SMARTMAX
ActiveSummary
SMARTMAX has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€270,161) and a net result of -€205,525. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 8% of 8,575 sector peers (NACE 73, financial year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-07-2015 Normal situation
- Activity
- Public relations and communication consultancy NACE 73300and 3 others
- Establishment unit
- 2.244.254.356 1050 Elsene, since 12-08-2015
- Financial year end
- 31 December
- Peppol
- Reachable since 26-03-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.3%
- Gross margin
- -€106,434
- Loss
- €205,525
- ▲ 31.0%
- Equity
- -€270,161
- ▼ 318%
- Total assets
- €537,442
- ▼ 90.6%
- Employees on 31-12-2025
- 1
- =
- Negative equity on 31-12-2025
Score breakdownraises riskCapped at 59: negative equityLoss of €205,525, the second in a row (financial year 2025)Negative equity -€270,161Liquidity: current ratio 1.08, cash €11,860lowers riskSize: total assets €537,442Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 73, micro). It does better than 5% of them on solvency, 43% on liquidity, 6% on profitability and 1% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 16 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 10 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €168,598, after a profit of €130,372 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1.2 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €677,602 | €3.3m | €611,650 | - |
| Depreciation and write-downs of the year | €22,802 | €22,802 | €22,356 | €22,356 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as SMARTMAX: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €367,000 and €557,000, founded between 2014 and 2016.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | Financial year |
|---|---|---|---|---|---|---|---|
| SMARTMAX Elsene | 2015 | €537,442 | -€270,161 | -€106,434 | - | -€205,525 | 2025 |
| Revys Hasselt | 2014 | €544,339 | €310,389 | -€13,681 | €53,150 | -€49,205 | 2025 |
| Colco Sint-Katelijne-Waver | 2016 | €536,914 | €434,421 | -€91,956 | - | -€109,125 | 2025 |
| PHIPPSBURG GROUP Sint-Genesius-Rode | 2015 | €484,694 | €302,548 | €993 | - | -€403 | 2025 |
| T4U2 Ninove | 2016 | €557,110 | €548,470 | -€188 | - | -€16,124 | 2025 |
| FOLQUET CONSULTING Brussel | 2014 | €366,610 | €166,695 | -€6,753 | - | -€41,530 | 2025 |
| BHT INVEST Beersel | 2016 | €429,783 | -€57,541 | -€11,083 | - | -€14,285 | 2025 |
They were chosen from the 7,100 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 6,907 companies had the same profile as SMARTMAX has now. Two years later, 5.8% had gone bankrupt and 85.5% were still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SMARTMAX itself: 1.3% 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 6,907 companies, not a prediction for SMARTMAX. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €34,848 | €14,160 | €35,905 | €40,768 | €45,244 | ▲ 11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,404 | €3,836 | €22,802 | €22,802 | €22,802 | €22,356 | €22,356 | - | - |
| Other operating charges640/8 | - | - | - | €9,773 | €9,152 | €11,825 | €11,370 | €16,920 | ▲ 48.8% |
| Gross operating margin9900 | €182,415 | €117,431 | €176,412 | €112,781 | €97,818 | €195,135 | €204,865 | -€106,434 | - |
| Operating profit (loss)9901 | €64,651 | €2,874 | €30,123 | €45,359 | €51,705 | €125,049 | €130,372 | -€168,598 | - |
| Financial income75/76B | - | - | - | €1 | €1,041 | €1,198 | - | - | - |
| Recurring financial income75 | - | - | - | €1 | €1,041 | €1,198 | - | - | - |
| Financial charges65/66B | - | - | - | €16,646 | €21,423 | €122,870 | €287,279 | €36,926 | ▼ 87.1% |
| Recurring financial charges65 | €181 | €555 | €21,196 | €16,646 | €21,423 | €122,870 | €287,279 | €36,926 | ▼ 87.1% |
| Profit (loss) for the period before taxes9903 | €64,470 | €2,320 | €8,927 | €28,714 | €31,322 | €3,378 | -€156,907 | -€205,525 | ▼ 31.0% |
| Income taxes67/77 | €14,953 | €2,035 | €3,823 | €8,097 | €8,772 | €1,054 | - | - | - |
| Profit (loss) for the period9904 | €49,517 | €284 | €5,103 | €20,617 | €22,550 | €2,324 | -€156,907 | -€205,525 | ▼ 31.0% |
| Profit (loss) for the period to be appropriated9905 | €49,517 | €284 | €5,103 | €20,617 | €22,550 | €2,324 | -€156,907 | -€205,525 | ▼ 31.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.1m | €1.2m | €1.2m | €1.3m | €2.1m | €5.2m | €5.7m | €0.5m | ▼ 90.6% |
| Fixed assets21/28 | €0.005m | €1.2m | €1.1m | €1.1m | €1.8m | €5.1m | €5.7m | €0.5m | ▼ 91.5% |
| Tangible fixed assets22/27 | €0.005m | €1.2m | €1.1m | €1.1m | €1.8m | €5.1m | €5.7m | €0.5m | ▼ 91.5% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.1m | €1.0m | €0.5m | ▼ 54.1% |
| Furniture and vehicles24 | - | - | - | €446 | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €0.7m | €4.0m | €4.6m | - | - |
| Current assets29/58 | €0.1m | €0.07m | €0.07m | €0.2m | €0.3m | €0.1m | €0.02m | €0.06m | ▲ 140% |
| Amounts receivable within one year40/41 | €0.09m | €0.06m | €0.06m | €0.2m | €0.2m | €0.1m | €0.004m | €0.05m | ▲ 999% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.09m | €0.004m | €0.005m | ▲ 10.9% |
| Other amounts receivable41 | - | - | - | €0.004m | €0.002m | €0.03m | - | €0.04m | - |
| Cash at bank and in hand54/58 | €0.03m | €0.006m | €0.004m | €0.007m | €0.1m | €0.02m | €0.02m | €0.01m | ▼ 40.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.1m | €1.2m | €1.2m | €1.3m | €2.1m | €5.2m | €5.7m | €0.5m | ▼ 90.6% |
| Equity10/15 | €0.07m | €0.07m | €0.08m | €0.1m | €0.09m | €0.09m | -€0.06m | -€0.3m | ▼ 318% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.05m | €0.05m | €0.06m | €0.08m | €0.07m | €0.07m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.07m | €0.07m | - | - | - |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.09m | -€0.3m | ▼ 242% |
| Amounts payable17/49 | €0.05m | €1.2m | €1.1m | €1.2m | €2.0m | €5.1m | €5.8m | €0.8m | ▼ 86.0% |
| Amounts payable after more than one year17 | - | €1.0m | - | €0.1m | €0.1m | €0.1m | €0.5m | €0.8m | ▲ 59.8% |
| Financial debts170/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.5m | €0.8m | ▲ 59.8% |
| Amounts payable within one year42/48 | €0.05m | €0.1m | €1.1m | €1.1m | €1.9m | €5.0m | €5.3m | €0.05m | ▼ 99.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.02m | €0.03m | ▲ 49.2% |
| Financial debts43 | - | - | - | €1.0m | €1.7m | €4.2m | €4.3m | - | - |
| Credit institutions430/8 | - | - | - | €1.0m | €1.7m | €4.2m | €4.3m | - | - |
| Trade debts44 | €0.009m | €0.008m | €0.007m | €0.002m | €0.2m | €0.6m | €0.06m | €0.003m | ▼ 94.9% |
| Suppliers440/4 | - | - | - | €0.002m | €0.2m | €0.6m | €0.06m | €0.003m | ▼ 94.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.01m | €0.009m | €0.01m | ▲ 53.7% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.01m | €0.004m | €0.008m | ▲ 125% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.002m | €0.005m | €0.006m | €0.006m | ▲ 8.6% |
| Other amounts payable47/48 | - | - | - | - | €0.006m | €0.2m | €0.9m | €0.008m | ▼ 99.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.05m | €284 | €0.005m | €0.02m | €0.02m | €0.002m | -€0.2m | -€0.2m | ▼ 31.0% |
| + Depreciation and write-downs630 | €0.007m | €0.004m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | - | - |
| Operating cash flow (approximation) | €0.06m | €0.004m | €0.03m | €0.04m | €0.05m | €0.02m | -€0.1m | -€0.2m | ▼ 52.7% |
| Investment in fixed assets (approximation) | - | -€1.2m | €0 | €0 | -€0.7m | -€3.3m | -€0.6m | €5.2m | - |
| Change in cash | - | -€0.03m | -€0.002m | €0.002m | €0.1m | -€0.1m | €0.003m | -€0.008m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00226342 | NBB |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00226509 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00255472 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00209955 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20126649 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28000157 | |
| 31-12-2019 | micro format | 24-09-2020 | 2020-55300318 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31300366 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-23300527 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-53800393 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 30-06-2023 Converted to unavailable equity · €18,600
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BILLIET Maarten |
|
| HUYNEN Valérie |
|
Network & group
SMARTMAX shares no director with another company.
Companies at the same address
4 other companiesConnections & network
2 current directorsThe network starts from the directors of SMARTMAX. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
30-06
Gazette deed
Resignations: BILLIET Maarten (manager) and HUYNEN Valérie (manager)Reappointments: BILLIET Maarten (director) and HUYNEN Valérie (director) · Registered office clause · Power of attorney15 points ▸
- Director resignation, BILLIET Maarten (manager (not named in the articles))
- Director resignation, HUYNEN Valérie (manager (not named in the articles))
- Director reappointment, BILLIET Maarten (director (not named in the articles))
- Director reappointment, HUYNEN Valérie (director (not named in the articles))
- Registered office clause, “1050 Elsene,Meerstraat 33, algemene vergadering” (deed in Dutch)
- Power of attorney, Albert JANSSEN
- Power of attorney, Peter DRIESEN
- Power of attorney
- General meeting, 23-06-2023
- Other provision, “uitkering van interimdividenden, toevoeging van artikel” (deed in Dutch)
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- The act holds 3 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21444B0060/00L000 | Brussels | 258 m² | 1 · 111 m² | 20.0 m · 5 |