Smart World
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-04-2026 PDF all 32 filings
Equity
-€24,505
2024 · €5,512
Total assets
€36,413▼ 32.0%
2024 · €53,546
Net result
-€30,016
2024 · €3,089
Working capital
-€8,261
2024 · €27,860
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€29,315
2025
20182025
Net result
-€30,016
2025
lowest quarter of the sector
20182025
Equity
-€24,505
2025
lowest quarter of the sector
20182025
Total assets
€36,413
▼ 32.0%
2025
lowest quarter of the sector
20182025
Debt
€60,918
▲ 26.8%
2025
20182025
Working capital
-€8,261
2025
lowest quarter of the sector
20182025
Solvency
-67.3%
▼ 77.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.63
▼ 3.38
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-82.4%
▼ 88.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€882--€627▲ 28.9%-€1,356▼ 116%-€15,100▼ 1,013%-€8,837▲ 41.5%€74,233€3,849▼ 94.8%-€29,315
Net result-€921--€666▲ 27.7%-€907below the sector's middle half▼ 36.2%-€15,305below the sector's middle half▼ 1,588%-€9,217below the sector's middle half▲ 39.8%€67,083above the sector's middle half€3,089within the sector's middle half▼ 95.4%-€30,016below the sector's middle half
Equity-€38,566--€39,232▼ 1.7%-€40,139below the sector's middle half▼ 2.3%-€55,444below the sector's middle half▼ 38.1%-€64,660below the sector's middle half▼ 16.6%€2,423below the sector's middle half€5,512below the sector's middle half▲ 128%-€24,505below the sector's middle half
Total assets€2,196-€1,501▼ 31.6%€10,763below the sector's middle half▲ 617%€42,673below the sector's middle half▲ 296%€32,412below the sector's middle half▼ 24.0%€85,883within the sector's middle half▲ 165%€53,546below the sector's middle half▼ 37.7%€36,413below the sector's middle half▼ 32.0%
Debt€40,762-€40,733▼ 0.1%€50,902▲ 25.0%€98,117▲ 92.8%€97,073▼ 1.1%€83,461▼ 14.0%€48,035▼ 42.4%€60,918▲ 26.8%
Working capital€18--€648-€11,175below the sector's middle half▼ 1,624%-€50,700below the sector's middle half▼ 354%-€51,885below the sector's middle half▼ 2.3%€19,315within the sector's middle half€27,860within the sector's middle half▲ 44.2%-€8,261below the sector's middle half
Solvency-372.9%below the sector's middle half-129.9%below the sector's middle half▲ 243.0pp-199.5%below the sector's middle half▼ 69.6pp2.8%below the sector's middle half▲ 202.3pp10.3%below the sector's middle half▲ 7.5pp-67.3%below the sector's middle half▼ 77.6pp
Current ratio0.08below the sector's middle half0.14below the sector's middle half▲ 0.070.11below the sector's middle half▼ 0.031.43within the sector's middle half▲ 1.324.01above the sector's middle half▲ 2.580.63below the sector's middle half▼ 3.38
Return on assets (ROA)-8.4%below the sector's middle half-35.9%below the sector's middle half▼ 27.4pp-28.4%below the sector's middle half▲ 7.4pp78.1%above the sector's middle half▲ 106.5pp5.8%within the sector's middle half▼ 72.3pp-82.4%below the sector's middle half▼ 88.2pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 loss of €29,315, after a profit of €3,849 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €36,413
Fixed assets
€22,539 ▲ 37.1%
Current assets
€13,874 ▼ 62.6%
Equity and liabilities
Equity-€24,505
Debt€60,918
Equity is negative. Debt (€60,918) exceeds the balance-sheet total (€36,413).
Key figures and ratios
EBITDA
-€24,959▼
2024 · €9,305
Cash flow
-€25,661▼
2024 · €8,545
Interest coverage
-43.82▼
2024 · 14.97
Debt ≤ 1 year
€22,135▲
2024 · €9,252
Debt > 1 year
€38,783=
2024 · €38,783
Income taxes
€132▼
2024 · €140
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €24,879 | €182 | €4,075 | - | €10,286 |
| Intangible fixed assets | €4,401 | - | - | - | - |
| Depreciation and write-downs of the year | €5,004 | €7,920 | €8,191 | €5,456 | €4,356 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €47 | €5,004 | €7,920 | €8,191 | €5,456 | €4,356 | ▼ 20.2% |
| Other operating charges640/8 | - | - | - | €548 | €501 | €551 | €578 | €582 | ▲ 0.8% |
| Gross operating margin9900 | -€534 | -€627 | -€1,309 | -€9,548 | -€416 | €82,976 | €9,883 | -€24,377 | - |
| Operating profit (loss)9901 | -€882 | -€627 | -€1,356 | -€15,100 | -€8,837 | €74,233 | €3,849 | -€29,315 | - |
| Financial income75/76B | - | - | - | €1 | €64 | €2 | €1 | - | - |
| Recurring financial income75 | - | - | €600 | €1 | €64 | €2 | €1 | - | - |
| Financial charges65/66B | - | - | - | €118 | €324 | €325 | €622 | €570 | ▼ 8.4% |
| Recurring financial charges65 | €39 | €39 | €151 | €118 | €324 | €325 | €622 | €570 | ▼ 8.4% |
| Profit (loss) for the period before taxes9903 | -€921 | -€666 | -€907 | -€15,217 | -€9,097 | €73,910 | €3,228 | -€29,884 | - |
| Income taxes67/77 | - | - | - | €88 | €120 | €6,827 | €140 | €132 | ▼ 5.4% |
| Profit (loss) for the period9904 | -€921 | -€666 | -€907 | -€15,305 | -€9,217 | €67,083 | €3,089 | -€30,016 | - |
| Profit (loss) for the period to be appropriated9905 | -€921 | -€666 | -€907 | -€15,305 | -€9,217 | €67,083 | €3,089 | -€30,016 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2,196 | €1,501 | €10,763 | €42,673 | €32,412 | €85,883 | €53,546 | €36,413 | ▼ 32.0% |
| Fixed assets21/28 | - | - | €9,819 | €34,095 | €26,008 | €21,891 | €16,435 | €22,539 | ▲ 37.1% |
| Intangible fixed assets21 | - | - | €316 | €4,224 | €2,338 | €834 | - | - | - |
| Tangible fixed assets22/27 | - | - | €9,504 | €29,871 | €23,670 | €21,056 | €16,435 | €22,539 | ▲ 37.1% |
| Plant, machinery and equipment23 | - | - | - | €548 | €414 | €280 | €147 | €13 | ▼ 90.9% |
| Furniture and vehicles24 | - | - | - | €9,512 | €5,926 | €2,145 | €546 | €1,162 | ▲ 113% |
| Other tangible fixed assets26 | - | - | - | €19,811 | €17,330 | €18,631 | €15,742 | €21,364 | ▲ 35.7% |
| Current assets29/58 | €2,196 | €1,501 | €943 | €8,578 | €6,405 | €63,992 | €37,112 | €13,874 | ▼ 62.6% |
| Amounts receivable within one year40/41 | - | - | €943 | €6,085 | €551 | €2,959 | €373 | €11,546 | ▲ 31× |
| Trade receivables40 | - | - | - | €4,709 | €551 | €2,959 | €373 | €11,478 | ▲ 31× |
| Other amounts receivable41 | - | - | - | €1,376 | - | - | - | €68 | - |
| Cash at bank and in hand54/58 | €2,196 | €1,501 | - | €2,018 | €5,538 | €60,764 | €35,937 | €1,600 | ▼ 95.5% |
| Deferred charges and accrued income490/1 | - | - | - | €474 | €316 | €270 | €802 | €728 | ▼ 9.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2,196 | €1,501 | €10,763 | €42,673 | €32,412 | €85,883 | €53,546 | €36,413 | ▼ 32.0% |
| Equity10/15 | -€38,566 | -€39,232 | -€40,139 | -€55,444 | -€64,660 | €2,423 | €5,512 | -€24,505 | - |
| Contributions10/11 | €19,831 | €19,831 | - | €19,831 | €19,831 | €19,831 | €19,831 | €19,831 | = |
| Reserves13 | - | - | - | - | - | €66,952 | €66,952 | €66,952 | = |
| Distributable reserves133 | - | - | - | - | - | €66,952 | €66,952 | €66,952 | = |
| Profit (loss) carried forward14 | -€58,398 | -€59,064 | -€59,971 | -€75,275 | -€84,492 | -€84,360 | -€81,271 | -€111,288 | ▼ 36.9% |
| Amounts payable17/49 | €40,762 | €40,733 | €50,902 | €98,117 | €97,073 | €83,461 | €48,035 | €60,918 | ▲ 26.8% |
| Amounts payable after more than one year17 | €38,584 | €38,584 | €38,783 | €38,783 | €38,783 | €38,783 | €38,783 | €38,783 | = |
| Financial debts170/4 | - | - | - | €38,783 | €38,783 | €38,783 | €38,783 | €38,783 | = |
| Amounts payable within one year42/48 | €2,178 | €2,149 | €12,119 | €59,278 | €58,290 | €44,678 | €9,252 | €22,135 | ▲ 139% |
| Trade debts44 | €829 | €800 | - | €829 | €244 | €3,505 | €13 | €8,317 | ▲ 664× |
| Suppliers440/4 | - | - | - | €829 | €244 | €3,505 | €13 | €8,317 | ▲ 664× |
| Taxes, remuneration and social security45 | - | - | - | €88 | €694 | €13,882 | €8,318 | €371 | ▼ 95.5% |
| Taxes450/3 | - | - | - | €88 | €694 | €13,882 | €8,318 | €371 | ▼ 95.5% |
| Other amounts payable47/48 | - | - | - | €58,361 | €57,352 | €27,290 | €921 | €13,446 | ▲ 15× |
| Accrued charges and deferred income492/3 | - | - | - | €56 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€921 | -€666 | -€907 | -€15,305 | -€9,217 | €67,083 | €3,089 | -€30,016 | - |
| + Depreciation and write-downs630 | - | - | €47 | €5,004 | €7,920 | €8,191 | €5,456 | €4,356 | ▼ 20.2% |
| Operating cash flow (approximation) | -€921 | -€666 | -€860 | -€10,301 | -€1,297 | €75,274 | €8,545 | -€25,661 | - |
| Investment in fixed assets (approximation) | - | - | - | -€29,280 | €168 | -€4,075 | €0 | -€10,460 | - |
| Change in cash | - | -€695 | - | - | €3,519 | €55,226 | -€24,827 | -€34,337 | ▼ 38.3% |
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, 6,619 companies had the same profile as Smart World has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Smart World itself: 3.2% 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 6,619 companies, not a prediction for Smart World. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-04-2026 | 2026-00102498 | |
| 31-12-2024 | micro format | 09-05-2025 | 2025-00093847 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00358079 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00196915 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20142523 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24400360 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30600567 | |
| 31-12-2018 | micro format | 13-09-2019 | 2019-64700541 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-32800507 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-49400464 |