SPRANCO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-01-2026 PDF all 8 filings
Turnover
≈ €2.6m
Estimated: probably between €1.7m and €4.2m
Total assets
€3.5m▼ 11.1%
2024 · €3.9m
Net result
€69,302
2024 · -€6,031
Working capital
€719,176▼ 32.4%
2024 · €1.1m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€140,108
2025
20192025
Net result
€69,302
2025
middle half of the sector
20192025
Equity
€919,001
▼ 29.3%
2025
middle half of the sector
20192025
Total assets
€3.5m
▼ 11.1%
2025
highest quarter of the sector
20192025
Debt
€2.6m
▼ 2.2%
2025
20192025
Working capital
€719,176
▼ 32.4%
2025
middle half of the sector
20192025
Solvency
26.2%
▼ 6.7pp
2025
middle half of the sector
20192025
Current ratio
1.29
▼ 0.13
2025
middle half of the sector
20192025
Return on assets (ROA)
2.0%
▲ 2.1pp
2025
middle half of the sector
20192025
Staff (FTE)
16.4
▲ 7.2%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.8m-€0.8m▼ 2.7%€0.5m▼ 40.2%€0.5m▲ 11.3%€0.4m▼ 30.2%-€0.02m€0.1m
Net result€0.5m-€0.5mabove the sector's middle half▼ 3.7%€0.2mabove the sector's middle half▼ 51.2%€0.3mabove the sector's middle half▲ 33.1%€0.2mwithin the sector's middle half▼ 32.8%-€0.006mbelow the sector's middle half€0.07mwithin the sector's middle half
Equity€0.9m-€1.3mabove the sector's middle half▲ 52.9%€1.5mabove the sector's middle half▲ 16.8%€1.8mabove the sector's middle half▲ 19.4%€2.0mabove the sector's middle half▲ 6.8%€1.3mabove the sector's middle half▼ 33.4%€0.9mwithin the sector's middle half▼ 29.3%
Total assets€4.1m-€3.7mabove the sector's middle half▼ 9.5%€4.4mabove the sector's middle half▲ 19.1%€3.7mabove the sector's middle half▼ 15.6%€4.4mabove the sector's middle half▲ 18.4%€3.9mabove the sector's middle half▼ 10.6%€3.5mabove the sector's middle half▼ 11.1%
Debt€2.8m-€2.4m▼ 15.5%€2.9m▲ 20.3%€1.9m▼ 35.3%€2.5m▲ 31.9%€2.6m▲ 7.4%€2.6m▼ 2.2%
Working capital€1.1m-€1.2mabove the sector's middle half▲ 3.2%€1.2mabove the sector's middle half▲ 1.8%€1.6mabove the sector's middle half▲ 34.9%€1.7mabove the sector's middle half▲ 10.5%€1.1mabove the sector's middle half▼ 39.2%€0.7mwithin the sector's middle half▼ 32.4%
Solvency20.9%-35.3%within the sector's middle half▲ 14.4pp34.6%within the sector's middle half▼ 0.7pp48.9%within the sector's middle half▲ 14.3pp44.2%within the sector's middle half▼ 4.8pp32.9%within the sector's middle half▼ 11.2pp26.2%within the sector's middle half▼ 6.7pp
Current ratio1.42-1.50within the sector's middle half▲ 0.081.42within the sector's middle half▼ 0.081.85within the sector's middle half▲ 0.441.71within the sector's middle half▼ 0.141.42within the sector's middle half▼ 0.301.29within the sector's middle half▼ 0.13
Return on assets (ROA)12.7%-13.6%above the sector's middle half▲ 0.8pp5.6%within the sector's middle half▼ 8.0pp8.7%within the sector's middle half▲ 3.2pp5.0%within the sector's middle half▼ 3.8pp-0.2%below the sector's middle half▼ 5.1pp2.0%within the sector's middle half▲ 2.1pp
Staff (FTE)23.4-20above the sector's middle half▼ 14.5%18.1above the sector's middle half▼ 9.5%16.8above the sector's middle half▼ 7.2%14.9above the sector's middle half▼ 11.3%15.3above the sector's middle half▲ 2.7%16.4above the sector's middle half▲ 7.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €140,108, after a loss of €20,843 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€268,425 ▼ 17.4%
Current assets
€3.2m ▼ 10.6%
Equity and liabilities €3.5m
Equity
€919,001 ▼ 29.3%
Debt
€2.6m ▼ 2.2%
Debt's share of the balance-sheet total rises from 67.1% to 73.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€270,244▲
2024 · €73,076
Cash flow
€199,438▲
2024 · €87,888
Quick ratio
1.12▼
2024 · 1.28
Debt to equity
2.82▲
2024 · 2.04
ROE
7.5%▲
2024 · -0.5%
Interest coverage
19.68▲
2024 · -5.86
Debt ≤ 1 year
€2.5m▼
2024 · €2.6m
Debt > 1 year
€60,600▼
2024 · €80,800
Income taxes
€61,878▲
2024 · €394
Staff costs
€1.1m▲
2024 · €1.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 14 | 16 | 18 |
| full-time | 14 | 13 | 15 | 16 |
| part-time | 2 | 1 | 1 | 2 |
| in full-time equivalents | 15.6 | 13.8 | 15.8 | 17.4 |
| Average over the year, in full-time equivalents | 16.8 | 14.9 | 15.3 | 16.4 |
| On a permanent contract | 16 | 14 | 16 | 18 |
| Joined | 1 | 1 | 4 | 3 |
| Left | 3 | 3 | 2 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €33,767 | €37,833 | €214,804 | €66,999 |
| Financial fixed assets | €3,530 | - | - | €6,620 |
| Depreciation and write-downs of the year | €171,488 | €116,486 | €93,919 | €130,136 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €3,115 awarded · €3,162 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €1,599 | €1,599 |
| 2024 | 1 | €505 | €505 |
| 2023 | 1 | €823 | €870 |
| 2022 | 1 | €188 | €188 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.004m | €0.05m | €0.002m | ▼ 96.7% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.0m | €1.0m | €1.1m | ▲ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.09m | €0.1m | ▲ 38.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.009m | -€0.008m | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.04m | -€0.04m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.05m | €0.01m | €0.1m | ▲ 609% |
| Gross operating margin9900 | €2.8m | €2.1m | €1.8m | €1.8m | €1.4m | €1.1m | €1.5m | ▲ 34.3% |
| Operating profit (loss)9901 | €0.8m | €0.8m | €0.5m | €0.5m | €0.4m | -€0.02m | €0.1m | - |
| Financial income75/76B | - | - | - | €224 | €0.008m | €0.003m | €0.005m | ▲ 75.3% |
| Recurring financial income75 | €0.008m | €0.001m | €0.002m | €224 | €0.008m | €0.003m | €0.005m | ▲ 75.3% |
| Financial charges65/66B | - | - | - | €0.03m | €0.03m | -€0.01m | €0.01m | - |
| Recurring financial charges65 | €0.02m | €0.04m | €0.01m | €0.03m | €0.03m | -€0.01m | €0.01m | - |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.7m | €0.4m | €0.5m | €0.3m | -€0.006m | €0.1m | - |
| Income taxes67/77 | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €394 | €0.06m | ▲ 157× |
| Profit (loss) for the period9904 | €0.5m | €0.5m | €0.2m | €0.3m | €0.2m | -€0.006m | €0.07m | - |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.5m | €0.2m | €0.3m | €0.2m | -€0.006m | €0.07m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.1m | €3.7m | €4.4m | €3.7m | €4.4m | €3.9m | €3.5m | ▼ 11.1% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.4m | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 17.4% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.4m | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 19.5% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 39.2% |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.05m | €0.04m | €0.09m | ▲ 112% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.004m | €0.003m | €0.001m | €0.008m | ▲ 727% |
| Current assets29/58 | €3.8m | €3.5m | €4.0m | €3.4m | €4.2m | €3.6m | €3.2m | ▼ 10.6% |
| Stocks and contracts in progress3 | €0.4m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 19.3% |
| Stocks30/36 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 23.5% |
| Contracts in progress37 | - | - | - | €0.008m | €0.04m | €0.01m | €0.002m | ▼ 84.8% |
| Amounts receivable within one year40/41 | €1.9m | €1.8m | €2.5m | €2.1m | €2.9m | €2.2m | €1.4m | ▼ 35.1% |
| Trade receivables40 | - | - | - | €1.9m | €2.5m | €1.9m | €1.4m | ▼ 28.6% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.4m | €0.3m | €0.06m | ▼ 78.9% |
| Current investments50/53 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 3.3% |
| Cash at bank and in hand54/58 | €1.4m | €1.3m | €1.2m | €0.8m | €0.8m | €0.9m | €1.2m | ▲ 36.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.02m | €0.004m | €24 | ▼ 99.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.1m | €3.7m | €4.4m | €3.7m | €4.4m | €3.9m | €3.5m | ▼ 11.1% |
| Equity10/15 | €0.9m | €1.3m | €1.5m | €1.8m | €2.0m | €1.3m | €0.9m | ▼ 29.3% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.8m | €1.2m | €1.4m | €1.7m | €1.8m | €1.2m | €0.8m | ▼ 32.1% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.7m | €1.8m | €1.2m | €0.8m | ▼ 32.1% |
| Profit (loss) carried forward14 | €0.007m | €0.01m | €0.005m | €0.006m | €0.007m | €0.001m | €0.005m | ▲ 615% |
| Provisions and deferred taxes16 | €0.4m | - | - | €0.04m | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.04m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.04m | - | - | - | - |
| Amounts payable17/49 | €2.8m | €2.4m | €2.9m | €1.9m | €2.5m | €2.6m | €2.6m | ▼ 2.2% |
| Amounts payable after more than one year17 | €0.2m | €0.08m | - | - | - | €0.08m | €0.06m | ▼ 25.0% |
| Financial debts170/4 | - | - | - | - | - | €0.08m | €0.06m | ▼ 25.0% |
| Amounts payable within one year42/48 | €2.6m | €2.3m | €2.8m | €1.9m | €2.5m | €2.6m | €2.5m | ▼ 1.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.02m | €0.02m | = |
| Trade debts44 | €2.4m | €2.1m | €2.5m | €1.7m | €2.2m | €1.8m | €1.4m | ▼ 25.3% |
| Suppliers440/4 | - | - | - | €1.7m | €2.2m | €1.8m | €1.4m | ▼ 25.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.08m | €0.1m | ▲ 27.5% |
| Taxes450/3 | - | - | - | €0.1m | €0.06m | - | €0.01m | - |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.08m | €0.08m | €0.09m | ▲ 14.1% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.1m | €0.6m | €1.0m | ▲ 61.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.008m | €0.008m | €0.008m | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €522,011 | €502,892 | €245,262 | €326,397 | €219,426 | -€6,031 | €69,302 | - |
| + Depreciation and write-downs630 | €268,429 | €308,643 | €186,214 | €171,488 | €116,486 | €93,919 | €130,136 | ▲ 38.6% |
| Operating cash flow (approximation) | €790,439 | €811,535 | €431,475 | €497,885 | €335,913 | €87,888 | €199,438 | ▲ 127% |
| Investment in fixed assets (approximation) | - | -€224,352 | -€358,184 | -€37,297 | -€36,068 | -€209,837 | -€73,619 | ▲ 64.9% |
| Change in cash | - | -€121,955 | -€116,384 | -€386,523 | €26,840 | €78,304 | €322,557 | ▲ 312% |
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, 2,372 companies had the same profile as SPRANCO has now. Two years later, 96.6% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.6%
was still going
1.4%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPRANCO itself: 0.4% within 12 months.
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 2,372 companies, not a prediction for SPRANCO. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 30-01-2026 | 2026-00020859 | |
| 30-06-2024 | abbreviated format | 30-01-2025 | 2025-00015381 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00011272 | |
| 30-06-2022 | abbreviated format | 30-01-2023 | 2023-00008059 | |
| 30-06-2021 | abbreviated format | 27-01-2022 | 2022-02000132 | |
| 30-06-2020 | abbreviated format | 22-01-2021 | 2021-01300441 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-04500061 | |
| 30-06-2018 | abbreviated format | 15-01-2019 | 2019-01200142 |