SPANAM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-01-2026 PDF all 31 filings
Turnover
≈ €2.1m
Estimated: probably between €1.5m and €2.8m
EBIT margin
Not included in this filing
Net result
-€37,332▼ 46.6%
2024 · -€25,473
Working capital
€89,271▼ 33.6%
2024 · €134,433
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€22,345
▼ 57.0%
2025
20192025
Net result
-€37,332
▼ 46.6%
2025
lowest quarter of the sector
20192025
Equity
€92,418
▼ 28.8%
2025
lowest quarter of the sector
20192025
Total assets
€269,377
▼ 17.8%
2025
lowest quarter of the sector
20192025
Debt
€176,960
▼ 10.6%
2025
20192025
Working capital
€89,271
▼ 33.6%
2025
middle half of the sector
20192025
Solvency
34.3%
▼ 5.3pp
2025
middle half of the sector
20192025
Current ratio
1.59
▼ 0.24
2025
middle half of the sector
20192025
Return on assets (ROA)
-13.9%
▼ 6.1pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
6.3
▲ 3.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€18,804--€5,754-€9,175▼ 59.5%-€43,322▼ 372%-€22,207▲ 48.7%-€14,230▲ 35.9%-€22,345▼ 57.0%
Net result€9,340--€15,103below the sector's middle half-€19,221below the sector's middle half▼ 27.3%-€54,080below the sector's middle half▼ 181%-€33,636below the sector's middle half▲ 37.8%-€25,473below the sector's middle half▲ 24.3%-€37,332below the sector's middle half▼ 46.6%
Equity€277,263-€262,160within the sector's middle half▼ 5.4%€242,939within the sector's middle half▼ 7.3%€188,859within the sector's middle half▼ 22.3%€155,223within the sector's middle half▼ 17.8%€129,750within the sector's middle half▼ 16.4%€92,418below the sector's middle half▼ 28.8%
Total assets€412,730-€372,950within the sector's middle half▼ 9.6%€371,149below the sector's middle half▼ 0.5%€287,555below the sector's middle half▼ 22.5%€311,533below the sector's middle half▲ 8.3%€327,693below the sector's middle half▲ 5.2%€269,377below the sector's middle half▼ 17.8%
Debt€135,467-€110,790▼ 18.2%€128,210▲ 15.7%€98,696▼ 23.0%€156,310▲ 58.4%€197,943▲ 26.6%€176,960▼ 10.6%
Working capital€211,302-€206,357within the sector's middle half▼ 2.3%€222,552within the sector's middle half▲ 7.8%€176,323within the sector's middle half▼ 20.8%€168,852within the sector's middle half▼ 4.2%€134,433within the sector's middle half▼ 20.4%€89,271within the sector's middle half▼ 33.6%
Solvency67.2%-70.3%above the sector's middle half▲ 3.1pp65.5%above the sector's middle half▼ 4.8pp65.7%above the sector's middle half▲ 0.2pp49.8%within the sector's middle half▼ 15.9pp39.6%within the sector's middle half▼ 10.2pp34.3%within the sector's middle half▼ 5.3pp
Current ratio2.56-2.87above the sector's middle half▲ 0.313.07above the sector's middle half▲ 0.192.80above the sector's middle half▼ 0.272.26within the sector's middle half▼ 0.541.83within the sector's middle half▼ 0.431.59within the sector's middle half▼ 0.24
Return on assets (ROA)2.3%--4.0%below the sector's middle half▼ 6.3pp-5.2%below the sector's middle half▼ 1.1pp-18.8%below the sector's middle half▼ 13.6pp-10.8%below the sector's middle half▲ 8.0pp-7.8%below the sector's middle half▲ 3.0pp-13.9%below the sector's middle half▼ 6.1pp
Staff (FTE)6.9-6.6within the sector's middle half▼ 4.3%6.2within the sector's middle half▼ 6.1%6.3within the sector's middle half▲ 1.6%6.4within the sector's middle half▲ 1.6%6.1within the sector's middle half▼ 4.7%6.3within the sector's middle half▲ 3.3%
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 €22,345, larger than the loss of €14,230 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €269,377
Fixed assets
€29,016 ▼ 1.0%
Current assets
€240,362 ▼ 19.0%
Equity and liabilities €269,377
Equity
€92,418 ▼ 28.8%
Debt
€176,960 ▼ 10.6%
Debt's share of the balance-sheet total rises from 60.4% to 65.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€18,239▼
2024 · -€11,567
Cash flow
-€33,227▼
2024 · -€22,810
Quick ratio
0.72▼
2024 · 1.07
Debt to equity
1.91▲
2024 · 1.53
ROE
-40.4%▼
2024 · -19.6%
Interest coverage
-1.25▼
2024 · -1.02
Debt ≤ 1 year
€151,090▼
2024 · €162,420
Debt > 1 year
€25,869▲
2024 · €14,339
Income taxes
€810▲
2024 · €276
Staff costs
€224,845▼
2024 · €225,645
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 7 | 8 | 7 |
| full-time | 2 | 2 | 2 | 4 |
| part-time | 6 | 5 | 6 | 3 |
| in full-time equivalents | 6.5 | 5.7 | 6.5 | 6 |
| Average over the year, in full-time equivalents | 6.3 | 6.4 | 6.1 | 6.3 |
| On a permanent contract | 7 | 7 | 7 | 7 |
| Joined | 3 | 1 | 2 | 3 |
| Left | 2 | 2 | 1 | 4 |
| Training hours | 4 | 355 | 141 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €23,364 | €2,281 |
| Depreciation and write-downs of the year | €27,565 | €4,862 | €2,663 | €4,105 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €223,450 | €236,432 | €225,645 | €224,845 | ▼ 0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,285 | €16,973 | €17,565 | €27,565 | €4,862 | €2,663 | €4,105 | ▲ 54.2% |
| Other operating charges640/8 | - | - | - | €1,756 | €2,146 | €22,826 | €28,575 | ▲ 25.2% |
| Gross operating margin9900 | €258,030 | €238,093 | €213,603 | €209,449 | €221,233 | €236,904 | €235,181 | ▼ 0.7% |
| Operating profit (loss)9901 | €18,804 | -€5,754 | -€9,175 | -€43,322 | -€22,207 | -€14,230 | -€22,345 | ▼ 57.0% |
| Financial income75/76B | - | - | - | €55 | €76 | €318 | €447 | ▲ 40.5% |
| Recurring financial income75 | €83 | €128 | €95 | €55 | €76 | €318 | €447 | ▲ 40.5% |
| Financial charges65/66B | - | - | - | €10,548 | €11,221 | €11,285 | €14,625 | ▲ 29.6% |
| Recurring financial charges65 | €9,260 | €9,189 | €9,805 | €10,548 | €11,221 | €11,285 | €14,625 | ▲ 29.6% |
| Profit (loss) for the period before taxes9903 | €9,627 | -€14,815 | -€18,885 | -€53,815 | -€33,352 | -€25,197 | -€36,523 | ▼ 44.9% |
| Income taxes67/77 | €287 | €288 | €336 | €265 | €284 | €276 | €810 | ▲ 193% |
| Profit (loss) for the period9904 | €9,340 | -€15,103 | -€19,221 | -€54,080 | -€33,636 | -€25,473 | -€37,332 | ▼ 46.6% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €16,048 | - |
| Profit (loss) for the period to be appropriated9905 | €9,340 | -€15,103 | -€19,221 | -€54,080 | -€33,636 | -€25,473 | -€21,285 | ▲ 16.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €412,730 | €372,950 | €371,149 | €287,555 | €311,533 | €327,693 | €269,377 | ▼ 17.8% |
| Formation expenses20 | €119 | €80 | €0 | - | - | €1,533 | - | - |
| Fixed assets21/28 | €66,037 | €56,382 | €40,973 | €13,408 | €8,546 | €29,307 | €29,016 | ▼ 1.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | €1,427 | - |
| Tangible fixed assets22/27 | €65,789 | €56,134 | €40,725 | €13,160 | €8,298 | €29,059 | €27,341 | ▼ 5.9% |
| Plant, machinery and equipment23 | - | - | - | €6,228 | €3,299 | €24,893 | €22,005 | ▼ 11.6% |
| Furniture and vehicles24 | - | - | - | €6,932 | €4,999 | €4,166 | €5,336 | ▲ 28.1% |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €248 | €248 | €248 | = |
| Current assets29/58 | €346,574 | €316,488 | €330,176 | €274,147 | €302,987 | €296,853 | €240,362 | ▼ 19.0% |
| Stocks and contracts in progress3 | €130,813 | €126,579 | €117,958 | €111,989 | €128,599 | €123,086 | €130,981 | ▲ 6.4% |
| Stocks30/36 | - | - | - | €111,989 | €128,599 | €123,086 | €130,981 | ▲ 6.4% |
| Amounts receivable within one year40/41 | €17,818 | €10,945 | €10,202 | €11,312 | €11,236 | €25,980 | €13,641 | ▼ 47.5% |
| Trade receivables40 | - | - | - | €9,710 | €10,411 | €16,660 | €12,693 | ▼ 23.8% |
| Other amounts receivable41 | - | - | - | €1,602 | €825 | €9,320 | €948 | ▼ 89.8% |
| Cash at bank and in hand54/58 | €195,681 | €175,403 | €200,286 | €148,355 | €158,635 | €146,751 | €90,054 | ▼ 38.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,491 | €4,517 | €1,036 | €5,685 | ▲ 449% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €412,730 | €372,950 | €371,149 | €287,555 | €311,533 | €327,693 | €269,377 | ▼ 17.8% |
| Equity10/15 | €277,263 | €262,160 | €242,939 | €188,859 | €155,223 | €129,750 | €92,418 | ▼ 28.8% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Capital10 | - | - | - | €25,000 | €25,000 | €25,000 | - | - |
| Issued capital100 | - | - | - | €25,000 | €25,000 | €25,000 | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €25,000 | - |
| Other1109/19 | - | - | - | - | - | - | €25,000 | - |
| Reserves13 | €280,641 | €280,641 | €280,641 | €280,641 | €280,641 | €280,641 | €67,418 | ▼ 76.0% |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | €2,500 | - | - |
| Legal reserve130 | - | - | - | €2,500 | €2,500 | €2,500 | - | - |
| Tax-exempt reserves132 | - | - | - | €12,632 | €12,632 | €12,632 | - | - |
| Distributable reserves133 | - | - | - | €265,509 | €265,509 | €265,509 | €67,418 | ▼ 74.6% |
| Profit (loss) carried forward14 | -€28,378 | -€43,481 | -€62,702 | -€116,782 | -€150,418 | -€175,891 | - | - |
| Amounts payable17/49 | €135,467 | €110,790 | €128,210 | €98,696 | €156,310 | €197,943 | €176,960 | ▼ 10.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | €14,339 | €25,869 | ▲ 80.4% |
| Financial debts170/4 | - | - | - | - | - | €14,339 | €25,869 | ▲ 80.4% |
| Amounts payable within one year42/48 | €135,272 | €110,131 | €107,624 | €97,824 | €134,135 | €162,420 | €151,090 | ▼ 7.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €8,084 | €8,469 | ▲ 4.8% |
| Trade debts44 | €105,003 | €79,617 | €65,861 | €70,828 | €101,608 | €112,937 | €116,473 | ▲ 3.1% |
| Suppliers440/4 | - | - | - | €70,828 | €101,608 | €112,937 | €116,473 | ▲ 3.1% |
| Taxes, remuneration and social security45 | - | - | - | €26,996 | €32,527 | €41,399 | €26,148 | ▼ 36.8% |
| Taxes450/3 | - | - | - | €1,151 | €997 | €522 | €151 | ▼ 71.0% |
| Remuneration and social security454/9 | - | - | - | €25,845 | €31,530 | €40,877 | €25,997 | ▼ 36.4% |
| Accrued charges and deferred income492/3 | - | - | - | €872 | €22,175 | €21,184 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,340 | -€15,103 | -€19,221 | -€54,080 | -€33,636 | -€25,473 | -€37,332 | ▼ 46.6% |
| + Depreciation and write-downs630 | €16,285 | €16,973 | €17,565 | €27,565 | €4,862 | €2,663 | €4,105 | ▲ 54.2% |
| Operating cash flow (approximation) | €25,625 | €1,870 | -€1,656 | -€26,515 | -€28,774 | -€22,810 | -€33,227 | ▼ 45.7% |
| Investment in fixed assets (approximation) | - | -€7,318 | -€2,156 | €0 | €0 | -€23,424 | -€3,814 | ▲ 83.7% |
| Change in cash | - | -€20,278 | €24,883 | -€51,931 | €10,280 | -€11,884 | -€56,697 | ▼ 377% |
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, 5,831 companies had the same profile as SPANAM has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPANAM itself: 0.8% 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 5,831 companies, not a prediction for SPANAM. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 30-01-2026 | 2026-00023574 | |
| 30-06-2024 | full format | 21-02-2025 | 2025-00037732 | |
| 30-06-2023 | full format | 23-02-2024 | 2024-00034468 | |
| 30-06-2022 | full format | 28-02-2023 | 2023-00035266 | |
| 30-06-2021 | full format | 28-02-2022 | 2022-06700363 | |
| 30-06-2020 | full format | 25-02-2021 | 2021-06100420 | |
| 30-06-2019 | full format | 27-01-2020 | 2020-02200344 | |
| 30-06-2018 | full format | 20-02-2019 | 2019-05400419 | |
| 30-06-2017 | full format | 21-02-2018 | 2018-05200482 | |
| 30-06-2016 | full format | 02-02-2017 | 2017-03800123 |