Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 21 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
SPA MONOPOLE, Compagnie Fermière de Spa from Spa, company number BE0420834005, closed financial year 2025 with a result of € 11.1 million after tax. For that financial year SPA MONOPOLE, Compagnie Fermière de Spa recorded revenue of € 155.1 million and equity of € 27.5 million. Compared with financial year 2024, the result moved from € 5.8 million to € 11.1 million. Profitable, and profit is growing. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 1, 2026.
€ 27.5 million
▼ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 11.1 million
▲ 92% vs 2024
Profit after tax over the fiscal year.
€ 935,498
▲ 18% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 10.8 million paid out
98 % of the profit went to the shareholders, mostly to Spadel SA (100 % of the shares). That is where the money ends up.
People and assets in 2025
494.5
▲ 23.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 45.3 million
▲ 12% vs 2024
€ 91,600 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 176,831
▲ 13% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 19.7 million
▼ 13% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 78 days on average.
€ 14.8 million
▲ 31% vs 2024
Taxes, VAT and social contributions still to pay.
| 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|
| Revenue | € 145,197,459 | € 155,110,749 | ▲ 7% |
| Profit after taxes | € 5,776,224 | € 11,074,795 | ▲ 92% |
| Equity | € 27,626,087 | € 27,463,829 | ▼ 1% |
| Total debts | € 94,459,323 | € 99,857,849 | ▲ 6% |
| Cash | € 791,222 | € 935,498 | ▲ 18% |
| Land & buildings | € 11,557,643 | € 13,979,927 | ▲ 21% |
| Retained profit | € 12,268,127 | € 12,107,900 | ▼ 1% |
| Dividend | € 6,020,000 | € 10,836,000 | ▲ 80% |
| Bank debt | € 150,000 | € 0 | ▼ 100% |
| Balance sheet total | € 125,323,223 | € 130,236,076 | ▲ 4% |
| Employees (FTE) | 471.1 | 494.5 | ▲ 23.4 |
Key figures of SPA MONOPOLE, Compagnie Fermière de Spa, fiscal years 2024 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to SPA MONOPOLE, Compagnie Fermière de Spa?
What happened at SPA MONOPOLE, Compagnie Fermière de Spa in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- GEREFIS SA stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 11.1 million (▲ 92% vs 2024). Source: NBB ↗
- SPADEL SA stepped down as director. NBB
- GEREFIS SA became a director. NBB
- SPADEL SA became a director. NBB
- New establishment in Spa. KBO
- New establishment in Spa. KBO
- New establishment in Spa. KBO
In short
From € 5.8 million profit in 2024 to € 11.1 million profit in 2025.
Paid € 3.6 million in corporate taxes since 2024.
Best year ever: 2025, with € 11.1 million profit.
Paid out € 16.9 million in dividends to the owners in total.
Management
The shares are held by Spadel SA (100%) and Bru-Chevron SA (0%). It owns 100% of Bru-Chevron, 100% of Les Grandes Sources de Wattwiller and 99.6% of S.A. Société des Eaux minérales de Ribeauvillé itself.
Directors
According to the 2025 annual accounts
Director · represented by Marc du Bois
Also active at: Unibra, BRU-CHEVRON, SOCIETE DE SERVICES, DE PARTICIPATIONS, DE DIRECTION ET D'ELABORATION, FINANCES ET INDUSTRIES
since 2024 · until 2030
Director · represented by Tatiana Goeminne
Also active at: BRU-CHEVRON, United Brands Association, The Mocktail Club, QALLO, DRIPL
since 2020 · until 2026
Shareholders
100%
Participations
100%
Les Grandes Sources de Wattwiller
100%
S.A. Société des Eaux minérales de Ribeauvillé
99.6%
Establishments
Establishment units
Physical locations of this company
Rue Auguste Laporte 34
4900 Spa
Colline d'Annette et Lubin 1
4900 Spa
Active since 1 October 1980
Rue Servais 4
4900 Spa
Active since 3 March 1993
Rue Auguste Laporte 34A
4900 Spa
Active since 1 January 2017
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0420.834.005
- VAT number
- BE 0420.834.005
- Registered office
- Rue Auguste Laporte 34, 4900 Spa
- Names & denominations
- SPA MONOPOLE, Compagnie Fermière de Spa · SPA MONOPOLE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 October 1980
- Peppol
- Active · Active since 25 Nov 2025
- Activities · NACE
Vervaardiging van frisdranken en water in flessen
Productie van mineraalwater en frisdranken
Vervaardiging van parfums en toiletartikelen
Ontwikkeling van niet-residentiële bouwprojecten
Projectontwikkeling voor infrastructuurwerken
Vervaardiging van parfums en cosmetische artikelen