SPFF
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-04-2026 PDF all 5 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.5m▲ 32.9%
2024 · €1.1m
Working capital
-€67.5m▲ 1.1%
2024 · -€68.2m
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€94,771
▼ 6,425%
2025
20212025
Net result
€1.5m
▲ 32.9%
2025
20212025
Equity
€4.2m
▲ 53.1%
2025
20212025
Total assets
€81.0m
▲ 4.6%
2025
20212025
Debt
€76.8m
▲ 2.8%
2025
20212025
Working capital
-€67.5m
▲ 1.1%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€0.002m--€0.001m▲ 53.4%-€0.001m▲ 38.7%-€0.001m▼ 165%-€0.09m▼ 6,425%
Net result-€0.002m-€0.6m€0.9m▲ 50.4%€1.1m▲ 17.8%€1.5m▲ 32.9%
Equity€0.1m-€0.7m▲ 632%€1.7m▲ 130%€2.7m▲ 66.6%€4.2m▲ 53.1%
Total assets€0.1m-€75.5m▲ 767×€76.3m▲ 1.1%€77.4m▲ 1.4%€81.0m▲ 4.6%
Debt€348-€74.8m▲ 215,218×€74.7m▼ 0.1%€74.7m=€76.8m▲ 2.8%
Working capital-€70.3m-€69.3m▲ 1.3%-€68.2m▲ 1.6%-€67.5m▲ 1.1%
The operating result for 2025 is a loss of €94,771, larger than the loss of €1,453 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €81.0m
Fixed assets
€71.7m ▲ 1.0%
Current assets
€9.3m ▲ 44.2%
Equity and liabilities €81.0m
Equity
€4.2m ▲ 53.1%
Debt
€76.8m ▲ 2.8%
Debt's share of the balance-sheet total falls from 96.4% to 94.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€34,746
Cash flow
€1.5m
Current ratio
0.12▲
2024 · 0.09
Debt to equity
18.24▼
2024 · 27.17
ROE
34.7%▼
2024 · 40.0%
ROA
1.8%▲
2024 · 1.4%
Interest coverage
-503.57
Debt ≤ 1 year
€76.8m▲
2024 · €74.7m
Income taxes
€10,471▼
2024 · €24,805
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €753,183 |
| Financial fixed assets | - | €71.0m | - | - | - |
| Depreciation and write-downs of the year | - | - | - | - | €60,025 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €0.06m | - |
| Other operating charges640/8 | - | €333 | - | - | - | - |
| Gross operating margin9900 | -€0.002m | -€0.001m | -€0.001m | -€0.001m | -€0.03m | ▼ 2,292% |
| Operating profit (loss)9901 | -€0.002m | -€0.001m | -€0.001m | -€0.001m | -€0.09m | ▼ 6,425% |
| Financial income75/76B | - | €0.6m | €0.9m | €1.1m | €1.6m | ▲ 39.1% |
| Recurring financial income75 | - | €0.6m | €0.9m | €1.1m | €1.6m | ▲ 39.1% |
| Financial charges65/66B | €18 | €57 | €57 | €60 | €69 | ▲ 16.0% |
| Recurring financial charges65 | €18 | €57 | €57 | €60 | €69 | ▲ 16.0% |
| Profit (loss) for the period before taxes9903 | -€0.002m | €0.6m | €0.9m | €1.1m | €1.5m | ▲ 30.9% |
| Income taxes67/77 | - | - | - | €0.02m | €0.01m | ▼ 57.8% |
| Profit (loss) for the period9904 | -€0.002m | €0.6m | €0.9m | €1.1m | €1.5m | ▲ 32.9% |
| Profit (loss) for the period to be appropriated9905 | -€0.002m | €0.6m | €0.9m | €1.1m | €1.5m | ▲ 32.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.1m | €75.5m | €76.3m | €77.4m | €81.0m | ▲ 4.6% |
| Fixed assets21/28 | - | €71.0m | €71.0m | €71.0m | €71.7m | ▲ 1.0% |
| Tangible fixed assets22/27 | - | - | - | - | €0.7m | - |
| Land and buildings22 | - | - | - | - | €0.7m | - |
| Financial fixed assets28 | - | €71.0m | €71.0m | €71.0m | €71.0m | = |
| Current assets29/58 | €0.1m | €4.5m | €5.4m | €6.4m | €9.3m | ▲ 44.2% |
| Amounts receivable within one year40/41 | - | €0.009m | €0.02m | €0.03m | €0.05m | ▲ 46.7% |
| Trade receivables40 | - | €0.009m | €0.02m | €0.03m | €0.01m | ▼ 57.5% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.04m | ▲ 473% |
| Current investments50/53 | - | - | - | €6.0m | €8.6m | ▲ 43.3% |
| Cash at bank and in hand54/58 | €0.1m | €4.5m | €5.3m | €0.4m | €0.6m | ▲ 55.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.1m | €75.5m | €76.3m | €77.4m | €81.0m | ▲ 4.6% |
| Equity10/15 | €0.1m | €0.7m | €1.7m | €2.7m | €4.2m | ▲ 53.1% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Contributions outside capital11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other1109/19 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.002m | €0.6m | €1.6m | €2.6m | €4.1m | ▲ 55.1% |
| Amounts payable17/49 | €348 | €74.8m | €74.7m | €74.7m | €76.8m | ▲ 2.8% |
| Amounts payable within one year42/48 | - | €74.8m | €74.7m | €74.7m | €76.8m | ▲ 2.8% |
| Trade debts44 | - | - | - | - | €0.08m | - |
| Suppliers440/4 | - | - | - | - | €0.08m | - |
| Other amounts payable47/48 | - | €74.8m | €74.7m | €74.7m | €76.7m | ▲ 2.7% |
| Accrued charges and deferred income492/3 | €348 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.002m | €0.6m | €0.9m | €1.1m | €1.5m | ▲ 32.9% |
| + Depreciation and write-downs630 | - | - | - | - | €0.06m | - |
| Operating cash flow (approximation) | -€0.002m | €0.6m | €0.9m | €1.1m | €1.5m | ▲ 38.3% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | -€0.8m | - |
| Change in cash | - | €4.4m | €0.8m | -€4.9m | €0.2m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-04-2026 | 2026-00069602 | |
| 31-12-2024 | full format | 03-07-2025 | 2025-00222377 | |
| 31-12-2023 | full format | 24-07-2024 | 2024-00277250 | |
| 31-12-2022 | full format | 01-08-2023 | 2023-00300993 | |
| 31-12-2021 | full format | 06-05-2022 | 2022-20020860 |