SPIN
ActiveSummary
SPIN has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €240,511 and a net result of €38,738. Equity is growing by ~9.4% per year across the filed fiscal years. Its solvency ranks better than 57% of 2026 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-7
Solvency83=
Growth78=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity ample (current ratio 4.94 against 8.18 in 2024; short-term debt: 19.8% and cash: 72.1% of total assets), and 42.1% of the assets are financed with debt.
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Signals
Six 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 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer bankruptcies
← 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
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
57.9%
Return on assets
9.3%
Age of the figures
9 mo
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 01-06-2026, 60 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
60 d early
2024
83 d early
2023
100 d early
2022
98 d early
2021
122 d early
2020
61 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 87 days before the deadline; the sector median for financial year 2024 is 4 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 24 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€240,511▲ 19.2%
2024 · €201,774
Total assets
€415,373▲ 19.6%
2024 · €347,201
Net result
€38,738▼ 23.2%
2024 · €50,461
Working capital
€324,239▲ 9.5%
2024 · €296,102
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€19,228▼ 50.4%€7,704▼ 59.9%-€15,532€51,115€39,409▼ 22.9%
Net result€18,854within the sector's middle half▼ 51.3%€6,994within the sector's middle half▼ 62.9%-€17,167below the sector's middle half€50,461above the sector's middle half€38,738above the sector's middle half▼ 23.2%
Equity€161,486above the sector's middle half▲ 13.2%€168,480above the sector's middle half▲ 4.3%€151,312above the sector's middle half▼ 10.2%€201,774above the sector's middle half▲ 33.3%€240,511above the sector's middle half▲ 19.2%
Total assets€182,893within the sector's middle half▲ 14.3%€197,673within the sector's middle half▲ 8.1%€313,551above the sector's middle half▲ 58.6%€347,201above the sector's middle half▲ 10.7%€415,373above the sector's middle half▲ 19.6%
Debt€21,407▲ 22.7%€29,194▲ 36.4%€162,239▲ 456%€145,428▼ 10.4%€174,861▲ 20.2%
Working capital€161,077above the sector's middle half▲ 15.1%€163,064above the sector's middle half▲ 1.2%€259,397above the sector's middle half▲ 59.1%€296,102above the sector's middle half▲ 14.2%€324,239above the sector's middle half▲ 9.5%
Solvency88.3%above the sector's middle half▼ 0.8pp85.2%above the sector's middle half▼ 3.1pp48.3%within the sector's middle half▼ 37.0pp58.1%within the sector's middle half▲ 9.9pp57.9%within the sector's middle half▼ 0.2pp
Current ratio8.52above the sector's middle half▼ 0.776.59above the sector's middle half▼ 1.947.16above the sector's middle half▲ 0.588.18above the sector's middle half▲ 1.014.94above the sector's middle half▼ 3.23
Return on assets (ROA)10.3%within the sector's middle half▼ 13.9pp3.5%within the sector's middle half▼ 6.8pp-5.5%below the sector's middle half▼ 9.0pp14.5%within the sector's middle half▲ 20.0pp9.3%within the sector's middle half▼ 5.2pp
Staff (FTE)0.9▼ 25.0%1.7▲ 88.9%1.3▼ 23.5%1.1▼ 15.4%1.8▲ 63.6%
above
within
below
the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 23% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €415,373
Fixed assets
€8,924 ▼ 9.4%
Current assets
€406,449 ▲ 20.5%
Equity and liabilities €415,373
Equity
€240,511 ▲ 19.2%
Debt
€174,861 ▲ 20.2%
Debt's share of the balance-sheet total rises from 41.9% to 42.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€45,968▼
2024 · €57,941
Cash flow
€45,297▼
2024 · €57,287
Debt to equity
0.73▲
2024 · 0.72
ROE
16.1%▼
2024 · 25.0%
Interest coverage
51.18▼
2024 · 79.70
Debt ≤ 1 year
€82,210▲
2024 · €41,253
Staff costs
€183,730▲
2024 · €180,588
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,679 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €318 | - | €950 | - |
| Remuneration, social security and pensions62 | - | €176,876 | €202,578 | €180,588 | €183,730 | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,886 | €2,836 | €5,689 | €6,826 | €6,559 | ▼ 3.9% |
| Other operating charges640/8 | - | €2,156 | €221 | €222 | €408 | ▲ 84.1% |
| Non-recurring operating charges66A | - | €436 | €225 | - | €150 | - |
| Gross operating margin9900 | €137,486 | €190,007 | €193,182 | €238,751 | €230,257 | ▼ 3.6% |
| Operating profit (loss)9901 | €19,228 | €7,704 | -€15,532 | €51,115 | €39,409 | ▼ 22.9% |
| Financial income75/76B | - | €64 | €322 | €73 | €227 | ▲ 212% |
| Recurring financial income75 | €0 | €64 | €322 | €73 | €227 | ▲ 212% |
| Financial charges65/66B | - | €774 | €1,958 | €727 | €898 | ▲ 23.5% |
| Recurring financial charges65 | €374 | €774 | €1,958 | €727 | €898 | ▲ 23.5% |
| Profit (loss) for the period before taxes9903 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| Profit (loss) for the period9904 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| Profit (loss) for the period to be appropriated9905 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €182,893 | €197,673 | €313,551 | €347,201 | €415,373 | ▲ 19.6% |
| Fixed assets21/28 | €409 | €5,416 | €12,074 | €9,846 | €8,924 | ▼ 9.4% |
| Tangible fixed assets22/27 | €409 | €5,416 | €12,074 | €8,658 | €7,736 | ▼ 10.6% |
| Plant, machinery and equipment23 | - | €5,416 | €6,953 | €4,816 | €5,175 | ▲ 7.4% |
| Furniture and vehicles24 | - | - | €5,122 | €3,841 | €2,561 | ▼ 33.3% |
| Financial fixed assets28 | - | - | - | €1,188 | €1,188 | = |
| Current assets29/58 | €182,484 | €192,257 | €301,477 | €337,356 | €406,449 | ▲ 20.5% |
| Amounts receivable within one year40/41 | €43,611 | €60,490 | €75,608 | €71,237 | €107,093 | ▲ 50.3% |
| Trade receivables40 | - | €33,684 | €19,640 | €5,892 | €64,707 | ▲ 998% |
| Other amounts receivable41 | - | €26,806 | €55,968 | €65,345 | €42,386 | ▼ 35.1% |
| Cash at bank and in hand54/58 | €138,873 | €131,767 | €223,881 | €266,119 | €299,355 | ▲ 12.5% |
| Deferred charges and accrued income490/1 | - | - | €1,987 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €182,893 | €197,673 | €313,551 | €347,201 | €415,373 | ▲ 19.6% |
| Equity10/15 | €161,486 | €168,480 | €151,312 | €201,774 | €240,511 | ▲ 19.2% |
| Reserves13 | - | €8,000 | €8,000 | €16,000 | €24,000 | ▲ 50.0% |
| Profit (loss) carried forward14 | €161,486 | €160,480 | €143,312 | €185,774 | €216,511 | ▲ 16.5% |
| Amounts payable17/49 | €21,407 | €29,194 | €162,239 | €145,428 | €174,861 | ▲ 20.2% |
| Amounts payable within one year42/48 | €21,407 | €29,194 | €42,080 | €41,253 | €82,210 | ▲ 99.3% |
| Trade debts44 | €11,656 | €6,334 | €22,394 | €27,498 | €49,784 | ▲ 81.0% |
| Suppliers440/4 | - | €6,334 | €22,394 | €27,498 | €49,784 | ▲ 81.0% |
| Taxes, remuneration and social security45 | - | €22,859 | €19,686 | €13,755 | €32,426 | ▲ 136% |
| Taxes450/3 | - | €4,898 | €1,441 | - | €11,018 | - |
| Remuneration and social security454/9 | - | €17,962 | €18,245 | €13,755 | €21,409 | ▲ 55.6% |
| Accrued charges and deferred income492/3 | - | - | €120,159 | €104,174 | €92,652 | ▼ 11.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| + Depreciation and write-downs630 | €2,886 | €2,836 | €5,689 | €6,826 | €6,559 | ▼ 3.9% |
| Operating cash flow (approximation) | €21,740 | €9,830 | -€11,478 | €57,287 | €45,297 | ▼ 20.9% |
| Investment in fixed assets (approximation) | - | -€7,843 | -€12,348 | -€4,597 | -€5,637 | ▼ 22.6% |
| Change in cash | - | -€7,106 | €92,114 | €42,237 | €33,237 | ▼ 21.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
09-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €50,461
Net result €50,461 after one loss-making year.
31-12
Financial
Equity above €200,000Eq €201,774 ▲33.3%
Equity rises from €151,312 to €201,774.
22-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€17,167
Net result drops to -€17,167, the lowest in the series; recovery starts the following year.
24-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €150,000Eq €161,486 ▲13.2%
2 profitable years in a row build equity to €161,486.
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Vorst · 1 establishment unit since 2014
Ground area
556 m²
Building footprint
155 m²
Volume, LiDAR
2,577 m³
Parcel 21007A0024/00B008, Brussels · tallest building 21.9 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
SPIN
since 20142.242.049.486
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21007A0024/00B008 | Brussels | 556 m² | 1 · 155 m² | 21.9 m · 6 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 10 entries · 1,075,534 EUR awarded · 1,034,397 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 297,031 EUR | 294,284 EUR |
| 2024 | 2 | 276,017 EUR | 274,887 EUR |
| 2023 | 3 | 347,923 EUR | 325,809 EUR |
| 2022 | 2 | 154,563 EUR | 139,417 EUR |
Schemes
Similar companies · same sector, comparable size
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NADA
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Of 2,277 companies in sector 90202 we hold annual accounts for 414. 291 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded09-09-2008
Fiscal year end31-12
Activities, NACEBEL 2025
90202Performing arts by artistic ensembles
90391Promotion and organisation of arts and performing arts events
E-invoicing
Reachable via Peppol
Peppol ID
0208:0806230445
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.