SPE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-01-2026 PDF all 19 filings
Turnover
≈ €980,000
Estimated: probably between €690,000 and €1.4m
Total assets
€342,916▲ 155%
2024 · €134,444
Net result
€524▼ 91.2%
2024 · €5,985
Working capital
€4,467▼ 87.3%
2024 · €35,208
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€1,647
▼ 80.8%
2025
20192025
Net result
€524
▼ 91.2%
2025
middle half of the sector
20192025
Equity
€61,768
▲ 0.9%
2025
middle half of the sector
20192025
Total assets
€342,916
▲ 155%
2025
highest quarter of the sector
20192025
Debt
€281,148
▲ 284%
2025
20192025
Working capital
€4,467
▼ 87.3%
2025
middle half of the sector
20192025
Solvency
18.0%
▼ 27.5pp
2025
lowest quarter of the sector
20192025
Current ratio
1.03
▼ 0.53
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.2%
▼ 4.3pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
8.6
▲ 24.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€4,499--€10,275▼ 128%€4,350-€10,432€21,371€8,565▼ 59.9%€1,647▼ 80.8%
Net result-€5,734--€10,704below the sector's middle half▼ 86.7%€3,260within the sector's middle half-€11,716below the sector's middle half€20,298within the sector's middle half€5,985within the sector's middle half▼ 70.5%€524within the sector's middle half▼ 91.2%
Equity€54,121-€43,417within the sector's middle half▼ 19.8%€46,677within the sector's middle half▲ 7.5%€34,960within the sector's middle half▼ 25.1%€55,258within the sector's middle half▲ 58.1%€61,243within the sector's middle half▲ 10.8%€61,768within the sector's middle half▲ 0.9%
Total assets€72,371-€44,197below the sector's middle half▼ 38.9%€147,169within the sector's middle half▲ 233%€121,346within the sector's middle half▼ 17.5%€158,614within the sector's middle half▲ 30.7%€134,444within the sector's middle half▼ 15.2%€342,916above the sector's middle half▲ 155%
Debt€18,250-€780▼ 95.7%€100,492▲ 129×€86,386▼ 14.0%€103,356▲ 19.6%€73,201▼ 29.2%€281,148▲ 284%
Working capital€4,086-€9,581within the sector's middle half▲ 135%-€13,809below the sector's middle half-€16,286below the sector's middle half▼ 17.9%€12,780within the sector's middle half€35,208within the sector's middle half▲ 175%€4,467within the sector's middle half▼ 87.3%
Solvency74.8%-98.2%above the sector's middle half▲ 23.5pp31.7%within the sector's middle half▼ 66.5pp28.8%within the sector's middle half▼ 2.9pp34.8%within the sector's middle half▲ 6.0pp45.6%within the sector's middle half▲ 10.7pp18.0%below the sector's middle half▼ 27.5pp
Current ratio1.22-13.28above the sector's middle half▲ 12.060.39below the sector's middle half▼ 12.890.46below the sector's middle half▲ 0.071.18within the sector's middle half▲ 0.721.57within the sector's middle half▲ 0.391.03below the sector's middle half▼ 0.53
Return on assets (ROA)-7.9%--24.2%below the sector's middle half▼ 16.3pp2.2%within the sector's middle half▲ 26.4pp-9.7%below the sector's middle half▼ 11.9pp12.8%within the sector's middle half▲ 22.5pp4.5%within the sector's middle half▼ 8.3pp0.2%below the sector's middle half▼ 4.3pp
Staff (FTE)4.16.9▲ 68.3%8.6▲ 24.6%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 81% lower than in 2024. It is the second fall in a row.
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 €342,916
Fixed assets
€208,849 ▲ 459%
Current assets
€134,067 ▲ 38.1%
Equity and liabilities €342,916
Equity
€61,768 ▲ 0.9%
Debt
€281,148 ▲ 284%
Debt's share of the balance-sheet total rises from 54.4% to 82.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2,798▼
2024 · €33,965
Cash flow
€1,675▼
2024 · €31,385
Debt to equity
4.55▲
2024 · 1.20
ROE
0.8%▼
2024 · 9.8%
Interest coverage
2.49▼
2024 · 43.71
Debt ≤ 1 year
€129,600▲
2024 · €61,867
Debt > 1 year
€151,548▲
2024 · €11,334
Staff costs
€487,902▲
2024 · €441,532
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 10 | 8 | 13 |
| full-time | 8 | 6 | 11 |
| part-time | 2 | 2 | 2 |
| in full-time equivalents | 8.5 | 6.7 | 11.8 |
| Average over the year, in full-time equivalents | 4.1 | 6.9 | 8.6 |
| On a permanent contract | 10 | 8 | 13 |
| Joined | 13 | 2 | 6 |
| Left | 3 | 3 | 2 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €210,000 |
| Depreciation and write-downs of the year | €31,000 | €31,000 | €25,400 | €1,151 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €2,524 awarded · €2,284 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,353 | €1,678 |
| 2024 | 1 | €639 | €297 |
| 2023 | 1 | €532 | €309 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €100 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €334,035 | €441,532 | €487,902 | ▲ 10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,058 | €16,200 | €16,745 | €31,000 | €31,000 | €25,400 | €1,151 | ▼ 95.5% |
| Other operating charges640/8 | - | - | - | - | €745 | €627 | €2,438 | ▲ 289% |
| Gross operating margin9900 | €6,559 | €6,007 | €21,275 | €20,568 | €387,151 | €476,124 | €493,138 | ▲ 3.6% |
| Operating profit (loss)9901 | -€4,499 | -€10,275 | €4,350 | -€10,432 | €21,371 | €8,565 | €1,647 | ▼ 80.8% |
| Financial income75/76B | - | - | - | €9 | - | - | - | - |
| Recurring financial income75 | - | - | €1 | €9 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,293 | €1,073 | €777 | €1,123 | ▲ 44.5% |
| Recurring financial charges65 | €189 | €67 | €1,092 | €1,293 | €1,073 | €777 | €1,123 | ▲ 44.5% |
| Profit (loss) for the period before taxes9903 | -€4,688 | -€10,341 | €3,260 | -€11,716 | €20,298 | €7,788 | €524 | ▼ 93.3% |
| Income taxes67/77 | €1,047 | €363 | - | - | - | €1,803 | - | - |
| Profit (loss) for the period9904 | -€5,734 | -€10,704 | €3,260 | -€11,716 | €20,298 | €5,985 | €524 | ▼ 91.2% |
| Profit (loss) for the period to be appropriated9905 | -€5,734 | -€10,704 | €3,260 | -€11,716 | €20,298 | €5,985 | €524 | ▼ 91.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €72,371 | €44,197 | €147,169 | €121,346 | €158,614 | €134,444 | €342,916 | ▲ 155% |
| Fixed assets21/28 | €50,036 | €33,836 | €138,255 | €107,255 | €76,255 | €37,369 | €208,849 | ▲ 459% |
| Tangible fixed assets22/27 | €50,036 | €33,836 | €138,255 | €107,255 | €76,255 | €37,369 | €208,849 | ▲ 459% |
| Plant, machinery and equipment23 | - | - | - | €88,169 | €62,769 | €37,369 | €208,849 | ▲ 459% |
| Furniture and vehicles24 | - | - | - | €19,086 | €13,486 | - | - | - |
| Current assets29/58 | €22,336 | €10,361 | €8,914 | €14,091 | €82,359 | €97,075 | €134,067 | ▲ 38.1% |
| Stocks and contracts in progress3 | €1,088 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €19,580 | €6,341 | €6,641 | €378 | €35,299 | €91,463 | €93,029 | ▲ 1.7% |
| Trade receivables40 | - | - | - | €170 | €35,090 | €91,255 | €93,029 | ▲ 1.9% |
| Other amounts receivable41 | - | - | - | €209 | €209 | €208 | - | - |
| Current investments50/53 | - | €4,021 | €2,272 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,667 | - | - | €13,712 | €47,060 | €5,612 | €41,038 | ▲ 631% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €72,371 | €44,197 | €147,169 | €121,346 | €158,614 | €134,444 | €342,916 | ▲ 155% |
| Equity10/15 | €54,121 | €43,417 | €46,677 | €34,960 | €55,258 | €61,243 | €61,768 | ▲ 0.9% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €40,466 | €40,466 | €40,466 | €40,466 | €40,466 | €42,643 | €43,168 | ▲ 1.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €38,606 | €38,606 | €40,783 | €41,308 | ▲ 1.3% |
| Profit (loss) carried forward14 | -€4,945 | -€15,649 | -€12,389 | -€24,106 | -€3,808 | - | - | - |
| Amounts payable17/49 | €18,250 | €780 | €100,492 | €86,386 | €103,356 | €73,201 | €281,148 | ▲ 284% |
| Amounts payable after more than one year17 | - | - | €77,770 | €55,921 | €33,777 | €11,334 | €151,548 | ▲ 13× |
| Financial debts170/4 | - | - | - | €55,921 | €33,777 | €11,334 | €151,548 | ▲ 13× |
| Amounts payable within one year42/48 | €18,250 | €780 | €22,722 | €30,376 | €69,579 | €61,867 | €129,600 | ▲ 109% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,657 | €23,976 | €24,299 | €47,601 | ▲ 95.9% |
| Trade debts44 | - | €263 | - | €55 | €36,487 | €28,549 | €38,623 | ▲ 35.3% |
| Suppliers440/4 | - | - | - | €55 | €36,487 | €28,549 | €38,623 | ▲ 35.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,164 | €3,616 | €3,519 | €8,083 | ▲ 130% |
| Taxes450/3 | - | - | - | €1,164 | €3,616 | €3,519 | €8,083 | ▲ 130% |
| Other amounts payable47/48 | - | - | - | €5,500 | €5,500 | €5,500 | €35,293 | ▲ 542% |
| Accrued charges and deferred income492/3 | - | - | - | €89 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,734 | -€10,704 | €3,260 | -€11,716 | €20,298 | €5,985 | €524 | ▼ 91.2% |
| + Depreciation and write-downs630 | €11,058 | €16,200 | €16,745 | €31,000 | €31,000 | €25,400 | €1,151 | ▼ 95.5% |
| Operating cash flow (approximation) | €5,324 | €5,496 | €20,004 | €19,284 | €51,298 | €31,385 | €1,675 | ▼ 94.7% |
| Investment in fixed assets (approximation) | - | €0 | -€121,164 | €0 | €0 | €13,486 | -€172,631 | - |
| Change in cash | - | - | - | - | €33,348 | -€41,448 | €35,426 | - |
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, 3,984 companies had the same profile as SPE has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of SPE itself: 0.9% 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 3,984 companies, not a prediction for SPE. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 20-01-2026 | 2026-00011215 | |
| 30-06-2024 | micro format | 17-12-2024 | 2024-00618897 | |
| 30-06-2023 | micro format | 18-12-2023 | 2023-00531624 | |
| 30-06-2022 | micro format | 23-12-2022 | 2022-20544742 | |
| 30-06-2021 | micro format | 23-12-2021 | 2021-81500003 | |
| 30-06-2020 | micro format | 08-02-2021 | 2021-04900555 | |
| 30-06-2019 | micro format | 18-12-2019 | 2019-76500098 | |
| 30-06-2018 | micro format | 24-12-2018 | 2018-75700079 | |
| 30-06-2017 | micro format | 22-12-2017 | 2017-73200459 | |
| 30-06-2016 | abbreviated format | 14-12-2016 | 2016-70000535 |