SPG
ActiveSummary
SPG has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-20k) and a net result of €713. Equity is shrinking by ~37.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+52
Solvency12▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.68 against 0.65 in 2024; short-term debt: 70.9% and cash: 31.8% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-13.2%
Return on assets
0.5%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
on the day
2023
2 d early
2022
31 d late
2021
31 d late
2020
4 d early
2019
91 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€-20k▲ 3.4%
2024 · €-21k
2018: €9khighest in 8 years
2019: €-8k▼ -195% vs 2018
2020: €-7k▲ +13.2% vs 2019
2021: €-6k▲ +22.8% vs 2020
2022: €-10k▼ -87.1% vs 2021
2023: €-19k▼ -82.0% vs 2022
2024: €-21k▼ -12.3% vs 2023lowest in 8 years
2025: €-20k▲ +3.4% vs 2024
2018 → 2025
Total assets
€155k▲ 1.3%
2024 · €153k
2018: €187khighest in 8 years
2019: €170k▼ -9.4% vs 2018
2020: €168k▼ -0.9% vs 2019
2021: €168k▼ -0.3% vs 2020
2022: €163k▼ -3.0% vs 2021
2023: €160k▼ -1.5% vs 2022
2024: €153k▼ -4.6% vs 2023lowest in 8 years
2025: €155k▲ +1.3% vs 2024
2018 → 2025
Net result
€713
2024 · €-2k
2018: €-6k
2019: €-17k▼ -171% vs 2018lowest in 8 years
2020: €1k▲ +106% vs 2019
2021: €2k▲ +50.2% vs 2020highest in 8 years
2022: €-5k▼ -395% vs 2021
2023: €-9k▼ -76.3% vs 2022
2024: €-2k▲ +72.8% vs 2023
2025: €713▲ +131% vs 2024
2018 → 2025
Working capital
€-35k▲ 6.4%
2024 · €-38k
2018: €-29k
2019: €-35k▼ -18.2% vs 2018
2020: €-32k▲ +9.0% vs 2019
2021: €-28k▲ +11.6% vs 2020highest in 8 years
2022: €-31k▼ -10.0% vs 2021
2023: €-37k▼ -21.0% vs 2022
2024: €-38k▼ -1.6% vs 2023lowest in 8 years
2025: €-35k▲ +6.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-6k-€-10k▼ 87.1%€-19k▼ 82.0%€-21k▼ 12.3%€-20k▲ 3.4%
2021: €-6khighest in 5 years
2022: €-10k▼ -87.1% vs 2021
2023: €-19k▼ -82.0% vs 2022
2024: €-21k▼ -12.3% vs 2023lowest in 5 years
2025: €-20k▲ +3.4% vs 2024
Operating result€2k-€-4k€-8k▼ 89.7%€-2k▲ 75.5%€1k
2021: €2khighest in 5 years
2022: €-4k▼ -323% vs 2021
2023: €-8k▼ -89.7% vs 2022lowest in 5 years
2024: €-2k▲ +75.5% vs 2023
2025: €1k▲ +150% vs 2024
Net result€2k-€-5k€-9k▼ 76.3%€-2k▲ 72.8%€713
2021: €2khighest in 5 years
2022: €-5k▼ -395% vs 2021
2023: €-9k▼ -76.3% vs 2022lowest in 5 years
2024: €-2k▲ +72.8% vs 2023
2025: €713▲ +131% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €1k after a loss of €2k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €155k
Fixed assets
€81k ▼ 2.1%
Current assets
€74k ▲ 5.2%
Key figures and ratios
EBITDA
€3k▲
2024 · €-305
Cash flow
€2k▲
2024 · €-613
Solvency
-13.2%▲
2024 · -13.9%
Current ratio
0.68▲
2024 · 0.65
Debt to equity
-8.56▼
2024 · -8.21
ROA
0.5%▲
2024 · -1.5%
Interest coverage
9.15▲
2024 · -0.99
Debt
€175k▲
2024 · €174k
Debt ≤ 1 year
€110k▲
2024 · €108k
Debt > 1 year
€64k=
2024 · €64k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 34 lines
Balance sheet
Code20242025
Assets
Total assets20/58€153k€155k▲
Fixed assets21/28€82k€81k▼
Tangible fixed assets22/27€82k€81k▼
Land and buildings22€82k€81k▼
Current assets29/58€71k€74k▲
Amounts receivable within one year40/41€23k€25k▲
Trade receivables40€2k€2k=
Other amounts receivable41€21k€23k▲
Cash at bank and in hand54/58€48k€49k▲
Equity and liabilities
Total equity and liabilities10/49€153k€155k▲
Equity10/15€-21k€-20k▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Profit (loss) carried forward14€-83k€-82k▲
Amounts payable17/49€174k€175k▲
Amounts payable after more than one year17€64k€64k=
Financial debts170/4€64k€64k=
Amounts payable within one year42/48€108k€110k▲
Trade debts44€1k€4k▲
Suppliers440/4€1k€4k▲
Other amounts payable47/48€107k€105k▼
Accrued charges and deferred income492/3€1k€1k=
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k=
Other operating charges640/8€2k€2k▼
Gross operating margin9900€2k€5k▲
Operating profit (loss)9901€-2k€1k▲
Financial charges65/66B€308€296▼
Recurring financial charges65€308€296▼
Profit (loss) for the period before taxes9903€-2k€713▲
Profit (loss) for the period9904€-2k€713▲
Profit (loss) for the period to be appropriated9905€-2k€713▲
Appropriation of the result
Profit (loss) to be appropriated9906€-83k€-82k▲
Profit (loss) brought forward from the previous period14P€-81k€-83k▼
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €2k | €2k | €2k | €2k | = |
| Other operating charges640/8 | €2k | €2k | €2k | €2k | €2k | ▼ 2.7% |
| Gross operating margin9900 | €6k | €-28 | €-4k | €2k | €5k | ▲ 135% |
| Operating profit (loss)9901 | €2k | €-4k | €-8k | €-2k | €1k | ▲ 150% |
| Financial charges65/66B | €298 | €516 | €333 | €308 | €296 | ▼ 3.9% |
| Recurring financial charges65 | €298 | €516 | €333 | €308 | €296 | ▼ 3.9% |
| Profit (loss) for the period before taxes9903 | €2k | €-5k | €-9k | €-2k | €713 | ▲ 131% |
| Profit (loss) for the period9904 | €2k | €-5k | €-9k | €-2k | €713 | ▲ 131% |
| Profit (loss) for the period to be appropriated9905 | €2k | €-5k | €-9k | €-2k | €713 | ▲ 131% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €168k | €163k | €160k | €153k | €155k | ▲ 1.3% |
| Fixed assets21/28 | €88k | €86k | €84k | €82k | €81k | ▼ 2.1% |
| Tangible fixed assets22/27 | €88k | €86k | €84k | €82k | €81k | ▼ 2.1% |
| Land and buildings22 | €88k | €86k | €84k | €82k | €81k | ▼ 2.1% |
| Current assets29/58 | €80k | €77k | €76k | €71k | €74k | ▲ 5.2% |
| Amounts receivable within one year40/41 | €9k | €11k | €12k | €23k | €25k | ▲ 10.3% |
| Trade receivables40 | €2k | €2k | €2k | €2k | €2k | = |
| Other amounts receivable41 | €7k | €10k | €11k | €21k | €23k | ▲ 11.1% |
| Cash at bank and in hand54/58 | €71k | €65k | €60k | €48k | €49k | ▲ 2.8% |
| Deferred charges and accrued income490/1 | - | - | €4k | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €168k | €163k | €160k | €153k | €155k | ▲ 1.3% |
| Equity10/15 | €-6k | €-10k | €-19k | €-21k | €-20k | ▲ 3.4% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Profit (loss) carried forward14 | €-68k | €-72k | €-81k | €-83k | €-82k | ▲ 0.9% |
| Amounts payable17/49 | €173k | €173k | €179k | €174k | €175k | ▲ 0.7% |
| Amounts payable after more than one year17 | €64k | €64k | €64k | €64k | €64k | = |
| Financial debts170/4 | €64k | €64k | €64k | €64k | €64k | = |
| Amounts payable within one year42/48 | €108k | €108k | €114k | €108k | €110k | ▲ 1.2% |
| Trade debts44 | €157 | - | €6k | €1k | €4k | ▲ 217% |
| Suppliers440/4 | €157 | - | €6k | €1k | €4k | ▲ 217% |
| Other amounts payable47/48 | €108k | €108k | €108k | €107k | €105k | ▼ 1.6% |
| Accrued charges and deferred income492/3 | €1k | €1k | €1k | €1k | €1k | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2k | €-5k | €-9k | €-2k | €713 | ▲ 131% |
| + Depreciation and write-downs630 | €2k | €2k | €2k | €2k | €2k | = |
| Operating cash flow (approximation) | €4k | €-3k | €-6k | €-613 | €2k | ▲ 494% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €-6k | €-5k | €-12k | €1k | ▲ 111% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Back to profitnet €713
Net result €713 after 3 loss-making years.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2018net €2k ▲50.2%
Operating result €2k, net result €2k, both a record.
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €1k
Net result €1k after 2 loss-making years.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
31-12
Financial
Weakest financial yearnet €-17k
Net result drops to €-17k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Zaventem · 1 establishment unit since 1996
Ground area
1.3 ha
Building footprint
1,889 m²
Volume, LiDAR
6,948 m³
Parcel 23082C0141/00V000, Flanders · tallest building 20.8 m, ±1 floor. Linked by address, not a title deed.
26
companies at this address
See who is registered here
1 establishment unit
Bosdellestraat 120, 1933 Zaventem
since 19962.064.577.791
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23082C0141/00V000 | Flanders | 1.3 ha | 1 · 1,889 m² | 20.8 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPublic limited company
Founded02-02-1993
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.