Equity
Equity fell by 99% in 5 years.
Equity fell by 99% in 5 years.
Every financial year from 2021 to 2025 closed with a loss. 2022 was the heaviest.
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 15% of them on solvency, 2% on liquidity, 27% on profitability and 6% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 819 companies had the same profile as SMART SQUARE DEVELOPMENT has now. Each dot stands for 3 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SMART SQUARE DEVELOPMENT itself: 0.5% within 12 months.
The method was tested on the 497,447 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 819 companies, not a prediction for SMART SQUARE DEVELOPMENT. 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.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is tight, with a current ratio of 1.0 (1.02 in 2024), below the usual 1.5. Short-term debt is 99.8% and cash 0.1% of total assets. 99.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| SMART SQUARE DEVELOPMENT Torhout | €3.3m | -€52,777 | 0.2% | - |
| ONTWIKKELINGSMAATSCHAPPIJ HOOGLATEM Waregem | €3.4m | -€61,134 | -52.2% | - |
| ELD PROJECTS Knokke-Heist | €3.1m | -€30,626 | 12.0% | - |
| LIDO BUILD Knokke-Heist | €4.3m | -€5,651 | 5.2% | - |
| LES ATELIERS DEVELOPMENT Seneffe | €3.3m | -€16,339 | -6.9% | - |
| Amanu Invest Sint-Katelijne-Waver | €3.1m | -€141,607 | 55.6% | 1.6 |
| Bankers Bouw Pelt | €3.3m | -€137,499 | 5.9% | - |
These companies have the same main activity as SMART SQUARE DEVELOPMENT: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €3.1m and €4.3m, founded between 2016 and 2017.
SMART SQUARE DEVELOPMENT files the abbreviated format. That format states no turnover. The gross margin rose from -€126,562 in 2018 to -€52,777 in 2025.
woodstok holds all the shares. woodstok went bankrupt on 19 December 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Higher than 17% of 11,297 companies in 2025.
Higher than 44% of 10,849 companies in 2025.
Higher than 26% of 11,182 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
3.3m | 3.4m | 3.3m | 3.3m | 3.3m | 3.2m | 3.2m | 3.0m | |
21/28 |
- | - | - | - | - | 0 | 136 | 3,259 | |
22/27 |
- | - | - | - | - | 0 | 136 | 3,259 | |
24 |
- | - | - | - | - | 0 | 136 | 3,259 | |
29/58 |
3.3m | 3.4m | 3.3m | 3.3m | 3.3m | 3.2m | 3.2m | 3.0m | |
3 |
- | - | - | - | - | - | 0 | 2.9m | |
30/36 |
- | - | - | - | - | - | 0 | 2.9m | |
40/41 |
3.3m | 3.4m | 3.3m | 3.3m | 3.3m | 3.2m | 3.2m | 7,568 | |
40 |
3.2m | 3.2m | 3.2m | 3.3m | 3.2m | 3.2m | 3.2m | 7,568 | |
41 |
37,676 | 118,092 | 91,445 | 72,427 | 40,059 | 25,356 | 21,104 | - | |
54/58 |
4,215 | 824 | 43 | 1,664 | 2,164 | 752 | 965 | 3,767 | |
490/1 |
0 | 1,763 | 0 | 1,695 | 1,223 | 0 | 1,125 | - | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
3.3m | 3.4m | 3.3m | 3.3m | 3.3m | 3.2m | 3.2m | 3.0m | |
10/15 |
7,962 | 61,935 | 132,889 | 389,917 | 730,137 | 975,692 | 956,913 | 803,673 | |
10/11 |
950,000 | 950,000 | 950,000 | 950,000 | 950,000 | 950,000 | 950,000 | 950,000 | |
100 |
- | - | - | - | - | - | 950,000 | 950,000 | |
14 |
-942,038 | -888,065 | -817,111 | -560,083 | -219,863 | 25,692 | 6,913 | -146,327 | |
17/49 |
3.3m | 3.3m | 3.2m | 2.9m | 2.5m | 2.3m | 2.3m | 2.2m | |
42/48 |
3.3m | 3.3m | 3.2m | 2.9m | 2.5m | 2.3m | 2.3m | 2.2m | |
43 |
- | - | - | - | - | - | 0 | 2.0m | |
430/8 |
- | - | - | - | - | - | 0 | 2.0m | |
44 |
229,706 | 187,360 | 247,048 | 265,409 | 37,236 | 25,533 | 2,242 | 51,114 | |
440/4 |
229,706 | 187,360 | 247,048 | 265,409 | 37,236 | 25,533 | 2,242 | 51,114 | |
45 |
461 | - | - | - | 0 | 10,795 | 5,000 | - | |
450/3 |
461 | - | - | - | 0 | 10,795 | 5,000 | - | |
47/48 |
3.0m | 3.1m | 2.9m | 2.7m | 2.5m | 2.2m | 2.3m | 100,060 | |
492/3 |
- | 0 | 44 | - | - | - | - | - | |
| Income statement | |||||||||
9900 |
-52,777 | 24,687 | -171,236 | -229,093 | -152,147 | 146,311 | 167,677 | -126,562 | |
630 |
- | - | - | - | 0 | 136 | 3,122 | 6,108 | |
631/4 |
0 | 6,518 | - | - | - | - | - | - | |
640/8 |
1,126 | 1,182 | 1,075 | 8,418 | 1,987 | 2,110 | 536 | 800 | |
9901 |
-53,904 | 16,988 | -172,311 | -237,511 | -154,133 | 144,065 | 164,018 | -133,470 | |
75/76B |
0 | 10 | 163 | 0 | 48 | 0 | 2 | 1 | |
75 |
0 | 10 | 163 | 0 | 48 | 0 | 2 | 1 | |
65/66B |
69 | 87,953 | 84,879 | 102,709 | 91,961 | 89,491 | 5,779 | 12,858 | |
65 |
69 | 87,953 | 84,879 | 102,709 | 91,961 | 89,491 | 5,779 | 12,858 | |
9903 |
-53,973 | -70,955 | -257,028 | -340,220 | -246,047 | 54,574 | 158,241 | -146,327 | |
67/77 |
- | - | - | 0 | -492 | 5,795 | 5,000 | - | |
9904 |
-53,973 | -70,955 | -257,028 | -340,220 | -245,555 | 48,779 | 153,241 | -146,327 | |
9905 |
-53,973 | -70,955 | -257,028 | -340,220 | -245,555 | 48,779 | 153,241 | -146,327 | |
| Appropriation of the result | |||||||||
9906 |
-942,038 | -888,065 | -817,111 | -560,083 | -219,863 | 55,692 | 6,913 | -146,327 | |
14P |
-888,065 | -817,111 | -560,083 | -219,863 | 25,692 | - | - | - | |
694/7 |
- | - | - | - | 0 | 30,000 | - | - | |
695 |
- | - | - | - | 0 | 30,000 | - | - | |
| Document | |||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 06-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-07-2026 | 2026-00265620 | |
| 31-12-2024 | abbreviated format | 21-11-2025 | 2025-00568895 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00257014 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00278347 | |
| 31-12-2021 | abbreviated format | 19-07-2022 | 2022-20212270 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-28300105 | |
| 31-12-2019 | abbreviated format | 15-06-2020 | 2020-16800018 | |
| 31-12-2018 | abbreviated format | 05-07-2019 | 2019-30200164 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | -154,133 | 144,201 | 167,140 | -127,362 | ||
| - | - | - | - | -245,555 | 48,915 | 156,363 | -140,220 | ||
| - | - | - | - | 0 | 0 | 0 | 9,366 | ||
| 3,391 | 781 | -1,621 | -501 | 1,412 | -212 | -2,803 | - | ||
| 7,962 | 61,935 | 132,934 | 389,917 | 730,137 | 975,692 | 956,777 | 800,414 | ||
| 0.2% | 1.8% | 4.0% | 11.7% | 22.4% | 30.1% | 29.6% | 27.2% | ||
| 1.00 | 1.02 | 1.04 | 1.13 | 1.29 | 1.43 | 1.42 | 1.37 | ||
| 1.00 | 1.02 | 1.04 | 1.13 | 1.29 | 1.43 | 1.42 | 0.01 | ||
| - | 53.33 | 23.92 | 7.55 | 3.46 | 2.32 | 2.38 | 2.68 | ||
| -677.9% | -114.6% | -193.4% | -87.3% | -33.6% | 5.0% | 16.0% | -18.2% | ||
| -1.6% | -2.1% | -7.8% | -10.2% | -7.5% | 1.5% | 4.7% | -5.0% | ||
| - | - | - | - | -1.68 | - | - | - |
A ratio outside any meaningful range has been withheld (balance sheet total €3.3m, equity €7,962).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2025 is a loss of €53,904, after a profit of €16,988 in 2024.
Debt's share of the balance-sheet total rises from 98.2% to 99.8%. Equity and debt are lower.
Source: parent in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in the 30-12-2023 accounts of woodstok. Every holding stands with its own latest accounts.
| woodstok
registered office since 08-08-2003 · founded in 2003 |
total assets €13.9m (2023) 0860.012.094 |
The network starts from the directors of SMART SQUARE DEVELOPMENT. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| SMARTSQUARED registered office Kortemarkstraat 64, 8820 Torhout | 17-01-2017 | 2.260.527.293 |
| 11-01-2023 | Granted | Bouwen of herbouwen; Een grond gebruiken, aanleggen of inrichten; Gevel-, dak-, instandhoudings- en renovatiewerken binnen een gebouw, zonder volume- of oppervlaktewijziging; Het reliëf van de bodem aanmerkelijk wijzigen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Slopen of verwijderen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen; Verwijderen van vrijstaande gebouwen submitted 09-09-2022 · project 2022088983 | Wevelgem |
| 03-02-2022 | Refused | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Slopen of verwijderen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen; Verwijderen van vrijstaande gebouwen submitted 24-02-2021 · project 2020168819 | Provincie West-Vlaanderen |
| 27-07-2020 | Discontinued | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen submitted 24-09-2019 · project 2019118896 | Provincie West-Vlaanderen |
| 28-08-2019 | Discontinued | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen submitted 30-07-2019 · project 2019086626 | Wevelgem |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 31523G0007/00V003 | 1,000 m² | 1 · 559 m² | 8.0 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0669.677.409
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