SMARTCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 12 filings
Turnover
≈ €170,000
Estimated: probably between €150,000 and €220,000
Total assets
€173,548▼ 3.5%
2024 · €179,771
Net result
€55,312▼ 27.7%
2024 · €76,502
Working capital
€141,413▲ 84.0%
2024 · €76,864
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€76,881
▼ 10.6%
2025
20182025
Net result
€55,312
▼ 27.7%
2025
middle half of the sector
20182025
Equity
€153,787
▲ 56.2%
2025
middle half of the sector
20182025
Total assets
€173,548
▼ 3.5%
2025
middle half of the sector
20182025
Debt
€19,761
▼ 75.7%
2025
20182025
Working capital
€141,413
▲ 84.0%
2025
highest quarter of the sector
20182025
Solvency
88.6%
▲ 33.8pp
2025
highest quarter of the sector
20182025
Current ratio
8.16
▲ 6.21
2025
highest quarter of the sector
20182025
Return on assets (ROA)
31.9%
▼ 10.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€71,680-€61,341▼ 14.4%€63,836▲ 4.1%€46,914▼ 26.5%€48,819▲ 4.1%€71,122▲ 45.7%€86,007▲ 20.9%€76,881▼ 10.6%
Net result€55,588-€48,443▼ 12.9%€45,875above the sector's middle half▼ 5.3%€38,942within the sector's middle half▼ 15.1%€34,075within the sector's middle half▼ 12.5%€57,799above the sector's middle half▲ 69.6%€76,502above the sector's middle half▲ 32.4%€55,312within the sector's middle half▼ 27.7%
Equity€74,701-€123,143▲ 64.8%€118,835within the sector's middle half▼ 3.5%€67,277within the sector's middle half▼ 43.4%€101,352within the sector's middle half▲ 50.6%€159,151within the sector's middle half▲ 57.0%€98,475within the sector's middle half▼ 38.1%€153,787within the sector's middle half▲ 56.2%
Total assets€219,494-€127,394▼ 42.0%€178,468within the sector's middle half▲ 40.1%€171,438within the sector's middle half▼ 3.9%€107,780within the sector's middle half▼ 37.1%€162,042within the sector's middle half▲ 50.3%€179,771within the sector's middle half▲ 10.9%€173,548within the sector's middle half▼ 3.5%
Debt€144,794-€4,251▼ 97.1%€59,633▲ 14×€104,161▲ 74.7%€6,428▼ 93.8%€2,891▼ 55.0%€81,296▲ 28×€19,761▼ 75.7%
Working capital€73,562-€117,697▲ 60.0%€113,129above the sector's middle half▼ 3.9%€30,799within the sector's middle half▼ 72.8%€72,294within the sector's middle half▲ 135%€136,050above the sector's middle half▲ 88.2%€76,864within the sector's middle half▼ 43.5%€141,413above the sector's middle half▲ 84.0%
Solvency34.0%-96.7%▲ 62.6pp66.6%within the sector's middle half▼ 30.1pp39.2%within the sector's middle half▼ 27.3pp94.0%above the sector's middle half▲ 54.8pp98.2%above the sector's middle half▲ 4.2pp54.8%within the sector's middle half▼ 43.4pp88.6%above the sector's middle half▲ 33.8pp
Current ratio1.51-28.69▲ 27.182.90within the sector's middle half▼ 25.791.30below the sector's middle half▼ 1.6012.25above the sector's middle half▲ 10.9548.06above the sector's middle half▲ 35.811.95within the sector's middle half▼ 46.118.16above the sector's middle half▲ 6.21
Return on assets (ROA)25.3%-38.0%▲ 12.7pp25.7%within the sector's middle half▼ 12.3pp22.7%within the sector's middle half▼ 3.0pp31.6%above the sector's middle half▲ 8.9pp35.7%above the sector's middle half▲ 4.1pp42.6%above the sector's middle half▲ 6.9pp31.9%within the sector's middle half▼ 10.7pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 11% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €173,548
Fixed assets
€12,375 ▼ 42.7%
Current assets
€161,173 ▲ 1.9%
Equity and liabilities €173,548
Equity
€153,787 ▲ 56.2%
Debt
€19,761 ▼ 75.7%
Debt's share of the balance-sheet total falls from 45.2% to 11.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€86,117▼
2024 · €93,803
Cash flow
€64,549▼
2024 · €84,299
Debt to equity
0.13▼
2024 · 0.83
ROE
36.0%▼
2024 · 77.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€19,761▼
2024 · €81,296
Income taxes
€21,793▲
2024 · €17,586
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 | €33,698 | €674 | €2,396 | €8,101 | - |
| Depreciation and write-downs of the year | €2,925 | €8,094 | €8,353 | €7,797 | €9,237 |
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 | €5,939 | €1,852 | €1,019 | €2,925 | €8,094 | €8,353 | €7,797 | €9,237 | ▲ 18.5% |
| Other operating charges640/8 | - | - | - | €504 | €450 | €493 | €505 | €520 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €637 | €1,377 | ▲ 116% |
| Gross operating margin9900 | €78,342 | €63,953 | €65,332 | €50,343 | €57,362 | €79,969 | €94,946 | €88,014 | ▼ 7.3% |
| Operating profit (loss)9901 | €71,680 | €61,341 | €63,836 | €46,914 | €48,819 | €71,122 | €86,007 | €76,881 | ▼ 10.6% |
| Financial income75/76B | - | - | - | €2,936 | €2,446 | €1,322 | €8,308 | €427 | ▼ 94.9% |
| Recurring financial income75 | €0 | - | €50 | €43 | €2,446 | €1,322 | €8,308 | €17 | ▼ 99.8% |
| Non-recurring financial income76B | - | - | - | €2,893 | - | - | - | €410 | - |
| Financial charges65/66B | - | - | - | €239 | €1,392 | €239 | €227 | €202 | ▼ 10.8% |
| Recurring financial charges65 | €114 | €253 | €129 | €239 | €1,392 | €239 | €227 | €202 | ▼ 10.8% |
| Profit (loss) for the period before taxes9903 | €71,566 | €61,493 | €63,375 | €49,611 | €49,872 | €72,205 | €94,088 | €77,105 | ▼ 18.0% |
| Income taxes67/77 | €15,978 | €13,050 | €17,500 | €10,668 | €15,797 | €14,405 | €17,586 | €21,793 | ▲ 23.9% |
| Profit (loss) for the period9904 | €55,588 | €48,443 | €45,875 | €38,942 | €34,075 | €57,799 | €76,502 | €55,312 | ▼ 27.7% |
| Profit (loss) for the period to be appropriated9905 | €55,588 | €48,443 | €45,875 | €38,942 | €34,075 | €57,799 | €76,502 | €55,312 | ▼ 27.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €219,494 | €127,394 | €178,468 | €171,438 | €107,780 | €162,042 | €179,771 | €173,548 | ▼ 3.5% |
| Fixed assets21/28 | €1,139 | €5,446 | €5,706 | €36,479 | €29,058 | €23,101 | €21,611 | €12,375 | ▼ 42.7% |
| Tangible fixed assets22/27 | €1,139 | €5,446 | €5,706 | €36,479 | €29,058 | €23,101 | €21,611 | €12,375 | ▼ 42.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,158 | €1,679 | €1,200 | ▼ 28.5% |
| Furniture and vehicles24 | - | - | - | €36,479 | €29,058 | €20,943 | €19,932 | €11,175 | ▼ 43.9% |
| Current assets29/58 | €218,356 | €121,948 | €172,762 | €134,960 | €78,722 | €138,941 | €158,160 | €161,173 | ▲ 1.9% |
| Amounts receivable within one year40/41 | €36,761 | €22,744 | €15,945 | €27,085 | €16,580 | €16,084 | €14,884 | €11,114 | ▼ 25.3% |
| Trade receivables40 | - | - | - | €24,702 | €8,115 | €9,070 | €12,080 | €10,800 | ▼ 10.6% |
| Other amounts receivable41 | - | - | - | €2,383 | €8,465 | €7,014 | €2,804 | €314 | ▼ 88.8% |
| Current investments50/53 | - | €12,350 | €32,521 | €68,473 | €56,332 | €61,563 | €41,799 | €100 | ▼ 99.8% |
| Cash at bank and in hand54/58 | €181,057 | €85,718 | €123,345 | €37,409 | €4,513 | €60,336 | €99,713 | €148,947 | ▲ 49.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,994 | €1,296 | €958 | €1,764 | €1,012 | ▼ 42.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €219,494 | €127,394 | €178,468 | €171,438 | €107,780 | €162,042 | €179,771 | €173,548 | ▼ 3.5% |
| Equity10/15 | €74,701 | €123,143 | €118,835 | €67,277 | €101,352 | €159,151 | €98,475 | €153,787 | ▲ 56.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €56,101 | €104,543 | €100,235 | €48,677 | €82,752 | €140,551 | €79,875 | €135,187 | ▲ 69.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €46,817 | €80,892 | €140,551 | €79,875 | €135,187 | ▲ 69.2% |
| Amounts payable17/49 | €144,794 | €4,251 | €59,633 | €104,161 | €6,428 | €2,891 | €81,296 | €19,761 | ▼ 75.7% |
| Amounts payable within one year42/48 | €144,794 | €4,251 | €59,633 | €104,161 | €6,428 | €2,891 | €81,296 | €19,761 | ▼ 75.7% |
| Trade debts44 | €1,496 | €2,130 | €1,021 | €1,098 | €1,261 | €1,320 | €1,363 | €1,043 | ▼ 23.5% |
| Suppliers440/4 | - | - | - | €1,098 | €1,261 | €1,320 | €1,363 | €1,043 | ▼ 23.5% |
| Taxes, remuneration and social security45 | - | - | - | €18,993 | €3,400 | - | €11,475 | €5,793 | ▼ 49.5% |
| Taxes450/3 | - | - | - | €18,993 | €3,400 | - | €11,475 | €5,793 | ▼ 49.5% |
| Other amounts payable47/48 | - | - | - | €84,070 | €1,767 | €1,571 | €68,458 | €12,925 | ▼ 81.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,588 | €48,443 | €45,875 | €38,942 | €34,075 | €57,799 | €76,502 | €55,312 | ▼ 27.7% |
| + Depreciation and write-downs630 | €5,939 | €1,852 | €1,019 | €2,925 | €8,094 | €8,353 | €7,797 | €9,237 | ▲ 18.5% |
| Operating cash flow (approximation) | €61,526 | €50,294 | €46,894 | €41,868 | €42,169 | €66,152 | €84,299 | €64,549 | ▼ 23.4% |
| Investment in fixed assets (approximation) | - | -€6,158 | -€1,279 | -€33,698 | -€674 | -€2,396 | -€6,307 | €0 | - |
| Change in cash | - | -€95,339 | €37,627 | -€85,936 | -€32,896 | €55,823 | €39,377 | €49,234 | ▲ 25.0% |
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, 34,693 companies had the same profile as SMARTCO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SMARTCO itself: < 0.1% 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 34,693 companies, not a prediction for SMARTCO. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00131499 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00115639 | |
| 31-12-2023 | micro format | 07-06-2024 | 2024-00114328 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00112942 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20045325 | |
| 31-12-2020 | micro format | 07-06-2021 | 2021-17900259 | |
| 31-12-2019 | micro format | 04-06-2020 | 2020-14600312 | |
| 31-12-2018 | micro format | 04-06-2019 | 2019-15700516 | |
| 31-12-2017 | micro format | 04-06-2018 | 2018-15900339 | |
| 31-12-2016 | micro format | 07-06-2017 | 2017-15500262 |