SPIEGEL
ActiveThe annual accounts of SPIEGEL for fiscal year 2025 show a net loss of 78% of the equity at the start of that year. The 2025 annual accounts show equity of €7k and a net result of €-24k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 19% of 629 sector peers (fiscal year 2025). The company has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
41
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability4▼-96
Solvency31▼-16
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.77 against 1.07 in 2024; short-term debt: 90.5% and cash: 7.6% of total assets), and 93.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Sector 74
lower
← fewer bankruptcies
more bankruptcies →
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
6.2%
Return on assets
-22.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 629 sector peers (2025).
NBB · sector comparisonPosition among 629 sector peers
Solvency
better than 19%
← 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 12-07-2026, 19 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
19 d early
2024
27 d early
2023
33 d early
2022
8 d early
2021
8 d early
2020
9 d early
2019
18 d early
← before the deadline
after the deadline →
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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€7k▼ 78.5%
2024 · €31k
2018: €51k
2019: €41k
2020: €-20k
2021: €-26k
2022: €-61k
2023: €-36k
2024: €31k
2018 → 2025
Total assets
€106k▼ 24.6%
2024 · €140k
2018: €395k
2019: €305k
2020: €241k
2021: €218k
2022: €181k
2023: €174k
2024: €140k
2018 → 2025
Net result
€-24k
2024 · €67k
2018: €30k
2019: €-10k
2020: €-61k
2021: €-6k
2022: €-36k
2023: €25k
2024: €67k
2018 → 2025
Working capital
€-22k
2024 · €7k
2018: €115k
2019: €64k
2020: €3k
2021: €-37k
2022: €-69k
2023: €-21k
2024: €7k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-26k-€-61k▼ 138%€-36k▲ 40.5%€31k€7k▼ 78.5%
Operating result€-8k-€-32k▼ 309%€22k€73k▲ 227%€-19k
Net result€-6k-€-36k▼ 510%€25k€67k▲ 170%€-24k
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €19k after €73k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €106k
Fixed assets
€32k▼ 27.2%
Current assets
€73k▼ 23.4%
Equity and liabilities €106k
Equity
€7k▼ 78.5%
Debt
€99k▼ 9.6%
The debt ratio rises from 78.1% to 93.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2k▼
2024 · €94k
Cash flow
€-3k▼
2024 · €88k
Solvency
6.2%▼
2024 · 21.9%
Current ratio
0.77▼
2024 · 1.07
Quick ratio
0.67▼
2024 · 0.97
Debt / equity
15.01▲
2024 · 3.58
ROE
-364.2%▼
2024 · 219.1%
ROA
-22.7%▼
2024 · 47.9%
Interest coverage
0.44▼
2024 · 15.82
Debt
€99k▼
2024 · €109k
Debt ≤ 1 year
€96k▲
2024 · €89k
Debt > 1 year
€3k▼
2024 · €18k
Income taxes
€185▼
2024 · €258
Staff costs
€27k▲
2024 · €17k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€140k€106k▼
Fixed assets21/28€45k€32k▼
Tangible fixed assets22/27€45k€32k▼
Plant, machinery and equipment23€18k€19k▲
Furniture and vehicles24€827€626▼
Leasing and similar rights25€25k€13k▼
Current assets29/58€96k€73k▼
Stocks and contracts in progress3€9k€9k=
Stocks30/36€9k€9k=
Amounts receivable within one year40/41€29k€50k▲
Trade receivables40€11k€21k▲
Other amounts receivable41€17k€29k▲
Cash at bank and in hand54/58€56k€8k▼
Deferred charges and accrued income490/1€1k€6k▲
Equity and liabilities
Total equity and liabilities10/49€140k€106k▼
Equity10/15€31k€7k▼
Contributions10/11€6k€6k=
Reserves13€31k€31k=
Distributable reserves133€31k€31k=
Profit (loss) carried forward14€-7k€-31k▼
Amounts payable17/49€109k€99k▼
Amounts payable after more than one year17€18k€3k▼
Financial debts170/4€18k€3k▼
Amounts payable within one year42/48€89k€96k▲
Current portion of amounts payable after more than one year42€74k€65k▼
Trade debts44€2k€23k▲
Suppliers440/4€2k€23k▲
Taxes, remuneration and social security45€13k€8k▼
Taxes450/3€12k€7k▼
Remuneration and social security454/9€260€1k▲
Accrued charges and deferred income492/3€3k-
Income statement
Code20242025
Non-recurring operating income76A€69k-
Remuneration, social security and pensions62€17k€27k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€21k€21k▲
Other operating charges640/8€8k€4k▼
Gross operating margin9900€119k€34k▼
Operating profit (loss)9901€73k€-19k▼
Financial income75/76B€19€34▲
Recurring financial income75€19€34▲
Financial charges65/66B€6k€5k▼
Recurring financial charges65€6k€5k▼
Profit (loss) for the period before taxes9903€67k€-24k▼
Income taxes67/77€258€185▼
Profit (loss) for the period9904€67k€-24k▼
Profit (loss) for the period to be appropriated9905€67k€-24k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-7k€-31k▼
Profit (loss) brought forward from the previous period14P€-74k€-7k▲
Social balance
Average headcount (FTE)90870.40.9▲
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
12-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €67k ▲170%
Operating result €73k, net result €67k, both a record.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €25k
Net result €25k after 4 loss-making years.
23-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
23-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €-61k
Net result drops to €-61k, the lowest in the series; recovery starts the following year.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is 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, Antwerpen · 1 establishment unit since 2000
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Windmolenstraat 732660 AntwerpenGround area
1,129 m²
Building footprint
1,129 m²
Volume, LiDAR
5,814 m³
Parcel 11019B0208/00X004, Flanders · tallest building 9.8 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
SPIEGEL
since 20002.116.079.348
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11019B0208/00X004 | Flanders | 1,129 m² | 1 · 1,129 m² | 9.8 m · 1 fl. |
Linked by address, not proof of ownership
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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 9,000 EUR awarded · 9,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 0 EUR | 9,000 EUR |
| 2022 | 1 | 9,000 EUR | 0 EUR |
Schemes
Subsidies voor internationaal ondernemen
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Of 14,143 companies in sector 74201 we hold annual accounts for 2,612. 920 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded31-08-2000
Fiscal year end31-12
Activities, NACEBEL
74201Photography, excluding press photography
74811
90393Specialised image, lighting and sound technical services
92313
Sources
Crossroads Bank for EnterprisesNational Bank · 25 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.