ACTIVE

SPENCO

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Financial year 2025 · closed on 31/12/2025

Net result

-451,6 €

-269.6% YoY

Gross margin

1,8 k €

+97.1% YoY

Equity

142,8 k €

-0.3% YoY

What does SPENCO do?

SPENCO is a Private limited company incorporated in 2003. Its main activity is: Gambling and betting activities. Its registered office is in Gent.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0860.560.343

Incorporation

18/09/2003

Legal form

Private limited company

Registered office

Hurstweg 8 box B
9000 Gent · FlandreSee on map

Contributed capital

125 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

92623Gambling and betting activities· main 93199Other sports activities 93199Other sports activities 70100Activities of head offices 70100Activities of head offices 74152Specialised design activities

Joint committees (2)

Signals

Solid equityLow riskGood liquidityPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,8 k €	+97.1%	897 €	-96.8%	27,7 k €	+73.2%	16 k €	+512%	2,6 k €	+225%	-2,1 k €	-3986%	-51,2 €		–		–		-1,7 k €	+24.4%	-2,2 k €	-197%	-743 €	-128%	2,6 k €	-90.3%	27,2 k €	+316%	6,5 k €	-71.7%	23,1 k €	-11.1%	26 k €	-38.1%	42 k €
EBITDA	1,6 k €	+243%	473,3 €	-98.3%	27,5 k €	+77.6%	15,5 k €	+624%	2,1 k €	+107%	-32,9 k €	-6147%	-526,1 €		–		-472,2 €	+77.9%	-2,1 k €	+22.8%	-2,8 k €	-141%	-1,1 k €	-156%	2,1 k €	-92.3%	26,8 k €	+336%	6,1 k €	-72.9%	22,6 k €	-10.5%	25,3 k €	-37.8%	40,6 k €
Operating result	1,6 k €	+243%	473,3 €	-98.3%	27,5 k €	+77.6%	15,5 k €	+624%	2,1 k €	+107%	-32,9 k €	-6147%	-526,1 €		–		-472,2 €	+77.9%	-2,1 k €	+22.8%	-2,8 k €	-141%	-1,1 k €	-156%	2,1 k €	-92.3%	26,8 k €	+336%	6,1 k €	-72.9%	22,6 k €	-9.1%	24,9 k €	-38.1%	40,2 k €
Net result	-451,6 €	-270%	266,3 €	-98.5%	17,6 k €	+76.6%	10 k €	+428%	1,9 k €	+106%	-33,1 k €	-6197%	-526,3 €	-359%	-114,7 €	+82.8%	-667 €	+70.9%	-2,3 k €	+38.6%	-3,7 k €	-172%	-1,4 k €	-128%	4,9 k €	-20.1%	6,1 k €	+31.3%	4,6 k €	-68.1%	14,6 k €	+0.5%	14,5 k €	-64.0%	40,3 k €
Balance sheet
Equity	142,8 k €	-0.3%	143,2 k €	+0.2%	143 k €	+14.1%	125,3 k €	+8.7%	115,4 k €	+0.5%	114,8 k €	-22.4%	147,9 k €	-0.4%	148,4 k €	-0.1%	148,5 k €	-0.4%	149,2 k €	-1.5%	151,5 k €	-2.4%	155,2 k €	-0.9%	156,6 k €	+3.2%	151,7 k €	+4.2%	145,6 k €	+3.3%	141 k €	+11.5%	126,4 k €	+13.0%	111,9 k €
Total assets	220,9 k €	-1.2%	223,5 k €	-0.3%	224,2 k €	+23.5%	181,6 k €	+15.2%	157,7 k €	+6.9%	147,4 k €	-11.3%	166,1 k €	-0.3%	166,7 k €	-0.1%	166,8 k €	-0.5%	167,6 k €	-1.4%	170,1 k €	-4.4%	178 k €	-2.1%	181,9 k €	+0.6%	180,8 k €	-35.2%	278,8 k €	+44.3%	193,2 k €	-31.9%	283,4 k €	+8.4%	261,4 k €
Cash	35,3 €	-97.0%	1,2 k €	+359%	257,4 €	+85.9%	138,4 €	-94.4%	2,5 k €	+3397%	70,7 €	-98.2%	4 k €	-0.0%	4 k €	-4.1%	4,2 k €	-5.3%	4,4 k €	-11.3%	5 k €	+301%	1,2 k €	+65.8%	750,3 €	+110%	357,4 €	-79.3%	1,7 k €	-84.6%	11,2 k €	-20.9%	14,1 k €	+157%	5,5 k €
Debts	78,1 k €	-2.7%	80,3 k €	-1.2%	81,2 k €	+44.4%	56,3 k €	+32.9%	42,3 k €	+29.5%	32,7 k €	+79.3%	18,2 k €	0.0%	18,2 k €	-0.3%	18,3 k €	-0.9%	18,4 k €	-0.8%	18,6 k €	-18.3%	22,8 k €	-10.0%	25,3 k €	-13.0%	29 k €	-78.2%	133,2 k €	+155%	52,2 k €	-66.8%	157 k €	+8.2%	145,2 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 11 ended

Active mandates

Verborg GIOVANNI

Managing director · since 01 janvier 2005

Active

Ended mandates

Vanhee Diego

Director · since 17 mars 2020 · until 17 mars 2026

Ended

GIO VERBORG

Manager · since 01 janvier 2005

Ended

Verborg GIOVANNI

Director · since 01 janvier 2005

Ended

FILIP VAN DE VEIRE

Director · until 28 mai 2009

Ended

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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	31/08/2026	26/07/2025	23/07/2024	05/07/2023	26/07/2022	26/07/2021
General meeting	28/05/2026	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021
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	28/05/2026	31/08/2026	Dutch	PDF
Micro model	31/12/2024	30/06/2025	26/07/2025	Dutch	PDF
Micro model	31/12/2023	30/06/2024	23/07/2024	Dutch	PDF
Micro model	31/12/2022	30/06/2023	05/07/2023	Dutch	PDF
Micro model	31/12/2021	30/06/2022	26/07/2022	Dutch	PDF
Micro model	31/12/2020	30/06/2021	26/07/2021	Dutch	PDF
Micro model	31/12/2019	30/06/2020	30/07/2020	Dutch	PDF
Micro model	31/12/2018	17/03/2020	23/03/2020	Dutch	PDF
Micro model	31/12/2017	31/05/2018	27/07/2018	Dutch	PDF
Micro model	31/12/2016	26/05/2017	29/08/2017	Dutch	PDF
Abridged model	31/12/2015	26/05/2016	26/08/2016	Dutch	PDF
Abridged model	31/12/2014	28/05/2015	31/08/2015	Dutch	PDF
Abridged model	31/12/2013	30/05/2014	23/07/2014	Dutch	PDF
Abridged model	31/12/2012	30/05/2013	13/08/2013	Dutch	PDF
Abridged model	31/12/2011	31/05/2012	13/06/2013	Dutch	PDF
Abridged model	31/12/2010	26/05/2011	20/03/2012	Dutch	PDF
Abridged model	31/12/2009	27/05/2010	31/08/2010	Dutch	PDF
Abridged model	31/12/2008	28/05/2009	31/08/2009	Dutch	PDF
Abridged model	31/12/2007	29/05/2008	26/08/2008	Dutch	PDF
Abridged model	31/12/2006	31/05/2007	30/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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 · 1 active · 11 ended

Active mandates

Verborg GIOVANNI

Managing director · since 01 janvier 2005

Active

Ended mandates

Vanhee Diego

Director · since 17 mars 2020 · until 17 mars 2026

Ended

GIO VERBORG

Manager · since 01 janvier 2005

Ended

Verborg GIOVANNI

Director · since 01 janvier 2005

Ended

FILIP VAN DE VEIRE

Director · until 28 mai 2009

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DIVERSEN - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/04/2020
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Registered office06/05/2013
MAATSCHAPPELIJKE ZETEL
PDF
Registered office06/09/2006
MAATSCHAPPELIJKE ZETEL
PDF
Mandates21/04/2006
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/10/2005
ONTSLAGEN - BENOEMINGEN
PDF
Other25/09/2003
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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

2025
Annual accounts 2025-451,6 €↓
2024
Annual accounts 2024266,3 €↓
2023
Annual accounts 202317,6 k €↑
2022
Annual accounts 202210 k €↑
2021
Annual accounts 20211,9 k €↑
2018
Annual accounts 2018-33,1 k €↓
2017
Annual accounts 2017-526,3 €↓
2016
Annual accounts 2016-114,7 €↑
2015
Annual accounts 2015-667 €↑
2014
Annual accounts 2014-2,3 k €↑
2013
Annual accounts 2013-3,7 k €↓
2012
Annual accounts 2012-1,4 k €↓
2011
Annual accounts 20114,9 k €↓
2010
Annual accounts 20106,1 k €↑
2009
Annual accounts 20094,6 k €↓
2008
Annual accounts 200814,6 k €↑
2007
Annual accounts 200714,5 k €↓
2006
Annual accounts 200640,3 k €
18/09/2003
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

SPENCO

Overview

What does SPENCO do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline