ASPIRAVI

Active

Public limited companyfounded 200224 yrs activePresident Kennedypark(Kor) 8A, 8500 Kortrijk, BelgiumKBO/BCE: BE 0477.518.825

Summary

ASPIRAVI has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €108.5m and a net result of €29.6m. Equity is growing by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 55% of 321 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysisWatch Report Compare

ASPIRAVIActiveChecked score 87/100

Risk analysis Report Compare

Activity

Production of electricity from non-renewable sources

NACE 35110NACE 40110

#1 employer in West Flanders, Energy sector1 site

Size

€79.5mturnover 2025

Staff: 48.7 FTE
Equity: €108.5m
Profit: €29.6m

Financial health

87 Excellent Checked score 2025

Bankruptcy chance 12 m: 0.3%

Structure

Parent: ASPIRAVI HOLDING · 84.9%
Board: 1 member
Holdings: 9

Auditor: GRANT THORNTON BEDRIJFSREVISOREN - REVISEURS D'ENTREPRISESAccounts 63 d early1 of 42 deeds read

Why 87- 1 change of registered office in 24 months- Liquidity: current ratio 1.89, cash €4.8m+ Size: turnover €79.5m, 48.7 FTE, total assets €333.0m+ Founded in 2002Show the evidence

Checked score

Score 2025

87 / 100

Excellent

Probability in this band: under 0.55%

Better than 53% of its sector peers (NACE 35, small)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Strong

Solvency 58-1

equity 32.6% of total assets

Liquidity 47-3

short-term debt 17.1% · cash 1.4%

Profitability 87-6

return on assets 8.9%

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (255 companies)

Last 24 months 11-2024: 0.2% 12-2024: 0.2%● 0.0% vs 11-2024 01-2025: 0.2%● 0.0% vs 12-2024 02-2025: 0.2%▼ -3.8% vs 01-2025 03-2025: 0.2%▲ +1.9% vs 02-2025 04-2025: 0.2%▲ +8.9% vs 03-2025 05-2025: 0.2%▲ +5.3% vs 04-2025 06-2025: 0.2%▲ +5.6% vs 05-2025 07-2025: 0.1%▼ -42.6% vs 06-2025lowest value 08-2025: 0.1%● 0.0% vs 07-2025lowest value 09-2025: 0.1%● 0.0% vs 08-2025lowest value 10-2025: 0.1%● 0.0% vs 09-2025lowest value 11-2025: 0.1%● 0.0% vs 10-2025lowest value 12-2025: 0.1%● 0.0% vs 11-2025lowest value 01-2026: 0.1%● 0.0% vs 12-2025lowest value 02-2026: 0.2%▲ +89.9% vs 01-2026 03-2026: 0.2%▲ +1.9% vs 02-2026 04-2026: 0.2%▲ +7.6% vs 03-2026 05-2026: 0.3%▲ +25.6% vs 04-2026 06-2026: 0.3%▲ +2.5% vs 05-2026highest value 07-2026: 0.3%▼ -12.3% vs 06-2026 08-2026: 0.3%● 0.0% vs 07-2026 09-2026: 0.3%● 0.0% vs 08-2026 10-2026: 0.3%● 0.0% vs 09-2026

1 change of registered office in 24 months raises the probability
Liquidity: current ratio 1.89, cash €4.8m raises the probability
Size: turnover €79.5m, 48.7 FTE, total assets €333.0m lowers the probability for this profile
Founded in 2002 lowers the probability for this profile

Credit up to €7,900,000 at 30 days acceptable

Liquidity ample (current ratio 1.89 against 2.32 in 2024; short-term debt: 17.1% and cash: 1.4% of total assets), but 67.4% of the assets are financed with debt.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 35, small). Better than this share of them on solvency 52%, liquidity 36%, profitability 88%, growth against the median 38%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

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Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

1 change of registered office in 24 months

In the bankruptcy model this factor raises the probability.

Belgian State Gazette

Liquidity: current ratio 1.89, cash €4.8m

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Size: turnover €79.5m, 48.7 FTE, total assets €333.0m

In the bankruptcy model this factor lowers the probability for this profile.

NBB · annual accounts

Founded in 2002

In the bankruptcy model this factor lowers the probability for this profile.

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-05-2026, 63 days ahead of the deadline.

NBB · 7 filings

Deviation from the deadline

2025

63 d early

2024

63 d early

2023

33 d early

2022

70 d early

2021

68 d early

2020

76 d early

2019

73 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 64 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 29 May (4 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

03-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

03-06-26 Appointments: Kristof Bossuyt (director) and Grant…State Gazette act
29-05-26 Annual accounts filedfiscal year 2025 · full…
29-05-25 Annual accounts filedfiscal year 2024 · full…

Key points

Positive: Employer in West Flanders, Energy sectorin the Checked rankings #1 View
Caution: Result fell in 2025from €54.2m to €29.6m ▼ 45.4% View
Positive: 8 profitable years in a rowprofit 2025: €29.6m 8 years View
Controlled by ASPIRAVI HOLDINGknown shareholders 100% 84.9% View
Positive: Always filed on timeaccounts within the deadline every year 7 years View
New directorlatest change 29-04-2026 · 1 in office 1 joined View