SPA

What SPA does

SPA is a Belgian producer of natural mineral water, flavored waters, and lemonades, operating as a brand under Spadel N.V., a Belgian naamloze vennootschap headquartered in Brussels (Woluwe-Saint-Lambert). Bottling is concentrated at the Spa Monopole facility in Spa, Belgium, drawing from underground sources in the Fagnes region that have been protected since a royal decree in 1889 across a 13,177-hectare perimeter. The core product, SPA Reine, is positioned as one of the least mineralized natural mineral waters in Europe (38 mg/L residue dry extract, 3 mg/L sodium, 1.5 mg/L nitrates, pH 6), supported by biological filtration through demineralized rock over a multi-year underground journey with no chemical treatment.

The portfolio spans still water (SPA Reine), sparkling variants (SPA Intense, SPA Finesse), flavored waters (SPA Touch), and fruit lemonades (SPA Fruit), plus bulk 5L/10L Eco Packs feeding the SPA Fountain office dispenser, branded merchandise through the SPA Goodies webshop, and the SPA Baby & Family Club membership program. Distribution is intentionally constrained to a 500km radius from source — 98.2% of 2023 volume was sold within that perimeter — and is delivered through supermarkets, beverage shops, HORECA, and enterprise workplace channels across Belgium, the Netherlands, and Luxembourg.

Revenue is generated through one-time retail purchases at prices set by third-party retailers, with no disclosed consumer pricing model; direct e-commerce via webshopspa.com supplements the retail mix. Customer segments are horizontal (general consumer, families with infants, athletes, HORECA), with no disclosed enterprise contract structure. The company employs approximately 600 people at Spa Monopole (95% locally), maintains approximately 90% local suppliers, holds AWS Platinum certification (since 2020), B Corp certification, and operates carbon-neutral plastic packaging.

Name

SPA

Legal name

SPADEL

Website

https://spa.be

Company type

Private

Operating status

Operating

Headcount range

501–1,000 employees

Short description

SPA is a Belgian natural mineral water brand owned by Spadel N.V., selling still and sparkling waters, flavored waters, and lemonades from the Fagnes region. Distributed through retail, HORECA, and workplace dispensers across the Benelux, with SPA Reine suitable for infants.

Ownership category

akta.pro rank

Product category

Natural Mineral Water

NAICS

Bottled Water Manufacturing (312112), Soft Drink Manufacturing (312111)

SIC

Bottled & Canned Soft Drinks & Carbonated Waters (2086)

akta.pro primary industry

Mineral Water Bottling (Naturally Mineral) (AFAFACAB)

akta.pro secondary industries

Bottled Water (Still, Sparkling, Enhanced) (CRADAHAC), Bottled Water & Sparkling Water Wholesale (AFAIAGAC)

Keywords

• Natural mineral water
• Flavored water beverages
• Sparkling mineral water
• Bottled water products
• Workplace water dispensers

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Mineral Water Sales: Revenue from selling natural mineral water products in various formats (glass bottles, PET bottles, Eco Packs of 5L and 10L) through retail channels including supermarkets, beverage shops, and HORECA.
2. Flavored Waters and Soft Drinks: Sales of flavored waters (SPA Touch) and fruit lemonades (SPA Fruit) through same retail distribution channels.
3. SPA Goodies E-commerce: Online sales of branded merchandise including drinking bottles, glasses, and other SPA-branded items through webshopspa.com.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

SPA produces and sells natural mineral water, flavored waters, and fruit lemonades sourced from protected underground springs in the Fagnes region of Spa, Belgium. The core still, sparkling, and lightly sparkling mineral waters (SPA Reine, SPA Intense, SPA Finesse) are complemented by flavored waters (SPA Touch) and fruit lemonades (SPA Fruit). Distribution is limited to within 500km of source across Benelux retail, HORECA, direct-to-consumer e-commerce, and the SPA Fountain workplace dispenser channel.

Product overview

SPA is a Belgian natural mineral water company offering a portfolio of water and flavored beverage products. The core offerings include SPA Reine (still mineral water), SPA Intense (sparkling), and SPA Finesse (lightly sparkling), all sourced from protected underground springs in Spa, Belgium. The flavored beverage sub-brands include SPA Touch (zero-calorie flavored water with natural aromas) and SPA Fruit (fruit-flavored lemonades with natural ingredients). Distribution is limited to within 500km of the source to minimize environmental impact. The company also offers the SPA Fountain dispenser system with Eco Pack formats for office and communal use, a Baby & Family Club membership program, and a Goodies webshop for branded merchandise. The products are notable for their very low mineral content, with SPA Reine being one of the least mineralized waters in Europe, making it suitable for infants and low-sodium diets.

Differentiator

Problem solved

Functional benefit

Brands

• SPA Baby & Family Club: A club program for (future) parents with tips on hydration for babies and children
• SPA Fountain
• SPA Club

Products and services

• SPA Reine Natural still mineral water sourced from the protected Spa region in Belgium, with exceptionally low mineral content (38 mg/L residue), low sodium (3 mg/L), and near-neutral pH of 6. One of the least mineralized waters in Europe, suitable for all ages including infants, and officially recognized as suitable for infant food preparation with endorsement from the Belgian Paediatric Society.
• SPA Intense Sparkling natural mineral water with strong carbonation, sourced from the same protected Belgian springs as SPA Reine.
• SPA Finesse Lightly sparkling natural mineral water with fine bubbles, named in homage to Queen Marie-Henriette, sourced from the protected Spa region of Belgium.
• SPA Touch Flavored still or sparkling water made from SPA Reine mineral water with 100% natural aromas. Zero sugar, zero calories, no artificial sweeteners or additives, available in multiple flavor combinations.
• SPA Fruit Fruit-flavored lemonades made from SPA mineral water with fruit juice, 100% natural ingredients, low in calories, with no artificial preservatives or colorings. Available in still and sparkling versions.
• SPA Eco Pack Bulk water packaging in 5L and 10L formats designed to be more environmentally friendly, used with the SPA Fountain dispenser system for office and home consumption.
• SPA Fountain Next-generation water cooler/dispenser system using SPA Reine Eco Packs of 10 liters for offices and communal spaces. Only fountain in Belgium offering natural mineral water, achieving 70% average plastic reduction compared to 6x1.5L packs.

Quantifiable outcome

• One of the least mineralized waters in Europe with only 38mg/L residue dry extract
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• City of SpacoreStrategic or Co-development PartnerLong-standing collaboration since 1889 leading to creation of protected source zone and Parc Naturel des Sources. Joint efforts to protect natural water resources and maintain biodiversity in the region.
• Parc Naturel des SourcescoreStrategic or Co-development Partner148 km2 protected natural area covering Spa and Stoumont municipalities. Mission to protect and enhance the unique environmental heritage including SPA's natural mineral water sources.
• BeeOdiversitycoreTechnology or IntegrationEnvironmental monitoring partnership using 8 bee colonies to analyze biodiversity and detect pollutants. 400,000 bees act as 'bio-indicators' with daily analysis confirming zero pollution in protected zone.
• Water Access RwandaminorStrategic or Co-development PartnerClimate partnership linking water purification with carbon reduction. Project to restore 35 degraded water wells over 10 years, providing 570 million liters of clean water to 250,000 people while saving 3 million trees and avoiding 400,000 tons CO2 emissions.
• 400,000 Bees (Biodiversity Guardians)coreOthers400,000 bees installed on protected zone serve as biodiversity monitors. Analysis confirms no pollution and high biodiversity levels in source protection area.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Volvic: Danone-owned natural mineral water from the Auvergne region of France. Competes directly with SPA in the Benelux still water segment with a similar natural-source, environmentally-branded positioning.
• Vittel: Nestlé Waters-owned French natural mineral water positioned for everyday hydration. Competes with SPA Reine in the still natural mineral water segment across Benelux retail.
• Evian: French natural mineral water owned by Danone; globally distributed premium bottled water with similar pediatric and low-mineral positioning. Competes with SPA in Belgian retail and represents the premium bottled water category benchmark.
• Perrier: Iconic French sparkling natural mineral water owned by Nestlé Waters. Closely comparable to SPA's Intense and Finesse sparkling SKUs and competes for sparkling water occasions in Belgian HORECA.
• San Pellegrino: Italian sparkling mineral water owned by Nestlé Waters, with a premium positioning similar to SPA's sparkling line. Competes in the upscale HORECA and foodservice segment within Benelux.

Regional players

• Gerolsteiner: German mineral water brand with a high-mineral profile, dominant in the German market. Comparable in scale and European natural mineral water positioning, though focused on DACH geography.

Emerging players

• Highland Spring: Scottish natural mineral water with similar sustainability narrative and protected source positioning. Comparable mid-sized natural mineral water brand with B Corp certification, competing in European retail.

Direct peers

• Valvert: Belgian natural mineral water also owned by the Spadel group (SPA's parent). While internally related, it is a direct product peer sold in the same Benelux retail channels and illustrates Spadel's broader mineral water portfolio strategy.
• Bru: Belgian sparkling water brand (Coca-Cola) with strong local retail presence. Direct competitor in the Belgian sparkling water segment against SPA Intense and SPA Finesse.
• Chaudfontaine: Belgian natural mineral water brand owned by Coca-Cola, also sourced from a protected Belgian spring. Direct head-to-head competitor in SPA's home market across retail and HORECA channels.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/spabelgium
• Facebookfacebook.com/SpaBelgium
• LinkedInlinkedin.com/company/spadel
• Instagraminstagram.com/spabelgium/?hl=en
• TikToktiktok.com/@spabelgium

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPA