DE SMET
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-10-2025 PDF all 35 filings
Turnover
≈ €800,000
Estimated: probably between €400,000 and €1.4m
Total assets
€2.1m▲ 20.4%
2024 · €1.8m
Net result
€36,305▼ 85.9%
2024 · €257,845
Working capital
-€336,586▼ 7.4%
2024 · -€313,278
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€67,175
▼ 80.9%
2025
20192025
Net result
€36,305
▼ 85.9%
2025
middle half of the sector
20192025
Equity
€523,388
▲ 7.5%
2025
middle half of the sector
20192025
Total assets
€2.1m
▲ 20.4%
2025
middle half of the sector
20192025
Debt
€1.6m
▲ 25.5%
2025
20192025
Working capital
-€336,586
▼ 7.4%
2025
lowest quarter of the sector
20192025
Solvency
24.8%
▼ 3.0pp
2025
middle half of the sector
20192025
Current ratio
0.71
▲ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
1.7%
▼ 13.0pp
2025
middle half of the sector
20192025
Staff (FTE)
0
▼ 100%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Operating result€0.1m-€0.07m▼ 44.6%€0.2m-€0.1m▼ 35.6%€0.4m▲ 252%€0.07m▼ 80.9%
Net result€0.08m-€0.04mwithin the sector's middle half▼ 44.3%€0.1mwithin the sector's middle half-€0.08mwithin the sector's middle half▼ 19.6%€0.3mabove the sector's middle half▲ 221%€0.04mwithin the sector's middle half▼ 85.9%
Equity€0.5m-€0.6mwithin the sector's middle half▲ 8.2%€0.7mwithin the sector's middle half-€0.7mwithin the sector's middle half▲ 1.1%€0.5mwithin the sector's middle half▼ 27.8%€0.5mwithin the sector's middle half▲ 7.5%
Total assets€1.2m-€1.3mwithin the sector's middle half▲ 15.8%€1.9mwithin the sector's middle half-€2.0mwithin the sector's middle half▲ 5.2%€1.8mwithin the sector's middle half▼ 12.6%€2.1mwithin the sector's middle half▲ 20.4%
Debt€0.6m-€0.8m▲ 22.2%€1.2m-€1.3m▲ 7.5%€1.3m▼ 4.9%€1.6m▲ 25.5%
Working capital€0.4m-€0.6mwithin the sector's middle half▲ 55.6%€0.7mwithin the sector's middle half-€0.8mwithin the sector's middle half▲ 12.4%-€0.3mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 7.4%
Solvency45.5%-42.5%within the sector's middle half▼ 3.0pp35.1%within the sector's middle half-33.7%within the sector's middle half▼ 1.4pp27.8%within the sector's middle half▼ 5.9pp24.8%within the sector's middle half▼ 3.0pp
Current ratio1.59-1.90within the sector's middle half▲ 0.321.70within the sector's middle half-2.00within the sector's middle half▲ 0.300.61below the sector's middle half▼ 1.390.71below the sector's middle half▲ 0.10
Return on assets (ROA)6.7%-3.2%within the sector's middle half▼ 3.5pp5.2%within the sector's middle half-4.0%within the sector's middle half▼ 1.2pp14.7%above the sector's middle half▲ 10.7pp1.7%within the sector's middle half▼ 13.0pp
Staff (FTE)2.8-2.5within the sector's middle half▼ 10.7%2.5within the sector's middle half-2.6within the sector's middle half▲ 4.0%1.6within the sector's middle half▼ 38.5%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 81% lower than in 2024.
Large changes and their cause
- 2025 Net result -86% on 2024. Partial demerger to DE SMET TUINBOUWBENODIGDHEDEN, Official Gazette 09-01-2024, in the previous financial year. That operation now counts for a full year for the first time.
- 2024 Net result +221% on 2023. Partial demerger to DE SMET TUINBOUWBENODIGDHEDEN, Official Gazette 09-01-2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.3m ▲ 2.6%
Current assets
€806,534 ▲ 67.4%
Equity and liabilities €2.1m
Equity
€523,388 ▲ 7.5%
Debt
€1.6m ▲ 25.5%
Debt's share of the balance-sheet total rises from 72.2% to 75.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€151,279▼
2024 · €464,398
Cash flow
€120,408▼
2024 · €370,437
Debt to equity
3.03▲
2024 · 2.59
ROE
6.9%▼
2024 · 52.9%
Interest coverage
7.68▼
2024 · 48.84
Debt ≤ 1 year
€1.1m▲
2024 · €795,084
Debt > 1 year
€442,074
Income taxes
€11,174▼
2024 · €86,288
Staff costs
-€9,857▼
2024 · €60,025
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 3 |
| full-time | 2 | 2 |
| part-time | - | 1 |
| in full-time equivalents | 2 | 2.8 |
| Average over the year, in full-time equivalents | 2.5 | 2.6 |
| On a permanent contract | 2 | 3 |
| Joined | 0 | 1 |
| Left | 1 | 0 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €197,240 | €300,809 | €1.1m | €117,357 |
| Depreciation and write-downs of the year | €104,772 | €69,601 | €112,592 | €84,103 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €457 awarded · €457 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €150 | €150 |
| 2022 | 1 | €307 | €307 |
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4,000 | €2,697 | €38,212 | €253 | ▼ 99.3% |
| Remuneration, social security and pensions62 | - | - | €269,862 | €149,417 | €60,025 | -€9,857 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €63,551 | €60,999 | €104,772 | €69,601 | €112,592 | €84,103 | ▼ 25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €22,830 | €66,840 | €14,255 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | €35,603 | €17,579 | €15,101 | €13,883 | ▼ 8.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €0 | - |
| Gross operating margin9900 | €335,912 | €284,425 | €588,316 | €403,440 | €595,974 | €155,305 | ▼ 73.9% |
| Operating profit (loss)9901 | €121,113 | €67,122 | €155,250 | €100,003 | €351,806 | €67,175 | ▼ 80.9% |
| Financial income75/76B | - | - | €5,584 | €15,752 | €1,835 | €0 | ▼ 100% |
| Recurring financial income75 | €1,376 | €7,180 | €5,584 | €1,752 | €1,835 | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | €14,000 | - | - | - |
| Financial charges65/66B | - | - | €20,869 | €16,489 | €9,509 | €19,697 | ▲ 107% |
| Recurring financial charges65 | €14,984 | €13,189 | €20,869 | €16,489 | €9,509 | €19,697 | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €107,505 | €61,113 | €139,965 | €99,266 | €344,132 | €47,479 | ▼ 86.2% |
| Income taxes67/77 | €30,683 | €18,304 | €40,036 | €18,875 | €86,288 | €11,174 | ▼ 87.1% |
| Profit (loss) for the period9904 | €76,822 | €42,809 | €99,929 | €80,391 | €257,845 | €36,305 | ▼ 85.9% |
| Transfer from tax-exempt reserves789 | - | - | €12,000 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €76,822 | €42,809 | €111,929 | €80,391 | €257,845 | €36,305 | ▼ 85.9% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.2m | €1.3m | €1.9m | €2.0m | €1.8m | €2.1m | ▲ 20.4% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.4m | €1.3m | €1.3m | ▲ 2.6% |
| Intangible fixed assets21 | €0.003m | €0.002m | €0.002m | €0.001m | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.4m | €1.3m | €1.3m | ▲ 2.6% |
| Land and buildings22 | - | - | €0.08m | €0.1m | €1.1m | €1.1m | ▲ 4.8% |
| Plant, machinery and equipment23 | - | - | €0.02m | €0.2m | €0.2m | €0.2m | ▼ 2.5% |
| Furniture and vehicles24 | - | - | €0.1m | €0.1m | €0.05m | €0.03m | ▼ 28.8% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €15 | €15 | ▼ 0.9% |
| Current assets29/58 | €1.0m | €1.2m | €1.7m | €1.6m | €0.5m | €0.8m | ▲ 67.4% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.5m | €0.5m | - | - | - |
| Stocks30/36 | - | - | €0.5m | €0.5m | - | - | - |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.8m | €0.8m | €0.3m | €0.6m | ▲ 92.6% |
| Trade receivables40 | - | - | €0.8m | €0.7m | €0.3m | €0.6m | ▲ 94.7% |
| Other amounts receivable41 | - | - | €0.02m | €0.08m | €0.02m | €0.03m | ▲ 59.3% |
| Current investments50/53 | - | - | - | €0.02m | €0.07m | €0.1m | ▲ 66.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.3m | €0.3m | €0.3m | €0.08m | €0.05m | ▼ 35.8% |
| Deferred charges and accrued income490/1 | - | - | €0.02m | €0.01m | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.9m | €2.0m | €1.8m | €2.1m | ▲ 20.4% |
| Equity10/15 | €0.5m | €0.6m | €0.7m | €0.7m | €0.5m | €0.5m | ▲ 7.5% |
| Contributions10/11 | €0.06m | - | €0.06m | €0.06m | €0.03m | €0.03m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.4m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | €0.006m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.006m | - | - | - | - |
| Distributable reserves133 | - | - | €0.5m | €0.4m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 13.6% |
| Amounts payable17/49 | €0.6m | €0.8m | €1.2m | €1.3m | €1.3m | €1.6m | ▲ 25.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.4m | - |
| Financial debts170/4 | - | - | - | - | - | €0.4m | - |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €1.0m | €0.8m | €0.8m | €1.1m | ▲ 43.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.03m | - |
| Trade debts44 | €0.5m | €0.3m | €0.8m | €0.6m | €0.4m | €0.7m | ▲ 85.8% |
| Suppliers440/4 | - | - | €0.8m | €0.6m | €0.4m | €0.7m | ▲ 85.8% |
| Taxes, remuneration and social security45 | - | - | €0.09m | €0.04m | €0.07m | €0.08m | ▲ 3.9% |
| Taxes450/3 | - | - | €0.07m | €0.03m | €0.07m | €0.08m | ▲ 17.2% |
| Remuneration and social security454/9 | - | - | €0.02m | €0.01m | €0.008m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €0.07m | €0.09m | €0.3m | €0.3m | ▲ 1.8% |
| Accrued charges and deferred income492/3 | - | - | €0.2m | €0.5m | - | - | - |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,822 | €42,809 | €99,929 | €80,391 | €257,845 | €36,305 | ▼ 85.9% |
| + Depreciation and write-downs630 | €63,551 | €60,999 | €104,772 | €69,601 | €112,592 | €84,103 | ▼ 25.3% |
| Operating cash flow (approximation) | €140,373 | €103,808 | €204,701 | €149,992 | €370,437 | €120,408 | ▼ 67.5% |
| Investment in fixed assets (approximation) | - | -€38,164 | - | -€295,945 | -€935,052 | -€117,356 | ▲ 87.4% |
| Change in cash | - | €119,970 | - | -€21,606 | -€238,092 | -€28,690 | ▲ 88.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,685 companies had the same profile as DE SMET has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of DE SMET itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,685 companies, not a prediction for DE SMET. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00561201 | |
| 31-03-2024 | abbreviated format | 27-06-2025 | 2025-00215834 | |
| 31-03-2023 | abbreviated format | 21-09-2023 | 2023-00451256 | |
| 31-03-2022 | abbreviated format | 28-10-2022 | 2022-20486439 | |
| 30-06-2020 | abbreviated format | 15-02-2021 | 2021-05500327 | |
| 30-06-2019 | abbreviated format | 15-01-2020 | 2020-01300028 | |
| 30-06-2018 | abbreviated format | 14-01-2019 | 2019-01200123 | |
| 30-06-2017 | abbreviated format | 12-01-2018 | 2018-01000078 | |
| 30-06-2016 | abbreviated format | 07-01-2017 | 2017-00400442 | |
| 30-06-2015 | abbreviated format | 23-12-2015 | 2015-69900352 |