SMART WORK SYSTEMS
Open bankruptcyA bankruptcy procedure is open for SMART WORK SYSTEMS according to publications in the Belgian State Gazette; curator: DEAN BRAECKMAN.
Summary
The file additionally contains 1 interim measure and 3 judicial reorganisations. The 2025 annual accounts show equity of €115k and a net result of €31k.
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 543 sector peers (2025).
NBB · sector comparisonPosition among 543 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 20-11-2025, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
20 d late
2024
14 d late
2023
195 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close24-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€115k▲ 37.6%
2024 · €83k
2023: €43k
2024: €83k
2023 → 2025
Total assets
€1.01M▲ 43.1%
2024 · €706k
2023: €481k
2024: €706k
2023 → 2025
Net result
€31k▼ 21.5%
2024 · €40k
2023: €43k
2024: €40k
2023 → 2025
Working capital
€113k▲ 56.8%
2024 · €72k
2023: €32k
2024: €72k
2023 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€43k-€83k▲ 92.0%€115k▲ 37.6%
Operating result€57k-€47k▼ 17.1%€56k▲ 18.1%
Net result€43k-€40k▼ 7.8%€31k▼ 21.5%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 18% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.01M
Fixed assets
€2k ▼ 83.5%
Current assets
€1.01M ▲ 45.1%
Equity and liabilities €1.01M
Equity
€115k ▲ 37.6%
Debt
€895k ▲ 43.8%
Debt's share of the balance-sheet total rises from 88.2% to 88.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€57k
Cash flow
€32k
Current ratio
1.13▲
2024 · 1.12
Debt to equity
7.81▲
2024 · 7.47
ROE
27.3%▼
2024 · 47.9%
ROA
3.1%▼
2024 · 5.7%
Interest coverage
2.42
Debt ≤ 1 year
€895k▲
2024 · €622k
Income taxes
€13k▲
2024 · €10k
Staff costs
€1.40M▲
2024 · €1.24M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 38 lines
Balance sheet
Code20242025
Assets
Total assets20/58€706k€1.01M▲
Fixed assets21/28€11k€2k▼
Tangible fixed assets22/27-€2k
Furniture and vehicles24-€2k
Financial fixed assets28€11k-
Current assets29/58€694k€1.01M▲
Amounts receivable within one year40/41€681k€993k▲
Trade receivables40€577k€712k▲
Other amounts receivable41€104k€281k▲
Cash at bank and in hand54/58€13k€14k▲
Equity and liabilities
Total equity and liabilities10/49€706k€1.01M▲
Equity10/15€83k€115k▲
Contributions10/11€100€100=
Reserves13€10€10=
Distributable reserves133€10€10=
Profit (loss) carried forward14€83k€115k▲
Amounts payable17/49€622k€895k▲
Amounts payable within one year42/48€622k€895k▲
Trade debts44€365k€592k▲
Suppliers440/4€365k€592k▲
Taxes, remuneration and social security45€257k€303k▲
Taxes450/3€45k€55k▲
Remuneration and social security454/9€212k€248k▲
Income statement
Code20242025
Remuneration, social security and pensions62€1.24M€1.40M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€494
Other operating charges640/8€109€8k▲
Gross operating margin9900€1.29M€1.47M▲
Operating profit (loss)9901€47k€56k▲
Financial income75/76B€3k€12k▲
Recurring financial income75€3k€12k▲
Financial charges65/66B€886€23k▲
Recurring financial charges65€886€23k▲
Profit (loss) for the period before taxes9903€50k€45k▼
Income taxes67/77€10k€13k▲
Profit (loss) for the period9904€40k€31k▼
Profit (loss) for the period to be appropriated9905€40k€31k▼
Appropriation of the result
Profit (loss) to be appropriated9906€83k€115k▲
Profit (loss) brought forward from the previous period14P€43k€83k▲
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Gent · SMART WORK SYSTEMS BV SINT CATHARINASTRAAT 53, 2940 STABROEK · event 20-07-2026
06-07
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent
11-05
Judicial reorganisation
Plan homologation
Ondernemingsrechtbank Gent · 20250031 · event 05-05-2026
16-03
Judicial reorganisation
Plan homologation
Ondernemingsrechtbank Gent · 20250031 · event 10-03-2026
2025
22-12
Judicial reorganisation
Opening
Ondernemingsrechtbank Gent · collectif_pme · event 16-12-2025
20-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 20 days late
31-03
Financial
Weakest financial yearnet €31k ▼21.5%
Net result drops to €31k, the lowest in the series.
31-03
Financial
Equity above €100kEq €115k ▲37.6%
3 profitable years in a row build equity to €115k.
2024
14-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 14 days late
13-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 195 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Stabroek · 1 establishment unit since 2022
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Sint Catharinastraat 532940 StabroekGround area
554 m²
Building footprint
285 m²
Volume, LiDAR
1,837 m³
2 parcels, Flanders · tallest building 10.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
SMART WORK SYSTEMS
since 20222.329.394.820
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11044C0354/00D003 | Flanders | 278 m² | 1 · 103 m² | 9.2 m · 2 fl. |
| 12040A0724/00E000 | Flanders | 276 m² | 1 · 182 m² | 10.9 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | DEAN BRAECKMAN DURMSTRAAT 29, 9030 MARIA-
KERKE (GENT) |
20-07-2026 → present |
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Of 121 companies in sector 16240 we hold annual accounts for 82. 45 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded25-03-2022
Fiscal year end31-03
Activities, NACEBEL 2025
16240Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
41001General construction of residential buildings
Sources
Crossroads Bank for EnterprisesNational Bank · 3 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.