Smart Services
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 7 filings
Turnover
≈ €98,000
Estimated: probably between €61,000 and €130,000
Total assets
€87,709▲ 20.4%
2024 · €72,831
Net result
€30,750
2024 · -€22,453
Working capital
€40,414▲ 169%
2024 · €14,998
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€36,265
2025
20192025
Net result
€30,750
2025
middle half of the sector
20192025
Equity
€47,395
▲ 185%
2025
middle half of the sector
20192025
Total assets
€87,709
▲ 20.4%
2025
lowest quarter of the sector
20192025
Debt
€40,313
▼ 28.2%
2025
20192025
Working capital
€40,414
▲ 169%
2025
middle half of the sector
20192025
Solvency
54.0%
▲ 31.2pp
2025
middle half of the sector
20192025
Current ratio
2.05
▲ 0.77
2025
middle half of the sector
20192025
Return on assets (ROA)
35.1%
▲ 65.9pp
2025
highest quarter of the sector
20192025
Staff (FTE)
0
▼ 100%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€101,178-€9,021-€7€95,935€66,924▼ 30.2%-€19,239€36,265
Net result-€102,698-€4,064within the sector's middle half-€5,235below the sector's middle half€81,142within the sector's middle half€43,275within the sector's middle half▼ 46.7%-€22,453below the sector's middle half€30,750within the sector's middle half
Equity-€96,498--€92,433below the sector's middle half▲ 4.2%-€85,318below the sector's middle half▲ 7.7%-€4,176below the sector's middle half▲ 95.1%€39,098below the sector's middle half€16,645below the sector's middle half▼ 57.4%€47,395within the sector's middle half▲ 185%
Total assets€95,083-€66,482within the sector's middle half▼ 30.1%€145,648below the sector's middle half▲ 119%€186,982below the sector's middle half▲ 28.4%€128,018below the sector's middle half▼ 31.5%€72,831below the sector's middle half▼ 43.1%€87,709below the sector's middle half▲ 20.4%
Debt€191,581-€158,916▼ 17.1%€230,966▲ 45.3%€191,158▼ 17.2%€88,919▼ 53.5%€56,186▼ 36.8%€40,313▼ 28.2%
Working capital-€97,545--€93,641below the sector's middle half▲ 4.0%-€86,155below the sector's middle half▲ 8.0%-€12,813within the sector's middle half▲ 85.1%€32,255within the sector's middle half€14,998within the sector's middle half▼ 53.5%€40,414within the sector's middle half▲ 169%
Solvency-101.5%--139.0%below the sector's middle half▼ 37.5pp-58.6%below the sector's middle half▲ 80.5pp-2.2%below the sector's middle half▲ 56.3pp30.5%within the sector's middle half▲ 32.8pp22.9%within the sector's middle half▼ 7.7pp54.0%within the sector's middle half▲ 31.2pp
Current ratio0.49-0.41below the sector's middle half▼ 0.080.63below the sector's middle half▲ 0.220.93within the sector's middle half▲ 0.311.37within the sector's middle half▲ 0.441.28within the sector's middle half▼ 0.092.05within the sector's middle half▲ 0.77
Return on assets (ROA)-108.0%-6.1%within the sector's middle half▲ 114.1pp-3.6%below the sector's middle half▼ 9.7pp43.4%above the sector's middle half▲ 47.0pp33.8%above the sector's middle half▼ 9.6pp-30.8%below the sector's middle half▼ 64.6pp35.1%above the sector's middle half▲ 65.9pp
Staff (FTE)1.9-5.1above the sector's middle half▲ 168%3.8within the sector's middle half▼ 25.5%5.8within the sector's middle half▲ 52.6%5.8within the sector's middle half=3.7within the sector's middle half▼ 36.2%0within the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 a profit of €36,265, after a loss of €19,239 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €87,709
Fixed assets
€8,731 ▲ 127%
Current assets
€78,978 ▲ 14.5%
Equity and liabilities €87,709
Equity
€47,395 ▲ 185%
Debt
€40,313 ▼ 28.2%
Debt's share of the balance-sheet total falls from 77.1% to 46.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,613▲
2024 · -€14,610
Cash flow
€33,098▲
2024 · -€17,825
Debt to equity
0.85▼
2024 · 3.38
ROE
64.9%▲
2024 · -134.9%
Interest coverage
over 100▲
2024 · -5.23
Debt ≤ 1 year
€38,563▼
2024 · €53,990
Income taxes
€5,278▲
2024 · €419
Staff costs
€244▼
2024 · €165,187
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 5 | 3 |
| full-time | 3 | 4 | 4 | 2 |
| part-time | 1 | 0 | 1 | 1 |
| in full-time equivalents | 3.8 | 4 | 4.8 | 2.8 |
| Average over the year, in full-time equivalents | 3.8 | 5.8 | 5.8 | 3.7 |
| On a permanent contract | 4 | 4 | 5 | 3 |
| Joined | 2 | 9 | 4 | 0 |
| Left | 1 | 9 | 3 | 2 |
| Training hours | - | 8 | 496 | 124 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €10,209 | €8,532 | - | €7,235 |
| Intangible fixed assets | - | - | €1,900 | - | - |
| Depreciation and write-downs of the year | €371 | €1,610 | €4,870 | €4,628 | €2,348 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | -€9,996 | €0 |
| 2023 | 1 | €9,996 | €0 |
Schemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €10,249 | €7,440 | €80,133 | ▲ 977% |
| Remuneration, social security and pensions62 | - | - | €32,016 | €298,219 | €275,669 | €165,187 | €244 | ▼ 99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €320 | €326 | €371 | €1,610 | €4,870 | €4,628 | €2,348 | ▼ 49.3% |
| Other operating charges640/8 | - | - | €1,808 | €1,802 | €1,642 | €1,629 | €734 | ▼ 54.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €2 | - |
| Gross operating margin9900 | -€35,388 | €56,641 | €34,188 | €397,565 | €349,106 | €152,206 | €39,593 | ▼ 74.0% |
| Operating profit (loss)9901 | -€101,178 | €9,021 | -€7 | €95,935 | €66,924 | -€19,239 | €36,265 | - |
| Financial income75/76B | - | - | - | €0 | €0 | - | - | - |
| Recurring financial income75 | - | - | - | €0 | €0 | - | - | - |
| Financial charges65/66B | - | - | €4,827 | €3,293 | €3,160 | €2,796 | €237 | ▼ 91.5% |
| Recurring financial charges65 | €1,305 | €4,409 | €4,827 | €3,293 | €3,160 | €2,796 | €237 | ▼ 91.5% |
| Profit (loss) for the period before taxes9903 | -€102,483 | €4,612 | -€4,834 | €92,642 | €63,764 | -€22,034 | €36,028 | - |
| Income taxes67/77 | €215 | €548 | €401 | €11,500 | €20,489 | €419 | €5,278 | ▲ 13× |
| Profit (loss) for the period9904 | -€102,698 | €4,064 | -€5,235 | €81,142 | €43,275 | -€22,453 | €30,750 | - |
| Profit (loss) for the period to be appropriated9905 | -€102,698 | €4,064 | -€5,235 | €81,142 | €43,275 | -€22,453 | €30,750 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €95,083 | €66,482 | €145,648 | €186,982 | €128,018 | €72,831 | €87,709 | ▲ 20.4% |
| Formation expenses20 | €1,047 | €774 | €500 | €227 | €0 | - | - | - |
| Fixed assets21/28 | - | €434 | €337 | €9,209 | €9,132 | €3,843 | €8,731 | ▲ 127% |
| Intangible fixed assets21 | - | - | - | - | €1,718 | €1,338 | €958 | ▼ 28.4% |
| Tangible fixed assets22/27 | - | €434 | €337 | €9,209 | €7,414 | €2,506 | €7,773 | ▲ 210% |
| Furniture and vehicles24 | - | - | - | €8,970 | €4,309 | €664 | €4,315 | ▲ 550% |
| Other tangible fixed assets26 | - | - | €337 | €239 | €3,105 | €1,842 | €3,458 | ▲ 87.7% |
| Current assets29/58 | €94,036 | €65,274 | €144,811 | €177,546 | €118,886 | €68,988 | €78,978 | ▲ 14.5% |
| Amounts receivable within one year40/41 | €89,168 | €47,032 | €123,187 | €109,331 | €83,197 | €21,912 | €2,514 | ▼ 88.5% |
| Trade receivables40 | - | - | €122,589 | €108,732 | €81,493 | €19,022 | €1,011 | ▼ 94.7% |
| Other amounts receivable41 | - | - | €599 | €599 | €1,704 | €2,890 | €1,503 | ▼ 48.0% |
| Cash at bank and in hand54/58 | €4,388 | €17,606 | €20,643 | €66,967 | €33,883 | €46,604 | €47,145 | ▲ 1.2% |
| Deferred charges and accrued income490/1 | - | - | €980 | €1,249 | €1,806 | €472 | €29,319 | ▲ 62× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €95,083 | €66,482 | €145,648 | €186,982 | €128,018 | €72,831 | €87,709 | ▲ 20.4% |
| Equity10/15 | -€96,498 | -€92,433 | -€85,318 | -€4,176 | €39,098 | €16,645 | €47,395 | ▲ 185% |
| Contributions10/11 | €6,200 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Profit (loss) carried forward14 | -€102,698 | -€98,633 | -€103,868 | -€22,726 | €20,548 | -€1,905 | €28,845 | - |
| Amounts payable17/49 | €191,581 | €158,916 | €230,966 | €191,158 | €88,919 | €56,186 | €40,313 | ▼ 28.2% |
| Amounts payable within one year42/48 | €191,581 | €158,916 | €230,966 | €190,359 | €86,631 | €53,990 | €38,563 | ▼ 28.6% |
| Trade debts44 | €86,044 | €26,161 | €87,117 | €65,064 | €30,969 | €7,365 | €31,595 | ▲ 329% |
| Suppliers440/4 | - | - | €87,117 | €65,064 | €30,969 | €7,365 | €31,595 | ▲ 329% |
| Taxes, remuneration and social security45 | - | - | €31,467 | €59,186 | €52,943 | €46,624 | €6,028 | ▼ 87.1% |
| Taxes450/3 | - | - | €12,499 | €24,919 | €26,959 | €27,767 | €6,028 | ▼ 78.3% |
| Remuneration and social security454/9 | - | - | €18,969 | €34,267 | €25,984 | €18,857 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €112,382 | €66,109 | €2,720 | €0 | €941 | - |
| Accrued charges and deferred income492/3 | - | - | - | €799 | €2,288 | €2,196 | €1,750 | ▼ 20.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€102,698 | €4,064 | -€5,235 | €81,142 | €43,275 | -€22,453 | €30,750 | - |
| + Depreciation and write-downs630 | €320 | €326 | €371 | €1,610 | €4,870 | €4,628 | €2,348 | ▼ 49.3% |
| Operating cash flow (approximation) | -€102,378 | €4,391 | -€4,864 | €82,752 | €48,145 | -€17,825 | €33,098 | - |
| Investment in fixed assets (approximation) | - | - | -€273 | -€10,482 | -€4,793 | €660 | -€7,235 | - |
| Change in cash | - | €13,218 | €3,038 | €46,323 | -€33,084 | €12,721 | €541 | ▼ 95.7% |
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, 26,972 companies had the same profile as Smart Services has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Smart Services itself is lower: 0.1% within 12 months. It rests on far more data about Smart Services than the profile alone.
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 26,972 companies, not a prediction for Smart Services. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00243071 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00286631 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00240096 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00296335 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20100245 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-36100086 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46700031 |