SPIN
ActiveSummary
SPIN has been active since 2008 and the Belgian Official 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 about 9.4% per year across the filed financial years. Its solvency ranks better than 57% of 2,450 sector peers (NACE 90, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Staff
- 1.8 FTE
- Equity
- €240,511
- Surplus
- €38,738
Why 96lowers riskLegal form: non-profit associationLiquidity: current ratio 4.94, cash €299,355Size: total assets €415,373Equity €240,511 (57.9% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 90, micro): better than 59% on solvency, 85% on liquidity, 63% on profitability and 69% on growth.
The bankruptcy probability was computed on 20-10-2026 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
This company filed its last 6 accounts on average 87 days before the deadline; the sector median (NACE 90) for financial year 2024 is 3 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Admission: Emilie Legrand (lid van de…Appointment: Johanna Couvé (director) ·…
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result falls in 2025; 2025 is 23% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 90, Arts creation and performing arts activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 34,695 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95.3% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
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 497,473 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 34,695 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.
| Line | 2020 | 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 | €2,981 | €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 | €163,698 | €137,486 | €190,007 | €193,182 | €238,751 | €230,257 | ▼ 3.6% |
| Operating profit (loss)9901 | €38,787 | €19,228 | €7,704 | -€15,532 | €51,115 | €39,409 | ▼ 22.9% |
| Financial income75/76B | - | - | €64 | €322 | €73 | €227 | ▲ 212% |
| Recurring financial income75 | €116 | €0 | €64 | €322 | €73 | €227 | ▲ 212% |
| Financial charges65/66B | - | - | €774 | €1,958 | €727 | €898 | ▲ 23.5% |
| Recurring financial charges65 | €215 | €374 | €774 | €1,958 | €727 | €898 | ▲ 23.5% |
| Profit (loss) for the period before taxes9903 | €38,689 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| Profit (loss) for the period9904 | €38,689 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| Profit (loss) for the period to be appropriated9905 | €38,689 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €160,074 | €182,893 | €197,673 | €313,551 | €347,201 | €415,373 | ▲ 19.6% |
| Fixed assets21/28 | €3,296 | €409 | €5,416 | €12,074 | €9,846 | €8,924 | ▼ 9.4% |
| Tangible fixed assets22/27 | €3,296 | €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 | €156,779 | €182,484 | €192,257 | €301,477 | €337,356 | €406,449 | ▲ 20.5% |
| Amounts receivable within one year40/41 | €42,889 | €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 | €113,890 | €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 | €160,074 | €182,893 | €197,673 | €313,551 | €347,201 | €415,373 | ▲ 19.6% |
| Equity10/15 | €142,632 | €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 | €142,632 | €161,486 | €160,480 | €143,312 | €185,774 | €216,511 | ▲ 16.5% |
| Amounts payable17/49 | €17,443 | €21,407 | €29,194 | €162,239 | €145,428 | €174,861 | ▲ 20.2% |
| Amounts payable within one year42/48 | €16,873 | €21,407 | €29,194 | €42,080 | €41,253 | €82,210 | ▲ 99.3% |
| Trade debts44 | €4,902 | €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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,689 | €18,854 | €6,994 | -€17,167 | €50,461 | €38,738 | ▼ 23.2% |
| + Depreciation and write-downs630 | €2,981 | €2,886 | €2,836 | €5,689 | €6,826 | €6,559 | ▼ 3.9% |
| Operating cash flow (approximation) | €41,669 | €21,740 | €9,830 | -€11,478 | €57,287 | €45,297 | ▼ 20.9% |
| Investment in fixed assets (approximation) | - | €0 | -€7,843 | -€12,348 | -€4,597 | -€5,637 | ▼ 22.6% |
| Change in cash | - | €24,984 | -€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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00131080 |
| 31-12-2024 | micro format | 09-05-2025 | 2025-00093585 |
| 31-12-2023 | micro format | 22-04-2024 | 2024-00067271 |
| 31-12-2022 | micro format | 24-04-2023 | 2023-00063936 |
| 31-12-2021 | micro format | 31-03-2022 | 2022-09600243 |
| 31-12-2020 | micro format | 31-05-2021 | 2021-16200542 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 to 2025 · 10 entries · €1.1m awarded · €1.0m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €297,031 | €294,284 |
| 2024 | 2 | €276,017 | €274,887 |
| 2023 | 3 | €347,923 | €325,809 |
| 2022 | 2 | €154,563 | €139,417 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Johanna Couvé |
|
| Benny Vandendriesche |
|
Owners and capital
Owners
This non-profit association has no shareholders or capital.
Group and network
Connections & network
2 connected companiesHistory
Acts, filings and financial milestones
21-11
Gazette deed
Admission: Emilie Legrand (lid van de algemene vergadering)Appointment: Johanna Couvé (director) · Resignation: Benny Vandendriesche (director) · Approval6 facts ▸
- General meeting, 10-03-2025
- Approval, “verslag vorige vergadering”, 10-03-2025 (deed in Dutch)
- Member admission, Emilie Legrand (lid van de algemene vergadering)
- Other provision, “lid van het dagelijks bestuur, lid van het dagelijks bestuur” (deed in Dutch) (2 times)
- Director appointment, Johanna Couvé (director)
- Director resignation, Benny Vandendriesche (director)
28-04
Gazette deed
Admission: Yasmina Boudia (lid van de algemene vergadering)Resignations: Yasmina Boudia (director) and Bieke Vancraeynest (director)5 facts ▸
- General meeting, 10-03-2025
- Other provision, “goedkeuring verslag vorige vergadering”, 10-10-2024 (deed in Dutch)
- Member admission, Yasmina Boudia (lid van de algemene vergadering)
- Director resignation, Yasmina Boudia (director)
- Director resignation, Bieke Vancraeynest (director)
25-11
Gazette deed
Admissions: Rosanna Miele, Klaartje De Bonnaire and 3 othersAppointments: Yasmina Boudia (director) and Jessica Gysel (director)9 facts ▸
- General meeting, 10-10-2024
- Other provision, “Goedkeuring verslag vorige vergadering”, 12-03-2024 (deed in Dutch)
- Member admission, Rosanna Miele (lid van de algemene vergadering)
- Member admission, Klaartje De Bonnaire (lid van de algemene vergadering)
- Member admission, Godard Bakkers (lid van de algemene vergadering)
- Member admission, Sarah Magan (lid van de algemene vergadering)
- Member admission, Johanna Couvé (lid van de algemene vergadering)
- Director appointment, Yasmina Boudia (director)
- Director appointment, Jessica Gysel (director)
About the unread acts
Of the 13 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 10 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 21 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21007A0024/00B008 | Brussels | 556 m² | 1 · 155 m² | 21.9 m · 6 |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 28-04-2025
Read from the deeds: 1 provision, deed of 28-04-2025