SPICEE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 16 filings
Equity
-€3,106
2024 · €3,154
Total assets
€173,450▼ 23.2%
2024 · €225,787
Net result
-€6,261▲ 67.3%
2024 · -€19,124
Working capital
-€3,106
2024 · €3,154
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,598
▲ 54.6%
2025
20182025
Net result
-€6,261
▲ 67.3%
2025
lowest quarter of the sector
20182025
Equity
-€3,106
2025
lowest quarter of the sector
20182025
Total assets
€173,450
▼ 23.2%
2025
lowest quarter of the sector
20182025
Debt
€176,556
▼ 20.7%
2025
20182025
Working capital
-€3,106
2025
middle half of the sector
20182025
Solvency
-1.8%
▼ 3.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.98
▼ 0.03
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.6%
▲ 4.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,650--€3,382€738-€953€1,422€13,336▲ 838%-€18,923-€8,598▲ 54.6%
Net result€2,950--€1,397€717within the sector's middle half-€996below the sector's middle half€1,029within the sector's middle half€7,985within the sector's middle half▲ 676%-€19,124below the sector's middle half-€6,261below the sector's middle half▲ 67.3%
Equity€14,939-€13,543▼ 9.4%€14,260below the sector's middle half▲ 5.3%€13,264below the sector's middle half▼ 7.0%€14,293below the sector's middle half▲ 7.8%€22,278below the sector's middle half▲ 55.9%€3,154below the sector's middle half▼ 85.8%-€3,106below the sector's middle half
Total assets€106,886-€115,054▲ 7.6%€121,221below the sector's middle half▲ 5.4%€134,192below the sector's middle half▲ 10.7%€175,127below the sector's middle half▲ 30.5%€138,623below the sector's middle half▼ 20.8%€225,787below the sector's middle half▲ 62.9%€173,450below the sector's middle half▼ 23.2%
Debt€91,946-€101,511▲ 10.4%€106,961▲ 5.4%€120,928▲ 13.1%€160,834▲ 33.0%€116,345▼ 27.7%€222,633▲ 91.4%€176,556▼ 20.7%
Working capital€14,669-€13,273▼ 9.5%€13,990within the sector's middle half▲ 5.4%€12,994within the sector's middle half▼ 7.1%€14,023within the sector's middle half▲ 7.9%€22,278within the sector's middle half▲ 58.9%€3,154within the sector's middle half▼ 85.8%-€3,106within the sector's middle half
Solvency14.0%-11.8%▼ 2.2pp11.8%below the sector's middle half=9.9%below the sector's middle half▼ 1.9pp8.2%below the sector's middle half▼ 1.7pp16.1%below the sector's middle half▲ 7.9pp1.4%below the sector's middle half▼ 14.7pp-1.8%below the sector's middle half▼ 3.2pp
Current ratio1.16-1.13▼ 0.031.13within the sector's middle half=1.11within the sector's middle half▼ 0.021.09within the sector's middle half▼ 0.021.19within the sector's middle half▲ 0.101.01within the sector's middle half▼ 0.180.98within the sector's middle half▼ 0.03
Return on assets (ROA)2.8%--1.2%▼ 4.0pp0.6%within the sector's middle half▲ 1.8pp-0.7%below the sector's middle half▼ 1.3pp0.6%within the sector's middle half▲ 1.3pp5.8%within the sector's middle half▲ 5.2pp-8.5%below the sector's middle half▼ 14.2pp-3.6%below the sector's middle half▲ 4.9pp
Staff (FTE)1-0.7below the sector's middle half0.5below the sector's middle half▼ 28.6%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €8,598, smaller than the loss of €18,923 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Key figures and ratios
Debt ≤ 1 year
€176,556▼
2024 · €222,633
Income taxes
€0▲
2024 · -€6
Staff costs
€0▲
2024 · -€25
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1,102 | €2,257 | €269 | -€25 | €0 | - |
| Other operating charges640/8 | - | - | - | €459 | €450 | €543 | €505 | €3,036 | ▲ 501% |
| Gross operating margin9900 | €11,681 | -€3,035 | €9,759 | €608 | €4,128 | €14,148 | -€18,443 | -€5,563 | ▲ 69.8% |
| Operating profit (loss)9901 | €3,650 | -€3,382 | €738 | -€953 | €1,422 | €13,336 | -€18,923 | -€8,598 | ▲ 54.6% |
| Financial income75/76B | - | - | - | - | €182 | €0 | €58 | €6 | ▼ 89.3% |
| Recurring financial income75 | €538 | - | - | - | €182 | €0 | €58 | €6 | ▼ 89.3% |
| Financial charges65/66B | - | - | - | €42 | €574 | €2,651 | €265 | -€2,331 | - |
| Recurring financial charges65 | €244 | €15 | €21 | €42 | €574 | €2,651 | €265 | -€2,331 | - |
| Profit (loss) for the period before taxes9903 | €3,944 | -€1,397 | €717 | -€996 | €1,029 | €10,685 | -€19,130 | -€6,261 | ▲ 67.3% |
| Income taxes67/77 | €994 | - | - | - | - | €2,700 | -€6 | €0 | - |
| Profit (loss) for the period9904 | €2,950 | -€1,397 | €717 | -€996 | €1,029 | €7,985 | -€19,124 | -€6,261 | ▲ 67.3% |
| Profit (loss) for the period to be appropriated9905 | €2,950 | -€1,397 | €717 | -€996 | €1,029 | €7,985 | -€19,124 | -€6,261 | ▲ 67.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €106,886 | €115,054 | €121,221 | €134,192 | €175,127 | €138,623 | €225,787 | €173,450 | ▼ 23.2% |
| Fixed assets21/28 | €270 | €270 | €270 | €270 | €270 | €0 | - | - | - |
| Financial fixed assets28 | €270 | €270 | €270 | €270 | €270 | €0 | - | - | - |
| Current assets29/58 | €106,616 | €114,784 | €120,951 | €133,922 | €174,857 | €138,623 | €225,787 | €173,450 | ▼ 23.2% |
| Amounts receivable within one year40/41 | €106,575 | €114,655 | €120,182 | €132,590 | €173,272 | €116,287 | €159,440 | €170,193 | ▲ 6.7% |
| Trade receivables40 | - | - | - | €83,940 | €131,672 | €73,206 | €107,415 | €129,093 | ▲ 20.2% |
| Other amounts receivable41 | - | - | - | €48,650 | €41,600 | €43,081 | €52,025 | €41,100 | ▼ 21.0% |
| Cash at bank and in hand54/58 | €41 | €129 | €769 | €1,332 | €1,560 | €22,333 | €66,347 | €3,257 | ▼ 95.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €25 | €3 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €106,886 | €115,054 | €121,221 | €134,192 | €175,127 | €138,623 | €225,787 | €173,450 | ▼ 23.2% |
| Equity10/15 | €14,939 | €13,543 | €14,260 | €13,264 | €14,293 | €22,278 | €3,154 | -€3,106 | - |
| Contributions10/11 | €8,000 | €8,000 | - | €8,000 | €8,000 | €8,000 | €8,000 | €8,000 | = |
| Reserves13 | €6,939 | €5,543 | €6,260 | €5,264 | €6,293 | €14,278 | €0 | - | - |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €3,264 | €4,293 | €14,278 | €0 | - | - |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€4,846 | -€11,106 | ▼ 129% |
| Amounts payable17/49 | €91,946 | €101,511 | €106,961 | €120,928 | €160,834 | €116,345 | €222,633 | €176,556 | ▼ 20.7% |
| Amounts payable within one year42/48 | €91,946 | €101,511 | €106,961 | €120,928 | €160,834 | €116,345 | €222,633 | €176,556 | ▼ 20.7% |
| Trade debts44 | €11,242 | €21,044 | €26,494 | €39,961 | €45,013 | €30,183 | €128,375 | €88,593 | ▼ 31.0% |
| Suppliers440/4 | - | - | - | €39,961 | €45,013 | €30,183 | €128,375 | €88,593 | ▼ 31.0% |
| Taxes, remuneration and social security45 | - | - | - | €147 | €1,664 | €2,799 | €2,694 | €400 | ▼ 85.2% |
| Taxes450/3 | - | - | - | €147 | €1,565 | €2,700 | €2,694 | €400 | ▼ 85.2% |
| Remuneration and social security454/9 | - | - | - | - | €99 | €99 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €80,821 | €114,157 | €83,363 | €91,563 | €87,563 | ▼ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,950 | -€1,397 | €717 | -€996 | €1,029 | €7,985 | -€19,124 | -€6,261 | ▲ 67.3% |
| Operating cash flow (approximation) | €2,950 | -€1,397 | €717 | -€996 | €1,029 | €7,985 | -€19,124 | -€6,261 | ▲ 67.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €270 | - | - | - |
| Change in cash | - | €88 | €640 | €563 | €228 | €20,773 | €44,014 | -€63,090 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,333 companies had the same profile as SPICEE has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SPICEE itself is lower: 0.4% within 12 months. It rests on far more data about SPICEE than the profile alone.
Test of the method
The method was tested on the 497,446 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 2,333 companies, not a prediction for SPICEE. 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.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00339818 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00282215 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00309054 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00307369 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20392814 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-61500219 | |
| 31-12-2019 | abbreviated format | 31-10-2020 | 2020-68700028 | |
| 31-12-2018 | abbreviated format | 29-11-2019 | 2019-74700384 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53300119 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-62200587 |