SPAQuE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 35 filings
Turnover
€10.6m▼ 14.7%
2024 · €12.4m
EBIT margin
12.6%▼ 16.2pp
2024 · 28.8%
Net result
-€30.1m▼ 8.5%
2024 · -€27.8m
Working capital
€360.4m▲ 4.4%
2024 · €345.3m
In the rankings
#1 company by total assets in Belgium, Remediation sector#2 company by equity in Belgium, Remediation sector#3 employer in Belgium, Remediation sector
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 63% lower than in 2024.
Turnover€10.6m
2025
Operating result€1.3m
2025
Net result-€30.1m
2025
Total assets€479.8m
2025
Equity€55.9m
2025
Debt€337.9m
2025
Working capital€360.4m
2025
EBIT margin12.6%
2025
Staff (FTE)84.4
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€15.6m-€27.8m▲ 77.7%€24.6m▼ 11.6%€43.4m▲ 76.6%€37.8m▼ 12.9%€28.7m▼ 24.0%€12.4m▼ 56.6%€10.6m▼ 14.7%
Operating result€1.3m--€0.2m€0.7m-€61.3m€8.3m€0.7m▼ 91.1%€3.6m▲ 383%€1.3m▼ 62.7%
Net result-€25.8m--€27.2m▼ 5.3%-€26.6m▲ 2.2%-€26.1m▲ 1.8%-€18.4m▲ 29.5%-€31.3m▼ 70.1%-€27.8m▲ 11.3%-€30.1m▼ 8.5%
EBIT margin8.4%--0.7%▼ 9.1pp2.9%▲ 3.6pp-141.2%▼ 144.1pp22.1%▲ 163.3pp2.6%▼ 19.5pp28.8%▲ 26.2pp12.6%▼ 16.2pp
Equity-€19.8m-€2.7m€2.1m▼ 23.0%€4.1m▲ 92.8%€44.7m▲ 999%€35.4m▼ 20.7%€7.7m▼ 78.3%€55.9m▲ 628%
Total assets€479.3m-€441.7m▼ 7.8%€433.1m▼ 1.9%€600.0m▲ 38.5%€540.0m▼ 10.0%€540.5m▲ 0.1%€534.1m▼ 1.2%€479.8m▼ 10.2%
Debt€426.6m-€378.5m▼ 11.3%€381.4m▲ 0.8%€489.2m▲ 28.3%€400.8m▼ 18.1%€413.8m▲ 3.3%€437.4m▲ 5.7%€337.9m▼ 22.7%
Working capital€331.3m-€329.5m▼ 0.5%€305.5m▼ 7.3%€441.3m▲ 44.5%€435.5m▼ 1.3%€406.2m▼ 6.7%€345.3m▼ 15.0%€360.4m▲ 4.4%
Staff (FTE)83.2-81.6▼ 1.9%76.1▼ 6.7%74.5▼ 2.1%78.8▲ 5.8%79.1▲ 0.4%80.6▲ 1.9%84.4▲ 4.7%
Large changes and their cause
- 2025 Equity +628% on 2024. Capital increase of €18,900,000 (Official Gazette 23-12-2025). Capital increase of €59,433,333 (Official Gazette 21-01-2025).
- 2022 Equity +999% on 2021. Capital increase of €29,519,000 (Official Gazette 28-12-2022). Capital increase of €29,519,000 (Official Gazette 22-07-2022).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €479.8m
Fixed assets
€19.6m ▲ 7.3%
Current assets
€460.2m ▼ 10.8%
Equity and liabilities €479.8m
Equity
€55.9m ▲ 628%
Provisions
€86.0m ▼ 3.4%
Debt
€337.9m ▼ 22.7%
Debt's share of the balance-sheet total falls from 81.9% to 70.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.7m▼
2024 · €4.0m
Cash flow
-€29.7m▼
2024 · -€27.3m
Current ratio
4.61▲
2024 · 3.03
Quick ratio
4.55▲
2024 · 2.99
Debt to equity
6.05▼
2024 · 56.99
ROE
-53.9%▲
2024 · -361.7%
ROA
-6.3%▼
2024 · -5.2%
Interest coverage
0.20▼
2024 · 0.43
Debt ≤ 1 year
€99.7m▼
2024 · €170.5m
Debt > 1 year
€206.5m▼
2024 · €230.4m
Income taxes
€6,362▲
2024 · €5,772
Customer credit
96 days▼
2024 · 110 days
Supplier credit
228 days▼
2024 · 340 days
Staff costs
€14.4m▲
2024 · €13.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Comparable companies
These companies have the same main activity as SPAQuE: remediation activities and other waste management service activities (NACE 39000). They are comparable in size and age: total assets between €64m and €273m, founded between 1984 and 2019.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| SPAQuE Liège | 1991 | €479.8m | €55.9m | - | €10.6m | -€30.1m | 84.4 | 2025 |
| DEME ENVIRONNEMENT Farciennes | 1990 | €77.1m | €18.8m | - | €36.1m | €1.9m | 79.5 | 2025 |
| Envisan Aalst | 1992 | €135.4m | €49.9m | - | €108.5m | €14.3m | 103 | 2025 |
| DUFERCO WALLONIE La Louvière | 2012 | €105.1m | €25.4m | - | €15.1m | €5.1m | 44.6 | 2025 |
| DEME Environmental Beveren-Kruibeke-Zwijndrecht | 1988 | €272.5m | €128.6m | - | €165.8m | €22.5m | 264.8 | 2025 |
| BELGOPROCESS Dessel | 1984 | €68.1m | €27.0m | - | €118.4m | €0.2m | 347.9 | 2025 |
| Bodemsaneringsfonds voor gasolietanks voor verwarmingsdoeleinden Zaventem | 2019 | €64.0m | -€49.0m | €1.0m | - | -€50.6m | 14.8 | 2025 |
They were chosen from the 134 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 371 companies had the same profile as SPAQuE has now. Two years later, 0.5% had gone bankrupt and 97.3% were still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
0.5%
went bankrupt
2.2%
stopped otherwise
97.3%
was still going
That fits the bankruptcy probability of SPAQuE itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,445 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 371 companies, not a prediction for SPAQuE. 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.
Subsidies and aid
European research
2 projects · €345,675 EU contributionProgrammes
Projects
Enhanced In Situ Bioremediation for Contaminated Land Remediation
POlluted SIte DecontaminatiON - PCP
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €45.6m | €39.8m | €30.9m | €31.5m | €29.3m | ▼ 7.2% |
| Turnover70 | €15.6m | €27.8m | €24.6m | €43.4m | €37.8m | €28.7m | €12.4m | €10.6m | ▼ 14.7% |
| Other operating income74 | - | - | - | €1.8m | €0.7m | €1.0m | €18.5m | €18.6m | ▲ 0.5% |
| Non-recurring operating income76A | - | - | - | €0.3m | €1.3m | €1.1m | €0.6m | €0.05m | ▼ 91.1% |
| Operating charges60/66A | - | - | - | €106.8m | €31.5m | €30.1m | €27.9m | €27.9m | = |
| Goods for resale, raw materials and consumables60 | - | - | - | €35.1m | €26.6m | €17.2m | €11.5m | €12.6m | ▲ 10.0% |
| Purchases600/8 | - | - | - | €35.1m | €25.6m | €17.2m | €12.5m | €12.2m | ▼ 2.8% |
| Change in stocks: decrease (increase)609 | - | - | - | - | €0.9m | - | -€1.1m | €0.4m | - |
| Services and other goods61 | - | - | - | €2.8m | €2.9m | €2.8m | €2.9m | €2.6m | ▼ 10.5% |
| Remuneration, social security and pensions62 | - | - | - | €10.7m | €11.6m | €13.7m | €13.3m | €14.4m | ▲ 8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€0.3m | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €57.2m | -€12.3m | -€4.9m | -€0.5m | -€3.1m | ▼ 518% |
| Other operating charges640/8 | - | - | - | €0.5m | €2.2m | €0.8m | €0.7m | €1.0m | ▲ 43.3% |
| Non-recurring operating charges66A | - | - | - | €0.01m | €0.2m | €0 | €0.01m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €1.3m | -€0.2m | €0.7m | -€61.3m | €8.3m | €0.7m | €3.6m | €1.3m | ▼ 62.7% |
| Financial income75/76B | - | - | - | €62.3m | €0.4m | €0.2m | €0.3m | €0.2m | ▼ 39.6% |
| Recurring financial income75 | €0.01m | €0.09m | €0.06m | €62.3m | €0.4m | €0.2m | €0.2m | €0.2m | ▲ 4.5% |
| Income from financial fixed assets750 | - | - | - | €0.1m | €0.4m | €0.2m | €0.2m | €0.2m | ▲ 4.5% |
| Other financial income752/9 | - | - | - | €62.1m | €5 | €5 | €20 | €119 | ▲ 494% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.1m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €27.1m | €27.1m | €32.2m | €31.7m | €31.6m | ▼ 0.1% |
| Recurring financial charges65 | €27.1m | €27.0m | €27.3m | €27.1m | €27.1m | €32.1m | €31.7m | €31.6m | ▼ 0.1% |
| Debt charges650 | €10.5m | €10.0m | €9.4m | €8.7m | €8.2m | €10.1m | €9.3m | €8.5m | ▼ 8.5% |
| Other financial charges652/9 | - | - | - | €18.3m | €19.0m | €22.0m | €22.3m | €23.1m | ▲ 3.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.1m | - | - | - |
| Profit (loss) for the period before taxes9903 | -€25.8m | -€27.2m | -€26.6m | -€26.1m | -€18.4m | -€31.3m | -€27.8m | -€30.1m | ▼ 8.5% |
| Income taxes67/77 | €0.008m | €0.006m | €0.004m | €0.02m | -€0.008m | €0.005m | €0.006m | €0.006m | ▲ 10.2% |
| Taxes670/3 | - | - | - | €0.02m | €0.004m | €0.005m | €0.006m | €0.006m | ▲ 10.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.01m | - | - | - | - |
| Profit (loss) for the period9904 | -€25.8m | -€27.2m | -€26.6m | -€26.1m | -€18.4m | -€31.3m | -€27.8m | -€30.1m | ▼ 8.5% |
| Profit (loss) for the period to be appropriated9905 | -€25.8m | -€27.2m | -€26.6m | -€26.1m | -€18.4m | -€31.3m | -€27.8m | -€30.1m | ▼ 8.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €479.3m | €441.7m | €433.1m | €600.0m | €540.0m | €540.5m | €534.1m | €479.8m | ▼ 10.2% |
| Fixed assets21/28 | €25.3m | €19.3m | €13.0m | €13.3m | €17.6m | €17.3m | €18.3m | €19.6m | ▲ 7.3% |
| Intangible fixed assets21 | €0.04m | €0.03m | €0.03m | €0.02m | €0.008m | €0.003m | €0 | €0 | - |
| Tangible fixed assets22/27 | €8.8m | €3.1m | €4.4m | €4.8m | €4.6m | €4.4m | €5.3m | €6.6m | ▲ 25.3% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.9m | ▲ 142% |
| Plant, machinery and equipment23 | - | - | - | €3.7m | €3.5m | €3.5m | €3.4m | €4.0m | ▲ 16.9% |
| Furniture and vehicles24 | - | - | - | €0.7m | €0.7m | €0.6m | €0.3m | €0.2m | ▼ 39.1% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 4.9% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €1.1m | €1.5m | ▲ 32.7% |
| Financial fixed assets28 | €16.4m | €16.1m | €8.6m | €8.5m | €13.0m | €12.9m | €13.0m | €13.0m | = |
| Affiliated companies280/1 | - | - | - | €7.6m | €12.1m | €12.1m | €12.1m | €12.1m | = |
| Participating interests280 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable281 | - | - | - | €7.5m | €12.0m | €12.0m | €12.0m | €12.0m | = |
| Companies linked by participating interests282/3 | - | - | - | €0.8m | €0.8m | €0.7m | €0.9m | €0.9m | = |
| Participating interests282 | - | - | - | €0.8m | €0.8m | €0.7m | €0.9m | €0.9m | = |
| Other financial fixed assets284/8 | - | - | - | €0.08m | €0.08m | €0.08m | €0 | - | - |
| Shares284 | - | - | - | €0.07m | €0.07m | €0.07m | €0 | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €450 | €450 | €450 | €0 | - | - |
| Current assets29/58 | €454.0m | €422.4m | €420.1m | €586.7m | €522.3m | €523.2m | €515.8m | €460.2m | ▼ 10.8% |
| Stocks and contracts in progress3 | €3.0m | €6.4m | €6.3m | €6.3m | €5.4m | €5.4m | €6.4m | €6.0m | ▼ 6.6% |
| Stocks30/36 | - | - | - | €6.3m | €5.4m | €5.4m | €6.4m | €6.0m | ▼ 6.6% |
| Property held for sale35 | - | - | - | €6.3m | €5.4m | €5.4m | €6.4m | €6.0m | ▼ 6.6% |
| Amounts receivable within one year40/41 | €27.9m | €26.1m | €32.5m | €79.2m | €42.3m | €22.9m | €19.5m | €12.5m | ▼ 36.1% |
| Trade receivables40 | - | - | - | €43.4m | €19.0m | €1.1m | €3.7m | €2.8m | ▼ 25.0% |
| Other amounts receivable41 | - | - | - | €35.8m | €23.3m | €21.7m | €15.7m | €9.6m | ▼ 38.7% |
| Cash at bank and in hand54/58 | €116.3m | €99.9m | €108.7m | €184.6m | €176.9m | €218.3m | €236.2m | €211.0m | ▼ 10.6% |
| Deferred charges and accrued income490/1 | - | - | - | €316.6m | €297.8m | €276.6m | €253.7m | €230.7m | ▼ 9.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €479.3m | €441.7m | €433.1m | €600.0m | €540.0m | €540.5m | €534.1m | €479.8m | ▼ 10.2% |
| Equity10/15 | -€19.8m | €2.7m | €2.1m | €4.1m | €44.7m | €35.4m | €7.7m | €55.9m | ▲ 628% |
| Contributions10/11 | €65.4m | €55.6m | €55.7m | €56.6m | €63.0m | €66.6m | €66.6m | €85.9m | ▲ 28.9% |
| Capital10 | - | - | - | €56.6m | €63.0m | €66.6m | €66.6m | €85.9m | ▲ 28.9% |
| Issued capital100 | - | - | - | €56.6m | €63.0m | €66.6m | €66.6m | €85.9m | ▲ 28.9% |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€85.4m | -€53.0m | -€53.7m | -€52.6m | -€18.4m | -€31.3m | -€59.1m | -€30.1m | ▲ 49.0% |
| Provisions and deferred taxes16 | €72.5m | €60.5m | €49.6m | €106.8m | €94.4m | €91.2m | €89.0m | €86.0m | ▼ 3.4% |
| Provisions for liabilities and charges160/5 | - | - | - | €106.8m | €94.4m | €91.2m | €89.0m | €86.0m | ▼ 3.4% |
| Other liabilities and charges164/5 | - | - | - | €106.8m | €94.4m | €91.2m | €89.0m | €86.0m | ▼ 3.4% |
| Amounts payable17/49 | €426.6m | €378.5m | €381.4m | €489.2m | €400.8m | €413.8m | €437.4m | €337.9m | ▼ 22.7% |
| Amounts payable after more than one year17 | €290.5m | €273.0m | €254.9m | €298.1m | €276.6m | €253.5m | €230.4m | €206.5m | ▼ 10.4% |
| Financial debts170/4 | - | - | - | €298.1m | €276.6m | €253.5m | €230.4m | €206.5m | ▼ 10.4% |
| Subordinated loans170 | - | - | - | €0.7m | €0.7m | - | - | - | - |
| Other loans174 | - | - | - | €297.4m | €275.8m | €253.5m | €230.4m | €206.5m | ▼ 10.4% |
| Amounts payable within one year42/48 | €122.7m | €93.0m | €114.6m | €145.4m | €86.9m | €116.9m | €170.5m | €99.7m | ▼ 41.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18.9m | €21.6m | €26.2m | €27.1m | €28.0m | ▲ 3.4% |
| Financial debts43 | - | - | - | €46.6m | €21.7m | €36.5m | €72.7m | €59.4m | ▼ 18.4% |
| Other loans439 | - | - | - | €46.6m | €21.7m | €36.5m | €72.7m | €59.4m | ▼ 18.4% |
| Trade debts44 | €3.7m | €7.9m | €8.2m | €50.1m | €10.8m | €18.3m | €10.7m | €7.9m | ▼ 26.4% |
| Suppliers440/4 | - | - | - | €50.1m | €10.8m | €18.3m | €10.7m | €7.9m | ▼ 26.4% |
| Taxes, remuneration and social security45 | - | - | - | €3.0m | €2.3m | €1.7m | €1.7m | €1.9m | ▲ 11.6% |
| Taxes450/3 | - | - | - | €1.6m | €0.7m | €0.2m | €0.2m | €0.2m | ▲ 12.7% |
| Remuneration and social security454/9 | - | - | - | €1.4m | €1.5m | €1.5m | €1.5m | €1.7m | ▲ 11.5% |
| Other amounts payable47/48 | - | - | - | €26.9m | €30.5m | €34.2m | €58.2m | €2.6m | ▼ 95.6% |
| Accrued charges and deferred income492/3 | - | - | - | €45.6m | €37.4m | €43.4m | €36.5m | €31.7m | ▼ 13.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25.8m | -€27.2m | -€26.6m | -€26.1m | -€18.4m | -€31.3m | -€27.8m | -€30.1m | ▼ 8.5% |
| + Depreciation and write-downs630 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 17.5% |
| Operating cash flow (approximation) | -€25.3m | -€26.8m | -€26.2m | -€25.6m | -€18.0m | -€30.9m | -€27.3m | -€29.7m | ▼ 8.9% |
| Investment in fixed assets (approximation) | - | €5.6m | €5.8m | -€0.7m | -€4.8m | -€0.1m | -€1.4m | -€1.7m | ▼ 19.8% |
| Change in cash | - | -€16.4m | €8.7m | €76.0m | -€7.7m | €41.5m | €17.8m | -€25.1m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00350653 | NBB |
| 31-12-2024 | full format | 10-07-2025 | 2025-00265892 | |
| 31-12-2023 | full format | 07-06-2024 | 2024-00119037 | |
| 31-12-2022 | full format | 07-07-2023 | 2023-00249888 | |
| 31-12-2021 | full format | 13-06-2022 | 2022-20068365 | |
| 31-12-2020 | full format | 12-07-2021 | 2021-34400474 | |
| 31-12-2019 | full format | 14-08-2020 | 2020-41800146 | |
| 31-12-2018 | full format | 10-07-2019 | 2019-31700391 | |
| 31-12-2017 | full format | 17-07-2018 | 2018-35200350 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-30500031 |