Financials
- Financial year
- 2024
- Total assets
- €2.6m
- Loss
- -€286,643
- Solvency
- -6.5%
Total assets▲ 7.3%
Net result
20182024
SPAPENS
ActiveSummary
The computed 12-month bankruptcy probability of SPAPENS is 4.0% (elevated). The 2024 annual accounts show negative equity (-€165,664) and a net result of -€286,643. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 7% of 6,064 sector peers (NACE 46, financial year 2024). The company has been active since 1986 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Activity
Wholesale trade
NACE 46331Non-specialised wholesale NACE 46392
1 site
Size
€2.6mtotal assets 2024
- Staff
- 22.2 FTE
- Equity
- -€165,664
- Loss
- -€286,643
Structure
- Parent
- CONDACUM · 100%
- Board
- 4 members
- Holdings
- 1
2025 accounts not filed, 89 days past the deadline2 of 6 deeds summarised
Why 46raises riskNegative equity -€165,664Size: 22.2 FTE, total assets €2.6mLoss of €286,643 (financial year 2024)lowers riskFounded in 1986Show the evidence
Checked score
Score 2024
46
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 9% of its sector peers (NACE 46, small)
Financial strength · tick = 2023
Weak
Solvency
19-12
equity -6.5% of total assets
Liquidity
23+9
short-term debt 75.9% · cash 11.7%
Profitability
17-51
return on assets -11.2%
Bankruptcy probability, 12 months
4.0%
Elevated
0%0.5%1.5%4%10%≥ 25%
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.9%lowest value
12-2024: 0.9%● unchanged vs 11-2024lowest value
01-2025: 0.9%● unchanged vs 12-2024lowest value
02-2025: 0.9%● unchanged vs 01-2025
03-2025: 0.9%● unchanged vs 02-2025
04-2025: 0.9%● unchanged vs 03-2025
05-2025: 0.9%● unchanged vs 04-2025
06-2025: 0.9%● unchanged vs 05-2025
07-2025: 1.1%▲ +0.2 percentage points vs 06-2025
08-2025: 1.8%▲ +0.7 percentage points vs 07-2025
09-2025: 2.2%▲ +0.4 percentage points vs 08-2025
10-2025: 3.4%▲ +1.2 percentage points vs 09-2025
11-2025: 4.0%▲ +0.6 percentage points vs 10-2025
12-2025: 4.0%● unchanged vs 11-2025
01-2026: 3.9%▼ -0.1 percentage points vs 12-2025
02-2026: 4.0%▲ +0.1 percentage points vs 01-2026
03-2026: 4.4%▲ +0.4 percentage points vs 02-2026
04-2026: 4.5%▲ +0.1 percentage points vs 03-2026
05-2026: 4.5%● unchanged vs 04-2026
06-2026: 4.5%● unchanged vs 05-2026
07-2026: 4.5%● unchanged vs 06-2026
08-2026: 4.6%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 4.5%▼ -0.1 percentage points vs 08-2026
10-2026: 4.0%▼ -0.5 percentage points vs 09-2026
No credit on open account
Liquidity insufficient (current ratio 0.94, compared with 0.81 in 2023, below 1; short-term debt: 75.9% and cash: 11.7% of total assets), and equity is negative.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 46, small): better than 3% on solvency, 21% on liquidity, 11% on profitability and 1% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Seven signals.
lowers riskraises risk
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€165,664
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 89 days later.
NBB · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline28-10-2026 today
raises risk · 2024 accounts filed 61 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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 · 10 filingsDeviation from the deadline
2025
not filed
2024
61 days late
2023
6 days early
2022
21 days early
2021
24 days late
2020
3 days late
2019
10 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 12 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2024 · full…
- Weakest financial yearnet -€286,643
- Appointments: ML HOLDING, ALN HOLDING and…Permanent representatives: LOZANO Mikael, ARAGONA…
Key points
- Risk: Negative equityfinancial year 2024: debts exceed assets -€165,664 View
- Caution: From profit to loss in 2024after €39,028 in 2023 -€286,643 View
- Caution: Among the weakest 5% on equitysector median €1.3m · 6,065 companies -€165,664 View
- Caution: 2025 accounts not fileddeadline was 31-07-2026 89 days past the deadline View
- Controlled by CONDACUM 100% View
By topic
Board & ownership
- Board
- 4 members
- Parent
- CONDACUM · 100%
- ALN HOLDINGDirector
- MIZ MANAGEMENTDirector
- ML HOLDINGDirector
- CONDACUMDirector
Network & group
- Holdings
- 1
- Connected companies
- 7
1 holding
Timeline
- Events
- 44
- Since
- 1988
- 25-07-2024Annual accounts filed
- 04-07-2024Resignation: CONDACUM (director)
- 31-12-2023Equity above €100,000
Company details
- Sites
- 1
- Legal form
- Private limited company
- Activity
- Wholesale tradeNACE 46331
- Founded
- 09-12-1986
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 14
- Who signs
- Each director alone
- Annual meeting
- Third Thursday of May at 09:00
Key facts about SPAPENS
- What is the company number of SPAPENS?
- 0429.984.568. In Belgium the VAT number is the company number with BE in front: BE 0429.984.568.
- Where is SPAPENS based?
- The registered office is at Rue des Forgerons 102, 6001 Charleroi.Company details
- What does SPAPENS do?
- According to the KBO register, the main activity is wholesale trade (NACE 46331).
- What is the legal form of SPAPENS?
- Private limited company (BV).
- When was SPAPENS founded?
- On 09-12-1986.
- Is SPAPENS still active?
- Yes, SPAPENS is an active enterprise in the KBO register.
- How many employees does SPAPENS have?
- On average 22.2 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- What is the turnover of SPAPENS?
- Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.
- Is SPAPENS profitable?
- In financial year 2024, SPAPENS made a loss of €286,643.
- Where can I find the annual accounts of SPAPENS?
- SPAPENS filed 38 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
Companies related to SPAPENS
Parent and group
- CONDACUM100%
Shareholders
- ML HOLDING33.33%
- MIZ MANAGEMENT
Subsidiaries and holdings
- A-Z FOOD20%
Comparable companies
- Pluriton BelgiumArendonk
- DE LELIEKalmthout
- LA CONCORDEMerchtem
- ORIZON WESTRoeselare
- TERRE DE FROMAGESHerve
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