SPSG
ActiveSummary
SPSG has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €329,154 and a net result of €5,589. Equity remains stable across the filed fiscal years (±1.1% per year). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▲+13
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €24,000 at 30 days acceptable
Liquidity ample (current ratio 6.15 against 61.78 in 2024; short-term debt: 6.8% and cash: 3.9% of total assets), and 11.6% of the assets are financed with debt.
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Signals
Four 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 · 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
88.4%
Return on assets
1.5%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
29 d late
2023
30 d late
2022
24 d late
2021
44 d early
2020
22 d early
2019
25 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 2 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€329,154▲ 1.7%
2024 · €323,565
Total assets
€372,138▼ 3.5%
2024 · €385,500
Net result
€5,589
2024 · -€5,312
Working capital
€130,420▼ 11.7%
2024 · €147,648
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€10,414▼ 13.8%€1,721▼ 83.5%€2,000▲ 16.2%-€2,942€6,901
Net result€7,620▼ 34.3%€1,122▼ 85.3%€438▼ 61.0%-€5,312€5,589
Equity€327,318▲ 2.4%€328,440▲ 0.3%€328,878▲ 0.1%€323,565▼ 1.6%€329,154▲ 1.7%
Total assets€391,762▲ 1.4%€388,197▼ 0.9%€387,678▼ 0.1%€385,500▼ 0.6%€372,138▼ 3.5%
Debt€64,445▼ 3.2%€59,757▼ 7.3%€58,800▼ 1.6%€61,935▲ 5.3%€42,983▼ 30.6%
Working capital€77,846▲ 64.6%€98,086▲ 26.0%€126,871▲ 29.3%€147,648▲ 16.4%€130,420▼ 11.7%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €6,901 after a loss of €2,942 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €372,138
Fixed assets
€216,375 ▼ 8.1%
Current assets
€155,762 ▲ 3.8%
Equity and liabilities €372,138
Equity
€329,154 ▲ 1.7%
Debt
€42,983 ▼ 30.6%
Debt's share of the balance-sheet total falls from 16.1% to 11.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,091▲
2024 · €21,249
Cash flow
€29,779▲
2024 · €18,878
Current ratio
6.15▼
2024 · 61.78
Debt to equity
0.13▼
2024 · 0.19
ROE
1.7%▲
2024 · -1.6%
ROA
1.5%▲
2024 · -1.4%
Interest coverage
10.89▲
2024 · 4.97
Debt ≤ 1 year
€25,343▲
2024 · €2,429
Debt > 1 year
€8,075▼
2024 · €52,750
Income taxes
€98
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 16,986 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,058 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% | 1.6% |
| 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 74% 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 16,986 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,683 | €24,120 | €24,191 | €24,191 | €24,191 | = |
| Other operating charges640/8 | €4,549 | €4,953 | €5,319 | €5,514 | €5,633 | ▲ 2.2% |
| Gross operating margin9900 | €38,646 | €30,794 | €31,509 | €26,763 | €36,724 | ▲ 37.2% |
| Operating profit (loss)9901 | €10,414 | €1,721 | €2,000 | -€2,942 | €6,901 | ▲ 335% |
| Financial income75/76B | €8 | €463 | €1,656 | €1,906 | €1,643 | ▼ 13.8% |
| Recurring financial income75 | €8 | €463 | €1,656 | €1,906 | €1,643 | ▼ 13.8% |
| Financial charges65/66B | €40 | €667 | €3,061 | €4,277 | €2,856 | ▼ 33.2% |
| Recurring financial charges65 | €40 | €667 | €3,061 | €4,277 | €2,856 | ▼ 33.2% |
| Profit (loss) for the period before taxes9903 | €10,383 | €1,517 | €595 | -€5,312 | €5,687 | ▲ 207% |
| Income taxes67/77 | €2,763 | €394 | €157 | - | €98 | - |
| Profit (loss) for the period9904 | €7,620 | €1,122 | €438 | -€5,312 | €5,589 | ▲ 205% |
| Profit (loss) for the period to be appropriated9905 | €7,620 | €1,122 | €438 | -€5,312 | €5,589 | ▲ 205% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €391,762 | €388,197 | €387,678 | €385,500 | €372,138 | ▼ 3.5% |
| Formation expenses20 | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €302,847 | €283,804 | €259,613 | €235,423 | €216,375 | ▼ 8.1% |
| Tangible fixed assets22/27 | €302,847 | €283,804 | €259,613 | €235,423 | €216,375 | ▼ 8.1% |
| Land and buildings22 | €274,274 | €257,735 | €241,195 | €224,655 | €213,258 | ▼ 5.1% |
| Other tangible fixed assets26 | €28,573 | €26,069 | €18,419 | €10,768 | €3,117 | ▼ 71.1% |
| Current assets29/58 | €88,916 | €104,393 | €128,065 | €150,078 | €155,762 | ▲ 3.8% |
| Amounts receivable after more than one year29 | - | €77,500 | €77,500 | €77,500 | €77,500 | = |
| Trade receivables290 | - | €77,500 | €77,500 | €77,500 | €77,500 | = |
| Amounts receivable within one year40/41 | - | €1,841 | €21,226 | €38,286 | €58,208 | ▲ 52.0% |
| Trade receivables40 | - | €1,841 | €20,510 | €27,582 | €27,975 | ▲ 1.4% |
| Other amounts receivable41 | - | - | €716 | €10,704 | €30,233 | ▲ 182% |
| Current investments50/53 | €250 | €250 | €250 | €250 | €250 | = |
| Cash at bank and in hand54/58 | €87,516 | €15,340 | €27,076 | €30,475 | €14,688 | ▼ 51.8% |
| Deferred charges and accrued income490/1 | €1,150 | €9,463 | €2,013 | €3,567 | €5,117 | ▲ 43.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €391,762 | €388,197 | €387,678 | €385,500 | €372,138 | ▼ 3.5% |
| Equity10/15 | €327,318 | €328,440 | €328,878 | €323,565 | €329,154 | ▲ 1.7% |
| Contributions10/11 | €266,000 | €266,000 | €266,000 | €266,000 | €266,000 | = |
| Reserves13 | €61,318 | €62,440 | €62,878 | €62,878 | €63,154 | ▲ 0.4% |
| Non-distributable reserves130/1 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves not available under the articles1311 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Distributable reserves133 | €55,318 | €56,440 | €56,878 | €56,878 | €57,154 | ▲ 0.5% |
| Profit (loss) carried forward14 | - | - | - | -€5,312 | - | - |
| Amounts payable17/49 | €64,445 | €59,757 | €58,800 | €61,935 | €42,983 | ▼ 30.6% |
| Amounts payable after more than one year17 | €52,750 | €52,750 | €52,750 | €52,750 | €8,075 | ▼ 84.7% |
| Financial debts170/4 | €52,750 | €52,750 | €52,750 | €52,750 | €8,075 | ▼ 84.7% |
| Amounts payable within one year42/48 | €11,070 | €6,307 | €1,193 | €2,429 | €25,343 | ▲ 943% |
| Trade debts44 | €55 | €794 | €1,062 | €584 | €22,143 | ▲ 3,695% |
| Suppliers440/4 | €55 | €794 | €1,062 | €584 | €22,143 | ▲ 3,695% |
| Taxes, remuneration and social security45 | €3,262 | €3,157 | €131 | - | €70 | - |
| Taxes450/3 | €3,262 | €3,157 | €131 | - | €70 | - |
| Other amounts payable47/48 | €7,752 | €2,357 | - | €1,846 | €3,129 | ▲ 69.5% |
| Accrued charges and deferred income492/3 | €625 | €700 | €4,857 | €6,756 | €9,566 | ▲ 41.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,620 | €1,122 | €438 | -€5,312 | €5,589 | ▲ 205% |
| + Depreciation and write-downs630 | €23,683 | €24,120 | €24,191 | €24,191 | €24,191 | = |
| Operating cash flow (approximation) | €31,303 | €25,242 | €24,629 | €18,878 | €29,779 | ▲ 57.7% |
| Investment in fixed assets (approximation) | - | -€5,077 | €0 | €0 | -€5,143 | - |
| Change in cash | - | -€72,176 | €11,736 | €3,399 | -€15,787 | ▼ 564% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
17-08
State Gazette act
Appointment: Vandooren Mireille (director)Registered-office move5 facts ▸
State Gazette act
Appointment: Vandooren Mireille (director)
Registered-office move5 facts ▸
- General meeting, 01-04-2026
- Registered-office move, 3740 Bilzen-Hoeselt, Schildstraat 1
- Director appointment, Vandooren Mireille (director)
- Board composition, Pelssers Marc (director)
- Board composition, Vandooren Mireille (director)
2025
31-12
Financial
Back to profitnet €5,589
Net result €5,589 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Weakest financial yearnet -€5,312
Net result drops to -€5,312, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Liquidity times 6current ratio 107.32
Current ratio from 16.55 to 107.32; short-term debt falls from €6,307 to €1,193.
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 24 days late
2022
31-12
Financial
Liquidity doublescurrent ratio 16.55
Current ratio from 8.03 to 16.55; short-term debt falls from €11,070 to €6,307.
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €11,602 ▲101%
Operating result €12,076, net result €11,602, both a record.
Show earlier events
06-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Vandooren Mireille
CurrentDirector · since 01-04-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
4 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Bilzen-Hoeselt · 1 establishment unit since 2004
Ground area
2,273 m²
Building footprint
516 m²
Volume, LiDAR
1,492 m³
Parcel 73037A0199/00H000, Flanders · tallest building 15.5 m, ±1 floor. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
SPSG
since 20042.304.483.834
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73037A0199/00H000 | Flanders | 2,273 m² | 1 · 516 m² | 15.4 m · 1 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.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Vandooren Mireille |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Shareholding
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Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded27-12-2004
Fiscal year end31-12
Contact
Phone
0477/485381Bilzen-Hoeselt
E-invoicing
Reachable via Peppol
Peppol ID
0208:0870849568
Also
9925:BE0870849568
Registered
17-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.