Equity
€1,014 from €51,416 in 2024
Equity fell by 98% in 1 year.
SPEGA
Lifetime
19 annual accounts with figures on one time axis, 27 filings since 1999peak €57,872 (2023)
€12,371▼ 46.1%
lowest -€50,402 (2025)
-€50,402▼ €54,560
peak €51,416 (2024)
€1,014▼ 98.0%
€34,546▲ 149%
Board1 name since 2022
1 directorTHYSSENS KOENRAAD
Documentsfilings and deeds
31-10-2025on the last day
2025micro format
Gross margin from €22,938 to €12,371Loss of €50,402Equity from €51,416 to €1,014Debts from €13,859 to €34,546Cash from €16,570 to €86
Key points
from the 2025 annual accountsDebts
€34,546 97% of the balance sheet
Financial debts 40%Suppliers 33%Taxes and wages 18%Other 9%
Investments
€1,033 1.6 × depreciation
Green is investment, beige is depreciation.
Liquidity
0.96 was 4.56 in 2024
Short-term debts rose from €13,859 to €34,546.
Filings
27 annual accounts 10 days past the deadline
2026 accounts not filed: deadline was 31-10-2026.
Position in the sector
-€50,402
Lower net result than 95% of companies in wholesale trade. Sector median €5,606 · 13,811 companies.
Checked score
51
Fair
Financially stronger than 8% of micro companies in wholesale trade (NACE 46)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.1% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,891 companies (NACE 46, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025lowest value
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 1.2%▲ +1.0 percentage point vs 10-2025
12-2025: 1.2%● unchanged vs 11-2025
01-2026: 1.2%● unchanged vs 12-2025
02-2026: 1.2%● unchanged vs 01-2026
03-2026: 1.1%▼ -0.1 percentage points vs 02-2026
04-2026: 1.1%● unchanged vs 03-2026
05-2026: 1.1%● unchanged vs 04-2026
06-2026: 1.1%● unchanged vs 05-2026
07-2026: 1.1%● unchanged vs 06-2026
08-2026: 1.1%● unchanged vs 07-2026
09-2026: 1.1%● unchanged vs 08-2026
10-2026: 1.9%▲ +0.8 percentage points vs 09-2026
11-2026: 2.1%▲ +0.2 percentage points vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Loss of €50,402 (financial year 2025)
Figures for financial year 2025 (filed on 31-10-2025)
Liquidity: current ratio 0.96, cash €86, halved
lowers risk
Size: total assets €35,560
Calculation
The band follows from the bankruptcy probability. 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, micro). It does better than 18% of them on solvency, 3% on liquidity, 6% on profitability and 5% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-03-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 540 companies had the same profile as SPEGA has now. Each dot stands for 2 companies, two years later.
85.7%
were still trading
8.3%
stopped another way
5.2%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPEGA itself: 2.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 540 companies, not a prediction for SPEGA. 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.
Credit verdict
No publishable credit limit, so credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.96 (4.56 in 2024), below 1. Short-term debt is 97.1% and cash 0.2% of total assets. 97.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 13805 sector peers (2025).
NBB · sector comparisonPosition among 13805 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
not filed
2025
on the day
2024
on the day
2023
on the day
2022
113 days late
2021
24 days late
2020
2 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 23 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0462529553
First establishment
Tilburgbaan 86, Brecht
Incorporation
published on 06-02-1998 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| SPEGA Brecht | €35,560 | €12,371 | 2.9% | - |
| TECHNIFLEX Antwerp | €43,745 | €13,013 | 80.7% | - |
| EUROBRABANT Schaerbeek | €22,879 | €9,474 | 68.9% | - |
| Guibert Business Center Mont-Saint-Guibert | €35,117 | €15,487 | 58.9% | - |
| INTERNATIONAL EXPORT AND SERVICES Gembloux | €32,703 | €13,207 | 75.2% | - |
| ORVI Beersel | €20,661 | €14,810 | 65.7% | - |
| NINE-X Brecht | €39,522 | €36,628 | -47.1% | - |
These companies have the same main activity as SPEGA: non-specialised wholesale trade (NACE 46900). They are comparable in size and age: total assets between €20,700 and €43,700, founded between 1993 and 2001.
Official details
Source: KBO- Status
- Active since 27-01-1998Normal situation
- Activity
- Non-specialised wholesale tradeNACE 46900and 1 other
- Establishment unit
- 2.085.411.5122960 Brecht, since 10-02-1998
- Financial year end
- 31 March
- Peppol
- Reachable since 09-09-2025
Annual accounts to 31-03-2025
- ≈ €160,000estimated
- €35,560▼ 45.5%
- ≈ 1 FTEestimated
- Filing
- Filed on 31-10-2025
Insights on SPEGA
SPEGA files the micro format. That format states no turnover. The gross margin fell from €24,511 in 2007 to €12,371 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about SPEGA
- What is the company number of SPEGA?
- The company number of SPEGA is 0462.529.553. The VAT number is the same number with BE in front: BE 0462.529.553.
- Where is SPEGA based?
- The registered office is at Tilburgbaan 86, 2960 Brecht.Company details
- What does SPEGA do?
- According to the KBO register, the main activity is non-specialised wholesale trade (NACE 46900).
- What is the legal form of SPEGA?
- SPEGA is a private limited company (pre-2019) (BVBA).
- When was SPEGA founded?
- SPEGA was founded on 27-01-1998.
- Is SPEGA still active?
- Yes, SPEGA is an active enterprise in the KBO register.
- What is the turnover of SPEGA?
- The turnover in financial year 2025 is ≈ €160,000. This figure is estimated from the gross margin of €12,371 and 211 comparable companies (NACE 46). It probably lies between €75,000 and €390,000. It is a rough estimate.Financials
- Is SPEGA profitable?
- In financial year 2025, SPEGA made a loss of €50,402.
- Where can I find the annual accounts of SPEGA?
- SPEGA filed 27 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
Next steps
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