Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 3 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Busy address KBO
53 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
SPE III Runway from Elsene, company number BE0434455080, closed financial year 2025 with a result of € -4.5 million after tax. For that financial year SPE III Runway recorded revenue of € 4.2 million and equity of € -9.2 million. Compared with financial year 2024, the result moved from € -3.6 million to € -4.5 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 10, 2026.
€ -9.2 million
▼ € 4.5 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -4.5 million
▼ 26 % more loss than in 2024
Profit after tax over the fiscal year.
€ 1 million
▲ 70% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -43.1 million.
Debts at end 2025
€ 70.1 million
▲ 1% vs 2024
Loans from banks and other lenders, long and short.
€ 1 million
▲ 173% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 163 days on average.
€ 54,980
▼ 9% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 5,996,423 | € 6,313,432 | € 5,232,174 | € 4,156,473 | ▼ 21% |
| Profit after taxes | € 124,112 | € -1,772,766 | € -3,613,957 | € -4,542,454 | ▼ € 928,497 |
| Equity | € 748,088 | € -1,024,679 | € -4,638,635 | € -9,181,089 | ▼ € 4.5 million |
| Total debts | € 79,111,193 | € 75,558,540 | € 79,346,696 | € 77,902,301 | ▼ 2% |
| Cash | € 358,115 | € 229,853 | € 602,799 | € 1,025,714 | ▲ 70% |
| Land & buildings | € 59,234,532 | € 56,891,251 | € 54,506,811 | € 54,227,675 | ▼ 1% |
| Retained profit | € -33,132,870 | € -34,905,637 | € -38,519,594 | € -43,062,048 | ▼ € 4.5 million |
| Bank debt | € 69,472,588 | € 69,195,534 | € 69,404,783 | € 70,061,120 | ▲ 1% |
| Balance sheet total | € 79,859,281 | € 74,533,861 | € 74,708,061 | € 68,721,212 | ▼ 8% |
Key figures of SPE III Runway, 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 SPE III Runway?
What happened at SPE III Runway in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 4.5 million. Source: NBB ↗
- RUNWAY GP SRL became a director. NBB
- New establishment in Machelen (Brab.). KBO
- Start of the company according to the CBE. KBO
In short
From € 124,112 profit in 2022 to € 4.5 million loss in 2025.
Paid € 85,540 in corporate taxes since 2022.
Best year ever: 2022, with € 124,112 profit.
Pays suppliers within 163 days on average.
A new publication or filing at SPE III Runway? 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
Behind SPE III Runway is RUNWAY GP SRL. The shares are held by Loonie 37 S.à r.l. (99%) and Runway GP SRL (0%).
Directors
According to the 2025 annual accounts
Director · represented by Michael DIETRICH
since 2019
Shareholders
Loonie 37 S.à r.l.
99%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Louizalaan 235
1050 Elsene
Leonardo da Vincilaan 19
1831 Machelen (Brab.)
Active since 1 January 2012
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 53 companies are registered at this address.
All companies at this address →Belgische Parkeerfederatie
van Cutsem & Partners
€ 212,108 gross margin · 2025
BEYENS & PARTNERS
€ 173,577 gross margin · 2025
HERMAN LEMAIRE, AVOCAT
€ 185,229 gross margin · 2024
ASSOCIATION EUROPEENNE DES AVOCATS - EUROPEAN ASSOCIATION OF LAWYERS
+48 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0434.455.080
- VAT number
- BE 0434.455.080
- Registered office
- Louizalaan 235, 1050 Elsene
- Names & denominations
- SPE III Runway
- Enterprise type
- Rechtspersoon
- Legal form
- Limited partnership
- Legal situation
- Normale toestand
- Start date
- 2 June 1988
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Verhuur en exploitatie van terreinen
Verhuur van terreinen
Overige gespecialiseerde bouwactiviteiten, neg
Overige gespecialiseerde bouwwerkzaamheden