Debts
€339,139 80% of the balance sheet
Financial debts 37%Suppliers 49%Taxes and wages 2%Other 12%
Of this, €338,139 falls due within a year.
Smartair
Lifetime
6 annual accounts with figures on one time axispeak €88,894 (2023)
€25,234▼ 50.9%
lowest -€28,784 (2025)
-€28,784▼ €29,266
peak €112,339 (2024)
€83,555▼ 25.6%
€339,139▲ 29.8%
Board1 name since 2019
1 directorFilip Logghe
Documentsfilings and deeds
31-08-202631 days late
2025micro format
Gross margin from €51,397 to €25,234Loss of €28,784Equity from €112,339 to €83,555Debts from €261,282 to €339,139Investments €92,209Cash from €42,837 to €9,154
Key points
from the 2025 annual accountsInvestments
€92,209 2.2 × depreciation
Green is investment, beige is depreciation. Machinery stands 29.3% higher than in 2024.
Position in the sector
-€28,784
Lower net result than 95% of companies in specialised construction. Sector median €10,189 · 35,113 companies.
2025 accounts filed 31 days after the deadline
Checked score
50
Fair
Financially stronger than 15% of micro companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.4% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.4%
01-2025: 1.4%● unchanged vs 12-2024
02-2025: 1.4%● unchanged vs 01-2025
03-2025: 1.4%● unchanged vs 02-2025
04-2025: 1.6%▲ +0.2 percentage points vs 03-2025
05-2025: 2.0%▲ +0.4 percentage points vs 04-2025
06-2025: 2.0%● unchanged vs 05-2025
07-2025: 2.3%▲ +0.3 percentage points vs 06-2025
08-2025: 1.2%▼ -1.1 percentage points vs 07-2025
09-2025: 1.2%● unchanged vs 08-2025
10-2025: 1.2%● unchanged vs 09-2025
11-2025: 1.0%▼ -0.2 percentage points vs 10-2025
12-2025: 1.0%● unchanged vs 11-2025
01-2026: 1.0%● unchanged vs 12-2025lowest value
02-2026: 1.0%● unchanged vs 01-2026lowest value
03-2026: 1.0%● unchanged vs 02-2026lowest value
04-2026: 1.2%▲ +0.2 percentage points vs 03-2026
05-2026: 1.5%▲ +0.3 percentage points vs 04-2026
06-2026: 1.4%▼ -0.1 percentage points vs 05-2026
07-2026: 1.5%▲ +0.1 percentage points vs 06-2026
08-2026: 2.5%▲ +1.0 percentage point vs 07-2026
09-2026: 3.3%▲ +0.8 percentage points vs 08-2026highest value
10-2026: 2.4%▼ -0.9 percentage points vs 09-2026
11-2026: 2.4%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Last filed accounts filed 31 days late; 1 of the last 3 accounts late
Sector: Specialised construction activities (NACE 43)
Loss of €28,784 (financial year 2025)
lowers risk
Size: total assets €422,694
Calculation
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 43, micro). It does better than 21% of them on solvency, 6% on liquidity, 16% on profitability and 16% 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 1,548 companies had the same profile as Smartair has now. Each dot stands for 4 companies, two years later.
91.2%
were still trading
3.9%
stopped another way
4.3%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Smartair itself: 2.4% within 12 months.
Test of the method
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 1,548 companies, not a prediction for Smartair. 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.
Credit verdict
Credit of up to €4,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.85 (1.11 in 2024), below 1. Short-term debt is 80% and cash 2.2% of total assets. 80.2% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 35125 sector peers (2025).
NBB · sector comparisonPosition among 35125 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 6 filingsDeviation from the deadline
2025
31 days late
2024
17 days early
2023
48 days early
2022
39 days early
2021
38 days early
2020
26 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 23 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 23 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0732705534
Registered office moved from Torhout to Ruddervoorde
New registered office: Terluchtestraat 42, 8020 Ruddervoorde · Previous registered office: Oude Gentweg 81, 8820 Torhout · General meeting of 26-03-2024 · Gazette deed
Amendment of the articles
General meeting of 01-07-2020 · Gazette deed
Incorporation
Founder: LOGGHE, Filip Marcel · Founding capital of €1,000, 10 shares · Appointment: LOGGHE, Filip Marcel (director) · published on 22-08-2019 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Smartair Oostkamp | €422,694 | €25,234 | 19.8% | - |
| CABO Bruges | €390,367 | €26,490 | 29.5% | - |
| MVDP-Elektro Malle | €373,194 | €24,295 | 18.0% | - |
| Saint Security Niel | €406,040 | €19,749 | 27.9% | - |
| Elektriciteitswerken Rosseel Diksmuide | €331,500 | €22,549 | 51.2% | - |
| VANTOTEC Blankenberge | €338,121 | €19,903 | 56.2% | - |
| CLARYSSE TECHNICS Kortrijk | €388,313 | €40,505 | 18.5% | - |
These companies have the same main activity as Smartair: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €332,000 and €406,000, founded between 2017 and 2020.
Official details
Source: KBO- Status
- Active since 20-08-2019Normal situation
- Activity
- General electrical installation workNACE 43211
- Establishment unit
- 2.292.788.8028020 Oostkamp, since 20-08-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 16-10-2025
Insights on Smartair
Smartair files the micro format. That format states no turnover. The gross margin rose from €8,528 in 2020 to €25,234 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Smartair
- What is the company number of Smartair?
- The company number of Smartair is 0732.705.534. The VAT number is the same number with BE in front: BE 0732.705.534.
- Where is Smartair based?
- The registered office is at Terluchtestraat 42, 8020 Oostkamp.Company details
- What does Smartair do?
- According to the KBO register, the main activity is general electrical installation work (NACE 43211).
- What is the legal form of Smartair?
- Smartair is a private limited company (BV).
- When was Smartair founded?
- Smartair was founded on 20-08-2019.
- Is Smartair still active?
- Yes, Smartair is an active enterprise in the KBO register.
- What is the turnover of Smartair?
- The turnover in financial year 2025 is ≈ €120,000. This figure is estimated from the gross margin of €25,234 and 45 comparable companies (NACE 43211). It probably lies between €83,000 and €180,000.Financials
- Is Smartair profitable?
- In financial year 2025, Smartair made a loss of €28,784.
- Where can I find the annual accounts of Smartair?
- Smartair filed 6 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Smartair due?
- Smartair must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See which support similar companies received that this one did not.Subsidies
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