Summary
SPESS is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €109,074 and a net result of €57,127. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 89% of 9,728 sector peers (NACE 64, financial year 2025). The company has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€109,074▲ 60.6%
2024 · €67,920
Net result
€57,127▲ 167%
2024 · €21,397
Total assets
€119,752▲ 59.2%
2024 · €75,202
Solvency
91.1%▲ 0.8pp
2024 · 90.3%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has risen four years in a row; 2025 is 151% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€80,841
2025
Net result€57,127
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€119,752
2025
Equity€109,074
2025
Debt€10,678
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€108,119
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)47.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency91.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio11.67
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,581-€20,686▲ 214%-€35,330-€4,639▲ 86.9%€12,109€27,959▲ 131%€32,268▲ 15.4%€80,841▲ 151%
Net result€2,793-€13,180▲ 372%-€35,439below the sector's middle half-€5,581below the sector's middle half▲ 84.3%€10,427within the sector's middle half€25,507within the sector's middle half▲ 145%€21,397within the sector's middle half▼ 16.1%€57,127within the sector's middle half▲ 167%
Equity€38,429-€51,609▲ 34.3%€16,170below the sector's middle half▼ 68.7%€10,589below the sector's middle half▼ 34.5%€21,016below the sector's middle half▲ 98.5%€46,523within the sector's middle half▲ 121%€67,920within the sector's middle half▲ 46.0%€109,074within the sector's middle half▲ 60.6%
Total assets€92,928-€89,491▼ 3.7%€44,162below the sector's middle half▼ 50.7%€31,835below the sector's middle half▼ 27.9%€43,388below the sector's middle half▲ 36.3%€68,560below the sector's middle half▲ 58.0%€75,202below the sector's middle half▲ 9.7%€119,752below the sector's middle half▲ 59.2%
Debt€54,499-€37,882▼ 30.5%€27,992▼ 26.1%€21,246▼ 24.1%€22,372▲ 5.3%€22,038▼ 1.5%€7,282▼ 67.0%€10,678▲ 46.6%
Working capital€33,249-€46,736▲ 40.6%€17,385within the sector's middle half▼ 62.8%€10,589within the sector's middle half▼ 39.1%€18,033within the sector's middle half▲ 70.3%€44,604within the sector's middle half▲ 147%€66,318within the sector's middle half▲ 48.7%€108,119within the sector's middle half▲ 63.0%
Solvency41.4%-57.7%▲ 16.3pp36.6%within the sector's middle half▼ 21.1pp33.3%within the sector's middle half▼ 3.4pp48.4%within the sector's middle half▲ 15.2pp67.9%within the sector's middle half▲ 19.4pp90.3%above the sector's middle half▲ 22.5pp91.1%above the sector's middle half▲ 0.8pp
Current ratio1.93-2.60▲ 0.671.68within the sector's middle half▼ 0.931.50within the sector's middle half▼ 0.181.81within the sector's middle half▲ 0.313.08within the sector's middle half▲ 1.2710.62above the sector's middle half▲ 7.5511.67above the sector's middle half▲ 1.04
Return on assets (ROA)3.0%-14.7%▲ 11.7pp-80.2%below the sector's middle half▼ 95.0pp-17.5%below the sector's middle half▲ 62.7pp24.0%above the sector's middle half▲ 41.6pp37.2%above the sector's middle half▲ 13.2pp28.5%above the sector's middle half▼ 8.8pp47.7%above the sector's middle half▲ 19.3pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €119,752
Fixed assets
€1,499 ▼ 24.8%
Current assets
€118,253 ▲ 61.5%
Equity and liabilities €119,752
Equity
€109,074 ▲ 60.6%
Debt
€10,678 ▲ 46.6%
Debt's share of the balance-sheet total falls from 9.7% to 8.9%. Equity and debt are higher.
Key figures and ratios
ROE
52.4%▲
2024 · 31.5%
Debt ≤ 1 year
€10,134▲
2024 · €6,890
Income taxes
€22,602▲
2024 · €9,383
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €19,171 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,135 | €11,465 | €8,733 | €1,062 | €62 | €495 | €495 | €495 | = |
| Other operating charges640/8 | - | - | - | €1,131 | €1,242 | €394 | €528 | €607 | ▲ 15.0% |
| Gross operating margin9900 | €18,717 | €33,056 | -€23,013 | -€2,446 | €13,413 | €28,848 | €33,291 | €81,943 | ▲ 146% |
| Operating profit (loss)9901 | €6,581 | €20,686 | -€35,330 | -€4,639 | €12,109 | €27,959 | €32,268 | €80,841 | ▲ 151% |
| Financial income75/76B | - | - | - | €1 | €18 | €0 | €3 | €200 | ▲ 74× |
| Recurring financial income75 | - | €10 | €558 | €1 | €18 | €0 | €3 | €200 | ▲ 74× |
| Financial charges65/66B | - | - | - | €648 | €1,404 | €399 | €1,491 | €1,312 | ▼ 12.0% |
| Recurring financial charges65 | €659 | €535 | €364 | €648 | €1,404 | €399 | €1,491 | €1,312 | ▼ 12.0% |
| Profit (loss) for the period before taxes9903 | €5,922 | €20,161 | -€35,136 | -€5,286 | €10,723 | €27,561 | €30,780 | €79,730 | ▲ 159% |
| Income taxes67/77 | €3,128 | €6,981 | €303 | €296 | €296 | €2,054 | €9,383 | €22,602 | ▲ 141% |
| Profit (loss) for the period9904 | €2,793 | €13,180 | -€35,439 | -€5,581 | €10,427 | €25,507 | €21,397 | €57,127 | ▲ 167% |
| Profit (loss) for the period to be appropriated9905 | €2,793 | €13,180 | -€35,439 | -€5,581 | €10,427 | €25,507 | €21,397 | €57,127 | ▲ 167% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €92,928 | €89,491 | €44,162 | €31,835 | €43,388 | €68,560 | €75,202 | €119,752 | ▲ 59.2% |
| Fixed assets21/28 | €24,095 | €13,621 | €1,062 | - | €2,983 | €2,489 | €1,994 | €1,499 | ▼ 24.8% |
| Tangible fixed assets22/27 | €24,095 | €13,621 | €1,062 | - | €2,983 | €2,489 | €1,994 | €1,499 | ▼ 24.8% |
| Plant, machinery and equipment23 | - | - | - | - | €1,126 | €1,011 | €897 | €782 | ▼ 12.8% |
| Furniture and vehicles24 | - | - | - | - | €1,857 | €1,477 | €1,097 | €717 | ▼ 34.7% |
| Current assets29/58 | €68,832 | €75,870 | €43,101 | €31,835 | €40,404 | €66,072 | €73,208 | €118,253 | ▲ 61.5% |
| Amounts receivable within one year40/41 | €48,055 | €72,881 | €38,934 | €29,936 | €29,071 | €64,203 | €50,212 | €92,042 | ▲ 83.3% |
| Trade receivables40 | - | - | - | €28,317 | €28,466 | €63,598 | €43,108 | €81,160 | ▲ 88.3% |
| Other amounts receivable41 | - | - | - | €1,618 | €605 | €605 | €7,105 | €10,882 | ▲ 53.2% |
| Cash at bank and in hand54/58 | €20,117 | €2,232 | €3,490 | €448 | €7,849 | €439 | €19,962 | €23,914 | ▲ 19.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,451 | €3,485 | €1,430 | €3,034 | €2,297 | ▼ 24.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €92,928 | €89,491 | €44,162 | €31,835 | €43,388 | €68,560 | €75,202 | €119,752 | ▲ 59.2% |
| Equity10/15 | €38,429 | €51,609 | €16,170 | €10,589 | €21,016 | €46,523 | €67,920 | €109,074 | ▲ 60.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €25,653 | €38,834 | €22,834 | €22,834 | €22,834 | €34,123 | €55,520 | €96,674 | ▲ 74.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Distributable reserves133 | - | - | - | €15,974 | €17,834 | €29,123 | €50,520 | €91,674 | ▲ 81.5% |
| Profit (loss) carried forward14 | €376 | €376 | -€19,063 | -€24,645 | -€14,218 | €0 | - | €0 | - |
| Amounts payable17/49 | €54,499 | €37,882 | €27,992 | €21,246 | €22,372 | €22,038 | €7,282 | €10,678 | ▲ 46.6% |
| Amounts payable after more than one year17 | €18,155 | €7,988 | €2,277 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €35,584 | €29,134 | €25,715 | €21,246 | €22,372 | €21,468 | €6,890 | €10,134 | ▲ 47.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,277 | €0 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €585 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €585 | €0 | - | - |
| Trade debts44 | €8,397 | €1,357 | €4,450 | €1,007 | €1,184 | €3,179 | €1,642 | €3,140 | ▲ 91.2% |
| Suppliers440/4 | - | - | - | €1,007 | €1,184 | €3,179 | €1,642 | €3,140 | ▲ 91.2% |
| Advances received on contracts in progress46 | - | - | - | €5,408 | €2,000 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €296 | €2,677 | €8,079 | €5,249 | €6,994 | ▲ 33.3% |
| Taxes450/3 | - | - | - | €296 | €2,677 | €8,079 | €5,249 | €6,994 | ▲ 33.3% |
| Other amounts payable47/48 | - | - | - | €12,259 | €16,510 | €9,624 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €570 | €392 | €544 | ▲ 38.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,793 | €13,180 | -€35,439 | -€5,581 | €10,427 | €25,507 | €21,397 | €57,127 | ▲ 167% |
| + Depreciation and write-downs630 | €11,135 | €11,465 | €8,733 | €1,062 | €62 | €495 | €495 | €495 | = |
| Operating cash flow (approximation) | €13,928 | €24,645 | -€26,706 | -€4,520 | €10,489 | €26,001 | €21,892 | €57,622 | ▲ 163% |
| Investment in fixed assets (approximation) | - | -€991 | €3,826 | - | - | €0 | €0 | €0 | - |
| Change in cash | - | -€17,885 | €1,258 | -€3,042 | €7,401 | -€7,410 | €19,524 | €3,951 | ▼ 79.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 23-04-2026 | 2026-00085737 |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00193556 |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00224734 |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00227264 |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20198518 |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25400414 |
| 31-12-2019 | micro format | 29-06-2020 | 2020-24400583 |
| 31-12-2018 | micro format | 12-07-2019 | 2019-32900257 |
| 31-12-2017 | micro format | 07-07-2018 | 2018-30900179 |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43600253 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,049. 12,733 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.