Checked.be
Active
BE 0867.067.063Private limited company (pre-2019)
ISPANICO
Heistsebaan 50 ·2590 Berlaar, Belgium· 22 yrs active
Sector: Full-service restaurants
(56111)
Conclusion
ISPANICO has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €74k and a net result of €5k. Equity is growing by ~23.6% per year across the filed fiscal years. Its solvency ranks better than 60% of 12499 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €74k |
| Net result | €5k |
| Staff (FTE) | 3.4 |
| Better than sector | 60% |
Financial profile
69
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
79
Profitability
36
Solvency
78
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2004, 22 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
79
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€6k
estimate, not credit advice
Score history
93
2021
37
2022
86
2023
89
2024
79
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.61 (≥ 1.5)
+10
Quick ratio
Quick ratio 1.46 (≥ 1.0)
+5
Leverage
Debt/equity 1.35 (< 2.0)
+3
Profitability
ROE 7%
+3
Interest coverage
Interest coverage 5.0× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 31-08-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~23.6%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 56, Food and beverage service activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 42.6% | 30.5% | |
| Net result | €5k | €5k | |
| Equity | €74k | €30k | |
| Gross operating margin | €182k | €62k | |
| Staff costs | €154k | €56k |
€23k
-54.0%
21-25
€5k
-80.4%
21-25
€17k
-44.3%
21-25
€174k
-1.1%
21-25
€74k
+7.8%
21-25
€54k
+23.5%
21-25
3
-5.6%
21-25
€154k
-7.3%
21-25
€7k
-70.3%
21-25
€100k
-6.8%
21-25
€88k
-2.1%
21-25
€12k
-32.2%
21-25
1.61
+8.5%
21-25
1.46
+6.2%
21-25
42.6%
+9.0%
21-25
1.35
-13.6%
21-25
7.3%
-81.8%
21-25
3.1%
-80.2%
21-25
4.99
-89.6%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €23k | €51k | €38k | €-25k | €44k |
| Net profit | €5k | €27k | €18k | €-23k | €26k |
| Cash flow | €17k | €31k | €19k | €-22k | €27k |
| Staff costs | €154k | €166k | €182k | €169k | €68k |
| Income taxes | €7k | €25k | €18k | €-1 | €12k |
| Dividends | - | - | - | - | - |
| Total assets | €174k | €176k | €129k | €89k | €91k |
| Equity | €74k | €69k | €41k | €23k | €46k |
| Debt | €100k | €107k | €87k | €65k | €44k |
| of which ≤ 1y | €88k | €90k | €87k | €65k | €44k |
| of which > 1y | €12k | €17k | - | - | - |
| Working capital | €54k | €43k | €40k | €20k | €45k |
| Employees (FTE) | 3.4 | 3.6 | 4.0 | 4.8 | 3.6 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.61 | 1.48 | 1.46 | 1.31 | 2.01 |
| Quick ratio | 1.46 | 1.38 | 1.37 | 1.18 | 1.84 |
| Working capital ratio | 30.7% | 24.6% | 31.2% | 22.9% | 49.3% |
| Solvency | 42.6% | 39.1% | 32.2% | 26.4% | 51.2% |
| Debt / equity | 1.35 | 1.56 | 2.11 | 2.78 | 0.95 |
| Long-term debt ratio | 0.16 | 0.25 | - | - | - |
| Interest coverage | 4.99 | 47.93 | 8.36 | -27.46 | 9.85 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 3.1% | 15.6% | 13.9% | -25.9% | 28.7% |
| ROE | 7.3% | 39.9% | 43.3% | -98.1% | 55.9% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €174k | €176k | €129k | €89k | €91k |
| Fixed assets | 21/28 | €32k | €43k | €1k | €3k | €2k |
| Tangible fixed assets | 22/27 | €32k | €43k | €1k | €3k | €2k |
| Current assets | 29/58 | €142k | €133k | €127k | €86k | €89k |
| Stocks & contracts in progress | 3 | €13k | €9k | €8k | €8k | €8k |
| Amounts receivable within one year | 40/41 | €123k | €97k | €84k | €65k | €43k |
| Cash & bank | 54/58 | €6k | €24k | €33k | €12k | €38k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €174k | €176k | €129k | €89k | €91k |
| Equity | 10/15 | €74k | €69k | €41k | €23k | €46k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €56k | €50k | €28k | €28k | €28k |
| Accumulated profits (losses) | 14 | - | - | €-5k | €-23k | €6 |
| Amounts payable | 17/49 | €100k | €107k | €87k | €65k | €44k |
| Amounts payable after one year | 17 | €12k | €17k | - | - | - |
| Amounts payable within one year | 42/48 | €88k | €90k | €87k | €65k | €44k |
| Trade debts payable within one year | 44 | €16k | €29k | €19k | €25k | €17k |
| Income statement | ||||||
| Gross operating margin | 9900 | €182k | €220k | €224k | €147k | €112k |
| Operating result | 9901 | €12k | €48k | €37k | €-26k | €42k |
| Financial income | 75 | €6k | €5k | €4k | €3k | €48 |
| Financial charges | 65 | €5k | €1k | €5k | €899 | €4k |
| Result before taxes | 9903 | €13k | €52k | €36k | €-23k | €38k |
| Income taxes | 67/77 | €7k | €25k | €18k | €-1 | €12k |
| Net result for the period | 9904 | €5k | €27k | €18k | €-23k | €26k |
| Result to be appropriated | 9905 | €5k | €27k | €18k | €-23k | €26k |
Legal Structure
| NACE primary | Full-service restaurants(56111) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 27-08-2004 |
| Status | Active |
| Postal code | 2590 |
Establishment units
Ispanico
since 20042.142.260.044
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12007B0607/00L000 | Flanders | 284 m² | 1 · 179 m² | 13.4 m · 3 fl. |
| 12002C0877/00M002 | Flanders | 206 m² | 1 · 126 m² | 7.1 m · 2 fl. |
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.
Updates
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
31-12
Financial
Highest result since 2021net €27k ▲53.5%
Operating result €48k, net result €27k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
31-12
Financial
Back to profitnet €18k
Net result €18k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet €-23k ▼189%
Net result drops to €-23k, the lowest in the series; recovery starts the following year.
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
5530155302Full-service restaurants56101Limited-service restaurants56102Full-service restaurants56111Limited-service restaurants, excluding mobile food services56112
Names & trade names
| Legal nameNL | ISPANICO |
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