Spitfire
ActiveSummary
Spitfire has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-113k) and a net result of €-6k. Equity is shrinking by ~58.2% per year across the filed fiscal years. Its solvency ranks better than 13% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability37▲+1
Solvency21▲+1
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.81 against 0.96 in 2024; short-term debt: 55.4% and cash: 14.3% of total assets), but equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-4.5%
Return on assets
-0.2%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €-113k
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 08-06-2026, 53 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
53 d early
2024
51 d early
2023
51 d early
2022
59 d early
2021
51 d early
2020
25 d early
2019
18 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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€-113k▼ 5.7%
2024 · €-107k
2019: €51khighest in 7 years
2020: €20k▼ -59.5% vs 2019
2021: €-7k▼ -137% vs 2020
2022: €-38k▼ -403% vs 2021
2023: €-91k▼ -143% vs 2022
2024: €-107k▼ -17.2% vs 2023
2025: €-113k▼ -5.7% vs 2024lowest in 7 years
2019 → 2025
Total assets
€2.52M▲ 6.7%
2024 · €2.36M
2019: €95klowest in 7 years
2020: €455k▲ +380% vs 2019
2021: €1.56M▲ +243% vs 2020
2022: €1.73M▲ +11.3% vs 2021
2023: €2.07M▲ +19.4% vs 2022
2024: €2.36M▲ +14.0% vs 2023
2025: €2.52M▲ +6.7% vs 2024highest in 7 years
2019 → 2025
Net result
€-6k▲ 61.1%
2024 · €-16k
2019: €-11k
2020: €-30k▼ -162% vs 2019
2021: €-28k▲ +7.0% vs 2020
2022: €-30k▼ -8.0% vs 2021
2023: €-54k▼ -77.9% vs 2022lowest in 7 years
2024: €-16k▲ +70.7% vs 2023
2025: €-6k▲ +61.1% vs 2024highest in 7 years
2019 → 2025
Working capital
€1.12M
2024 · €-96k
2019: €52k
2020: €25k▼ -52.3% vs 2019
2021: €10k▼ -60.1% vs 2020
2022: €815k▲ +8077% vs 2021
2023: €939k▲ +15.2% vs 2022
2024: €-96k▼ -110% vs 2023lowest in 7 years
2025: €1.12M▲ +1273% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-7k-€-38k▼ 403%€-91k▼ 143%€-107k▼ 17.2%€-113k▼ 5.7%
2021: €-7khighest in 5 years
2022: €-38k▼ -403% vs 2021
2023: €-91k▼ -143% vs 2022
2024: €-107k▼ -17.2% vs 2023
2025: €-113k▼ -5.7% vs 2024lowest in 5 years
Operating result€-27k-€-28k▼ 3.8%€-53k▼ 86.6%€-13k▲ 75.2%€-6k▲ 57.1%
2021: €-27k
2022: €-28k▼ -3.8% vs 2021
2023: €-53k▼ -86.6% vs 2022lowest in 5 years
2024: €-13k▲ +75.2% vs 2023
2025: €-6k▲ +57.1% vs 2024highest in 5 years
Net result€-28k-€-30k▼ 8.0%€-54k▼ 77.9%€-16k▲ 70.7%€-6k▲ 61.1%
2021: €-28k
2022: €-30k▼ -8.0% vs 2021
2023: €-54k▼ -77.9% vs 2022lowest in 5 years
2024: €-16k▲ +70.7% vs 2023
2025: €-6k▲ +61.1% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6k in 2025 against €13k in 2024; the loss shrinks.
Key figures and ratios
Solvency
-4.5%▲
2024 · -4.5%
Current ratio
1.81▲
2024 · 0.96
Quick ratio
0.28▲
2024 · 0.15
Debt to equity
-23.22▼
2024 · -23.01
ROA
-0.2%▲
2024 · -0.7%
Debt
€2.63M▲
2024 · €2.47M
Debt ≤ 1 year
€1.39M▼
2024 · €2.45M
Debt > 1 year
€1.24M▲
2024 · €0
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 · 2025 against 2024 · 38 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.36M€2.52M▲
Current assets29/58€2.36M€2.52M▲
Stocks and contracts in progress3€2.00M€2.13M▲
Contracts in progress37€2.00M€2.13M▲
Amounts receivable within one year40/41€343k€27k▼
Trade receivables40€25k€25k=
Other amounts receivable41€318k€2k▼
Cash at bank and in hand54/58€1k€360k▲
Deferred charges and accrued income490/1€14k-
Equity and liabilities
Total equity and liabilities10/49€2.36M€2.52M▲
Equity10/15€-107k€-113k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Profit (loss) carried forward14€-169k€-175k▼
Amounts payable17/49€2.47M€2.63M▲
Amounts payable after more than one year17€0€1.24M▲
Financial debts170/4€0€1.24M▲
Amounts payable within one year42/48€2.45M€1.39M▼
Current portion of amounts payable after more than one year42€1.11M-
Financial debts43€1.26M€1.30M▲
Other loans439€1.26M€1.30M▲
Trade debts44€46k€33k▼
Suppliers440/4€46k€33k▼
Other amounts payable47/48€36k€60k▲
Accrued charges and deferred income492/3€11k€807▼
Income statement
Code20242025
Other operating charges640/8€1k€1k▲
Gross operating margin9900€-12k€-4k▲
Operating profit (loss)9901€-13k€-6k▲
Financial income75/76B-€95
Recurring financial income75-€95
Financial charges65/66B€3k€551▼
Recurring financial charges65€3k€551▼
Profit (loss) for the period before taxes9903€-16k€-6k▲
Profit (loss) for the period9904€-16k€-6k▲
Profit (loss) for the period to be appropriated9905€-16k€-6k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-169k€-175k▼
Profit (loss) brought forward from the previous period14P€-153k€-169k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €468 | €469 | €1k | €1k | €1k | ▲ 3.1% |
| Gross operating margin9900 | €-27k | €-28k | €-52k | €-12k | €-4k | ▲ 63.0% |
| Operating profit (loss)9901 | €-27k | €-28k | €-53k | €-13k | €-6k | ▲ 57.1% |
| Financial income75/76B | - | - | - | - | €95 | - |
| Recurring financial income75 | - | - | - | - | €95 | - |
| Financial charges65/66B | €494 | €2k | €542 | €3k | €551 | ▼ 78.4% |
| Recurring financial charges65 | €494 | €2k | €542 | €3k | €551 | ▼ 78.4% |
| Profit (loss) for the period before taxes9903 | €-28k | €-30k | €-54k | €-16k | €-6k | ▲ 61.1% |
| Profit (loss) for the period9904 | €-28k | €-30k | €-54k | €-16k | €-6k | ▲ 61.1% |
| Profit (loss) for the period to be appropriated9905 | €-28k | €-30k | €-54k | €-16k | €-6k | ▲ 61.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.56M | €1.73M | €2.07M | €2.36M | €2.52M | ▲ 6.7% |
| Current assets29/58 | €1.56M | €1.73M | €2.07M | €2.36M | €2.52M | ▲ 6.7% |
| Stocks and contracts in progress3 | €1.17M | €1.42M | €1.73M | €2.00M | €2.13M | ▲ 6.5% |
| Contracts in progress37 | €1.17M | €1.42M | €1.73M | €2.00M | €2.13M | ▲ 6.5% |
| Amounts receivable within one year40/41 | €241k | €292k | €315k | €343k | €27k | ▼ 92.1% |
| Trade receivables40 | €25k | €25k | €27k | €25k | €25k | = |
| Other amounts receivable41 | €216k | €267k | €288k | €318k | €2k | ▼ 99.3% |
| Cash at bank and in hand54/58 | €148k | €17k | €27k | €1k | €360k | ▲ 35,697% |
| Deferred charges and accrued income490/1 | - | - | - | €14k | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.56M | €1.73M | €2.07M | €2.36M | €2.52M | ▲ 6.7% |
| Equity10/15 | €-7k | €-38k | €-91k | €-107k | €-113k | ▼ 5.7% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Profit (loss) carried forward14 | €-69k | €-100k | €-153k | €-169k | €-175k | ▼ 3.6% |
| Amounts payable17/49 | €1.56M | €1.77M | €2.16M | €2.47M | €2.63M | ▲ 6.7% |
| Amounts payable after more than one year17 | - | €828k | €990k | €0 | €1.24M | - |
| Financial debts170/4 | - | €828k | €990k | €0 | €1.24M | - |
| Amounts payable within one year42/48 | €1.55M | €918k | €1.13M | €2.45M | €1.39M | ▼ 43.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.11M | - | - |
| Financial debts43 | €1.40M | €844k | €1.00M | €1.26M | €1.30M | ▲ 2.8% |
| Credit institutions430/8 | €801k | - | - | - | - | - |
| Other loans439 | €600k | €844k | €1.00M | €1.26M | €1.30M | ▲ 2.8% |
| Trade debts44 | €146k | €74k | €126k | €46k | €33k | ▼ 27.2% |
| Suppliers440/4 | €146k | €74k | €126k | €46k | €33k | ▼ 27.2% |
| Other amounts payable47/48 | - | - | - | €36k | €60k | ▲ 64.8% |
| Accrued charges and deferred income492/3 | €17k | €25k | €41k | €11k | €807 | ▼ 92.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-28k | €-30k | €-54k | €-16k | €-6k | ▲ 61.1% |
| Operating cash flow (approximation) | €-28k | €-30k | €-54k | €-16k | €-6k | ▲ 61.1% |
| Change in cash | - | €-131k | €10k | €-26k | €359k | ▲ 1,478% |
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
08-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
10-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-54k
Net result drops to €-54k, the lowest in the series; recovery starts the following year.
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
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, Gent
Ground area
7,465 m²
Building footprint
1,076 m²
Volume, LiDAR
5,447 m³
Parcel 44808H0746/00B000, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
49
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44808H0746/00B000 | Flanders | 7,465 m² | 1 · 1,075 m² | 8.1 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.
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 4,066 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded26-10-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
Scores and ratios are computed by Checked and are not a credit decision.