Equity
SPANORAMA has made a profit in every financial year since 2019.
SPANORAMA has made a profit in every financial year since 2019.
The accounts state no turnover.
Green is investment, beige is depreciation. Machinery stands 729.5% higher than in 2024.
In 2025, 2 people joined and 2 left.
Board changed. Latest change 26-01-2026 · 2 in office.
More equity than 87% of companies in specialised construction. Sector median €250,893 · 9,952 companies.
The dashed line is the sector median: 0.7% across 47,701 companies (NACE 43, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 (NACE 43, micro). It does better than 47% of them on solvency, 72% on liquidity, 31% on profitability and 51% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 5,047 companies had the same profile as SPANORAMA has now. Each dot stands for 13 companies, two years later.
The bankruptcy probability of SPANORAMA itself is lower: 0.4% within 12 months. It rests on far more data about SPANORAMA than the profile alone.
The method was tested on the 497,447 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 5,047 companies, not a prediction for SPANORAMA. 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.
Liquidity is ample, with a current ratio of 3.07 (4.35 in 2024), above the usual 1.5. Short-term debt is 12.9% and cash 20.7% of total assets. However, 56.5% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 15 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| SPANORAMA Hooglede | €2.5m | €0.7m | 43.5% | 8.5 |
| BOWBOW TOTAALAANNEMINGEN Ledegem | €2.7m | €0.8m | 25.2% | 8.1 |
| Gerco-Fas Antwerp | €3.0m | €0.5m | 3.3% | 7.8 |
| HEVA-Bouw Koekelare | €1.7m | €1.0m | 25.5% | 11.8 |
| SYBO Bruges | €2.9m | €0.5m | 14.1% | 5.9 |
| Skarabee Projects Oud-Turnhout | €2.2m | €1.0m | 26.8% | 10.6 |
| TECHNITOITURE Wavre | €2.4m | €1.2m | 57.5% | 9.1 |
These companies have the same main activity as SPANORAMA: other building finishing work (NACE 43350). They are comparable in size and age: total assets between €1.7m and €3m, founded between 2015 and 2021.
SPANORAMA files the abbreviated format. That format states no turnover. The gross margin rose from €195,719 in 2019 to €749,999 in 2025.
The balance sheet grew most from 2024 to 2025 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.2m. Estimated: probably between €1.6m and €2.8m.
Higher than 49% of 9,950 companies in 2025.
Higher than 75% of 9,814 companies in 2025.
Higher than 39% of 9,883 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 2 people joined and 2 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
2.5m | 2.1m | 1.2m | 1.3m | 907,433 | 724,691 | 303,186 | |
20 |
- | - | 0 | 193 | 462 | 731 | 999 | |
21/28 |
1.5m | 1.2m | 10,423 | 9,677 | 8,200 | 8,733 | 6,961 | |
21 |
14,520 | - | - | - | - | - | - | |
22/27 |
1.5m | 1.2m | 10,423 | 9,677 | 8,200 | 8,733 | 6,961 | |
22 |
1.3m | 1.2m | - | - | - | - | - | |
23 |
144,165 | 17,380 | 1,330 | 2,297 | 3,340 | 4,383 | 1,012 | |
24 |
15,406 | 15,151 | 9,093 | 7,381 | 4,860 | 4,350 | 5,950 | |
28 |
24,000 | - | - | - | - | - | - | |
29/58 |
987,460 | 911,472 | 1.2m | 1.3m | 898,772 | 715,227 | 295,226 | |
29 |
- | - | 1,667 | 4,396 | - | - | - | |
291 |
- | - | 1,667 | 4,396 | - | - | - | |
3 |
120,895 | 193,179 | 274,355 | 472,736 | 87,052 | 111,459 | 24,962 | |
30/36 |
120,895 | 193,179 | 274,355 | 374,904 | 87,052 | 111,459 | 24,962 | |
37 |
- | - | - | 97,833 | - | - | - | |
40/41 |
335,638 | 234,999 | 612,863 | 386,429 | 306,209 | 225,331 | 154,818 | |
40 |
289,010 | 132,271 | 461,372 | 323,452 | 271,639 | 194,842 | 152,625 | |
41 |
46,628 | 102,728 | 151,491 | 62,976 | 34,570 | 30,488 | 2,193 | |
54/58 |
516,131 | 466,311 | 261,201 | 389,257 | 488,238 | 363,902 | 92,453 | |
490/1 |
14,797 | 16,983 | 20,129 | 13,685 | 17,273 | 14,536 | 22,992 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
2.5m | 2.1m | 1.2m | 1.3m | 907,433 | 724,691 | 303,186 | |
10/15 |
1.1m | 1.0m | 928,250 | 738,250 | 632,884 | 463,106 | 191,619 | |
10/11 |
60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | |
100 |
- | - | - | - | - | - | 60,000 | |
13 |
1.0m | 952,124 | 868,250 | 678,250 | 572,884 | 403,106 | 131,619 | |
133 |
1.0m | 952,124 | 868,250 | 678,250 | 572,884 | 403,106 | 131,619 | |
17/49 |
1.4m | 1.1m | 252,389 | 538,124 | 274,549 | 261,585 | 111,567 | |
17 |
1.1m | 922,977 | - | - | - | 11,111 | - | |
170/4 |
1.1m | 922,977 | - | - | - | 11,111 | - | |
42/48 |
321,696 | 209,380 | 252,389 | 398,229 | 274,549 | 250,474 | 111,567 | |
42 |
66,647 | 43,620 | 756 | 756 | 53,533 | 66,667 | - | |
44 |
192,896 | 99,470 | 196,077 | 233,178 | 175,195 | 128,390 | 76,615 | |
440/4 |
192,896 | 99,470 | 196,077 | 233,178 | 175,195 | 128,390 | 76,615 | |
45 |
58,349 | 63,266 | 52,950 | 53,776 | 32,973 | 54,997 | 34,552 | |
450/3 |
9,119 | 8,462 | 8,075 | 24,013 | 18,681 | 41,678 | 34,552 | |
454/9 |
49,231 | 54,804 | 44,874 | 29,763 | 14,292 | 13,320 | - | |
47/48 |
3,803 | 3,024 | 2,606 | 110,520 | 12,847 | 420 | 399 | |
492/3 |
- | - | - | 139,895 | - | - | - | |
| Income statement | ||||||||
76A |
- | 3,500 | 30,059 | - | - | - | - | |
9900 |
749,999 | 764,128 | 842,721 | 671,305 | 600,858 | 565,755 | 195,719 | |
62 |
545,569 | 590,127 | 551,358 | 362,877 | 357,068 | 200,391 | 16,098 | |
630 |
60,588 | 40,927 | 10,980 | 15,491 | 3,841 | 2,354 | 2,743 | |
631/4 |
- | - | - | 9,977 | - | - | - | |
640/8 |
6,546 | 16,526 | 20,557 | 10,074 | 15,709 | 5,744 | 642 | |
9901 |
137,296 | 116,548 | 259,826 | 272,886 | 224,240 | 357,267 | 176,236 | |
75/76B |
1,327 | 819 | 440 | 231 | 1,834 | 63 | 31 | |
75 |
1,327 | 819 | 440 | 231 | 1,834 | 63 | 31 | |
65/66B |
39,284 | 24,044 | 2,025 | 2,488 | 3,029 | 2,316 | 1,497 | |
65 |
39,284 | 24,044 | 2,025 | 2,488 | 3,029 | 2,316 | 1,497 | |
9903 |
99,339 | 93,323 | 258,240 | 270,629 | 223,045 | 355,013 | 174,771 | |
67/77 |
25,709 | 9,449 | 68,240 | 65,263 | 53,267 | 83,526 | 43,151 | |
9904 |
73,631 | 83,874 | 190,000 | 205,366 | 169,777 | 271,487 | 131,619 | |
9905 |
73,631 | 83,874 | 190,000 | 205,366 | 169,777 | 271,487 | 131,619 | |
| Appropriation of the result | ||||||||
9906 |
73,631 | 83,874 | 190,000 | 205,366 | 169,777 | 271,487 | 131,619 | |
691/2 |
73,631 | 83,874 | 190,000 | 105,366 | 169,777 | 271,487 | 131,619 | |
6921 |
73,631 | 83,874 | 190,000 | 105,366 | 169,777 | 271,487 | 131,619 | |
694/7 |
- | - | - | 100,000 | - | - | - | |
694 |
- | - | - | 100,000 | - | - | - | |
| Social balance sheet | ||||||||
9087 |
8.5 | 9.5 | 8.1 | 6.3 | 6.3 | 3.9 | 1 | |
Hours worked1013 |
13,689 | 15,166 | 14,133 | 11,079 | 11,029 | 6,521 | 704 | |
| Document | ||||||||
The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 03-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00247377 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00205460 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00170033 | |
| 31-12-2022 | abbreviated format | 19-05-2023 | 2023-00093872 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20390373 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51500379 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-39800405 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 197,884 | 157,475 | 270,806 | 288,377 | 228,080 | 359,620 | 178,979 | ||
| 134,219 | 124,801 | 200,981 | 220,858 | 173,618 | 273,840 | 134,362 | ||
| 338,813 | 1.3m | 11,534 | 16,700 | 3,039 | 3,856 | 9,360 | ||
| 49,821 | 205,109 | -128,056 | -98,981 | 124,336 | 271,449 | - | ||
| 665,765 | 702,091 | 917,827 | 868,275 | 624,222 | 464,754 | 183,659 | ||
| 43.5% | 47.2% | 78.6% | 57.8% | 69.7% | 63.9% | 63.2% | ||
| 3.07 | 4.35 | 4.64 | 3.18 | 3.27 | 2.86 | 2.65 | ||
| 2.69 | 3.43 | 3.55 | 1.99 | 2.96 | 2.41 | 2.42 | ||
| 1.30 | 1.12 | 0.27 | 0.73 | 0.43 | 0.56 | 0.58 | ||
| 6.8% | 8.3% | 20.5% | 27.8% | 26.8% | 58.6% | 68.7% | ||
| 2.9% | 3.9% | 16.1% | 16.1% | 18.7% | 37.5% | 43.4% | ||
| 5.04 | 6.55 | over 100 | over 100 | 75.30 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 8 | 7 | 5 |
| full-time | 8 | 8 | 8 | 7 | 5 |
| in full-time equivalents | 8 | 8 | 8 | 7 | 5 |
| 8.5 | 9.5 | 8.1 | 6.3 | 6.3 | |
| On a permanent contract | 8 | 8 | 8 | 7 | 5 |
| Joined | 2 | 3 | 2 | 4 | 2 |
| Left | 2 | 3 | 1 | 2 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €297,868 | €1.3m | €11,534 | €16,700 | €3,039 |
| Intangible fixed assets | €16,946 | - | - | - | - |
| Financial fixed assets | €24,000 | - | - | - | - |
| €60,588 | €40,927 | €10,980 | €15,491 | €3,841 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 18% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 52.8% to 56.5%. Equity and debt are higher.
Source: lists of holdings in the owners' accounts
SPANORAMA has no parent and no holdings in its annual accounts.
| BATTERY 4 INDUSTRY
establishment since 01-04-2025 · founded in 2024 · group BeliPact |
total assets €1.6m (2025) 1017.841.289 |
| DEDEYNE BORIS
establishment since 02-01-2026 · founded in 2018 |
total assets €386,155 (2026) 0701.991.770 |
| E36 Shop
registered office since 27-10-2009 · founded in 2009 |
total assets €167,783 (2025) 0819.639.112 |
| ZENKO
registered office since 01-01-2026 |
founded in 2025 1031.957.759 |
| VERENIGING VAN MEDE-EIGENAARS BEDRIJVENPARK HET STOOMTUIG TE 8830 HOOGLEDE, OLIESLAGERIJSTRAAT 4
registered office since 21-12-2023 |
founded in 2023 1005.699.166 |
| Vanhaverbeke, Bernard (sole trader)
establishment since 01-01-2012 |
founded in 2012 0842.324.343 |
| Ledeine, Steven (sole trader)
establishment since 01-04-2006 |
founded in 2006 0880.379.225 |
| Flandrien Capital via BELI TECH, at SPANORAMA until 2026 · Director · deed of 19-12-2024 founded in 2024 |
total assets €13.4m (2025) |
| MAXICON via BELI TECH (at SPANORAMA until 2026) and Emmanuël Bekaert (no longer at MAXICON) · deeds of 06-02-2025 and 31-05-2023 founded in 2015 · group MEDIATIC + |
81 FTE (2025) |
| Maxicon Engineering via BELI TECH, at SPANORAMA until 2026 · Director · deed of 06-02-2025 founded in 2023 · group MEDIATIC + |
20 FTE (2025) |
| CERTIPOWER via BELI TECH, at SPANORAMA until 2026 · Director · deed of 28-09-2020 founded in 2020 |
total assets €2.0m (2025) |
| MAXICON SKILLS via BELI TECH, at SPANORAMA until 2026 · Director · deed of 06-02-2025 founded in 2022 · group MEDIATIC + |
14 FTE (2025) |
| MAXICON RETAIL via BELI TECH, at SPANORAMA until 2026 · Director · deed of 06-02-2025 founded in 2018 · group MEDIATIC + |
14 FTE (2025) |
| OHMY via BELI TECH, at SPANORAMA until 2026 · Director · deed of 05-12-2022 founded in 2022 |
total assets €171,444 (2025) |
| VIEWPOINT via BELI TECH, at SPANORAMA until 2026 · Director (not named in the articles) · deed of 06-04-2022 founded in 2022 |
total assets €117,488 (2025) |
| CERTIPOWER MOBILITY via BELI TECH, at SPANORAMA until 2026 · Director (not named in the articles) · deed of 22-12-2022 No longer active |
total assets €20,793 (2024) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Olieslagerijstraat 4 registered office 8830 Hooglede 18120 Other printing | 20-09-2018 | 2.280.415.659 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 36005B0621/00D000 | 5,963 m² | 1 · 184 m² | 4.1 m |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0704.827.140
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