SPINAREA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 10 filings
Turnover
€102,230
EBIT margin
15.5%
Net result
€21,293▲ 122%
2024 · €9,585
Working capital
-€9,671
2024 · €1,541
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€29,685
▲ 133%
2025
20182025
Net result
€21,293
▲ 122%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€18,789
▼ 42.3%
2025
20182025
Total assets
€70,183
▼ 25.2%
2025
20182025
Debt
€51,394
▼ 16.2%
2025
20182025
Working capital
-€9,671
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€102,230-
Operating result€15,840-€17,830▲ 12.6%€14,077▼ 21.0%€15,120▲ 7.4%€26,268▲ 73.7%€3,903▼ 85.1%€12,730▲ 226%€29,685▲ 133%
Net result€10,976-€11,906▲ 8.5%€9,671▼ 18.8%€11,747▲ 21.5%€18,057▲ 53.7%€1,924▼ 89.3%€9,585▲ 398%€21,293▲ 122%
EBIT margin15.5%-
Equity€21,829-€33,735▲ 54.5%€43,406▲ 28.7%€42,063▼ 3.1%€49,224▲ 17.0%€51,148▲ 3.9%€32,546▼ 36.4%€18,789▼ 42.3%
Total assets€78,761-€71,478▼ 9.2%€71,977▲ 0.7%€67,104▼ 6.8%€102,895▲ 53.3%€85,494▼ 16.9%€93,843▲ 9.8%€70,183▼ 25.2%
Debt€56,932-€37,743▼ 33.7%€28,572▼ 24.3%€25,041▼ 12.4%€53,671▲ 114%€34,346▼ 36.0%€61,297▲ 78.5%€51,394▼ 16.2%
Working capital€3,446--€4,016€6,612€5,148▼ 22.1%-€4,655€6,291€1,541▼ 75.5%-€9,671
The operating result for 2025 is 133% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €70,183
Fixed assets
€32,599 ▼ 24.8%
Current assets
€37,584 ▼ 25.6%
Equity and liabilities €70,183
Equity
€18,789 ▼ 42.3%
Debt
€51,394 ▼ 16.2%
Debt's share of the balance-sheet total rises from 65.3% to 73.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€48,099▲
2024 · €34,934
Cash flow
€39,707▲
2024 · €31,789
Current ratio
0.80▼
2024 · 1.03
Debt to equity
2.74▲
2024 · 1.88
ROE
113.3%▲
2024 · 29.5%
ROA
30.3%▲
2024 · 10.2%
Interest coverage
over 100▲
2024 · 78.66
Debt ≤ 1 year
€47,256▼
2024 · €48,977
Debt > 1 year
€4,138▼
2024 · €12,321
Income taxes
€8,170▲
2024 · €3,050
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,761 | €61,183 | €5,313 | €293 | €7,688 |
| Depreciation and write-downs of the year | €10,271 | €15,901 | €22,274 | €22,204 | €18,414 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €102,230 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,562 | €13,199 | €9,709 | €10,271 | €15,901 | €22,274 | €22,204 | €18,414 | ▼ 17.1% |
| Other operating charges640/8 | - | - | - | €889 | €208 | €126 | €279 | €217 | ▼ 22.4% |
| Gross operating margin9900 | €36,988 | €33,605 | €24,892 | €26,280 | €42,377 | €26,303 | €35,214 | €48,316 | ▲ 37.2% |
| Operating profit (loss)9901 | €15,840 | €17,830 | €14,077 | €15,120 | €26,268 | €3,903 | €12,730 | €29,685 | ▲ 133% |
| Financial income75/76B | - | - | - | €15 | €16 | €14 | €349 | €3 | ▼ 99.1% |
| Recurring financial income75 | €3 | €15 | €10 | €15 | €16 | €14 | €349 | €3 | ▼ 99.1% |
| Financial charges65/66B | - | - | - | €385 | €584 | €624 | €444 | €225 | ▼ 49.3% |
| Recurring financial charges65 | €1,299 | €1,047 | €610 | €385 | €584 | €624 | €444 | €225 | ▼ 49.3% |
| Profit (loss) for the period before taxes9903 | €14,545 | €16,797 | €13,476 | €14,751 | €25,700 | €3,293 | €12,635 | €29,463 | ▲ 133% |
| Income taxes67/77 | €3,569 | €4,891 | €3,806 | €3,004 | €7,643 | €1,369 | €3,050 | €8,170 | ▲ 168% |
| Profit (loss) for the period9904 | €10,976 | €11,906 | €9,671 | €11,747 | €18,057 | €1,924 | €9,585 | €21,293 | ▲ 122% |
| Profit (loss) for the period to be appropriated9905 | €10,976 | €11,906 | €9,671 | €11,747 | €18,057 | €1,924 | €9,585 | €21,293 | ▲ 122% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €78,761 | €71,478 | €71,977 | €67,104 | €102,895 | €85,494 | €93,843 | €70,183 | ▼ 25.2% |
| Fixed assets21/28 | €50,568 | €51,541 | €45,424 | €36,915 | €82,197 | €65,236 | €43,325 | €32,599 | ▼ 24.8% |
| Intangible fixed assets21 | €43,750 | €36,750 | €29,750 | €22,750 | €15,750 | €8,750 | €1,750 | - | - |
| Tangible fixed assets22/27 | €6,818 | €14,791 | €15,674 | €14,165 | €66,447 | €56,486 | €41,575 | €32,599 | ▼ 21.6% |
| Plant, machinery and equipment23 | - | - | - | €8,794 | €7,427 | €6,060 | €4,815 | €3,611 | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | €5,371 | €59,020 | €50,426 | €36,760 | €28,987 | ▼ 21.1% |
| Current assets29/58 | €28,193 | €19,937 | €26,553 | €30,190 | €20,698 | €20,258 | €50,518 | €37,584 | ▼ 25.6% |
| Amounts receivable within one year40/41 | €15,027 | €6,013 | €2,925 | €1,691 | €33 | €2,692 | €12,192 | €1,451 | ▼ 88.1% |
| Trade receivables40 | - | - | - | €0 | €29 | - | €28 | €57 | ▲ 100% |
| Other amounts receivable41 | - | - | - | €1,691 | €4 | €2,692 | €12,164 | €1,394 | ▼ 88.5% |
| Current investments50/53 | - | €9,323 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €13,087 | €3,776 | €23,003 | €28,149 | €18,257 | €16,349 | €37,262 | €36,133 | ▼ 3.0% |
| Deferred charges and accrued income490/1 | - | - | - | €350 | €2,408 | €1,217 | €1,064 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €78,761 | €71,478 | €71,977 | €67,104 | €102,895 | €85,494 | €93,843 | €70,183 | ▼ 25.2% |
| Equity10/15 | €21,829 | €33,735 | €43,406 | €42,063 | €49,224 | €51,148 | €32,546 | €18,789 | ▼ 42.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €13,090 | €24,996 | €34,667 | €21,577 | €21,577 | €21,577 | €9,671 | - | - |
| Distributable reserves133 | - | - | - | €21,577 | €21,577 | €21,577 | €9,671 | - | - |
| Profit (loss) carried forward14 | €2,539 | €2,539 | €2,539 | €14,286 | €21,447 | €23,371 | €4,275 | €189 | ▼ 95.6% |
| Amounts payable17/49 | €56,932 | €37,743 | €28,572 | €25,041 | €53,671 | €34,346 | €61,297 | €51,394 | ▼ 16.2% |
| Amounts payable after more than one year17 | €32,186 | €13,750 | €8,630 | €0 | €28,317 | €20,380 | €12,321 | €4,138 | ▼ 66.4% |
| Financial debts170/4 | - | - | - | €0 | €28,317 | €20,380 | €12,321 | €4,138 | ▼ 66.4% |
| Amounts payable within one year42/48 | €24,747 | €23,954 | €19,942 | €25,041 | €25,353 | €13,966 | €48,977 | €47,256 | ▼ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,630 | €7,818 | €7,938 | €7,938 | €7,938 | = |
| Trade debts44 | €323 | €2,544 | €1,767 | €1,455 | €1,550 | €3,089 | €452 | €337 | ▼ 25.4% |
| Suppliers440/4 | - | - | - | €1,455 | €1,550 | €3,089 | €452 | €337 | ▼ 25.4% |
| Taxes, remuneration and social security45 | - | - | - | €1,320 | €5,583 | €2,940 | - | €1,440 | - |
| Taxes450/3 | - | - | - | €1,320 | €4,083 | €1,440 | - | €1,440 | - |
| Remuneration and social security454/9 | - | - | - | €0 | €1,500 | €1,500 | - | - | - |
| Other amounts payable47/48 | - | - | - | €13,637 | €10,402 | - | €40,587 | €37,541 | ▼ 7.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,976 | €11,906 | €9,671 | €11,747 | €18,057 | €1,924 | €9,585 | €21,293 | ▲ 122% |
| + Depreciation and write-downs630 | €20,562 | €13,199 | €9,709 | €10,271 | €15,901 | €22,274 | €22,204 | €18,414 | ▼ 17.1% |
| Operating cash flow (approximation) | €31,537 | €25,106 | €19,379 | €22,018 | €33,958 | €24,198 | €31,789 | €39,707 | ▲ 24.9% |
| Investment in fixed assets (approximation) | - | -€14,172 | -€3,592 | -€1,761 | -€61,183 | -€5,313 | -€293 | -€7,688 | ▼ 2,524% |
| Change in cash | - | -€9,311 | €19,226 | €5,146 | -€9,892 | -€1,908 | €20,912 | -€1,128 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,053 companies had the same profile as SPINAREA has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SPINAREA itself is lower: 0.3% within 12 months. It rests on far more data about SPINAREA than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 5,053 companies, not a prediction for SPINAREA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00212547 | |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00153452 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00140785 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00312521 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20289276 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56200005 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18000336 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-36500337 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-51700356 | |
| 31-12-2016 | full format | 27-06-2017 | 2017-24800222 |