V'SPA
ActiveV'SPA has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €67k and a net result of €9k. Equity is growing by ~16.7% per year across the filed fiscal years. Its solvency ranks better than 70% of 1498 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
100
/ 100
Excellent▲ +21 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability67▲+43
Solvency94▲+9
Growth78=
Stability100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7k at 30 days acceptable
Liquidity ample (current ratio 1.9 against 1.71 in 2024), and 46.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 77
Relative position
BE, all sectors
reference
Sector 77
higher
← fewer bankruptcies
more bankruptcies →
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
53.4%
Return on assets
7.1%
Age of the figures
8 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 07-08-2026, 7 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
7 d late
2024
on the day
2023
8 d late
2022
13 d late
2021
5 d late
2020
36 d early
2019
29 d early
← before the deadline
after the deadline →
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
13-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€67k▲ 15.4%
2024 · €58k
2018: €14k
2019: €24k
2020: €26k
2021: €41k
2022: €51k
2023: €55k
2024: €58k
2018 → 2025
Total assets
€126k▲ 0.5%
2024 · €125k
2018: €201k
2019: €170k
2020: €162k
2021: €144k
2022: €139k
2023: €135k
2024: €125k
2018 → 2025
Net result
€9k▲ 224%
2024 · €3k
2018: €2k
2019: €10k
2020: €2k
2021: €16k
2022: €10k
2023: €4k
2024: €3k
2018 → 2025
Working capital
€42k▲ 30.5%
2024 · €32k
2018: €-48k
2019: €-32k
2020: €-9k
2021: €8k
2022: €16k
2023: €24k
2024: €32k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€41k-€51k▲ 23.4%€55k▲ 8.4%€58k▲ 5.0%€67k▲ 15.4%
Operating result€23k-€16k▼ 31.2%€9k▼ 45.8%€11k▲ 33.1%€18k▲ 53.3%
Net result€16k-€10k▼ 38.4%€4k▼ 55.8%€3k▼ 35.1%€9k▲ 224%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 53% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €126k
Fixed assets
€36k▼ 23.4%
Current assets
€90k▲ 14.9%
Equity and liabilities €126k
Equity
€67k▲ 15.4%
Debt
€59k▼ 12.5%
The debt ratio falls from 53.6% to 46.6%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€44k▲
2024 · €37k
Cash flow
€35k▲
2024 · €28k
Solvency
53.4%▲
2024 · 46.4%
Current ratio
1.90▲
2024 · 1.71
Quick ratio
1.29▲
2024 · 1.08
Debt / equity
0.87▼
2024 · 1.15
ROE
13.4%▲
2024 · 4.8%
ROA
7.1%▲
2024 · 2.2%
Interest coverage
11.32▲
2024 · 6.39
Debt
€59k▼
2024 · €67k
Debt ≤ 1 year
€47k▲
2024 · €46k
Debt > 1 year
€11k▼
2024 · €21k
Income taxes
€5k▲
2024 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€125k€126k▲
Fixed assets21/28€47k€36k▼
Tangible fixed assets22/27€47k€36k▼
Land and buildings22€29k€18k▼
Furniture and vehicles24€18k€18k▼
Current assets29/58€78k€90k▲
Stocks and contracts in progress3€29k€29k▼
Stocks30/36€29k€29k▼
Amounts receivable within one year40/41€20€233▲
Trade receivables40€20€233▲
Cash at bank and in hand54/58€47k€61k▲
Deferred charges and accrued income490/1€2k-
Equity and liabilities
Total equity and liabilities10/49€125k€126k▲
Equity10/15€58k€67k▲
Contributions10/11€19k€19k=
Reserves13€1k€1k=
Distributable reserves133€1k€1k=
Profit (loss) carried forward14€38k€47k▲
Amounts payable17/49€67k€59k▼
Amounts payable after more than one year17€21k€11k▼
Financial debts170/4€21k€11k▼
Amounts payable within one year42/48€46k€47k▲
Current portion of amounts payable after more than one year42€10k€10k▲
Trade debts44€5k€4k▼
Suppliers440/4€5k€4k▼
Taxes, remuneration and social security45€3k€5k▲
Taxes450/3€3k€5k▲
Other amounts payable47/48€28k€27k▼
Income statement
Code20242025
Non-recurring operating income76A€3k€1k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25k€26k▲
Other operating charges640/8€325€2k▲
Non-recurring operating charges66A€3k€481▼
Gross operating margin9900€40k€46k▲
Operating profit (loss)9901€11k€18k▲
Financial income75/76B€178€596▲
Recurring financial income75€52€201▲
Non-recurring financial income76B€126€395▲
Financial charges65/66B€6k€4k▼
Recurring financial charges65€6k€4k▼
Non-recurring financial charges66B€31€84▲
Profit (loss) for the period before taxes9903€6k€14k▲
Income taxes67/77€3k€5k▲
Profit (loss) for the period9904€3k€9k▲
Profit (loss) for the period to be appropriated9905€3k€9k▲
Appropriation of the result
Profit (loss) to be appropriated9906€38k€47k▲
Profit (loss) brought forward from the previous period14P€36k€38k▲
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 7 days late
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 8 days late
2023
13-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 13 days late
2022
05-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
31-12
Financial
Highest result since 2018net €16k ▲856%
Operating result €23k, net result €16k, both a record.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €2k ▼83.7%
Net result drops to €2k, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
03-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 3 days late
2018
01-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 1 day late
2017
27-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Spa · 1 establishment unit since 2011
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Général Bertrand 24900 SpaGround area
193 m²
Building footprint
219 m²
Volume, LiDAR
3,308 m³
2 parcels, Wallonia · tallest building 17.4 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
V'SPA
since 20112.195.336.761
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63072G0124/00R000 | Wallonia | 106 m² | 1 · 93 m² | 15.4 m · 5 fl. |
| 63072G0113/00G000 | Wallonia | 87 m² | 1 · 126 m² | 17.4 m · 5 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
SOUND AND LIGHT SHOW LASERS - SKY TRACER
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LIEBERT
BE 0461.311.313
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CARESTA
BE 0445.653.236
Antwerpen · Eq €66k
TH SIGNA
BE 1021.833.137
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JARDIFLORAL
BE 0430.912.107
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Of 1,186 companies in sector 77399 we hold annual accounts for 709. 433 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded06-01-2011
Fiscal year end31-12
Activities, NACEBEL
77399Renting and leasing of other machinery, equipment and tangible goods
47559Retail sale of other household articles
47599Retail trade
82300Organisation of conventions and trade shows
Sources
Crossroads Bank for EnterprisesNational Bank · 15 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.