SPATIO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00401267.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 23 filings
Turnover
≈ €880,000
Estimated: probably between €430,000 and €1.6m
Total assets
€243,609▲ 17.6%
2024 · €207,215
Net result
€102,413▲ 103%
2024 · €50,488
Working capital
€61,496▲ 4.4%
2024 · €58,907
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€113,442
▲ 145%
2025
20182025
Net result
€102,413
▲ 103%
2025
highest quarter of the sector
20182025
Equity
€62,210
▲ 13.5%
2025
middle half of the sector
20182025
Total assets
€243,609
▲ 17.6%
2025
middle half of the sector
20182025
Debt
€181,398
▲ 19.0%
2025
20182025
Working capital
€61,496
▲ 4.4%
2025
middle half of the sector
20182025
Solvency
25.5%
▼ 0.9pp
2025
middle half of the sector
20182025
Current ratio
1.34
▼ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
42.0%
▲ 17.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.7
▲ 70.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€7,455--€9,798▼ 31.4%€14,449-€1,416€25,740€63,685▲ 147%€46,281▼ 27.3%€113,442▲ 145%
Net result€3,575-€12,611▲ 253%€27,652above the sector's middle half▲ 119%€12,230within the sector's middle half▼ 55.8%€43,044above the sector's middle half▲ 252%€63,371above the sector's middle half▲ 47.2%€50,488above the sector's middle half▼ 20.3%€102,413above the sector's middle half▲ 103%
Equity€74,302-€66,913▼ 9.9%€69,564within the sector's middle half▲ 4.0%€61,795within the sector's middle half▼ 11.2%€79,839within the sector's middle half▲ 29.2%€118,210within the sector's middle half▲ 48.1%€54,798within the sector's middle half▼ 53.6%€62,210within the sector's middle half▲ 13.5%
Total assets€219,306-€191,633▼ 12.6%€187,190within the sector's middle half▼ 2.3%€209,561within the sector's middle half▲ 12.0%€236,924within the sector's middle half▲ 13.1%€266,346within the sector's middle half▲ 12.4%€207,215within the sector's middle half▼ 22.2%€243,609within the sector's middle half▲ 17.6%
Debt€145,005-€124,720▼ 14.0%€117,626▼ 5.7%€147,767▲ 25.6%€157,085▲ 6.3%€148,136▼ 5.7%€152,418▲ 2.9%€181,398▲ 19.0%
Working capital€64,395-€57,006▼ 11.5%€65,280within the sector's middle half▲ 14.5%€39,983within the sector's middle half▼ 38.8%€60,709within the sector's middle half▲ 51.8%€111,180within the sector's middle half▲ 83.1%€58,907within the sector's middle half▼ 47.0%€61,496within the sector's middle half▲ 4.4%
Solvency33.9%-34.9%▲ 1.0pp37.2%within the sector's middle half▲ 2.2pp29.5%within the sector's middle half▼ 7.7pp33.7%within the sector's middle half▲ 4.2pp44.4%within the sector's middle half▲ 10.7pp26.4%within the sector's middle half▼ 17.9pp25.5%within the sector's middle half▼ 0.9pp
Current ratio1.46-1.47▲ 0.011.73within the sector's middle half▲ 0.261.29within the sector's middle half▼ 0.441.39within the sector's middle half▲ 0.111.79within the sector's middle half▲ 0.401.41within the sector's middle half▼ 0.381.34within the sector's middle half▼ 0.08
Return on assets (ROA)1.6%-6.6%▲ 5.0pp14.8%above the sector's middle half▲ 8.2pp5.8%within the sector's middle half▼ 8.9pp18.2%above the sector's middle half▲ 12.3pp23.8%above the sector's middle half▲ 5.6pp24.4%above the sector's middle half▲ 0.6pp42.0%above the sector's middle half▲ 17.7pp
Staff (FTE)1-1=0.1below the sector's middle half▼ 90.0%0.61▲ 66.7%1.7▲ 70.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 145% higher than in 2024 and the highest since 2018. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €243,609
Fixed assets
€714 ▼ 88.5%
Current assets
€242,895 ▲ 20.8%
Equity and liabilities €243,609
Equity
€62,210 ▲ 13.5%
Debt
€181,398 ▲ 19.0%
Debt's share of the balance-sheet total rises from 73.6% to 74.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€118,592▲
2024 · €54,316
Cash flow
€107,563▲
2024 · €58,523
Quick ratio
0.71▲
2024 · 0.52
Debt to equity
2.92▲
2024 · 2.78
ROE
164.6%▲
2024 · 92.1%
Interest coverage
31.31▼
2024 · 41.45
Debt ≤ 1 year
€181,398▲
2024 · €142,093
Income taxes
€36,466▲
2024 · €19,439
Staff costs
€58,379▲
2024 · €39,664
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 |
| full-time | 1 | 1 | 2 |
| in full-time equivalents | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 0.6 | 1 | 1.7 |
| On a permanent contract | 1 | 1 | 2 |
| Joined | 1 | - | 2 |
| Left | 0 | - | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,567 | - | €2,258 | - | - |
| Financial fixed assets | €1,262 | - | - | - | - |
| Depreciation and write-downs of the year | €10,647 | €8,284 | €8,438 | €8,035 | €5,151 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €21,860 | €39,664 | €58,379 | ▲ 47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,900 | €5,038 | €6,593 | €10,647 | €8,284 | €8,438 | €8,035 | €5,151 | ▼ 35.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€494 | - | - | -€4,259 | - |
| Other operating charges640/8 | - | - | - | €319 | €964 | €505 | €1,761 | €5,042 | ▲ 186% |
| Gross operating margin9900 | €36,105 | €46,779 | €40,030 | €9,550 | €34,493 | €94,488 | €95,742 | €177,754 | ▲ 85.7% |
| Operating profit (loss)9901 | -€7,455 | -€9,798 | €14,449 | -€1,416 | €25,740 | €63,685 | €46,281 | €113,442 | ▲ 145% |
| Financial income75/76B | - | - | - | €21,413 | €37,267 | €26,183 | €24,956 | €29,224 | ▲ 17.1% |
| Recurring financial income75 | €16,752 | €24,195 | €18,155 | €21,413 | €37,267 | €26,183 | €24,956 | €29,224 | ▲ 17.1% |
| Financial charges65/66B | - | - | - | €4,169 | €3,665 | €2,390 | €1,310 | €3,787 | ▲ 189% |
| Recurring financial charges65 | €4,397 | €5,939 | €6,040 | €4,169 | €3,665 | €2,390 | €1,310 | €3,787 | ▲ 189% |
| Profit (loss) for the period before taxes9903 | €4,900 | €16,189 | €36,029 | €15,829 | €59,342 | €87,477 | €69,926 | €138,878 | ▲ 98.6% |
| Income taxes67/77 | €1,325 | €3,578 | €8,377 | €3,598 | €16,298 | €24,106 | €19,439 | €36,466 | ▲ 87.6% |
| Profit (loss) for the period9904 | €3,575 | €12,611 | €27,652 | €12,230 | €43,044 | €63,371 | €50,488 | €102,413 | ▲ 103% |
| Profit (loss) for the period to be appropriated9905 | €3,575 | €12,611 | €27,652 | €12,230 | €43,044 | €63,371 | €50,488 | €102,413 | ▲ 103% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €219,306 | €191,633 | €187,190 | €209,561 | €236,924 | €266,346 | €207,215 | €243,609 | ▲ 17.6% |
| Fixed assets21/28 | €14,525 | €12,036 | €32,288 | €30,471 | €22,187 | €15,095 | €6,215 | €714 | ▼ 88.5% |
| Tangible fixed assets22/27 | €11,531 | €9,042 | €31,294 | €28,215 | €19,931 | €13,751 | €5,716 | €565 | ▼ 90.1% |
| Plant, machinery and equipment23 | - | - | - | €8,023 | €5,508 | €3,371 | €1,858 | €344 | ▼ 81.5% |
| Furniture and vehicles24 | - | - | - | €20,192 | €14,423 | €10,379 | €3,858 | €221 | ▼ 94.3% |
| Financial fixed assets28 | €2,994 | €2,994 | €994 | €2,256 | €2,256 | €1,344 | €499 | €149 | ▼ 70.2% |
| Current assets29/58 | €204,782 | €179,597 | €154,902 | €179,091 | €214,737 | €251,251 | €201,000 | €242,895 | ▲ 20.8% |
| Stocks and contracts in progress3 | €151,892 | €137,707 | €126,508 | €133,757 | €162,420 | €120,424 | €127,782 | €114,658 | ▼ 10.3% |
| Stocks30/36 | - | - | - | €133,757 | €162,420 | €120,424 | €127,782 | €114,658 | ▼ 10.3% |
| Amounts receivable within one year40/41 | €42,311 | €26,743 | €26,369 | €31,410 | €35,578 | €12,655 | €10,153 | €21,688 | ▲ 114% |
| Trade receivables40 | - | - | - | €30,709 | €34,589 | €11,906 | €5,042 | €14,305 | ▲ 184% |
| Other amounts receivable41 | - | - | - | €701 | €989 | €748 | €5,111 | €7,384 | ▲ 44.5% |
| Current investments50/53 | - | - | - | - | - | - | €20,720 | €20,720 | = |
| Cash at bank and in hand54/58 | €5,512 | €10,879 | €544 | €11,134 | €13,613 | €116,337 | €40,563 | €82,851 | ▲ 104% |
| Deferred charges and accrued income490/1 | - | - | - | €2,789 | €3,126 | €1,835 | €1,782 | €2,977 | ▲ 67.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €219,306 | €191,633 | €187,190 | €209,561 | €236,924 | €266,346 | €207,215 | €243,609 | ▲ 17.6% |
| Equity10/15 | €74,302 | €66,913 | €69,564 | €61,795 | €79,839 | €118,210 | €54,798 | €62,210 | ▲ 13.5% |
| Contributions10/11 | €24,800 | €24,800 | - | €24,800 | €24,800 | €24,800 | €24,800 | €24,800 | = |
| Reserves13 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €23,220 | €23,220 | = |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | €2,500 | €23,220 | €23,220 | = |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Own shares acquired1312 | - | - | - | - | - | - | €20,720 | €20,720 | = |
| Profit (loss) carried forward14 | €47,002 | €39,613 | €42,264 | €34,495 | €52,539 | €90,910 | €6,778 | €14,190 | ▲ 109% |
| Amounts payable17/49 | €145,005 | €124,720 | €117,626 | €147,767 | €157,085 | €148,136 | €152,418 | €181,398 | ▲ 19.0% |
| Amounts payable after more than one year17 | €4,618 | €2,130 | €14,154 | €8,659 | €3,058 | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,659 | €3,058 | - | - | - | - |
| Amounts payable within one year42/48 | €140,387 | €122,591 | €89,621 | €139,108 | €154,028 | €140,072 | €142,093 | €181,398 | ▲ 27.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,495 | €5,602 | €3,058 | - | - | - |
| Financial debts43 | - | - | - | €51,333 | €31,333 | €1,333 | €1,333 | €1,333 | = |
| Credit institutions430/8 | - | - | - | €1,333 | €1,333 | €1,333 | €1,333 | €1,333 | = |
| Other loans439 | - | - | - | €50,000 | €30,000 | - | - | - | - |
| Trade debts44 | €28,245 | €47,716 | €33,483 | €37,890 | €69,923 | €63,057 | €53,662 | €32,432 | ▼ 39.6% |
| Suppliers440/4 | - | - | - | €37,890 | €69,923 | €63,057 | €53,662 | €32,432 | ▼ 39.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €28,011 | - |
| Taxes, remuneration and social security45 | - | - | - | €16,937 | €14,432 | €38,802 | €33,955 | €23,119 | ▼ 31.9% |
| Taxes450/3 | - | - | - | €16,937 | €14,432 | €32,258 | €26,319 | €11,562 | ▼ 56.1% |
| Remuneration and social security454/9 | - | - | - | - | - | €6,544 | €7,636 | €11,557 | ▲ 51.4% |
| Other amounts payable47/48 | - | - | - | €27,453 | €32,737 | €33,822 | €53,143 | €96,503 | ▲ 81.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €8,065 | €10,324 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,575 | €12,611 | €27,652 | €12,230 | €43,044 | €63,371 | €50,488 | €102,413 | ▲ 103% |
| + Depreciation and write-downs630 | €6,900 | €5,038 | €6,593 | €10,647 | €8,284 | €8,438 | €8,035 | €5,151 | ▼ 35.9% |
| Operating cash flow (approximation) | €10,476 | €17,649 | €34,245 | €22,877 | €51,328 | €71,809 | €58,523 | €107,563 | ▲ 83.8% |
| Investment in fixed assets (approximation) | - | -€2,550 | -€26,845 | -€8,829 | €0 | -€1,346 | €845 | €350 | ▼ 58.5% |
| Change in cash | - | €5,367 | -€10,335 | €10,590 | €2,478 | €102,725 | -€75,774 | €42,288 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,818 companies had the same profile as SPATIO has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPATIO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 3,818 companies, not a prediction for SPATIO. 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.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00401267 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00388471 | |
| 31-12-2023 | micro format | 16-08-2024 | 2024-00347225 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00343849 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20395628 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43400307 | |
| 31-12-2019 | micro format | 13-08-2020 | 2020-41100349 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51200311 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-26400239 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-47700361 |