Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 13.4 to 7.9.
Financials
Financial year 2025
SAPIN from Aywaille, company number BE0428979530, closed financial year 2025 with a result of € 1.1 million after tax. For that financial year SAPIN recorded revenue of € 29 million and equity of € 3.1 million. Compared with financial year 2024, the result moved from € 666,544 to € 1.1 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 June 22, 2026.
€ 3.1 million
▼ 6% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.1 million
▲ 63% vs 2024
Profit after tax over the fiscal year.
€ 2.2 million
▼ 3% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 1.3 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
7.9
▼ 0.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 553,926
▼ 55% vs 2024
€ 70,100 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.
€ 774,417
▲ 5% 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.
€ 2.7 million
▲ 140% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 36 days on average.
€ 123,032
▼ 62% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 52,111,414 | € 35,132,965 | € 34,111,333 | € 28,950,170 | ▼ 15% |
| Profit after taxes | € 344,665 | € 173,493 | € 666,544 | € 1,088,962 | ▲ 63% |
| Equity | € 6,505,858 | € 6,679,351 | € 3,245,895 | € 3,064,857 | ▼ 6% |
| Total debts | € 8,096,167 | € 7,379,166 | € 5,871,642 | € 6,418,578 | ▲ 9% |
| Cash | € 1,854,983 | € 2,490,727 | € 2,267,142 | € 2,206,318 | ▼ 3% |
| Retained profit | € 6,103,031 | € 6,276,524 | € 2,343,068 | € 2,162,030 | ▼ 8% |
| Dividend | € 0 | € 0 | € 4,600,000 | € 1,270,000 | ▼ 72% |
| Bank debt | € 0 | € 58,470 | € 0 | € 0 | |
| Balance sheet total | € 15,015,603 | € 14,629,969 | € 9,378,775 | € 9,530,319 | ▲ 2% |
| Employees (FTE) | 13.9 | 13.4 | 8.8 | 7.9 | ▼ 0.9 |
Key figures of SAPIN, fiscal years 2022 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 SAPIN?
What happened at SAPIN in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- FML Holding SRL stepped down as director. NBB
- Jan Sander Van Tuijl stepped down as director. NBB
- Sjoerd Van Den Brink stepped down as director. NBB
- Lodewijk Peters stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1.1 million (▲ 63% vs 2024). Source: NBB ↗
- FML Holding SRL became a director. NBB
- Jan Sander Van Tuijl became a director. NBB
- Sjoerd Van Den Brink became a director. NBB
In short
From € 344,665 profit in 2022 to € 1.1 million profit in 2025.
Paid € 1.1 million in corporate taxes since 2022.
Best year ever: 2025, with € 1.1 million profit.
Paid out € 5.9 million in dividends to the owners in total.
A new publication or filing at SAPIN? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Sappi Lanaken comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
SAPINThe shares are held by Sappi Lanaken (100%).
Directors
According to the 2025 annual accounts
Managing director · represented by Fabrice Mergeai
since 2024 · until 2030
Jan Sander Van Tuijl
Director
since 2024 · until 2030
Sjoerd Van Den Brink
Director
since 2024 · until 2030
Lodewijk Peters
Director
since 2024 · until 2030
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Rue de Lorcé 41
4920 Aywaille
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0428.979.530
- VAT number
- BE 0428.979.530
- Registered office
- Rue de Lorcé 41, 4920 Aywaille
- Names & denominations
- SAPIN
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 May 1986
- Peppol
- Active · Active since 13 Jan 2026
- Activities · NACE
Groothandel in hout
Goederenvervoer over de weg
Exploitatie van bossen
Bosexploitatie