Equity
-€66,674
Debts exceed assets in financial year 2025.
SPAOLO
Lifetime
3 annual accounts with figures on one time axispeak €1.6m (2025)
€1.6m▲ 48.0%
lowest -€164,993 (2024)
€106,608▲ €271,601
peak -€9,289 (2023)
-€66,674▲ €106,608
€4.6m▲ 67.3%
peak 23.1 FTE (2023)
23 FTE▲ 5.0%
Board2 names since 2023
1 directorJoelle Ledoux
Documentsfilings and deeds
26-08-202626 days late
2025financial year
Gross margin from €1.1m to €1.6mBack to profit: €106,608Equity from -€173,282 to -€66,674Debts from €2.7m to €4.6mInvestments €2.1mCash from €513,822 to €304,991
Key points
from the 2025 annual accountsResult
€106,608 €106,608
Back in profit in 2025, after a loss of €164,993 in 2024.
Debts
€4.6m 101% of the balance sheet
Financial debts 54%Suppliers 25%Taxes and wages 3%Other 18%
Of this, €2.1m falls due within a year.
Investments
€2.4m 6.0 × depreciation
Green is investment, beige is depreciation. Machinery stands 463.9% higher than in 2024.
Staff
32 employees on 31-12-2025
In 2025, 19 people joined and 12 left.
Position in the sector
-€66,674
Less equity than 90% of companies in retail trade. Sector median €446,468 · 5,070 companies.
2025 accounts filed 26 days after the deadline
Checked score
53
Fair
Financially stronger than 45% of small companies in retail trade (NACE 47)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.2% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 3,698 companies (NACE 47, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.7%lowest value
01-2025: 1.7%● unchanged vs 12-2024
02-2025: 1.7%● unchanged vs 01-2025
03-2025: 1.7%● unchanged vs 02-2025
04-2025: 1.7%● unchanged vs 03-2025
05-2025: 1.8%▲ +0.1 percentage points vs 04-2025
06-2025: 1.7%▼ -0.1 percentage points vs 05-2025
07-2025: 1.8%▲ +0.1 percentage points vs 06-2025
08-2025: 2.4%▲ +0.6 percentage points vs 07-2025
09-2025: 2.8%▲ +0.4 percentage points vs 08-2025
10-2025: 2.0%▼ -0.8 percentage points vs 09-2025
11-2025: 2.0%● unchanged vs 10-2025
12-2025: 2.0%● unchanged vs 11-2025
01-2026: 1.9%▼ -0.1 percentage points vs 12-2025
02-2026: 2.1%▲ +0.2 percentage points vs 01-2026
03-2026: 2.3%▲ +0.2 percentage points vs 02-2026
04-2026: 2.3%● unchanged vs 03-2026
05-2026: 2.3%● unchanged vs 04-2026
06-2026: 2.3%● unchanged vs 05-2026
07-2026: 2.4%▲ +0.1 percentage points vs 06-2026
08-2026: 3.1%▲ +0.7 percentage points vs 07-2026highest value
09-2026: 2.2%▼ -0.9 percentage points vs 08-2026
10-2026: 2.2%● unchanged vs 09-2026
11-2026: 2.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.87, cash €304,991
Negative equity -€66,674
Last filed accounts filed 26 days late; 2 of the last 3 accounts late
Founded in 2023
Calculation
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 47, small). It does better than 10% of them on solvency, 38% on liquidity, 41% on profitability and 92% on growth.
The bankruptcy probability was computed on 10-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 262 companies had the same profile as SPAOLO has now. Each dot is one company, two years later.
97.3%
were still trading
0.8%
stopped another way
1.1%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SPAOLO itself is higher: 2.2% within 12 months. It rests on far more data about SPAOLO than the profile alone.
Test of the method
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 262 companies, not a prediction for SPAOLO. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.87 (0.85 in 2024), below 1. Short-term debt is 47.1% and cash 6.8% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 5069 sector peers (2025).
NBB · sector comparisonPosition among 5069 sector peers
Solvency
better than 12%
← weakest
strongest →
raises risk · 2025 accounts filed 26 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 3 filingsDeviation from the deadline
2025
26 days late
2024
31 days late
2023
31 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 29 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- ROYEN Hubert Joseph Herman Marie Ghislain 600 sharesdeed of 05-06-2023
- LEDOUX Joëlle Germaine Andrée 3,001 sharesdeed of 05-06-2023
- ROYEN Ugo Lionel Delphine Charlotte 900 sharesdeed of 05-06-2023
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0802297589
First establishment
Boulevard des Anglais 45, Spa
Incorporation
Founding capital of €100,000, 6,000 shares · Founders: ITM BELGIUM, ROYEN Hubert Joseph Herman Marie Ghislain, LEDOUX Joëlle Germaine Andrée and 3 others · Appointments: LEDOUX Joëlle Germaine Andrée (sole director) and ROYEN Hubert Joseph Herman Marie Ghislain (alternate director) · published on 05-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and ageThese companies have the same main activity as SPAOLO: non-specialised retail sale with food, beverages or tobacco predominating (NACE 47110). They are comparable in size and age: total assets between €3.3m and €5.3m, founded in 2023.
Official details
Source: KBO- Status
- Active since 01-06-2023Normal situation
- Activity
- Non-specialised retail sale with food, beverages or tobacco predominatingNACE 47110and 4 others
- Joint committee
- 202.01Medium-sized food businesses · annual accounts 2025
- Establishment unit
- 2.345.589.4644900 Spa, since 03-07-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 05-12-2025
Annual accounts 2025
- ≈ €11.0mestimated
- €4.5m▲ 76.0%
- Employeeson 31-12-2025
- 32▲ 28.0%
- Filing
- Filed on 26-08-2026
Insights on SPAOLO
Solvency rose in 2025 from -6.8% to -1.5% because of the retained profit.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about SPAOLO
- What is the company number of SPAOLO?
- The company number of SPAOLO is 0802.297.589. The VAT number is the same number with BE in front: BE 0802.297.589.
- Where is SPAOLO based?
- The registered office is at Boulevard des Anglais 45, 4900 Spa.Company details
- What does SPAOLO do?
- According to the KBO register, the main activity is non-specialised retail sale with food, beverages or tobacco predominating (NACE 47110).
- What is the legal form of SPAOLO?
- SPAOLO is a public limited company (NV).
- When was SPAOLO founded?
- SPAOLO was founded on 01-06-2023.
- Is SPAOLO still active?
- Yes, SPAOLO is an active enterprise in the KBO register.
- How many employees does SPAOLO have?
- SPAOLO had an average of 23 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does SPAOLO fall under?
- In its 2025 annual accounts, SPAOLO states joint committee 202.01 (Medium-sized food businesses).
- What is the turnover of SPAOLO?
- The turnover in financial year 2025 is ≈ €11.0m. This figure is estimated from the gross margin of €1.6m and 30 comparable companies (NACE 471). It probably lies between €6.5m and €13.0m.
- Is SPAOLO profitable?
- In financial year 2025, SPAOLO made a profit of €106,608.
- Where can I find the annual accounts of SPAOLO?
- SPAOLO filed 3 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of SPAOLO due?
- SPAOLO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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