SPILCO
ActiveSummary
SPILCO has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €279k and a net result of €1k. Equity is shrinking by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 57% of 238 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-1
Solvency71▲+3
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17k at 30 days acceptable
Liquidity short (current ratio 0.16 against 0.24 in 2024; short-term debt: 53.8% and cash: 3.1% of total assets), and 54% of the assets are financed with debt.
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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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 31
Relative position
BE, all sectors
reference
Manufacture of furniture (NACE 31)
about 43% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
46%
Return on assets
0.2%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 30-09-2025, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
31 d early
2023
43 d early
2022
3 d early
2021
34 d early
2020
39 d early
2019
16 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€279k▲ 0.5%
2024 · €278k
Total assets
€606k▼ 6.8%
2024 · €650k
Net result
€1k▼ 82.4%
2024 · €8k
Working capital
€-275k▲ 3.2%
2024 · €-284k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€47k▲ 2.1%€4k▼ 92.1%€7k▲ 102%€11k▲ 49.3%€3k▼ 74.2%
Net result€31k▼ 5.9%€3k▼ 91.4%€4k▲ 64.5%€8k▲ 78.1%€1k▼ 82.4%
Equity€949k▲ 3.4%€952k▲ 0.3%€893k▼ 6.1%€278k▼ 68.9%€279k▲ 0.5%
Total assets€986k▼ 3.0%€973k▼ 1.4%€915k▼ 5.9%€650k▼ 28.9%€606k▼ 6.8%
Debt€38k▼ 62.1%€21k▼ 43.0%€22k▲ 2.1%€373k▲ 1,603%€327k▼ 12.3%
Working capital€91k▲ 857%€145k▲ 59.8%€198k▲ 36.5%€-284k€-275k▲ 3.2%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 74% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €606k
Fixed assets
€555k ▼ 1.4%
Current assets
€51k ▼ 41.9%
Equity and liabilities €606k
Equity
€279k ▲ 0.5%
Debt
€327k ▼ 12.3%
Debt's share of the balance-sheet total falls from 57.3% to 54.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€61k▲
2024 · €55k
Cash flow
€60k▲
2024 · €52k
Current ratio
0.16▼
2024 · 0.24
Debt to equity
1.17▼
2024 · 1.34
ROE
0.5%▼
2024 · 2.9%
ROA
0.2%▼
2024 · 1.2%
Interest coverage
73.53▲
2024 · 72.50
Debt ≤ 1 year
€326k▼
2024 · €372k
Income taxes
€632▼
2024 · €2k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54k | €52k | €48k | €44k | €58k | ▲ 31.3% |
| Other operating charges640/8 | - | €9k | €9k | €10k | €11k | ▲ 3.8% |
| Gross operating margin9900 | €110k | €65k | €64k | €65k | €71k | ▲ 9.2% |
| Operating profit (loss)9901 | €47k | €4k | €7k | €11k | €3k | ▼ 74.2% |
| Recurring financial income75 | €1k | - | - | - | - | - |
| Financial charges65/66B | - | €87 | €787 | €763 | €829 | ▲ 8.7% |
| Recurring financial charges65 | €868 | €87 | €787 | €763 | €829 | ▲ 8.7% |
| Profit (loss) for the period before taxes9903 | €47k | €4k | €7k | €10k | €2k | ▼ 80.3% |
| Income taxes67/77 | €16k | €874 | €2k | €2k | €632 | ▼ 73.3% |
| Profit (loss) for the period9904 | €31k | €3k | €4k | €8k | €1k | ▼ 82.4% |
| Profit (loss) for the period to be appropriated9905 | €31k | €3k | €4k | €8k | €1k | ▼ 82.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €986k | €973k | €915k | €650k | €606k | ▼ 6.8% |
| Fixed assets21/28 | €859k | €806k | €696k | €563k | €555k | ▼ 1.4% |
| Tangible fixed assets22/27 | €859k | €806k | €696k | €563k | €555k | ▼ 1.4% |
| Land and buildings22 | - | €216k | €190k | €164k | €139k | ▼ 15.6% |
| Plant, machinery and equipment23 | - | €7k | €2k | €1k | €36k | ▲ 3,358% |
| Other tangible fixed assets26 | - | €584k | €504k | €397k | €380k | ▼ 4.4% |
| Current assets29/58 | €128k | €167k | €219k | €88k | €51k | ▼ 41.9% |
| Amounts receivable within one year40/41 | €12k | €14k | €5k | €11k | €11k | ▲ 6.4% |
| Trade receivables40 | - | - | - | - | €2k | - |
| Other amounts receivable41 | - | €14k | €5k | €11k | €10k | ▼ 11.4% |
| Cash at bank and in hand54/58 | €64k | €137k | €198k | €62k | €19k | ▼ 69.8% |
| Deferred charges and accrued income490/1 | - | €16k | €17k | €15k | €21k | ▲ 36.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €986k | €973k | €915k | €650k | €606k | ▼ 6.8% |
| Equity10/15 | €949k | €952k | €893k | €278k | €279k | ▲ 0.5% |
| Contributions10/11 | €695k | €695k | €695k | €115k | €115k | = |
| Capital10 | - | €695k | €695k | €115k | €115k | = |
| Issued capital100 | - | €695k | €695k | €115k | €115k | = |
| Revaluation surpluses12 | - | €63k | - | - | - | - |
| Reserves13 | €187k | €190k | €194k | €136k | €136k | = |
| Non-distributable reserves130/1 | - | €70k | €70k | €12k | €12k | = |
| Legal reserve130 | - | €70k | €70k | €12k | €12k | = |
| Tax-exempt reserves132 | - | €13k | €13k | €13k | €13k | = |
| Distributable reserves133 | - | €107k | €112k | €112k | €112k | = |
| Profit (loss) carried forward14 | €4k | €4k | €4k | €26k | €28k | ▲ 5.3% |
| Amounts payable17/49 | €38k | €21k | €22k | €373k | €327k | ▼ 12.3% |
| Amounts payable within one year42/48 | €37k | €21k | €21k | €372k | €326k | ▼ 12.3% |
| Trade debts44 | €5k | €2k | €3k | €3k | €2k | ▼ 11.9% |
| Suppliers440/4 | - | €2k | €3k | €3k | €2k | ▼ 11.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €7 | - |
| Taxes450/3 | - | - | - | - | €7 | - |
| Other amounts payable47/48 | - | €19k | €18k | €369k | €324k | ▼ 12.3% |
| Accrued charges and deferred income492/3 | - | - | €752 | €728 | €790 | ▲ 8.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31k | €3k | €4k | €8k | €1k | ▼ 82.4% |
| + Depreciation and write-downs630 | €54k | €52k | €48k | €44k | €58k | ▲ 31.3% |
| Operating cash flow (approximation) | €85k | €55k | €52k | €52k | €60k | ▲ 14.0% |
| Investment in fixed assets (approximation) | - | €0 | €63k | €89k | €-51k | ▼ 157% |
| Change in cash | - | €72k | €61k | €-137k | €-43k | ▲ 68.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Weakest financial yearnet €1k ▼82.4%
Net result drops to €1k, the lowest in the series.
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
18-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
28-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Liquidity doublescurrent ratio 7.77
Current ratio from 3.46 to 7.77; short-term debt falls from €37k to €21k.
2021
27-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
31-03
Financial
Liquidity triplescurrent ratio 3.46
Current ratio from 1.10 to 3.46; short-term debt falls from €99k to €37k.
2020
22-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
31-03
Financial
Highest result since 2019net €33k ▲0.6%
Net result €33k, the highest in the series.
2019
15-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
11-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
26-09
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.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Izegem · 1 establishment unit since 1989
Ground area
5,654 m²
Building footprint
604 m²
Volume, LiDAR
3,230 m³
Parcel 36494D0502/00C000, Flanders · tallest building 6.3 m, ±2 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
SPILCO NV
since 19892.042.682.913
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36494D0502/00C000 | Flanders | 5,654 m² | 1 · 604 m² | 6.3 m · 2 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.
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Of 459 companies in sector 31009 we hold annual accounts for 125. 79 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded14-03-1989
Fiscal year end31-03
Activities, NACEBEL 2025
31009
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.