - | €7,523 | €10,469 | €7,354 | €9,023 | €897 | ▼ 90.1% |
| Gross operating margin9900 | €52,059 | €152,369 | €87,338 | €264,265 | €22,710 | €97,846 | €179,039 | €136,076 | ▼ 24.0% |
| Operating profit (loss)9901 | €37,923 | €151,678 | €85,832 | €246,680 | €1,824 | -€61,394 | €13,813 | -€14,777 | - |
| Financial income75/76B | - | - | - | €6,771 | €18,795 | €35 | €11,849 | €2,915 | ▼ 75.4% |
| Recurring financial income75 | - | - | - | €6,771 | €18,795 | €35 | €11,849 | €2,915 | ▼ 75.4% |
| Financial charges65/66B | - | - | - | €1,491 | €2,090 | €6,832 | €3,153 | €3,795 | ▲ 20.4% |
| Recurring financial charges65 | €6,506 | €6,873 | €461 | €1,491 | €2,090 | €6,832 | €3,153 | €3,795 | ▲ 20.4% |
| Profit (loss) for the period before taxes9903 | €31,417 | €144,805 | €85,371 | €251,960 | €18,529 | -€68,192 | €22,509 | -€15,657 | - |
| Income taxes67/77 | €4 | €3,620 | €25,076 | €28,699 | - | €111,295 | -€22,607 | €137 | - |
| Profit (loss) for the period9904 | €31,413 | €141,186 | €60,295 | €223,262 | €18,529 | -€179,486 | €45,116 | -€15,794 | - |
| Profit (loss) for the period to be appropriated9905 | €31,413 | €141,186 | €60,295 | €223,262 | €18,529 | -€179,486 | €45,116 | -€15,794 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.6m | €0.5m | €1.0m | €1.1m | €0.8m | €0.6m | €0.5m | ▼ 19.1% |
| Fixed assets21/28 | €0.4m | €0.07m | €240 | €0.05m | €0.04m | €0.02m | €0.01m | €0.04m | ▲ 298% |
| Intangible fixed assets21 | €480 | €360 | €240 | €120 | - | - | - | €0.04m | - |
| Tangible fixed assets22/27 | €0.3m | - | - | €0.05m | €0.04m | €0.02m | €0.01m | €431 | ▼ 96.0% |
| Land and buildings22 | - | - | - | €0.005m | €0.005m | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €446 | €239 | ▼ 46.3% |
| Leasing and similar rights25 | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | €192 | ▼ 98.1% |
| Financial fixed assets28 | €0.07m | €0.07m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.09m | €0.5m | €0.5m | €1.0m | €1.1m | €0.8m | €0.6m | €0.5m | ▼ 24.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Other amounts receivable291 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Stocks and contracts in progress3 | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.08m | €0.2m | €0.08m | ▼ 56.7% |
| Stocks30/36 | - | - | - | €0.1m | €0.08m | €0.08m | €0.2m | €0.08m | ▼ 56.7% |
| Amounts receivable within one year40/41 | €0.02m | €0.03m | €0.1m | €0.7m | €0.9m | €0.6m | €0.2m | €0.2m | ▲ 4.0% |
| Trade receivables40 | - | - | - | €0.6m | €0.3m | €0.2m | €0.02m | €0.01m | ▼ 38.4% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.5m | €0.4m | €0.2m | €0.2m | ▲ 8.1% |
| Cash at bank and in hand54/58 | €0.02m | €0.3m | €0.08m | €0.08m | €0.07m | €0.05m | €0.2m | €0.1m | ▼ 36.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.001m | €0.001m | €0.005m | ▲ 381% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.6m | €0.5m | €1.0m | €1.1m | €0.8m | €0.6m | €0.5m | ▼ 19.1% |
| Equity10/15 | €0.1m | €0.2m | €0.3m | €0.5m | €0.5m | €0.3m | €0.4m | €0.4m | ▼ 4.1% |
| Contributions10/11 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Capital10 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Uncalled capital101 | - | - | - | €0.006m | €0.006m | - | - | - | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.3m | €0.5m | €0.5m | €0.3m | €0.4m | €0.4m | ▼ 4.2% |
| Amounts payable17/49 | €0.3m | €0.4m | €0.2m | €0.5m | €0.6m | €0.4m | €0.2m | €0.1m | ▼ 44.0% |
| Amounts payable after more than one year17 | €0.2m | - | €0.04m | €0.03m | €0.02m | €0.01m | €0.01m | €0.001m | ▼ 90.0% |
| Financial debts170/4 | - | - | - | €0.03m | €0.02m | €0.01m | €0.01m | €0.001m | ▼ 90.0% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €0.1m | €0.5m | €0.6m | €0.4m | €0.2m | €0.1m | ▼ 42.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.02m | €0.006m | €0.009m | ▲ 59.8% |
| Financial debts43 | - | - | - | - | - | €0.002m | €0.008m | €0.002m | ▼ 81.6% |
| Credit institutions430/8 | - | - | - | - | - | €0.002m | €0.008m | €0.002m | ▼ 81.6% |
| Trade debts44 | €0.03m | €0.3m | €0.1m | €0.4m | €0.5m | €0.4m | €0.2m | €0.05m | ▼ 69.7% |
| Suppliers440/4 | - | - | - | €0.4m | €0.5m | €0.4m | €0.2m | €0.05m | ▼ 69.7% |
| Advances received on contracts in progress46 | - | - | - | €182 | - | - | - | €0.02m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.002m | €0.01m | €0.007m | €0.01m | ▲ 88.8% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.01m | €0.007m | €0.01m | ▲ 88.8% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.01m | €0.001m | €0.001m | €438 | ▼ 28.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,413 | €141,186 | €60,295 | €223,262 | €18,529 | -€179,486 | €45,116 | -€15,794 | - |
| + Depreciation and write-downs630 | €13,352 | €120 | €120 | €10,062 | €10,417 | €10,227 | €10,190 | €18,190 | ▲ 78.5% |
| Operating cash flow (approximation) | €44,765 | €141,306 | €60,415 | €233,324 | €28,946 | -€169,259 | €55,306 | €2,396 | ▼ 95.7% |
| Investment in fixed assets (approximation) | - | €288,680 | €65,000 | -€55,694 | €0 | €5,003 | -€619 | -€49,981 | ▼ 7,974% |
| Change in cash | - | €259,938 | -€197,730 | €4,504 | -€13,935 | -€17,184 | €110,010 | -€60,183 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as SPANADRA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPANADRA itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for SPANADRA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-06-2026 | 2026-00201855 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00326418 | |
| 31-12-2023 | abbreviated format | 08-07-2024 | 2024-00219464 | |
| 31-12-2022 | abbreviated format | 28-08-2023 | 2023-00364668 | |
| 31-12-2021 | abbreviated format | 08-05-2023 | 2023-00082179 | |
| 31-12-2020 | abbreviated format | 17-08-2021 | 2021-50000248 | |
| 31-12-2019 | abbreviated format | 14-10-2020 | 2020-61500153 | |
| 31-12-2018 | abbreviated format | 16-07-2019 | 2019-33500590 | |
| 31-12-2017 | abbreviated format | 06-07-2018 | 2018-30200056 | |
| 31-12-2016 | micro format | 10-07-2017 | 2017-29100471 |