Debts
€2.9m 89% of the balance sheet
Financial debts 87%Suppliers 7%Taxes and wages 2%Other 4%
Of this, €828,611 falls due within a year.
SPAH
Lifetime
19 annual accounts with figures on one time axispeak €531,703 (2025)
€154,513▼ 70.9%
lowest -€6,365 (2015)
-€2,050▼ €25,637
peak €357,928 (2025)
€355,878▼ 0.6%
€2.9m▲ 2.4%
peak 2.5 FTE (2022)
-not published
Board2 names since 2016
2 directorsNotebaert Arne and 1 other
Documentsfilings and deeds
30-10-20261 day before the deadline
2026micro format
Gross margin from €531,703 to €154,513Loss of €2,050Cash from €19,265 to €1,358
Key points
from the 2026 annual accountsFilings
19 annual accounts since 2007
Three of the last ten came late. The 2022 accounts came latest: 55 days after the end of the period.
Restructuring
2024
Merger with KWADRANT. Merger on 14-08-2024.
Checked score
82
Excellent
Financially stronger than 31% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.7%
01-2025: 0.8%▲ +0.1 percentage points vs 12-2024
02-2025: 1.1%▲ +0.3 percentage points vs 01-2025
03-2025: 1.3%▲ +0.2 percentage points vs 02-2025
04-2025: 1.9%▲ +0.6 percentage points vs 03-2025
05-2025: 2.0%▲ +0.1 percentage points vs 04-2025
06-2025: 2.4%▲ +0.4 percentage points vs 05-2025
07-2025: 3.6%▲ +1.2 percentage points vs 06-2025
08-2025: 3.6%● unchanged vs 07-2025
09-2025: 3.6%● unchanged vs 08-2025highest value
10-2025: 3.3%▼ -0.3 percentage points vs 09-2025
11-2025: 3.3%● unchanged vs 10-2025
12-2025: 3.3%● unchanged vs 11-2025
01-2026: 0.9%▼ -2.4 percentage points vs 12-2025
02-2026: 0.9%● unchanged vs 01-2026
03-2026: 0.9%● unchanged vs 02-2026
04-2026: 0.9%● unchanged vs 03-2026
05-2026: 0.9%● unchanged vs 04-2026
06-2026: 0.6%▼ -0.3 percentage points vs 05-2026
07-2026: 0.6%● unchanged vs 06-2026
08-2026: 0.6%● unchanged vs 07-2026
09-2026: 0.7%▲ +0.1 percentage points vs 08-2026
10-2026: 1.1%▲ +0.4 percentage points vs 09-2026
11-2026: 0.4%▼ -0.7 percentage points vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 3.29, cash €1,358, halved
Equity €355,878 (10.9% of total assets)
lowers risk
Size: total assets €3.3m
Figures for financial year 2026 (filed on 31-10-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 30% of them on solvency, 34% on liquidity, 21% on profitability and 40% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-03-2026.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,507 companies had the same profile as SPAH has now. Each dot stands for 7 companies, two years later.
96.4%
were still trading
1.8%
stopped another way
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SPAH itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,507 companies, not a prediction for SPAH. 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.
Credit verdict
Credit of up to €25,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 3.29 (2.96 in 2025), above the usual 1.5. Short-term debt is 25.5% and cash 0% of total assets. However, 89.1% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 30-10-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
1 day early
2025
28 days late
2023
1 day late
2022
55 days late
2021
25 days early
2020
47 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 2 days before the deadline. In the sector (NACE 68), the median for financial year 2023 was 5 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-03-2027 year end31-10-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0878965203
Merger: VALCREDO takes over KWADRANT
Company renamed from VALCREDO to SPAH · Capital increase of €18,550 to €21,058.79 · Capital from €2,508.79 to €21,058.79, 68 new shares · General meeting of 31-07-2024 · Gazette deed
Appointment: VERMEIRE Hendrik (director)
General meeting of 27-06-2024 · Gazette deed
Merger proposal: VALCREDO takes over KWADRANT
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| SPAH Sint-Martens-Latem | €3.3m | €154,513 | 10.9% | - |
| BRICK BUILDING Ghent | €3.5m | €142,967 | 29.4% | - |
| FIN-PROJECTEN Wetteren | €3.3m | €203,551 | 36.0% | - |
| SHAPE Development Ghent | €3.7m | €192,540 | 8.1% | 0.2 |
| VAN HYFTE PROJECTS Maldegem | €3.0m | €194,752 | 36.7% | - |
| VSI Sint-Niklaas | €2.7m | €117,405 | 49.5% | - |
| AUVANI PROJECTS Ghent | €3.6m | €126,017 | 41.5% | - |
These companies have the same main activity as SPAH: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €2.7m and €3.7m, founded between 2003 and 2008.
Official details
Source: KBO- Status
- Active since 27-01-2006Normal situation
- Activity
- Development of residential building projectsNACE 68121and 5 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 31-03-2025
- Establishment unit
- 2.151.516.5179831 Sint-Martens-Latem, since 06-02-2006
- Financial year end
- 31 March
- Peppol
- Reachable since 02-10-2025
Annual accounts to 31-03-2026
- ≈ €280,000estimated
- €3.3m▲ 2.1%
- Filing
- Filed on 30-10-2026, 1 day before the end of the filing period
Insights on SPAH
SPAH files the micro format. That format states no turnover. The gross margin rose from €10,871 in 2007 to €154,513 in 2026.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about SPAH
- What is the company number of SPAH?
- The company number of SPAH is 0878.965.203. The VAT number is the same number with BE in front: BE 0878.965.203.
- Where is SPAH based?
- The registered office is at Burggraaf H. de Spoelberchdreef 6, 9831 Sint-Martens-Latem.Company details
- What does SPAH do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of SPAH?
- SPAH is a private limited company (BV).
- When was SPAH founded?
- SPAH was founded on 27-01-2006.
- Is SPAH still active?
- Yes, SPAH is an active enterprise in the KBO register.
- How many employees does SPAH have?
- SPAH had an average of 0.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does SPAH fall under?
- In its 31-03-2025 annual accounts, SPAH states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of SPAH?
- The turnover in financial year 2026 is ≈ €280,000. This figure is estimated from the gross margin of €154,513 and 49 comparable companies (NACE 681). It probably lies between €210,000 and €520,000.
- Is SPAH profitable?
- In financial year 2026, SPAH made a loss of €2,050.
- Where can I find the annual accounts of SPAH?
- SPAH filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2026.
- When are the next annual accounts of SPAH due?
- SPAH must file the annual accounts for financial year 2027 by 31-10-2027.Timeline
Next steps
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