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 2 of the last 4 fiscal years.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 16 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Spectricity from Mechelen, company number BE0685594317, closed financial year 2025 with a result of € -8.7 million after tax. For that financial year Spectricity recorded revenue of € 118,664 and equity of € -10.4 million. Compared with financial year 2024, the result moved from € -8 million to € -8.7 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 July 1, 2026.
€ -10.4 million
▼ € 8.7 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -8.7 million
▼ 9 % more loss than in 2024
Profit after tax over the fiscal year.
€ 1.8 million
▲ 216% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -35.1 million.
People and assets in 2025
22.6
▲ 0.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.9 million
▲ 6% vs 2024
€ 130,200 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.
€ 24,463
▼ 27% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 13 million
▲ 225% vs 2024
Loans from banks and other lenders, long and short.
€ 1.1 million
▼ 15% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 511,068
▲ 32% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | - | - | € 29,378 | € 118,664 | ▲ € 89,286 |
| Gross margin | € 2,525,141 | € 1,674,557 | € -379,264 | € -621,451 | ▼ € 242,187 |
| Profit after taxes | € -4,654,505 | € -4,919,822 | € -7,997,381 | € -8,713,733 | ▼ € 716,352 |
| Equity | € 6,263,727 | € 6,343,895 | € -1,653,485 | € -10,367,218 | ▼ € 8.7 million |
| Total debts | € 1,501,011 | € 1,131,927 | € 5,685,301 | € 15,121,560 | ▲ 166% |
| Cash | € 1,496,303 | € 507,209 | € 571,299 | € 1,804,196 | ▲ 216% |
| Retained profit | € -13,461,005 | € -18,380,827 | € -26,378,208 | € -35,091,940 | ▼ € 8.7 million |
| Bank debt | € 326,400 | € 244,800 | € 4,000,000 | € 13,000,000 | ▲ 225% |
| Balance sheet total | € 7,764,738 | € 7,475,822 | € 4,031,815 | € 4,754,342 | ▲ 18% |
| Employees (FTE) | 19.4 | 22.4 | 22.3 | 22.6 | ▲ 0.3 |
Key figures of Spectricity, 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 Spectricity?
What happened at Spectricity in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- KDBEH Ltd stepped down as director. NBB
- Imec.xpand CommV stepped down as director. NBB
- CR8DLE PTE Ltd stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 8.7 million. Source: NBB ↗
- Jakub Raczkowksi stepped down as director. NBB
- Pieter Vorenkamp stepped down as director. NBB
- Rudi De Winter stepped down as director. NBB
- Hubble Ventures CO., LTD stepped down as director. NBB
In short
From € 4.7 million loss in 2022 to € 8.7 million loss in 2025.
On average € 74,800 of value added per employee in 2023.
Management
The stake of imec.xpand, XTRION, Interuniversitair Micro-Electronica Centrum comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
SpectricityThe shares are held by imec.xpand (25.8%), XTRION (14.4%) and Interuniversitair Micro-Electronica Centrum (11.4%).
Directors
According to the 2025 annual accounts
Jakub Raczkowksi
Director
since 2025 · until 2026
Pieter Vorenkamp
Director
since 2022 · until 2026
Director · represented by Maguire Gerard
since 2025 · until 2031
Director · represented by Vanbekbergen Peter
Also active at: Morrow, Pharrowtech, Pulsify Medical, Azalea Vision
since 2025 · until 2031
Rudi De Winter
Director
since 2022 · until 2026
CR8DLE PTE Ltd
Director · represented by Vandevoorde Glenn
since 2025 · until 2031
Hubble Ventures CO., LTD
Director · represented by Xu Yaxin
since 2024 · until 2026
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Stationsstraat 55
2800 Mechelen
Rotspoelstraat 26
3001 Leuven
Active since 4 December 2017
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 9 companies are registered at this address.
All companies at this address →ALCON
€ 50.9 million revenue · 2025
Protostars
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€ 5.8 million gross margin · 2025
Arega Pharma
€ 63.4 million revenue · 2025
Let's App
€ -1.4 million gross margin · 2025
+4 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
- 0685.594.317
- VAT number
- BE 0685.594.317
- Registered office
- Stationsstraat 55, 2800 Mechelen
- Names & denominations
- Spectricity
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 4 December 2017
- Peppol
- Active · Active since 27 Aug 2024
- Activities · NACE
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