SPAACO
ActiveSummary
SPAACO has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €921k and a net result of €69k. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 81% of 294 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
83
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability75▼-8
Solvency93▲+6
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity short (current ratio 0.94 against 1.05 in 2023; short-term debt: 32.4% and cash: 26.6% of total assets), and 32.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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 35
Relative position
BE, all sectors
reference
Sector 35
lower
← 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 2024Solvency, return and age of the figures
Solvency
67.6%
Return on assets
5.1%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 17-06-2025, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
44 d early
2023
42 d early
2022
41 d early
2021
45 d early
2020
45 d early
2019
32 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Equity
€921k▼ 16.4%
2023 · €1.10M
2018: €904k
2019: €987k
2020: €1.08M
2021: €1.18M
2022: €1.49M
2023: €1.10M
2018 → 2024
Total assets
€1.36M▼ 23.7%
2023 · €1.78M
2018: €2.14M
2019: €1.88M
2020: €1.64M
2021: €1.53M
2022: €1.71M
2023: €1.78M
2018 → 2024
Net result
€69k▼ 66.8%
2023 · €209k
2018: €114k
2019: €83k
2020: €98k
2021: €92k
2022: €316k
2023: €209k
2018 → 2024
Working capital
€-27k
2023 · €32k
2018: €-432k
2019: €-303k
2020: €-163k
2021: €-33k
2022: €319k
2023: €32k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€1.08M-€1.18M▲ 8.5%€1.49M▲ 26.9%€1.10M▼ 26.2%€921k▼ 16.4%
Operating result€165k-€143k▼ 13.5%€435k▲ 205%€276k▼ 36.7%€83k▼ 69.7%
Net result€98k-€92k▼ 6.0%€316k▲ 245%€209k▼ 33.9%€69k▼ 66.8%
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; 2024 is 70% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.36M
Fixed assets
€949k ▼ 11.3%
Current assets
€413k ▼ 42.1%
Equity and liabilities €1.36M
Equity
€921k ▼ 16.4%
Debt
€441k ▼ 35.4%
Debt's share of the balance-sheet total falls from 38.2% to 32.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€216k▼
2023 · €404k
Cash flow
€202k▼
2023 · €337k
Current ratio
0.94▼
2023 · 1.05
Debt to equity
0.48▼
2023 · 0.62
ROE
7.5%▼
2023 · 19.0%
ROA
5.1%▼
2023 · 11.7%
Interest coverage
91.43▲
2023 · 85.71
Debt ≤ 1 year
€441k▼
2023 · €682k
Income taxes
€24k▼
2023 · €71k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 48 lines
Balance sheet
Code20232024
Assets
Total assets20/58€1.78M€1.36M▼
Fixed assets21/28€1.07M€949k▼
Tangible fixed assets22/27€1.07M€949k▼
Plant, machinery and equipment23€590k€949k▲
Leasing and similar rights25€479k-
Current assets29/58€714k€413k▼
Amounts receivable within one year40/41€440k€51k▼
Trade receivables40€35k€29k▼
Other amounts receivable41€405k€22k▼
Cash at bank and in hand54/58€263k€362k▲
Deferred charges and accrued income490/1€11k-
Equity and liabilities
Total equity and liabilities10/49€1.78M€1.36M▼
Equity10/15€1.10M€921k▼
Contributions10/11€400k€400k=
Capital10€400k€400k=
Issued capital100€400k€400k=
Reserves13€702k€521k▼
Non-distributable reserves130/1€40k€40k=
Legal reserve130€40k€40k=
Distributable reserves133€662k€481k▼
Amounts payable17/49€682k€441k▼
Amounts payable within one year42/48€682k€441k▼
Current portion of amounts payable after more than one year42€23k-
Financial debts43-€160k
Other loans439-€160k
Trade debts44€33k€29k▼
Suppliers440/4€33k€29k▼
Taxes, remuneration and social security45€26k€836▼
Taxes450/3€26k€836▼
Other amounts payable47/48€600k€250k▼
Income statement
Code20232024
Non-recurring operating income76A€23k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€128k€132k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€2k
Other operating charges640/8€1k€1k▲
Gross operating margin9900€405k€219k▼
Operating profit (loss)9901€276k€83k▼
Financial income75/76B€9k€12k▲
Recurring financial income75€9k€12k▲
Financial charges65/66B€5k€2k▼
Recurring financial charges65€5k€2k▼
Profit (loss) for the period before taxes9903€280k€93k▼
Income taxes67/77€71k€24k▼
Profit (loss) for the period9904€209k€69k▼
Profit (loss) for the period to be appropriated9905€209k€69k▼
Appropriation of the result
Profit (loss) to be appropriated9906€209k€69k▼
Transfer from equity791/2€391k€181k▼
Profit to be distributed694/7€600k€250k▼
Return on contributions (dividend)694€600k€250k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €69k ▼66.8%
Net result drops to €69k, the lowest in the series.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €316k ▲245%
Operating result €435k, net result €316k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 2.65
Current ratio from 0.86 to 2.65; short-term debt falls from €238k to €193k.
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1MEq €1.08M ▲9.9%
3 profitable years in a row build equity to €1.08M.
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
11 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, Stabroek · 1 establishment unit since 2012
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.
Laageind 912940 StabroekGround area
5.1 ha
Building footprint
9,238 m²
Parcel 11044C0025/00G000, Flanders. Linked by address, not a title deed.
1 establishment unit
SPAACO
since 20122.208.542.520
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11044C0025/00G000 | Flanders | 5.1 ha | 1 · 9,238 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel 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
MUYLE HYDROELECTRICITE
BE 0463.675.341
Jemeppe-sur-Sambre · Eq €915k
KT WIND ZELE
BE 0503.927.668
Sint-Gillis-Waas · Eq €931k
VELDEMAN ENERGIES
BE 0836.061.113
Wervik · Eq €934k
Green Energy Solutions Invest
BE 0820.441.935
Oudergem · Eq €947k
Twin - Zinc Belgium
BE 0444.069.463
Turnhout · Eq €894k
Of 815 companies in sector 35110 we hold annual accounts for 631. 438 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-03-2012
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
35150Electricity, gas, steam and air conditioning supply
Sources
Crossroads Bank for EnterprisesNational Bank · 12 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.