Spitsvogel · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Spitsvogel is 0.7% (low). The 2025 annual accounts show equity of €50k and a net result of €1k. Equity is growing by ~31.6% per year across the filed fiscal years. Its solvency ranks better than 54% of 445 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

2 signals · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

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. This speaks to administrative punctuality and says nothing about the financial position.

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.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	08-06-2026	53 d early	2026-00142922
31-12-2024	31-07-2025	10-06-2025	51 d early	2025-00127084
31-12-2023	31-07-2024	13-06-2024	48 d early	2024-00126060

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2023, past the statistically most fragile first 3 years.

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.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.7% Low

0%0,5%1,5%4%10%≥25%

Young company +Lower-failure-rate sector −Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€1k-95.5%

Working capital€22k+109.9%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 08-06-2026 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~31.6%/year over 3 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 74 · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	58.6%	53.8%	better than 54% of 445 sector peers
Net result	€1k	€16k	better than 24% of 445 sector peers
Equity	€50k	€38k	better than 57% of 445 sector peers
Gross operating margin	€13k	€32k	better than 31% of 445 sector peers
Total assets	€86k	€84k	better than 51% of 445 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P54

Improving position over 2023-2025 · n=445-1482

Net result P24

Weakening position over 2023-2025 · n=445-1484

Equity P57

Improving position over 2023-2025 · n=445-1484

Gross operating margin P31

Weakening position over 2023-2025 · n=445-1482

Describes the position versus peers, not a forecast.

EBITDA

€12k

-73.8% 23-25

Net profit

€1k

-95.5% 23-25

Cash flow

€11k

-71.3% 23-25

Total assets

€86k

-7.1% 23-25

Equity

€50k

+2.7% 23-25

Working capital

€22k

+109.9% 23-25

Income taxes

€1k

-84.7% 23-25

Debt

€36k

-18.3% 23-25

Debt ≤ 1y

€36k

-18.3% 23-25

Current ratio

1.61

+30.1% 23-25

Quick ratio

1.61

+30.1% 23-25

Solvency

58.6%

+10.6% 23-25

Debt / equity

0.71

-20.5% 23-25

ROE

2.7%

-95.6% 23-25

ROA

1.6%

-95.1% 23-25

Interest coverage

223.53

-72.3% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	-
EBITDA	€12k
Net profit	€1k
Cash flow	€11k
Staff costs	-
Income taxes	€1k
Dividends	-
Total assets	€86k
Equity	€50k
Debt	€36k
of which ≤ 1y	€36k
of which > 1y	-
Working capital	€22k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	1.61
Quick ratio	1.61
Working capital ratio	25.2%
Solvency	58.6%
Debt / equity	0.71
Long-term debt ratio	-
Interest coverage	223.53
Gross margin	-
Net margin	-
ROA	1.6%
ROE	2.7%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €29k · 33.4% Current assets €57k · 66.6%

Equity & liabilities

Equity €50k · 58.6% Debt €36k · 41.4%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€86k
Fixed assets	21/28	€29k
Tangible fixed assets	22/27	€29k
Current assets	29/58	€57k
Amounts receivable within one year	40/41	€6k
Cash & bank	54/58	€50k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€86k
Equity	10/15	€50k
Contributions / capital	10/11	€2k
Reserves	13	€17k
Accumulated profits (losses)	14	€31k
Amounts payable	17/49	€36k
Amounts payable within one year	42/48	€36k
Trade debts payable within one year	44	€779
Income statement
Gross operating margin	9900	€13k
Operating result	9901	€2k
Financial income	75	€230
Financial charges	65	€55
Result before taxes	9903	€3k
Income taxes	67/77	€1k
Net result for the period	9904	€1k
Result to be appropriated	9905	€1k

You are seeing the latest fiscal year only. 2 prior years (figures + ratios) are in a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

86 / 100 Excellent

050100

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.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

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.

Rothstraat 1833290 Diest

Establishment units

1 location

Spitsvogel

Rothstraat 183, 3290 DiestOverige grafische activiteiten n.e.g.

since 20232.346.579.458

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1,974 m²

Buildings1

Building footprint216 m²

Volume (LiDAR)919 m³

Tallest building6.9 m · ±1 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
24097C0092/00R000	Flanders	1,974 m²	1 · 216 m²	6.9 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

No structured acts for this company yet

That means one of two things: the company has published no company deeds, or its deeds are still queued for reading. The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.