Smart2Circle
ActiveSummary
Smart2Circle has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €210,737 and a net result of €38,335. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 52% of 639 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-21
Solvency69▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity ample (current ratio 1.66 against 1.86 in 2024; short-term debt: 55.6% and cash: 16.5% of total assets), but 55.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
44.3%
Return on assets
8.1%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €210,737
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-07-2026, 7 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
7 d early
2024
2 d early
2023
2 d early
2022
22 d late
2021
19 d early
2020
30 d late
2019
56 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 11 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€38,335▼ 77.5%
2024 · €170,607
Working capital
€174,684▼ 8.3%
2024 · €190,433
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€10,743€12,136▲ 13.0%€104,602▲ 762%€250,995▲ 140%€66,662▼ 73.4%
Net result€8,612€7,159▼ 16.9%€64,968▲ 808%€170,607▲ 163%€38,335▼ 77.5%
Equity€1,522€8,681▲ 470%€73,648▲ 748%€210,737▲ 186%€210,737=
Total assets€69,413▲ 43.2%€120,505▲ 73.6%€250,259▲ 108%€431,022▲ 72.2%€476,048▲ 10.4%
Debt€67,891▲ 22.2%€111,825▲ 64.7%€176,611▲ 57.9%€220,286▲ 24.7%€265,311▲ 20.4%
Working capital-€11,124▲ 44.0%-€1,974▲ 82.3%€62,699€190,433▲ 204%€174,684▼ 8.3%
Staff (FTE)2.1▲ 40.0%1.8▼ 14.3%2.9▲ 61.1%6▲ 107%8.5▲ 41.7%
Why a figure moved sharply
- 2025 Net result -78% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
- 2024 Net result +163%, Equity +186%, Total assets +72% on 2023. Cause not known from the registers.
- 2023 Total assets +108% on 2022. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 73% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €476,048
Fixed assets
€36,706 ▲ 80.8%
Current assets
€439,342 ▲ 7.0%
Equity and liabilities €476,048
Equity
€210,737 =
Debt
€265,311 ▲ 20.4%
Debt's share of the balance-sheet total rises from 51.1% to 55.7%. Debt is higher.
Key figures and ratios
EBITDA
€78,915▼
2024 · €259,374
Cash flow
€50,588▼
2024 · €178,986
Current ratio
1.66▼
2024 · 1.86
Debt to equity
1.26▲
2024 · 1.05
ROE
18.2%▼
2024 · 81.0%
ROA
8.1%▼
2024 · 39.6%
Interest coverage
23.36▼
2024 · 77.80
Debt ≤ 1 year
€264,658▲
2024 · €220,286
Income taxes
€24,958▼
2024 · €77,055
Staff costs
€566,176▲
2024 · €344,777
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 26,964 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €51,153 | €83,917 | €133,027 | €344,777 | €566,176 | ▲ 64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,964 | €8,034 | €7,848 | €8,379 | €12,253 | ▲ 46.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €250 | -€250 | - | - | - |
| Other operating charges640/8 | €1,544 | €18,556 | €22,263 | €2,423 | €3,550 | ▲ 46.5% |
| Gross operating margin9900 | €71,404 | €122,892 | €267,490 | €606,575 | €648,641 | ▲ 6.9% |
| Operating profit (loss)9901 | €10,743 | €12,136 | €104,602 | €250,995 | €66,662 | ▼ 73.4% |
| Financial income75/76B | €6 | - | €96 | - | €10 | - |
| Recurring financial income75 | €6 | - | €96 | - | €10 | - |
| Financial charges65/66B | €2,080 | €1,634 | €1,009 | €3,334 | €3,379 | ▲ 1.3% |
| Recurring financial charges65 | €2,080 | €1,634 | €1,009 | €3,334 | €3,379 | ▲ 1.3% |
| Profit (loss) for the period before taxes9903 | €8,669 | €10,502 | €103,688 | €247,661 | €63,294 | ▼ 74.4% |
| Income taxes67/77 | €58 | €3,344 | €38,721 | €77,055 | €24,958 | ▼ 67.6% |
| Profit (loss) for the period9904 | €8,612 | €7,159 | €64,968 | €170,607 | €38,335 | ▼ 77.5% |
| Transfer to tax-exempt reserves689 | - | - | - | €56,835 | - | - |
| Profit (loss) for the period to be appropriated9905 | €8,612 | €7,159 | €64,968 | €113,772 | €38,335 | ▼ 66.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €69,413 | €120,505 | €250,259 | €431,022 | €476,048 | ▲ 10.4% |
| Formation expenses20 | €664 | €244 | - | - | - | - |
| Fixed assets21/28 | €28,113 | €21,875 | €15,852 | €20,304 | €36,706 | ▲ 80.8% |
| Intangible fixed assets21 | €1,562 | €972 | €382 | €2,543 | €19,614 | ▲ 671% |
| Tangible fixed assets22/27 | €24,771 | €19,124 | €12,110 | €11,561 | €16,832 | ▲ 45.6% |
| Furniture and vehicles24 | €1,620 | €2,086 | €1,186 | €6,750 | €16,832 | ▲ 149% |
| Leasing and similar rights25 | €23,152 | €17,038 | €10,924 | €4,811 | - | - |
| Financial fixed assets28 | €1,780 | €1,780 | €3,360 | €6,200 | €260 | ▼ 95.8% |
| Current assets29/58 | €40,637 | €98,386 | €234,407 | €410,719 | €439,342 | ▲ 7.0% |
| Amounts receivable within one year40/41 | €37,667 | €84,348 | €209,945 | €290,141 | €344,691 | ▲ 18.8% |
| Trade receivables40 | €37,219 | €78,809 | €192,616 | €283,356 | €330,206 | ▲ 16.5% |
| Other amounts receivable41 | €448 | €5,539 | €17,329 | €6,785 | €14,485 | ▲ 113% |
| Cash at bank and in hand54/58 | €2,761 | €9,489 | €14,859 | €100,951 | €78,640 | ▼ 22.1% |
| Deferred charges and accrued income490/1 | €209 | €4,548 | €9,604 | €19,627 | €16,011 | ▼ 18.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €69,413 | €120,505 | €250,259 | €431,022 | €476,048 | ▲ 10.4% |
| Equity10/15 | €1,522 | €8,681 | €73,648 | €210,737 | €210,737 | = |
| Contributions10/11 | €8,060 | €8,060 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | - | €56,405 | €204,150 | €204,150 | = |
| Tax-exempt reserves132 | - | - | - | €56,835 | €56,835 | = |
| Distributable reserves133 | - | - | €56,405 | €147,315 | €147,315 | = |
| Profit (loss) carried forward14 | -€6,538 | €621 | €11,043 | €387 | €387 | = |
| Amounts payable17/49 | €67,891 | €111,825 | €176,611 | €220,286 | €265,311 | ▲ 20.4% |
| Amounts payable after more than one year17 | €16,131 | €10,610 | €4,903 | - | - | - |
| Financial debts170/4 | €16,131 | €10,610 | €4,903 | - | - | - |
| Amounts payable within one year42/48 | €51,760 | €100,359 | €171,708 | €220,286 | €264,658 | ▲ 20.1% |
| Current portion of amounts payable after more than one year42 | €5,341 | €5,521 | €5,707 | €4,903 | - | - |
| Financial debts43 | - | - | €47,000 | €50,000 | - | - |
| Credit institutions430/8 | - | - | €47,000 | €50,000 | - | - |
| Trade debts44 | €8,443 | €60,308 | €64,156 | €16,634 | €70,338 | ▲ 323% |
| Suppliers440/4 | €8,443 | €60,308 | €64,156 | €16,634 | €70,338 | ▲ 323% |
| Taxes, remuneration and social security45 | €17,599 | €25,200 | €54,210 | €115,230 | €155,985 | ▲ 35.4% |
| Taxes450/3 | €4,029 | €8,328 | €23,584 | €52,759 | €72,594 | ▲ 37.6% |
| Remuneration and social security454/9 | €13,570 | €16,872 | €30,626 | €62,472 | €83,391 | ▲ 33.5% |
| Other amounts payable47/48 | €20,378 | €9,330 | €635 | €33,518 | €38,335 | ▲ 14.4% |
| Accrued charges and deferred income492/3 | - | €856 | - | - | €653 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,612 | €7,159 | €64,968 | €170,607 | €38,335 | ▼ 77.5% |
| + Depreciation and write-downs630 | €7,964 | €8,034 | €7,848 | €8,379 | €12,253 | ▲ 46.2% |
| Operating cash flow (approximation) | €16,575 | €15,192 | €72,816 | €178,986 | €50,588 | ▼ 71.7% |
| Investment in fixed assets (approximation) | - | -€1,796 | -€1,824 | -€12,831 | -€28,655 | ▼ 123% |
| Change in cash | - | €6,728 | €5,369 | €86,092 | -€22,311 | ▼ 126% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
01-07
State Gazette act
Incorporation · Founder
Corporate purpose · Founding capital
2025
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2019net €170,607 ▲163%
Operating result €250,995, net result €170,607, both a record.
31-12
Financial
Equity above €200,000Eq €210,737 ▲186%
4 profitable years in a row build equity to €210,737.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 22 days late
2022
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €8,612
Net result €8,612 after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Weakest financial yearnet -€17,196
Net result drops to -€17,196, the lowest in the series; recovery starts the following year.
25-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 56 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 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, Liège · 1 establishment unit since 2018
Ground area
1.9 ha
Building footprint
4,913 m²
Volume, LiDAR
40,305 m³
2 parcels, Wallonia · tallest building 16.3 m, ±3 floors. Linked by address, not a title deed.
36
companies at this address
See who is registered here
1 establishment unit
Smart2Circle
since 20182.278.468.830
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62817B0418/00G002 | Wallonia | 1.3 ha | 1 · 4,913 m² | 16.3 m · 3 fl. |
| 62814C0006/00G002 | Wallonia | 6,004 m² | - | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 4,561 companies in sector 74999 we hold annual accounts for 1,935. 1,468 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded26-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
74999Other professional, scientific and technical activities
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0700423043
Registered
20-11-2020
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.