Financials
- Financial year
- 2025
- Turnover
- €375.6m
- Profit
- €13.1m
- Solvency
- 22.1%
Turnover▲ 8.3%
Net result
20182025
SPIE BELGIUM
ActiveSummary
SPIE BELGIUM has been active since 1988 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €60.8m and a net result of €13.1m. Equity is growing by about 8.8% per year across the filed financial years. Its solvency ranks better than 23% of 2,441 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Activity
Other specialised construction activities
NACE 43990Construction of utility projects for electricity and telecommunications NACE 42220
Largest employer in Belgium, Specialised construction sector14 sites
Size
€375.6mturnover 2025
- Staff
- 1,375.4 FTE
- Equity
- €60.8m
- Profit
- €13.1m
Structure
- Parent
- SPIE OPERATIONS
- Board
- 4 members
- Pascal LekeuDaily manager
Auditor: EY Bedrijfsrevisoren2025 accounts 66 days early18 of 92 deeds summarised
Why 91raises riskSector: Specialised construction activities (NACE 43)Equity €60.8m (22.1% of total assets)lowers riskLiquidity: current ratio 1.25, cash €152.4mSize: turnover €375.6m, 1,375.4 FTE, total assets €274.7mShow the evidence
Checked score
Score 2025
91
/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 57% of its sector peers (NACE 43, large)
Financial strength · tick = 2024
Average
Solvency
47=
equity 22.1% of total assets
Liquidity
59-1
short-term debt 76.0% · cash 55.5%
Profitability
64+16
return on assets 4.8%
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.2%
12-2024: 0.2%● unchanged vs 11-2024
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.5%▲ +0.3 percentage points vs 05-2025highest value
07-2025: 0.5%● unchanged vs 06-2025highest value
08-2025: 0.5%● unchanged vs 07-2025highest value
09-2025: 0.5%● unchanged vs 08-2025highest value
10-2025: 0.5%● unchanged vs 09-2025highest value
11-2025: 0.5%● unchanged vs 10-2025highest value
12-2025: 0.5%● unchanged vs 11-2025highest value
01-2026: 0.5%● unchanged vs 12-2025highest value
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.2%▼ -0.3 percentage points vs 05-2026lowest value
07-2026: 0.2%● unchanged vs 06-2026lowest value
08-2026: 0.2%● unchanged vs 07-2026lowest value
09-2026: 0.2%● unchanged vs 08-2026lowest value
10-2026: 0.2%● unchanged vs 09-2026lowest value
Credit of up to €5,500,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.25, compared with 1.26 in 2024, below the usual 1.5; short-term debt: 76% and cash: 55.5% of total assets), and 77.9% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, large): better than 41% on solvency, 97% on liquidity, 38% on profitability and 53% on growth.
The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 2441 sector peers (2025).
NBB · sector comparisonPosition among 2441 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
66 days early
2024
70 days early
2023
61 days early
2022
69 days early
2021
51 days early
2020
57 days early
2019
39 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 59 days before the deadline; the sector median (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
31-10-2026 today31-12-2026 year end31-07-2027 deadline
- Reappointment: EY Bedrijfsrevisoren (statutory auditor)Gazette deed
- Reappointment: SRL EY Réviseurs d'Entreprises (statutory…Gazette deed
- Capital & shares · RestructuringShareholding · Merger · Accounting…
Key points
- Positive: Back in profit in 2025after -€21.0m in 2024 €13.1m View
- Positive: Largest employer in Belgium, Specialised construction sectorin the Checked rankings No. 1 View
- Positive: 5 years of growth in a rowturnover 2025: €375.6m 5 years View
- Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
- Controlled by SPIE OPERATIONSknown shareholders 100% parent View
- Merger with Elerepmerger on 27-05-2026 2026 View
- Board changedlatest change 01-05-2026 · 4 in office 1 joined · 1 left View
- Flemish supportawarded from 2022 to 2025 €341,808 View
By topic
Board & ownership
- Board
- 4 members
- Parent
- SPIE OPERATIONS
- Known shareholders
- 100%
- Auditor
- EY Bedrijfsrevisoren
- Pascal LekeuDaily manager
- Markus HolzkeDirector
- Jérome VanhoveDirector
- Scopos-H. Dirix & AssociatesDirector
Network & group
- Group
- SPIE SA
- Mergers and asset contributions
- 1
Timeline
- Events
- 70
- Since
- 1990
- Next accounts
- by 31-07-2027
- 26-05-2026Annual accounts filed
- 27-04-2026Resignation: Gauthier Louette (director)
- 26-01-2026Permanent representatives: Carlo-Sébastien D'Addario and Thomas Meurice
Company details
- Sites
- 14
- Legal form
- Public limited company
- Activity
- Other specialised construction activitiesNACE 43990
- Founded
- 27-06-1988
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 3
- Purpose
- “A) Het ontwerpen, produceren, assembleren, leveren, installatie, verhuren, onderhouden…” (deed in Dutch)
Key facts about SPIE BELGIUM
- What is the company number of SPIE BELGIUM?
- 0434.499.028. In Belgium the VAT number is the company number with BE in front: BE 0434.499.028.
- Where is SPIE BELGIUM based?
- The registered office is at Tweestationsstraat 150, 1070 Anderlecht.Company details
- What does SPIE BELGIUM do?
- According to the KBO register, the main activity is other specialised construction activities (NACE 43990).
- What is the legal form of SPIE BELGIUM?
- Public limited company (NV).
- When was SPIE BELGIUM founded?
- On 27-06-1988.
- Is SPIE BELGIUM still active?
- Yes, SPIE BELGIUM is an active enterprise in the KBO register.
- How many employees does SPIE BELGIUM have?
- On average 1,375.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of SPIE BELGIUM?
- €375.6m in financial year 2025, according to the filed annual accounts.
- Is SPIE BELGIUM profitable?
- In financial year 2025, SPIE BELGIUM made a profit of €13.1m.
- Where can I find the annual accounts of SPIE BELGIUM?
- SPIE BELGIUM filed 55 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of SPIE BELGIUM due?
- By 31-07-2027, for financial year 2026.Timeline
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