Schmutz
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 49 filings
Turnover
€3.9m▲ 13.4%
2024 · €3.5m
EBIT margin
3.8%▲ 2.4pp
2024 · 1.3%
Net result
€96,510▲ 172%
2024 · €35,546
Working capital
€569,618▲ 20.9%
2024 · €470,994
In the rankings
#3 oldest company in Wijnegem, Construction sector#10 company by equity in Wijnegem, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€3.9m
▲ 13.4%
2025
20182025
Operating result
€148,469
▲ 218%
2025
20182025
Net result
€96,510
▲ 172%
2025
middle half of the sector
20182025
EBIT margin
3.8%
▲ 2.4pp
2025
20182025
Equity
€572,429
▲ 20.3%
2025
middle half of the sector
20182025
Total assets
€723,230
▲ 7.6%
2025
middle half of the sector
20182025
Debt
€150,801
▼ 23.2%
2025
20182025
Working capital
€569,618
▲ 20.9%
2025
middle half of the sector
20182025
Solvency
79.1%
▲ 8.4pp
2025
highest quarter of the sector
20182025
Current ratio
4.78
▲ 1.38
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.3%
▲ 8.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
47.9
▲ 1.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€3.2m-€3.7m▲ 13.8%€3.7m▲ 0.6%€3.6m▼ 1.3%€3.5m▼ 4.2%€3.5m▲ 0.8%€3.5m▼ 0.6%€3.9m▲ 13.4%
Operating result€0.07m-€0.03m▼ 49.6%-€0.02m-€0.3m▼ 1,762%€0.05m€0.05m▼ 6.5%€0.05m▲ 1.5%€0.1m▲ 218%
Net result€0.03m-€0.006m▼ 83.0%-€0.03mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 814%€0.05mwithin the sector's middle half€0.04mwithin the sector's middle half▼ 7.4%€0.04mwithin the sector's middle half▼ 18.7%€0.1mwithin the sector's middle half▲ 172%
EBIT margin2.1%-0.9%▼ 1.2pp-0.4%▼ 1.4pp-8.2%▼ 7.8pp1.4%▲ 9.6pp1.3%▼ 0.1pp1.3%=3.8%▲ 2.4pp
Equity€0.7m-€0.7m▲ 0.9%€0.7mabove the sector's middle half▼ 4.8%€0.3mwithin the sector's middle half▼ 46.3%€0.4mwithin the sector's middle half▲ 13.5%€0.4mwithin the sector's middle half▲ 11.0%€0.5mwithin the sector's middle half▲ 8.1%€0.6mwithin the sector's middle half▲ 20.3%
Total assets€1.2m-€1.1m▼ 11.1%€1.2mwithin the sector's middle half▲ 8.2%€1.1mwithin the sector's middle half▼ 5.6%€1.1mwithin the sector's middle half▼ 1.3%€1.2mwithin the sector's middle half▲ 8.4%€0.7mwithin the sector's middle half▼ 42.9%€0.7mwithin the sector's middle half▲ 7.6%
Debt€0.5m-€0.4m▼ 23.3%€0.5m▲ 30.6%€0.7m▲ 41.4%€0.7m▼ 9.2%€0.7m▲ 11.3%€0.2m▼ 73.4%€0.2m▼ 23.2%
Working capital€0.7m-€0.7m▲ 0.6%€0.7mabove the sector's middle half▼ 0.3%€0.5mabove the sector's middle half▼ 24.0%€0.4mabove the sector's middle half▼ 17.3%€0.4mwithin the sector's middle half▲ 3.6%€0.5mwithin the sector's middle half▲ 9.6%€0.6mwithin the sector's middle half▲ 20.9%
Solvency55.9%-63.4%▲ 7.5pp55.7%within the sector's middle half▼ 7.6pp31.7%within the sector's middle half▼ 24.0pp36.5%within the sector's middle half▲ 4.8pp37.4%within the sector's middle half▲ 0.9pp70.8%above the sector's middle half▲ 33.4pp79.1%above the sector's middle half▲ 8.4pp
Current ratio2.28-2.68▲ 0.402.37within the sector's middle half▼ 0.301.86within the sector's middle half▼ 0.511.63within the sector's middle half▼ 0.231.58within the sector's middle half▼ 0.043.40above the sector's middle half▲ 1.824.78above the sector's middle half▲ 1.38
Return on assets (ROA)2.8%-0.5%▼ 2.3pp-2.8%below the sector's middle half▼ 3.4pp-27.3%below the sector's middle half▼ 24.5pp4.3%within the sector's middle half▲ 31.7pp3.7%within the sector's middle half▼ 0.6pp5.3%within the sector's middle half▲ 1.6pp13.3%above the sector's middle half▲ 8.1pp
Staff (FTE)47.2-49▲ 3.8%56above the sector's middle half▲ 14.3%56.8above the sector's middle half▲ 1.4%50.4above the sector's middle half▼ 11.3%46.9above the sector's middle half▼ 6.9%47above the sector's middle half▲ 0.2%47.9above the sector's middle half▲ 1.9%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 3.2 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €723,230
Fixed assets
€2,811 ▼ 42.9%
Current assets
€720,419 ▲ 8.0%
Equity and liabilities €723,230
Equity
€572,429 ▲ 20.3%
Debt
€150,801 ▼ 23.2%
Debt's share of the balance-sheet total falls from 29.2% to 20.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€150,582▲
2024 · €52,396
Cash flow
€98,624▲
2024 · €41,324
Quick ratio
4.56▲
2024 · 3.21
Debt to equity
0.26▼
2024 · 0.41
ROE
16.9%▲
2024 · 7.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€150,801▼
2024 · €196,326
Income taxes
€49,240▲
2024 · €8,442
Customer credit
34 days▼
2024 · 46 days
Supplier credit
41 days▼
2024 · 76 days
Staff costs
€3.0m▲
2024 · €2.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 52 | 49 | 46 | 45 | 46 |
| full-time | 52 | 49 | 46 | 45 | 45 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | 52 | 49 | 46 | 45 | 45.8 |
| Average over the year, in full-time equivalents | 56.8 | 50.4 | 46.9 | 46.9 | 47.9 |
| On a permanent contract | 52 | 49 | 46 | 45 | 46 |
| Joined | 3 | 14 | 12 | 9 | 9 |
| Left | 10 | 17 | 15 | 9 | 8 |
| Training hours | 480 | 4,508 | 4,918 | 3,347 | 3,250 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €5,000 | €3,005 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €5,400 | - | - |
| Depreciation and write-downs of the year | €9,913 | €5,511 | €4,811 | €5,779 | €2,113 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is FIGURAD BEDRIJFSREVISOREN.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,750 | €3,750 | €7,958 | €8,493 | €8,912 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €5,483 awarded · €6,551 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,015 | €1,816 |
| 2024 | 1 | €1,067 | €1,723 |
| 2023 | 1 | €1,104 | €2,032 |
| 2022 | 2 | €1,297 | €980 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €3.8m | €3.6m | €3.5m | €3.5m | €4.1m | ▲ 16.0% |
| Turnover70 | €3.2m | €3.7m | €3.7m | €3.6m | €3.5m | €3.5m | €3.5m | €3.9m | ▲ 13.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.009m | -€0.01m | €44 | €0.01m | -€0.01m | - |
| Other operating income74 | - | - | - | €0.1m | €0.1m | €0.03m | €0.02m | €0.1m | ▲ 762% |
| Non-recurring operating income76A | - | - | - | - | €0.01m | - | - | €0.005m | - |
| Operating charges60/66A | - | - | - | €4.1m | €3.5m | €3.5m | €3.5m | €3.9m | ▲ 13.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.0m | €0.8m | €0.6m | €0.6m | €0.6m | ▼ 8.7% |
| Purchases600/8 | - | - | - | €1.0m | €0.8m | €0.6m | €0.6m | €0.6m | ▼ 6.1% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.01m | -€0.009m | €0.005m | €0.01m | -€0.007m | - |
| Services and other goods61 | - | - | - | €0.4m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 16.8% |
| Remuneration, social security and pensions62 | - | - | - | €2.3m | €2.4m | €2.5m | €2.4m | €3.0m | ▲ 24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.01m | €0.006m | €0.005m | €0.006m | €0.002m | ▼ 63.4% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.02m | €0.006m | -€0.03m | - | - | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 2.7% |
| Non-recurring operating charges66A | - | - | - | €0.3m | - | - | €0.001m | €0.005m | ▲ 661% |
| Operating profit (loss)9901 | €0.07m | €0.03m | -€0.02m | -€0.3m | €0.05m | €0.05m | €0.05m | €0.1m | ▲ 218% |
| Recurring financial income75 | €13 | €2 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.001m | €0.002m | €0.002m | €0.003m | €0.003m | ▲ 3.4% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.001m | €0.001m | €0.002m | €0.002m | €0.003m | €0.003m | ▲ 3.4% |
| Debt charges650 | €193 | €0.001m | €169 | €171 | €209 | €162 | €470 | €279 | ▼ 40.7% |
| Other financial charges652/9 | - | - | - | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | ▲ 13.0% |
| Profit (loss) for the period before taxes9903 | €0.07m | €0.03m | -€0.02m | -€0.3m | €0.05m | €0.04m | €0.04m | €0.1m | ▲ 231% |
| Income taxes67/77 | €0.03m | €0.03m | €0.02m | €0.001m | €314 | €333 | €0.008m | €0.05m | ▲ 483% |
| Taxes670/3 | - | - | - | €0.001m | €314 | €333 | €0.008m | €0.05m | ▲ 483% |
| Profit (loss) for the period9904 | €0.03m | €0.006m | -€0.03m | -€0.3m | €0.05m | €0.04m | €0.04m | €0.1m | ▲ 172% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.006m | -€0.03m | -€0.3m | €0.05m | €0.04m | €0.04m | €0.1m | ▲ 172% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.2m | €1.1m | €1.1m | €1.2m | €0.7m | €0.7m | ▲ 7.6% |
| Fixed assets21/28 | €0.04m | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | €0.005m | €0.003m | ▼ 42.9% |
| Tangible fixed assets22/27 | €0.04m | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | €0.004m | €0.002m | ▼ 47.5% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €155 | €0.005m | €0.004m | €0.002m | ▼ 36.6% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.009m | €0.005m | €0.001m | - | - |
| Financial fixed assets28 | €471 | €471 | €471 | €471 | €471 | €471 | €471 | €471 | = |
| Other financial fixed assets284/8 | - | - | - | €471 | €471 | €471 | €471 | €471 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €471 | €471 | €471 | €471 | €471 | = |
| Current assets29/58 | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €0.7m | €0.7m | ▲ 8.0% |
| Stocks and contracts in progress3 | €0.3m | €0.1m | €0.04m | €0.04m | €0.04m | €0.03m | €0.04m | €0.03m | ▼ 9.2% |
| Stocks30/36 | - | - | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 46.0% |
| Raw materials and consumables30/31 | - | - | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 46.0% |
| Contracts in progress37 | - | - | - | €0.02m | €0.008m | €0.008m | €0.02m | €0.01m | ▼ 44.2% |
| Amounts receivable within one year40/41 | €0.7m | €0.9m | €0.9m | €0.8m | €1.0m | €1.1m | €0.5m | €0.4m | ▼ 17.9% |
| Trade receivables40 | - | - | - | €0.8m | €1.0m | €1.0m | €0.4m | €0.4m | ▼ 16.8% |
| Other amounts receivable41 | - | - | - | €0.007m | €0.01m | €0.05m | €0.04m | €0.03m | ▼ 31.2% |
| Cash at bank and in hand54/58 | €0.1m | €0.01m | €0.2m | €0.2m | €0.06m | €0.06m | €0.2m | €0.3m | ▲ 93.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | €0.001m | ▼ 9.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.2m | €1.1m | €1.1m | €1.2m | €0.7m | €0.7m | ▲ 7.6% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 20.3% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 31.9% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 33.9% |
| Profit (loss) carried forward14 | €0.005m | €0.01m | €0.002m | €0.001m | €0.003m | €0.002m | €0.003m | €0.004m | ▲ 54.7% |
| Provisions and deferred taxes16 | €0.02m | - | - | €0.02m | €0.03m | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.02m | €0.03m | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.02m | €0.03m | - | - | - | - |
| Amounts payable17/49 | €0.5m | €0.4m | €0.5m | €0.7m | €0.7m | €0.7m | €0.2m | €0.2m | ▼ 23.2% |
| Amounts payable after more than one year17 | - | - | €0.01m | €0.006m | €0.001m | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.006m | €0.001m | - | - | - | - |
| Credit institutions173 | - | - | - | €0.006m | €0.001m | - | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.5m | €0.6m | €0.7m | €0.7m | €0.2m | €0.2m | ▼ 23.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.01m | €0.001m | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €0.005m | €0.003m | ▼ 39.9% |
| Credit institutions430/8 | - | - | - | - | - | - | €0.005m | €0.003m | ▼ 39.9% |
| Trade debts44 | €0.3m | €0.2m | €0.3m | €0.2m | €0.4m | €0.5m | €0.1m | €0.06m | ▼ 51.2% |
| Suppliers440/4 | - | - | - | €0.2m | €0.4m | €0.5m | €0.1m | €0.06m | ▼ 51.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.04m | €0.07m | €0.06m | €0.08m | ▲ 36.7% |
| Taxes450/3 | - | - | - | €0.007m | €0.01m | €0.004m | €0.003m | €0.03m | ▲ 791% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.03m | €0.06m | €0.06m | €0.05m | ▼ 7.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,351 | €5,824 | -€32,933 | -€301,141 | €47,193 | €43,719 | €35,546 | €96,510 | ▲ 172% |
| + Depreciation and write-downs630 | €18,324 | €17,864 | €17,228 | €9,913 | €5,511 | €4,811 | €5,779 | €2,113 | ▼ 63.4% |
| Operating cash flow (approximation) | €52,675 | €23,688 | -€15,705 | -€291,228 | €52,704 | €48,530 | €41,324 | €98,624 | ▲ 139% |
| Investment in fixed assets (approximation) | - | €0 | -€21,810 | €0 | €0 | -€5,400 | €0 | €0 | - |
| Change in cash | - | -€116,053 | €151,176 | €46,964 | -€150,129 | -€2,687 | €94,837 | €141,998 | ▲ 49.7% |
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, 20,136 companies had the same profile as Schmutz has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of Schmutz itself: < 0.1% 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 20,136 companies, not a prediction for Schmutz. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00174297 | |
| 31-12-2024 | full format | 11-07-2025 | 2025-00267845 | |
| 31-12-2023 | full format | 16-07-2024 | 2024-00264030 | |
| 31-12-2022 | full format | 28-07-2023 | 2023-00298578 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20250471 | |
| 31-12-2020 | full format | 19-07-2021 | 2021-37400232 | |
| 31-12-2019 | full format | 16-07-2020 | 2020-30700029 | |
| 31-12-2018 | full format | 04-07-2019 | 2019-28500514 | |
| 31-12-2017 | full format | 04-07-2018 | 2018-28800478 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-29700194 |