ACTIVE

SPAH

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Financial year 2025 · closed on 31/03/2025

Net result

23,6 k €

-64.6% YoY

Gross margin

531,7 k €

+243.6% YoY

Equity

357,9 k €

+166.7% YoY

Workforce

0,2 ETP

-80.0% YoY

What does SPAH do?

SPAH is a Private limited company incorporated in 2006. Its registered office is in Sint-Martens-Latem. It employs on average 0,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0878.965.203

Incorporation

27/01/2006

Legal form

Private limited company

Registered office

Burggraaf H. de Spoelberchdreef 6
9831 Sint-Martens-Latem · FlandreSee on map

Contributed capital

21 058,79 €

Latest accounts

31/03/2025

Average workforce

0,2 ETP

Joint committees (1)

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2023		2022		2021		2020		2019		2018		2017		2016		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	531,7 k €	+244%	154,7 k €	+128%	67,8 k €	-49.9%	135,2 k €	-48.4%	262,1 k €	+18.0%	222,1 k €	+579%	32,7 k €	+23.0%	26,6 k €	+1267%	-2,3 k €	-184%	-802 €	+44.3%	-1,4 k €	+34.8%	-2,2 k €	-139%	5,6 k €	+135%	2,4 k €	-45.8%	4,4 k €	-58.7%	10,6 k €	-2.2%	10,9 k €
EBITDA	129,9 k €	+34.1%	96,9 k €	+56.2%	62 k €	+1.9%	60,9 k €	-45.6%	111,9 k €	-40.8%	189,1 k €	+13022%	-1,5 k €	-106%	25,8 k €	+1083%	-2,6 k €	-54.7%	-1,7 k €	+18.2%	-2,1 k €	+28.5%	-2,9 k €	-161%	4,7 k €	+200%	1,6 k €	-59.9%	3,9 k €	-61.5%	10,2 k €	-5.5%	10,8 k €
Operating result	111,5 k €	+31.2%	84,9 k €	+106%	41,2 k €	-9.0%	45,2 k €	-28.8%	63,5 k €	-64.1%	176,7 k €	+4631%	-3,9 k €	-116%	24,8 k €	+1046%	-2,6 k €	+2.1%	-2,7 k €	+12.4%	-3,1 k €	+40.8%	-5,2 k €	-1041%	-453,8 €	+89.8%	-4,5 k €	-68.1%	-2,7 k €	-172%	3,7 k €	-21.5%	4,7 k €
Net result	23,6 k €	-64.6%	66,7 k €	+90.8%	34,9 k €	+407%	6,9 k €	-88.0%	57,6 k €	-50.2%	115,7 k €	+2192%	-5,5 k €	-122%	24,6 k €	+1058%	-2,6 k €	+3.9%	-2,7 k €	+12.3%	-3,1 k €	+22.0%	-3,9 k €	-826%	-422,2 €	+90.5%	-4,4 k €	-72.5%	-2,6 k €	-198%	2,6 k €	-19.4%	3,3 k €
Balance sheet
Equity	357,9 k €	+167%	134,2 k €	+98.7%	67,5 k €	+107%	32,6 k €	-82.9%	190,9 k €	+43.2%	133,3 k €	+658%	17,6 k €	-23.9%	23,1 k €	+1651%	-1,5 k €	-120%	7,4 k €	-26.4%	10,1 k €	-23.2%	13,2 k €	-22.9%	17,1 k €	-2.4%	17,5 k €	-20.2%	21,9 k €	-10.5%	24,5 k €	+12.0%	21,9 k €
Total assets	3,2 M €	+281%	836,3 k €	-27.2%	1,1 M €	+22.4%	938,1 k €	+51.6%	618,7 k €	+68.2%	367,8 k €	+92.6%	191 k €	+210%	61,6 k €	+5595%	1,1 k €	-87.3%	8,5 k €	-20.6%	10,8 k €	-19.7%	13,4 k €	-27.2%	18,4 k €	-32.2%	27,1 k €	-4.9%	28,5 k €	-32.6%	42,3 k €	-0.8%	42,7 k €
Cash	19,3 k €	-83.4%	115,7 k €	+26.1%	91,8 k €	+208%	29,8 k €	-67.4%	91,5 k €	-50.9%	186,4 k €	+153%	73,8 k €	+1747%	4 k €	+387%	819,8 €	-85.5%	5,6 k €	-14.8%	6,6 k €	-19.9%	8,3 k €	-13.4%	9,5 k €	+3.6%	9,2 k €	-6.3%	9,8 k €	-49.7%	19,5 k €	+36.0%	14,4 k €
Debts	2,8 M €	+303%	702,1 k €	-35.0%	1,1 M €	+19.4%	905,5 k €	+113%	425,8 k €	+83.1%	232,6 k €	+34.1%	173,4 k €	+351%	38,5 k €	+1396%	2,6 k €	+171%	951 €	+80.1%	528 €	+355%	116 €	-90.4%	1,2 k €	-87.3%	9,5 k €	+46.7%	6,5 k €	-63.3%	17,7 k €	-14.4%	20,7 k €
Other
Workforce	0,2 ETP	-80.0%	1,0 ETP	-60.0%	2,5 ETP	+178%	0,9 ETP	-55.0%	2,0 ETP	+233%	0,6 ETP	-25.0%	0,8 ETP		–		–		–		–		–		–		–		–		–		–

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 31/03/2025 · 2 active · 4 ended

Active mandates

Hendrik Vermeire

Director · since 27 juin 2024

Active

Arne Notebaert

Director · since 30 mai 2016

Active

Ended mandates

Arne Notebaert

Director · since 15 décembre 2020

Ended

Arne Notebaert

Manager · since 30 mai 2016

Ended

Johan Pockele

Manager · since 17 janvier 2006 · until 30 mai 2016

Ended

Johan Pockelé

Manager · since 17 janvier 2006

Ended

At this address

Other companies at this address

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Groep Nexus● Active	1017.521.684
Nexus Consulting● Active	0759.996.483

Annual accounts

Full financial information

	2025	2023	2022	2021	2020	2019
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019	01/07/2018
Closing of the financial year	31/03/2025	30/06/2023	30/06/2022	30/06/2021	30/06/2020	30/06/2019
Length of the financial year	21 months	12 months	12 months	12 months	12 months	12 months
Filing date	28/11/2025	01/02/2024	27/03/2023	06/01/2022	15/12/2020	08/01/2020
General meeting	31/10/2025	31/12/2023	12/12/2022	13/12/2021	14/12/2020	09/12/2019
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/03/2025	31/10/2025	28/11/2025	Dutch	PDF
Abridged model	30/06/2023	31/12/2023	01/02/2024	Dutch	PDF
Abridged model	30/06/2022	12/12/2022	27/03/2023	Dutch	PDF
Abridged model	30/06/2021	13/12/2021	06/01/2022	Dutch	PDF
Abridged model	30/06/2020	14/12/2020	15/12/2020	Dutch	PDF
Abridged model	30/06/2019	09/12/2019	08/01/2020	Dutch	PDF
Abridged model	30/06/2018	10/12/2018	03/01/2019	Dutch	PDF
Abridged model	30/06/2017	11/12/2017	27/12/2017	Dutch	PDF
Abridged model	30/06/2016	12/12/2016	09/01/2017	Dutch	PDF
Abridged model	30/06/2015	14/12/2015	22/01/2016	Dutch	PDF
Abridged model	30/06/2014	08/12/2014	05/01/2015	Dutch	PDF
Abridged model	30/06/2013	09/12/2013	12/02/2014	Dutch	PDF
Abridged model	30/06/2012	10/12/2012	14/02/2013	Dutch	PDF
Abridged model	30/06/2011	12/12/2011	21/02/2012	Dutch	PDF
Abridged model	30/06/2010	13/12/2010	24/12/2010	Dutch	PDF
Abridged model	30/06/2009	14/12/2009	24/12/2009	Dutch	PDF
Abridged model	30/06/2008	08/12/2008	29/12/2008	Dutch	PDF
Abridged model	30/06/2007	10/12/2007	24/12/2007	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 31/03/2025 · 2 active · 4 ended

Active mandates

Hendrik Vermeire

Director · since 27 juin 2024

Active

Arne Notebaert

Director · since 30 mai 2016

Active

Ended mandates

Arne Notebaert

Director · since 15 décembre 2020

Ended

Arne Notebaert

Manager · since 30 mai 2016

Ended

Johan Pockele

Manager · since 17 janvier 2006 · until 30 mai 2016

Ended

Johan Pockelé

Manager · since 17 janvier 2006

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring14/08/2024
BENAMING - DOEL - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates08/07/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - BOEKJAAR
PDF
Restructuring27/06/2024
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Registered office22/05/2024
MAATSCHAPPELIJKE ZETEL
PDF
Registered office19/03/2021
MAATSCHAPPELIJKE ZETEL
PDF
Restructuring07/01/2021
DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring23/10/2020
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Registered office20/12/2017
MAATSCHAPPELIJKE ZETEL
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 202523,6 k €↓
2025
Name changeSPAH
2023
Annual accounts 202366,7 k €↑
2022
Annual accounts 202234,9 k €↑
2022
Name changeValcredo
2021
Annual accounts 20216,9 k €↓
2020
Annual accounts 202057,6 k €↓
2019
Annual accounts 2019115,7 k €↑
2018
Annual accounts 2018-5,5 k €↓
2017
Annual accounts 201724,6 k €↑
2016
Annual accounts 2016-2,6 k €↑
2014
Annual accounts 2014-2,7 k €↑
2013
Annual accounts 2013-3,1 k €↑
2012
Annual accounts 2012-3,9 k €↓
2011
Annual accounts 2011-422,2 €↑
2010
Annual accounts 2010-4,4 k €↓
2009
Annual accounts 2009-2,6 k €↓
2008
Annual accounts 20082,6 k €↓
2007
Annual accounts 20073,3 k €
27/01/2006
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

SPAH

Overview

What does SPAH do?

Trend over 17 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