SPAOLO
ActiveSummary
The computed 12-month bankruptcy probability of SPAOLO is 1.8% (moderate). The 2025 annual accounts show negative equity (-€66,674) and a net result of €106,608. Equity is shrinking by ~43% per year across the filed fiscal years. Its solvency ranks better than 11% of 4188 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability59▲+47
Solvency24▲+6
Growth58▲+26
Track record94
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.87 against 0.85 in 2024; short-term debt: 47.1% and cash: 6.8% of total assets), and equity is negative.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-1.5%
Return on assets
2.4%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 4188 sector peers (2025).
NBB · sector comparisonPosition among 4188 sector peers
Solvency
better than 11%
← weakest
strongest →
neutral · Filed after the deadline
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. 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 · 3 filingsDeviation from the deadline
2025
26 d late
2024
31 d late
2023
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 29 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Is the workforce growing, and do people stay?Employer check
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€106,608
2024 · -€164,993
Working capital
-€281,914▲ 12.2%
2024 · -€321,053
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202320242025
Operating result-€40,768--€91,766▼ 125%€273,618
Net result-€108,289--€164,993▼ 52.4%€106,608
Equity-€9,289--€173,282▼ 1,765%-€66,674▲ 61.5%
Total assets€2.1m-€2.6m▲ 19.5%€4.5m▲ 76.0%
Debt€2.2m-€2.7m▲ 27.0%€4.6m▲ 67.3%
Working capital€286,492--€321,053-€281,914▲ 12.2%
Staff (FTE)23.1-21.9▼ 5.2%23▲ 5.0%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €273,618 after a loss of €91,766 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.4m
Fixed assets
€2.5m ▲ 227%
Current assets
€1.8m ▲ 2.9%
Key figures and ratios
EBITDA
€662,796▲
2024 · €10,486
Cash flow
€495,786▲
2024 · -€62,741
Solvency
-1.5%▲
2024 · -6.8%
Current ratio
0.87▲
2024 · 0.85
Quick ratio
0.58▼
2024 · 0.64
Debt to equity
-68.75▼
2024 · -15.81
ROA
2.4%▲
2024 · -6.4%
Interest coverage
4.49▲
2024 · 0.15
Debt ≤ 1 year
€2.1m▲
2024 · €2.1m
Debt > 1 year
€2.2m▲
2024 · €622,914
Income taxes
-€65▼
2024 · €218
Staff costs
€864,792▼
2024 · €1.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | €248,343 | €453,257 | €593,985 | ▲ 31.0% |
| Remuneration, social security and pensions62 | €522,626 | €1.0m | €864,792 | ▼ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €78,244 | €102,252 | €389,177 | ▲ 281% |
| Other operating charges640/8 | €13,560 | €38,361 | €47,161 | ▲ 22.9% |
| Non-recurring operating charges66A | €44,858 | €58 | €0 | ▼ 100% |
| Gross operating margin9900 | €618,520 | €1.1m | €1.6m | ▲ 48.0% |
| Operating profit (loss)9901 | -€40,768 | -€91,766 | €273,618 | ▲ 398% |
| Financial income75/76B | - | €7,114 | €16,780 | ▲ 136% |
| Recurring financial income75 | - | €7,114 | €16,780 | ▲ 136% |
| Financial charges65/66B | €67,209 | €80,123 | €183,856 | ▲ 129% |
| Recurring financial charges65 | €67,209 | €70,502 | €147,672 | ▲ 109% |
| Non-recurring financial charges66B | - | €9,620 | €36,184 | ▲ 276% |
| Profit (loss) for the period before taxes9903 | -€107,977 | -€164,775 | €106,543 | ▲ 165% |
| Income taxes67/77 | €312 | €218 | -€65 | ▼ 130% |
| Profit (loss) for the period9904 | -€108,289 | -€164,993 | €106,608 | ▲ 165% |
| Profit (loss) for the period to be appropriated9905 | -€108,289 | -€164,993 | €106,608 | ▲ 165% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €2.1m | €2.6m | €4.5m | ▲ 76.0% |
| Formation expenses20 | - | €4,783 | €158,058 | ▲ 3,205% |
| Fixed assets21/28 | €551,187 | €769,817 | €2.5m | ▲ 227% |
| Intangible fixed assets21 | €452,250 | €375,988 | €333,306 | ▼ 11.4% |
| Tangible fixed assets22/27 | €98,937 | €393,830 | €2.2m | ▲ 454% |
| Land and buildings22 | - | - | €970,383 | - |
| Plant, machinery and equipment23 | €95,182 | €134,337 | €757,539 | ▲ 464% |
| Furniture and vehicles24 | €3,755 | €15,776 | €452,233 | ▲ 2,767% |
| Assets under construction and advance payments27 | - | €243,716 | €0 | ▼ 100% |
| Financial fixed assets28 | - | - | €2,028 | - |
| Current assets29/58 | €1.6m | €1.8m | €1.8m | ▲ 2.9% |
| Stocks and contracts in progress3 | €695,158 | €435,470 | €618,683 | ▲ 42.1% |
| Stocks30/36 | €695,158 | €435,470 | €618,683 | ▲ 42.1% |
| Amounts receivable within one year40/41 | €407,748 | €566,277 | €576,841 | ▲ 1.9% |
| Trade receivables40 | €394,178 | €566,277 | €518,898 | ▼ 8.4% |
| Other amounts receivable41 | €13,569 | €0 | €57,943 | - |
| Cash at bank and in hand54/58 | €485,299 | €513,822 | €304,991 | ▼ 40.6% |
| Deferred charges and accrued income490/1 | €8,549 | €276,066 | €342,851 | ▲ 24.2% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €2.1m | €2.6m | €4.5m | ▲ 76.0% |
| Equity10/15 | -€9,289 | -€173,282 | -€66,674 | ▲ 61.5% |
| Contributions10/11 | €99,000 | €100,000 | €100,000 | = |
| Capital10 | €99,000 | €100,000 | €100,000 | = |
| Issued capital100 | €99,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€108,289 | -€273,282 | -€166,674 | ▲ 39.0% |
| Amounts payable17/49 | €2.2m | €2.7m | €4.6m | ▲ 67.3% |
| Amounts payable after more than one year17 | €549,193 | €622,914 | €2.2m | ▲ 251% |
| Financial debts170/4 | €549,193 | €472,914 | €2.0m | ▲ 321% |
| Other amounts payable178/9 | - | €150,000 | €196,200 | ▲ 30.8% |
| Amounts payable within one year42/48 | €1.3m | €2.1m | €2.1m | ▲ 0.6% |
| Current portion of amounts payable after more than one year42 | €22,069 | €83,421 | €289,312 | ▲ 247% |
| Financial debts43 | €200,000 | €500,000 | €500,000 | = |
| Other loans439 | €200,000 | €500,000 | €500,000 | = |
| Trade debts44 | €975,574 | €1.3m | €1.1m | ▼ 15.7% |
| Suppliers440/4 | €975,574 | €1.3m | €1.1m | ▼ 15.7% |
| Advances received on contracts in progress46 | - | - | €101 | - |
| Taxes, remuneration and social security45 | €87,446 | €169,062 | €154,962 | ▼ 8.3% |
| Taxes450/3 | €312 | €19,970 | €164 | ▼ 99.2% |
| Remuneration and social security454/9 | €87,134 | €149,092 | €154,798 | ▲ 3.8% |
| Other amounts payable47/48 | €25,171 | €20,273 | €51,692 | ▲ 155% |
| Accrued charges and deferred income492/3 | €297,776 | €3,915 | €271,363 | ▲ 6,831% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€108,289 | -€164,993 | €106,608 | ▲ 165% |
| + Depreciation and write-downs630 | €78,244 | €102,252 | €389,177 | ▲ 281% |
| Operating cash flow (approximation) | -€30,045 | -€62,741 | €495,786 | ▲ 890% |
| Investment in fixed assets (approximation) | - | -€320,882 | -€2.1m | ▼ 565% |
| Change in cash | - | €28,523 | -€208,831 | ▼ 832% |
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
Next filing, fiscal year 2026, expected by
2026
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 26 days late
2025
31-12
Financial
Back to profitnet €106,608
Net result €106,608 after 2 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 31 days late
2024
31-12
Financial
Weakest financial yearnet -€164,993
Net result drops to -€164,993, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is 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, Spa · 1 establishment unit since 2023
Ground area
7,008 m²
Building footprint
1,982 m²
Volume, LiDAR
12,008 m³
Parcel 63072G1552/00R000, Wallonia · tallest building 21.5 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
SPAOLO
since 20232.345.589.464
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63072G1552/00R000 | Wallonia | 7,008 m² | 1 · 1,982 m² | 21.5 m · 2 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSpa2.345.589.464
Similar companies · same sector, comparable size
Givana
BE 0400.299.994
Lokeren · FTE 23
MANOLIA
BE 0636.905.958
Mettet · FTE 23
PINDAKAAS
BE 0759.501.684
Ingelmunster · FTE 23
TEMDIS
BE 0818.208.262
Temse · FTE 23
GUNGOR
BE 0872.033.265
Laakdal · FTE 23
Of 10,510 companies in sector 47110 we hold annual accounts for 5,847. 1,846 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-06-2023
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
46389Wholesale of other food products
47241Retail sale of bread and pastry (bakery outlets)
56112Limited-service restaurants, excluding mobile food services
56210Event catering
Scores and ratios are computed by Checked and are not a credit decision.