SPIRAL
ActiveSummary
SPIRAL has been active since 1977 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €46k and a net result of €-38k. Equity is shrinking by ~17.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 54% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency60▼-17
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity short (current ratio 0.39 against 0.49 in 2024; short-term debt: 65.3% and cash: 3.5% of total assets), and 65.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
34.7%
Return on assets
-28.1%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-38k
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
51 d early
2023
30 d early
2022
33 d early
2021
20 d early
2020
25 d early
2019
87 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€46k▼ 44.8%
2024 · €84k
2018: €231khighest in 8 years
2019: €203k▼ -11.9% vs 2018
2020: €178k▼ -12.2% vs 2019
2021: €145k▼ -18.6% vs 2020
2022: €152k▲ +4.9% vs 2021
2023: €119k▼ -22.2% vs 2022
2024: €84k▼ -29.3% vs 2023
2025: €46k▼ -44.8% vs 2024lowest in 8 years
2018 → 2025
Total assets
€133k▼ 17.2%
2024 · €161k
2018: €272khighest in 8 years
2019: €249k▼ -8.3% vs 2018
2020: €233k▼ -6.4% vs 2019
2021: €202k▼ -13.5% vs 2020
2022: €215k▲ +6.5% vs 2021
2023: €188k▼ -12.3% vs 2022
2024: €161k▼ -14.6% vs 2023
2025: €133k▼ -17.2% vs 2024lowest in 8 years
2018 → 2025
Net result
€-38k▼ 7.8%
2024 · €-35k
2018: €-29k
2019: €-27k▲ +4.3% vs 2018
2020: €-25k▲ +9.8% vs 2019
2021: €-33k▼ -34.1% vs 2020
2022: €7k▲ +122% vs 2021highest in 8 years
2023: €-34k▼ -572% vs 2022
2024: €-35k▼ -3.0% vs 2023
2025: €-38k▼ -7.8% vs 2024lowest in 8 years
2018 → 2025
Working capital
€-53k▼ 34.8%
2024 · €-39k
2018: €-2k
2019: €-7k▼ -190% vs 2018
2020: €-9k▼ -32.8% vs 2019
2021: €-21k▼ -127% vs 2020
2022: €9k▲ +142% vs 2021highest in 8 years
2023: €-28k▼ -423% vs 2022
2024: €-39k▼ -38.5% vs 2023
2025: €-53k▼ -34.8% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€145k-€152k▲ 4.9%€119k▼ 22.2%€84k▼ 29.3%€46k▼ 44.8%
2021: €145k
2022: €152k▲ +4.9% vs 2021highest in 5 years
2023: €119k▼ -22.2% vs 2022
2024: €84k▼ -29.3% vs 2023
2025: €46k▼ -44.8% vs 2024lowest in 5 years
Operating result€-33k-€-39k▼ 16.8%€-34k▲ 12.8%€-35k▼ 2.8%€-37k▼ 7.6%
2021: €-33khighest in 5 years
2022: €-39k▼ -16.8% vs 2021lowest in 5 years
2023: €-34k▲ +12.8% vs 2022
2024: €-35k▼ -2.8% vs 2023
2025: €-37k▼ -7.6% vs 2024
Net result€-33k-€7k€-34k€-35k▼ 3.0%€-38k▼ 7.8%
2021: €-33k
2022: €7k▲ +122% vs 2021highest in 5 years
2023: €-34k▼ -572% vs 2022
2024: €-35k▼ -3.0% vs 2023
2025: €-38k▼ -7.8% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €37k in 2025 against €35k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €133k
Fixed assets
€99k ▼ 19.5%
Current assets
€34k ▼ 9.9%
Equity and liabilities €133k
Equity
€46k ▼ 44.8%
Debt
€87k ▲ 12.8%
Debt's share of the balance-sheet total rises from 47.9% to 65.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-13k▼
2024 · €-11k
Cash flow
€-14k▼
2024 · €-11k
Current ratio
0.39▼
2024 · 0.49
Debt to equity
1.88▲
2024 · 0.92
ROE
-81.0%▼
2024 · -41.5%
ROA
-28.1%▼
2024 · -21.6%
Interest coverage
-42.78▲
2024 · -47.72
Debt ≤ 1 year
€87k▲
2024 · €77k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 34 lines
Balance sheet
Code20242025
Assets
Total assets20/58€161k€133k▼
Fixed assets21/28€123k€99k▼
Tangible fixed assets22/27€123k€99k▼
Land and buildings22€103k€81k▼
Plant, machinery and equipment23€20k€18k▼
Current assets29/58€38k€34k▼
Amounts receivable within one year40/41€10k€4k▼
Trade receivables40€2k€3k▲
Other amounts receivable41€8k€758▼
Current investments50/53€25k€25k=
Cash at bank and in hand54/58€3k€5k▲
Equity and liabilities
Total equity and liabilities10/49€161k€133k▼
Equity10/15€84k€46k▼
Contributions10/11€380k€380k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Other1319€2k€2k=
Profit (loss) carried forward14€-299k€-336k▼
Amounts payable17/49€77k€87k▲
Amounts payable within one year42/48€77k€87k▲
Trade debts44€8k€8k▲
Suppliers440/4€8k€8k▲
Other amounts payable47/48€69k€79k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€24k€24k=
Other operating charges640/8€6k€6k▲
Gross operating margin9900€-5k€-7k▼
Operating profit (loss)9901€-35k€-37k▼
Financial charges65/66B€223€311▲
Recurring financial charges65€223€311▲
Profit (loss) for the period before taxes9903€-35k€-38k▼
Profit (loss) for the period9904€-35k€-38k▼
Profit (loss) for the period to be appropriated9905€-35k€-38k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-299k€-336k▼
Profit (loss) brought forward from the previous period14P€-264k€-299k▼
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21k | €23k | €22k | €24k | €24k | = |
| Other operating charges640/8 | €5k | €4k | €5k | €6k | €6k | ▲ 9.6% |
| Gross operating margin9900 | €-7k | €-12k | €-7k | €-5k | €-7k | ▼ 43.2% |
| Operating profit (loss)9901 | €-33k | €-39k | €-34k | €-35k | €-37k | ▼ 7.6% |
| Financial income75/76B | €2 | €46k | - | - | - | - |
| Recurring financial income75 | €2 | €46k | - | - | - | - |
| Non-recurring financial income76B | - | €46k | - | - | - | - |
| Financial charges65/66B | €145 | €160 | €159 | €223 | €311 | ▲ 39.2% |
| Recurring financial charges65 | €145 | €160 | €159 | €223 | €311 | ▲ 39.2% |
| Profit (loss) for the period before taxes9903 | €-33k | €7k | €-34k | €-35k | €-38k | ▼ 7.8% |
| Profit (loss) for the period9904 | €-33k | €7k | €-34k | €-35k | €-38k | ▼ 7.8% |
| Profit (loss) for the period to be appropriated9905 | €-33k | €7k | €-34k | €-35k | €-38k | ▼ 7.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €202k | €215k | €188k | €161k | €133k | ▼ 17.2% |
| Fixed assets21/28 | €166k | €144k | €147k | €123k | €99k | ▼ 19.5% |
| Tangible fixed assets22/27 | €166k | €144k | €147k | €123k | €99k | ▼ 19.5% |
| Land and buildings22 | €166k | €144k | €124k | €103k | €81k | ▼ 20.9% |
| Plant, machinery and equipment23 | - | - | €23k | €20k | €18k | ▼ 12.2% |
| Current assets29/58 | €36k | €71k | €42k | €38k | €34k | ▼ 9.9% |
| Amounts receivable within one year40/41 | €8k | €9k | €10k | €10k | €4k | ▼ 58.0% |
| Trade receivables40 | €2k | €2k | €2k | €2k | €3k | ▲ 58.0% |
| Other amounts receivable41 | €6k | €7k | €7k | €8k | €758 | ▼ 90.4% |
| Current investments50/53 | €25k | €25k | €25k | €25k | €25k | = |
| Cash at bank and in hand54/58 | €2k | €37k | €6k | €3k | €5k | ▲ 83.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €202k | €215k | €188k | €161k | €133k | ▼ 17.2% |
| Equity10/15 | €145k | €152k | €119k | €84k | €46k | ▼ 44.8% |
| Contributions10/11 | €380k | €380k | €380k | €380k | €380k | = |
| Capital10 | €380k | - | - | - | - | - |
| Issued capital100 | €380k | - | - | - | - | - |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Legal reserve130 | €2k | - | - | - | - | - |
| Other1319 | - | €2k | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €-237k | €-230k | €-264k | €-299k | €-336k | ▼ 12.6% |
| Amounts payable17/49 | €57k | €62k | €70k | €77k | €87k | ▲ 12.8% |
| Amounts payable within one year42/48 | €57k | €62k | €70k | €77k | €87k | ▲ 12.8% |
| Trade debts44 | €10k | €10k | €9k | €8k | €8k | ▲ 7.6% |
| Suppliers440/4 | €10k | €10k | €9k | €8k | €8k | ▲ 7.6% |
| Other amounts payable47/48 | €47k | €53k | €61k | €69k | €79k | ▲ 13.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-33k | €7k | €-34k | €-35k | €-38k | ▼ 7.8% |
| + Depreciation and write-downs630 | €21k | €23k | €22k | €24k | €24k | = |
| Operating cash flow (approximation) | €-12k | €30k | €-12k | €-11k | €-14k | ▼ 25.1% |
| Investment in fixed assets (approximation) | - | €0 | €-25k | €0 | €0 | - |
| Change in cash | - | €35k | €-31k | €-4k | €2k | ▲ 153% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet €-38k
Net result drops to €-38k, the lowest in the series.
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €7k
Net result €7k after 4 loss-making years.
31-12
Financial
Equity above €150kEq €152k ▲4.9%
Equity rises from €145k to €152k.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2019
05-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 5 days late
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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 1977
Ground area
347 m²
Building footprint
108 m²
Volume, LiDAR
1,695 m³
Parcel 21383B0086/00E002, Brussels · tallest building 22.1 m, ±6 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Albertlaan 114, 1190 Vorst
since 19772.013.396.336
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21383B0086/00E002 | Brussels | 347 m² | 1 · 108 m² | 22.1 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.
Recognitions · licences · registrations
Legal Entity Identifier
699400H2JO2QENQ2JJ45
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 3,244 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-02-1977
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
46180Agents specialised in the wholesale of other particular products
Scores and ratios are computed by Checked and are not a credit decision.