ACTIVE

SPECTRAL

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Financial year 2025 · closed on 31/12/2025

Net result

30,7 k €

+64.9% YoY

Gross margin

37,8 k €

+23.4% YoY

Equity

175,4 k €

+5.0% YoY

What does SPECTRAL do?

SPECTRAL is a Private limited company incorporated in 1996. Its main activity is: Computer programming activities. Its registered office is in Lennik.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0459.411.301

Incorporation

10/12/1996

Legal form

Private limited company

Registered office

Lombeeksestraat 57
1750 Lennik · FlandreSee on map

Contributed capital

6 197,33 €

Latest accounts

31/12/2025

Activities (NACE)

62010Computer programming activities· main 62100Computer programming, consultancy and related activities 72220Research and experimental development on social sciences and humanities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	37,8 k €	+23.4%	30,7 k €	-18.2%	37,5 k €	+720%	4,6 k €	-53.7%	9,9 k €	-37.3%	15,8 k €	+5.3%	15 k €	+80.7%	8,3 k €	-49.0%	16,2 k €	-20.4%	20,4 k €	-15.3%	24,1 k €	+134%	10,3 k €	-88.3%	88 k €	-5.3%	92,9 k €	-31.1%	134,8 k €	-36.4%	212,1 k €	+31.0%	161,8 k €	-9.7%	179,3 k €	-2.7%	184,4 k €	+0.0%	184,3 k €
EBITDA	36,6 k €	+26.0%	29,1 k €	-19.8%	36,2 k €	+1003%	3,3 k €	-62.9%	8,9 k €	-37.4%	14,2 k €	+1.8%	13,9 k €	+126%	6,1 k €	-60.0%	15,4 k €	-20.6%	19,4 k €	-16.6%	23,2 k €	+146%	9,4 k €	-61.9%	24,8 k €	+4.1%	23,8 k €	-42.4%	41,4 k €	-48.1%	79,8 k €	+1115%	6,6 k €	+131%	2,8 k €	-88.7%	25,3 k €	-39.7%	41,9 k €
Operating result	31,1 k €	+25.1%	24,8 k €	-24.3%	32,8 k €	+1094%	2,7 k €	-62.4%	7,3 k €	-39.6%	12,1 k €	+15.1%	10,5 k €	+145%	4,3 k €	-68.9%	13,8 k €	-27.8%	19,2 k €	-5.9%	20,4 k €	+234%	6,1 k €	-69.4%	19,9 k €	+10.7%	18 k €	-45.2%	32,8 k €	-54.1%	71,4 k €	+27886%	-257 €	+95.0%	-5,1 k €	-142%	12,3 k €	-59.8%	30,6 k €
Net result	30,7 k €	+64.9%	18,6 k €	-22.3%	23,9 k €	+443%	4,4 k €	-33.8%	6,7 k €	-43.6%	11,8 k €	+8.8%	10,8 k €	+130%	4,7 k €	-56.4%	10,8 k €	-38.8%	17,6 k €	+19.6%	14,7 k €	+117%	6,8 k €	-78.6%	31,8 k €	+101%	15,8 k €	+6.9%	14,8 k €	-67.0%	44,7 k €	+1096%	-4,5 k €	+57.3%	-10,5 k €	-193%	11,4 k €	+53.6%	7,4 k €
Balance sheet
Equity	175,4 k €	+5.0%	167 k €	+5.1%	158,9 k €	+13.9%	139,5 k €	+3.3%	135,1 k €	+5.2%	128,4 k €	+10.1%	116,6 k €	+10.3%	105,8 k €	+4.7%	101 k €	+0.3%	100,8 k €	+0.1%	100,6 k €	+0.2%	100,4 k €	+7.3%	93,6 k €	+15.1%	81,3 k €	+24.1%	65,5 k €	+29.1%	50,7 k €	+743%	6 k €	-42.7%	10,5 k €	-50.0%	21 k €	+118%	9,7 k €
Total assets	221,3 k €	+5.8%	209,1 k €	+5.6%	198,1 k €	+5.0%	188,6 k €	+22.3%	154,1 k €	+1.3%	152,2 k €	+6.2%	143,3 k €	+6.8%	134,1 k €	+6.2%	126,3 k €	-4.8%	132,7 k €	+0.7%	131,7 k €	+12.4%	117,2 k €	+0.4%	116,7 k €	-6.6%	124,9 k €	-8.0%	135,9 k €	-6.5%	145,4 k €	+11.4%	130,5 k €	-8.1%	142 k €	-12.9%	163 k €	-2.1%	166,6 k €
Cash	71,5 k €	+15.9%	61,7 k €	+20.6%	51,2 k €	+11.0%	46,1 k €	-12.9%	53 k €	+27.6%	41,5 k €	+28.2%	32,4 k €	+139%	13,5 k €	-27.8%	18,7 k €	-14.9%	22 k €	-19.9%	27,4 k €	+248%	7,9 k €	-75.0%	31,5 k €	+285%	8,2 k €	-81.5%	44,2 k €	+40.6%	31,4 k €	+91.0%	16,4 k €	-67.9%	51,3 k €	+2275%	2,2 k €	-92.4%	28,4 k €
Debts	45,9 k €	+9.0%	42,2 k €	+7.5%	39,2 k €	-20.2%	49,1 k €	+157%	19,1 k €	-19.9%	23,8 k €	-10.9%	26,7 k €	-5.9%	28,4 k €	+12.4%	25,3 k €	-21.0%	32 k €	+2.7%	31,1 k €	+85.0%	16,8 k €	-23.2%	21,9 k €	-49.8%	43,7 k €	-37.9%	70,4 k €	-25.6%	94,6 k €	-24.0%	124,5 k €	-3.5%	129 k €	-9.1%	142 k €	-9.5%	156,9 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	-100.0%	88 103,0 ETP	+3524020%	2,5 ETP	0.0%	2,5 ETP	-10.7%	2,8 ETP	0.0%	2,8 ETP	-3.4%	2,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 2 ended

Active mandates

Ann Van Der Meulen

Associate

Active

Luc Blendeman

Director

Active

Ended mandates

Luc Blendeman

Manager

Ended

Rita Van Der Meulen

Mandate

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	17/08/2026	20/08/2025	06/08/2024	29/08/2023	27/07/2022	26/08/2021
General meeting	27/06/2026	28/06/2025	22/06/2024	24/06/2023	25/06/2022	26/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	27/06/2026	17/08/2026	Dutch	PDF
Micro model	31/12/2024	28/06/2025	20/08/2025	Dutch	PDF
Micro model	31/12/2023	22/06/2024	06/08/2024	Dutch	PDF
Micro model	31/12/2022	24/06/2023	29/08/2023	Dutch	PDF
Micro model	31/12/2021	25/06/2022	27/07/2022	Dutch	PDF
Micro model	31/12/2020	26/06/2021	26/08/2021	Dutch	PDF
Micro model	31/12/2019	27/06/2020	17/08/2020	Dutch	PDF
Micro model	31/12/2018	22/06/2019	09/07/2019	Dutch	PDF
Micro model	31/12/2017	23/06/2018	27/06/2018	Dutch	PDF
Micro model	31/12/2016	24/06/2017	12/07/2017	Dutch	PDF
Abridged model	31/12/2015	25/06/2016	29/08/2016	Dutch	PDF
Abridged model	31/12/2014	27/06/2015	25/08/2015	Dutch	PDF
Abridged model	31/12/2013	28/06/2014	27/08/2014	Dutch	PDF
Abridged model	31/12/2012	30/06/2013	31/08/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	24/07/2012	Dutch	PDF
Abridged model	31/12/2010	20/05/2011	29/07/2011	Dutch	PDF
Abridged model	31/12/2009	07/06/2010	22/06/2010	Dutch	PDF
Abridged model	31/12/2008	09/07/2009	29/07/2009	Dutch	PDF
Abridged model	31/12/2007	10/07/2008	30/07/2008	Dutch	PDF
Abridged model	31/12/2006	10/07/2007	24/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 2 ended

Active mandates

Ann Van Der Meulen

Associate

Active

Luc Blendeman

Director

Active

Ended mandates

Luc Blendeman

Manager

Ended

Rita Van Der Meulen

Mandate

Ended

Shareholders

Ownership and network

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Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202530,7 k €↑
2024
Annual accounts 202418,6 k €↓
2023
Annual accounts 202323,9 k €↑
2022
Annual accounts 20224,4 k €↓
2021
Annual accounts 20216,7 k €↓
2020
Annual accounts 202011,8 k €↑
2019
Annual accounts 201910,8 k €↑
2018
Annual accounts 20184,7 k €↓
2017
Annual accounts 201710,8 k €↓
2016
Annual accounts 201617,6 k €↑
2015
Annual accounts 201514,7 k €↑
2014
Annual accounts 20146,8 k €↓
2013
Annual accounts 201331,8 k €↑
2012
Annual accounts 201215,8 k €↑
2011
Annual accounts 201114,8 k €↓
2010
Annual accounts 201044,7 k €↑
2009
Annual accounts 2009-4,5 k €↑
2008
Annual accounts 2008-10,5 k €↓
2007
Annual accounts 200711,4 k €↑
2006
Annual accounts 20067,4 k €
10/12/1996
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

SPECTRAL

Overview

What does SPECTRAL do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Similar companies

Similar companies

Timeline