Checked.be
Active
BE 1013.725.521Public limited company
SPI.R0
Tragel 60 ·9308 Aalst, Belgium· 1 yrs active
Sector: Development of residential building projects
(68121)
Conclusion
SPI.R0 has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €62k and a net result of €0. Its solvency ranks better than 14% of 4440 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 1 annual account.
Key figures
| Equity | €62k |
| Net result | €0 |
| Better than sector | 14% |
| Active | 1 yrs |
Financial profile
34
/ 100
Fragile profile, watch profitability in particular.
Computed on 4 of 5 axes. Not measured: growth. An unmeasured axis is not a zero: no data was read for it.
Health
35
Profitability
0
Solvency
33
Growth
-
Stability
67
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Young company
Founded in 2024, under 3 years, statistically higher risk.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
35
/ 100
Weak
Computed from 3 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€2k
estimate, not credit advice
Score components
Liquidity
Current ratio 23.55 (≥ 1.5)
+10
Quick ratio
Quick ratio 0.04 (< 0.6)
-5
Leverage
Debt/equity 2536.24 (> 3.0)
-10
Profitability
Negatieve ROE 0%
-10
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 15-07-2026 with the NBB · fiscal year 2025 · full schema
Sector comparison
Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 0.0% | 38.4% | |
| Net result | €0 | €23k | |
| Equity | €62k | €918k | |
| Total assets | €156.04M | €3.36M |
Figures by fiscal year and ratios
| Fiscal year | 2025 |
|---|---|
| Deposit | full schema |
| Revenue | - |
| EBITDA | - |
| Net profit | €0 |
| Cash flow | - |
| Staff costs | - |
| Income taxes | - |
| Dividends | - |
| Total assets | €156.04M |
| Equity | €62k |
| Debt | €155.98M |
| of which ≤ 1y | €6.63M |
| of which > 1y | €149.20M |
| Working capital | €149.41M |
| Employees (FTE) | - |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 23.55 |
| Quick ratio | 0.04 |
| Working capital ratio | 95.8% |
| Solvency | 0.0% |
| Debt / equity | 2536.24 |
| Long-term debt ratio | 2426.00 |
| Interest coverage | - |
| Gross margin | - |
| Net margin | - |
| ROA | 0.0% |
| ROE | 0.0% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | 17d |
| Inventory turnover | 0.93 |
| Days inventory (DSI) | 392d |
Balance-sheet composition 2025
Full annual accounts (18 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €156.04M |
| Current assets | 29/58 | €156.04M |
| Stocks & contracts in progress | 3 | €155.78M |
| Amounts receivable within one year | 40/41 | €12k |
| Cash & bank | 54/58 | €231k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €156.04M |
| Equity | 10/15 | €62k |
| Contributions / capital | 10/11 | €62k |
| Amounts payable | 17/49 | €155.98M |
| Amounts payable after one year | 17 | €149.20M |
| Amounts payable within one year | 42/48 | €6.63M |
| Trade debts payable within one year | 44 | €6.63M |
| Income statement | ||
| Operating result | 9901 | €5.68M |
| Financial income | 75 | €108k |
| Financial charges | 65 | €5.79M |
| Result before taxes | 9903 | €0 |
| Net result for the period | 9904 | €0 |
| Result to be appropriated | 9905 | €0 |
Statutory auditor
| BDO Bedrijfsrevisoren bvCurrent Statutory auditor · represented by Sam Vander Vennet | 12-12-2025 → present |
Legal Structure
| NACE primary | Development of residential building projects(68121) |
| Legal form | Public limited company(014) |
| Incorporation | 18-09-2024 |
| Status | Active |
| Postal code | 9308 |
Establishment units
SPI.R0
since 20242.370.374.152
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41029B0523/00S000 | Flanders | 2.3 ha | 1 · 1,845 m² | 14.0 m · 3 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2026
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-12
State Gazette act
Director changes
v3.2
2024
20-09
State Gazette act
Incorporation
oprichting
State Gazette actNBB filing
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
All acts · 2
updated 8 months ago
2025
30-12-2025 Sam Vander Vennet appointed as statutory auditor
- Sam Vander Vennet, Commissaris
Summary:
v3.2
Technical details
{
"events": [
{
"kind": "commissaris_in",
"role": "commissaris",
"person": {
"rrn": null,
"name": "Sam Vander Vennet",
"address": null,
"birth_date": null
},
"via_org": {
"kbo": null,
"name": "BDO Bedrijfsrevisoren BV",
"address": null,
"country": null,
"legal_form": null
},
"effective_date": "2025-12-12",
"evidence_quote": "De bijzondere algemene vergadering van aandeelhouders dd. 12 december 2025 beslist met eenparigheid van stemmen en met onmiddellijke ingang om BDO Bedrijfsrevisoren BV te benoemen tot commissaris voor een periode van 3 jaar."
}
],
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"subject_company": {
"kbo": "1013.725.521",
"name_full": "SPI.R0",
"legal_form": "NV"
}
}2024
20-09-2024 Incorporation of a new NV
Summary:
oprichting
Technical details
{
"kind": "oprichting",
"seat": "9308 Hofstade (Aalst), Tragel 60",
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"founders": [
{
"org": {
"kbo": "0884.329.501",
"name": "DE WERKVENNOOTSCHAP"
},
"kind": "rechtspersoon",
"person": null,
"share_class": "B",
"partner_role": null,
"holder_org_kbo": "0884.329.501",
"holder_org_name": "DE WERKVENNOOTSCHAP",
"contribution_type": "cash",
"amount_paid_in_eur": 6150,
"holder_person_name": null,
"is_subscriber_only": true,
"n_shares_subscribed": 6150,
"amount_subscribed_eur": 6150,
"is_anonymous_silent_partner": false
},
{
"org": {
"kbo": "1013.500.045",
"name": "SPI.R0HoldCo"
},
"kind": "rechtspersoon",
"person": null,
"share_class": "A",
"partner_role": null,
"holder_org_kbo": "1013.500.045",
"holder_org_name": "SPI.R0HoldCo",
"contribution_type": "cash",
"amount_paid_in_eur": 55350,
"holder_person_name": null,
"is_subscriber_only": true,
"n_shares_subscribed": 55350,
"amount_subscribed_eur": 55350,
"is_anonymous_silent_partner": false
}
],
"capital_eur": 61500,
"subject_company": {
"kbo": "1013.725.521",
"name_full": "SPI.R0",
"legal_form": "NV"
},
"initial_directors": [],
"incorporation_date": "2024-09-16",
"post_incorporation_mandates": []
}Credit advice
Company registry (CBE)
Activities
Development of residential building projects68121General construction of residential buildings41001Other financial services64999
Names & trade names
| Legal nameNL | SPI.R0 |
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