ACTIVE

SPAACO

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Financial year 2025 · closed on 31/12/2025
Net result
104,6 k €
+50.6% YoY
Gross margin
286,1 k €
+30.7% YoY
Equity
1 M €
+11.4% YoY

What does SPAACO do?

SPAACO is a Public limited company incorporated in 2012. Its main activity is: Production of electricity. Its registered office is in Stabroek.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0844.884.549
Incorporation
23/03/2012
Legal form
Public limited company
Registered office
Laageind 91
2940 Stabroek · FlandreSee on map
Contributed capital
400 000,00 €
Latest accounts
31/12/2025
Activities (NACE)
35110Production of electricity· main35110Production of electricity35140Trade of electricity35150Electric power generation, transmission and distribution
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 13 financial years

2025202420232022202120202019201820172016201520142013
Income statement
Gross margin286,1 k €219 k €404,6 k €564,4 k €271,8 k €294,1 k €291,8 k €346,3 k €293,5 k €282,4 k €–––
EBITDA285,1 k €217,9 k €403,5 k €563,5 k €270,8 k €293,1 k €290,9 k €345,3 k €292,6 k €281,5 k €313,9 k €319,9 k €504,3 k €
Operating result141,8 k €83,4 k €275,5 k €435,5 k €142,8 k €165,2 k €163,3 k €217,3 k €164,6 k €153,5 k €185,9 k €191,9 k €293,3 k €
Net result104,6 k €69,5 k €209 k €316,4 k €91,8 k €97,6 k €83 k €114 k €66,1 k €54,8 k €84,4 k €95,3 k €89,2 k €
Balance sheet
Equity1 M €921,1 k €1,1 M €1,5 M €1,2 M €1,1 M €986,8 k €903,8 k €789,9 k €723,8 k €669 k €584,6 k €489,2 k €
Total assets1,1 M €1,4 M €1,8 M €1,7 M €1,5 M €1,6 M €1,9 M €2,1 M €2,1 M €2,2 M €2,3 M €2,4 M €2,5 M €
Cash41 k €362,3 k €263 k €429,7 k €171,9 k €150,8 k €221,9 k €366,5 k €238,6 k €197,9 k €149,7 k €129 k €84,6 k €
Debts49,2 k €440,6 k €681,9 k €216,1 k €354,9 k €558,3 k €892,5 k €1,2 M €1,3 M €1,5 M €1,6 M €1,9 M €2 M €
Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 15 ended

Active mandates

Nova LaGa

Director · since 28 octobre 2025 · until 14 juin 2030 · 0563.544.462

Represented by Laurence Gacoin

Active
Gregorius Aertssen

Director · since 14 juin 2024 · until 14 juin 2030

Active
Walter Wesenbeek

Director · since 14 juin 2024 · until 14 juin 2030

Active
BERT WEEMAES

Director · since 18 septembre 2023 · until 09 juin 2028 · 0537.167.687

Represented by Bert Weemaes

Active

Ended mandates

Filip Cordeel

Director · since 14 juin 2024 · until 14 juin 2030

Ended
Erik De Bruyn

Director · since 30 juin 2022 · until 14 juin 2024

Ended
Filip Cordeel

Director · since 08 juin 2018 · until 14 juin 2024

Ended
Gregorius Aertssen

Director · since 08 juin 2018 · until 14 juin 2024

Ended
At this address

Other companies at this address

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0403.813.275
AERTSSEN LIFTING● Active
0441.175.794
AERTSSEN LOGISTICS● Active
0664.571.843
AERTSSEN SERVICES● Active
0404.322.724
AERTSSEN TRANSPORT● Active
0416.893.726
BERAECO● Active
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EYSSELS● Active
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GROEP AERTSSEN● Active
0807.271.612
IMASFIN● Active
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Immo Cordeel-Aertssen● Active
0475.228.437
KLAVERENBOER● Active
0635.825.991
NEWMO● Active
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NEWMO HAREN● Active
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NIEUW TEMSE● Active
0863.448.567
ROLLIT CARGO● Active
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Shipit Terminal● Active
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Smeyers● Active
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date23/06/202617/06/202519/06/202420/06/202316/06/202216/06/2021
General meeting12/06/202613/06/202514/06/202409/06/202310/06/202211/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

13 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202512/06/202623/06/2026DutchPDF
Abridged model31/12/202413/06/202517/06/2025DutchPDF
Abridged model31/12/202314/06/202419/06/2024DutchPDF
Abridged model31/12/202209/06/202320/06/2023DutchPDF
Abridged model31/12/202110/06/202216/06/2022DutchPDF
Abridged model31/12/202011/06/202116/06/2021DutchPDF
Abridged model31/12/201912/06/202029/06/2020DutchPDF
Abridged model31/12/201814/06/201902/07/2019DutchPDF
Abridged model31/12/201708/06/201826/06/2018DutchPDF
Abridged model31/12/201609/06/201726/06/2017DutchPDF
Full model31/12/201510/06/201628/06/2016DutchPDF
Full model31/12/201412/06/201522/06/2015DutchPDF
Full model31/12/201313/06/201427/06/2014DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

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 · 4 active · 15 ended

Active mandates

Nova LaGa

Director · since 28 octobre 2025 · until 14 juin 2030 · 0563.544.462

Represented by Laurence Gacoin

Active
Gregorius Aertssen

Director · since 14 juin 2024 · until 14 juin 2030

Active
Walter Wesenbeek

Director · since 14 juin 2024 · until 14 juin 2030

Active
BERT WEEMAES

Director · since 18 septembre 2023 · until 09 juin 2028 · 0537.167.687

Represented by Bert Weemaes

Active

Ended mandates

Filip Cordeel

Director · since 14 juin 2024 · until 14 juin 2030

Ended
Erik De Bruyn

Director · since 30 juin 2022 · until 14 juin 2024

Ended
Filip Cordeel

Director · since 08 juin 2018 · until 14 juin 2024

Ended
Gregorius Aertssen

Director · since 08 juin 2018 · until 14 juin 2024

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates17/12/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates22/10/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates02/02/2024
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates27/09/2022
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates30/07/2021
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates19/03/2019
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates13/12/2018
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates27/08/2015
    ONTSLAGEN - BENOEMINGEN
    PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

Timeline

  1. 2025
    Annual accounts 2025104,6 k €↑
  2. 2024
    Annual accounts 202469,5 k €↓
  3. 2023
    Annual accounts 2023209 k €↓
  4. 2022
    Annual accounts 2022316,4 k €↑
  5. 2021
    Annual accounts 202191,8 k €↓
  6. 2020
    Annual accounts 202097,6 k €↑
  7. 2019
    Annual accounts 201983 k €↓
  8. 2018
    Annual accounts 2018114 k €↑
  9. 2017
    Annual accounts 201766,1 k €↑
  10. 2016
    Annual accounts 201654,8 k €↓
  11. 2015
    Annual accounts 201584,4 k €↓
  12. 2014
    Annual accounts 201495,3 k €↑
  13. 2013
    Annual accounts 201389,2 k €
  14. 23/03/2012
    IncorporationPublic limited company