SAPI
ActiveSummary
SAPI has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.2m and a net result of €498. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 40% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability38=
Solvency46=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity short (current ratio 0.02 against 0.03 in 2024; short-term debt: 33.8% and cash: 0.5% of total assets), and 78.8% 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○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
21.2%
Return on assets
0%
Age of the figures
9 mo
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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
2 d early
2023
17 d early
2022
16 d early
2021
118 d early
2020
36 d early
2019
3 d early
← before the deadline
after the deadline →
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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file What other support did companies like this one receive, and it did not?Subsidy mirror How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, abbreviated schema
Equity
€2.2m=
2024 · €2.2m
Total assets
€10.3m▼ 0.5%
2024 · €10.3m
Net result
€498▼ 72.3%
2024 · €1,798
Working capital
-€3.4m▲ 2.7%
2024 · -€3.5m
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€215,801▲ 390%€220,412▲ 2.1%€224,156▲ 1.7%€200,099▼ 10.7%€129,323▼ 35.4%
Net result€9,811€43▼ 99.6%€114▲ 163%€1,798▲ 1,478%€498▼ 72.3%
Equity€2.2m▲ 0.5%€2.2m=€2.2m=€2.2m▲ 0.1%€2.2m=
Total assets€10.5m▲ 0.8%€10.5m▲ 0.1%€10.4m▼ 0.7%€10.3m▼ 1.1%€10.3m▼ 0.5%
Debt€8.3m▲ 0.9%€8.3m▲ 0.1%€8.3m▼ 0.9%€8.1m▼ 1.4%€8.1m▼ 0.6%
Working capital-€2.2m▼ 37.5%-€2.8m▼ 24.5%-€3.4m▼ 24.6%-€3.5m▼ 2.1%-€3.4m▲ 2.7%
Staff (FTE)6.8▲ 36.0%6.8=6.2▼ 8.8%5.4▼ 12.9%5▼ 7.4%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 35% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.3m
Fixed assets
€10.2m =
Current assets
€59,713 ▼ 45.9%
Equity and liabilities €10.3m
Equity
€2.2m =
Debt
€8.1m ▼ 0.6%
Debt's share of the balance-sheet total falls from 78.9% to 78.8%. Debt is lower.
Key figures and ratios
Current ratio
0.02▼
2024 · 0.03
Debt to equity
3.72▼
2024 · 3.75
ROE
0.0%▼
2024 · 0.1%
ROA
0.0%▼
2024 · 0.0%
Debt ≤ 1 year
€3.5m▼
2024 · €3.6m
Debt > 1 year
€4.5m=
2024 · €4.5m
Income taxes
€826▼
2024 · €1,318
Staff costs
€340,313▲
2024 · €327,062
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €306,706 | €347,198 | €359,886 | €327,062 | €340,313 | ▲ 4.1% |
| Other operating charges640/8 | €2,119 | €2,988 | €2,542 | €3,563 | €2,204 | ▼ 38.1% |
| Gross operating margin9900 | €524,627 | €570,598 | €586,583 | €530,724 | €471,839 | ▼ 11.1% |
| Operating profit (loss)9901 | €215,801 | €220,412 | €224,156 | €200,099 | €129,323 | ▼ 35.4% |
| Financial income75/76B | - | - | - | €1,115 | - | - |
| Recurring financial income75 | - | - | - | €1,115 | - | - |
| Financial charges65/66B | €204,294 | €220,026 | €223,568 | €198,098 | €127,998 | ▼ 35.4% |
| Recurring financial charges65 | €204,294 | €220,026 | €223,568 | €198,098 | €127,998 | ▼ 35.4% |
| Profit (loss) for the period before taxes9903 | €11,507 | €385 | €588 | €3,116 | €1,325 | ▼ 57.5% |
| Income taxes67/77 | €1,697 | €342 | €474 | €1,318 | €826 | ▼ 37.3% |
| Profit (loss) for the period9904 | €9,811 | €43 | €114 | €1,798 | €498 | ▼ 72.3% |
| Profit (loss) for the period to be appropriated9905 | €9,811 | €43 | €114 | €1,798 | €498 | ▼ 72.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.5m | €10.5m | €10.4m | €10.3m | €10.3m | ▼ 0.5% |
| Fixed assets21/28 | €10.2m | €10.2m | €10.2m | €10.2m | €10.2m | = |
| Financial fixed assets28 | €10.2m | €10.2m | €10.2m | €10.2m | €10.2m | = |
| Current assets29/58 | €293,803 | €302,156 | €223,860 | €110,453 | €59,713 | ▼ 45.9% |
| Amounts receivable within one year40/41 | €70,874 | €801 | €113,835 | €35,229 | €2,566 | ▼ 92.7% |
| Trade receivables40 | €70,180 | - | €113,135 | - | €1,500 | - |
| Other amounts receivable41 | €694 | €801 | €700 | €35,229 | €1,066 | ▼ 97.0% |
| Cash at bank and in hand54/58 | €219,046 | €296,703 | €109,268 | €72,268 | €50,685 | ▼ 29.9% |
| Deferred charges and accrued income490/1 | €3,882 | €4,652 | €757 | €2,956 | €6,463 | ▲ 119% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.5m | €10.5m | €10.4m | €10.3m | €10.3m | ▼ 0.5% |
| Equity10/15 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Amounts payable17/49 | €8.3m | €8.3m | €8.3m | €8.1m | €8.1m | ▼ 0.6% |
| Amounts payable after more than one year17 | €5.8m | €5.1m | €4.5m | €4.5m | €4.5m | = |
| Financial debts170/4 | €5.8m | €5.1m | €4.5m | €4.5m | €4.5m | = |
| Amounts payable within one year42/48 | €2.5m | €3.1m | €3.7m | €3.6m | €3.5m | ▼ 4.0% |
| Current portion of amounts payable after more than one year42 | €640,000 | €720,000 | €1.0m | €1.0m | €1.0m | = |
| Trade debts44 | €275,464 | €186,908 | €366,912 | €302,278 | €148,891 | ▼ 50.7% |
| Suppliers440/4 | €275,464 | €186,908 | €366,912 | €302,278 | €148,891 | ▼ 50.7% |
| Taxes, remuneration and social security45 | €66,991 | €65,717 | €69,298 | €43,123 | €51,682 | ▲ 19.8% |
| Taxes450/3 | €27,269 | €23,407 | €21,039 | €8,365 | €18,881 | ▲ 126% |
| Remuneration and social security454/9 | €39,722 | €42,310 | €48,260 | €34,758 | €32,801 | ▼ 5.6% |
| Other amounts payable47/48 | €1.5m | €2.1m | €2.2m | €2.2m | €2.2m | = |
| Accrued charges and deferred income492/3 | €57,901 | €156,616 | €119,622 | €45,226 | €138,816 | ▲ 207% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,811 | €43 | €114 | €1,798 | €498 | ▼ 72.3% |
| Operating cash flow (approximation) | €9,811 | €43 | €114 | €1,798 | €498 | ▼ 72.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €77,657 | -€187,435 | -€37,000 | -€21,583 | ▲ 41.7% |
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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
14-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
15-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
04-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €9,811
Net result €9,811 after one loss-making year.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€139,866
Net result drops to -€139,866, the lowest in the series; recovery starts the following year.
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €2.1m
Net result €2.1m after one loss-making year.
31-12
Financial
Equity above €2mEq €2.3m ▲932%
Equity rises from €222,936 to €2.3m.
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
23-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 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, Aalter · 1 establishment unit since 2011
Ground area
9,809 m²
Building footprint
6,868 m²
Volume, LiDAR
43,997 m³
Parcel 44503H0080/00A000, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
SAPI
since 20112.202.271.271
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44503H0080/00A000 | Flanders | 9,809 m² | 1 · 6,868 m² | 8.4 m · 2 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 1,224 EUR awarded · 1,224 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 276 EUR | 276 EUR |
| 2024 | 1 | 306 EUR | 306 EUR |
| 2023 | 1 | 380 EUR | 380 EUR |
| 2022 | 1 | 262 EUR | 262 EUR |
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,385. 2,589 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded10-08-2011
Fiscal year end31-12
Activities, NACEBEL 2025
46474Wholesale trade
68110Buying and selling of own real estate
27402Manufacture of electrical equipment
68121Development of residential building projects
66110Activities auxiliary to financial services and insurance activities
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.