Losses
-€4,327 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Smartshell
Lifetime
2 annual accounts with figures on one time axispeak -€521 (2024)
-€3,458▼ €2,937
lowest -€3,720 (2025)
-€3,720▼ €3,112
peak €15,673 (2025)
€15,673▲ €16,280
-not published
Board1 name since 2024
1 directorHermAnn
Documentsfilings and deeds
31-08-202631 days late
2025micro format
Gross margin from -€521 to -€3,458Loss of €3,720Equity from -€608 to €15,673
Key points
from the 2025 annual accountsStarting capital
€20,000 9,000 shares
Position in the sector
100.0%
Higher solvency than 95% of companies in research and development. Sector median 60.4% · 620 companies.
2025 accounts filed 31 days after the deadlineTurnover not published (micro format)
Checked score
81
Excellent
Financially stronger than 51% of micro companies in research and development (NACE 72)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.5% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 932 companies (NACE 72, micro).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
08-2025: 0.7%
09-2025: 0.7%● unchanged vs 08-2025
10-2025: 1.8%▲ +1.1 percentage points vs 09-2025
11-2025: 1.9%▲ +0.1 percentage points vs 10-2025
12-2025: 1.9%● unchanged vs 11-2025
01-2026: 2.0%▲ +0.1 percentage points vs 12-2025
02-2026: 2.0%● unchanged vs 01-2026
03-2026: 2.1%▲ +0.1 percentage points vs 02-2026
04-2026: 2.1%● unchanged vs 03-2026
05-2026: 2.1%● unchanged vs 04-2026
06-2026: 2.1%● unchanged vs 05-2026
07-2026: 2.1%● unchanged vs 06-2026
08-2026: 2.8%▲ +0.7 percentage points vs 07-2026highest value
09-2026: 0.5%▼ -2.3 percentage points vs 08-2026lowest value
10-2026: 0.5%● unchanged vs 09-2026lowest value
11-2026: 0.5%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Last filed accounts filed 31 days late; 2 of the last 3 accounts late
lowers risk
Sector: Scientific research and development (NACE 72)
Size: total assets €15,673
Equity €15,673 (100.0% of total assets)
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 72, micro). It does better than 83% of them on solvency, 12% on liquidity, 10% on profitability and 99% 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 low class on 30-06-2025, 0.8% 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, 3,223 companies had the same profile as Smartshell has now. Each dot stands for 9 companies, two years later.
87.8%
were still trading
8.7%
stopped another way
3.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Smartshell itself is lower: 0.5% within 12 months. It rests on far more data about Smartshell than the profile alone.
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 3,223 companies, not a prediction for Smartshell. 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 €1,000 on 30-day terms is acceptable
Cash is 11% of total assets. 0% of the assets are financed with debt and provisions.
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
Six signals.
lowers riskraises risk
raises risk · Young company
Founded in 2024, 2 years ago. Young companies fail more often than established ones; the risk is highest 2 to 8 years after founding.
KBO · incorporation dateAge against the risk zone
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
31 days late
2024
61 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 46 days after the deadline. In the sector (NACE 72), the median for financial year 2024 was 13 days before the deadline, and 32% 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.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- VAN RIEL Emile Noël Rita 2,500 sharesdeed of 26-07-2024
- GWOZDZ Szymon Stanislaw 1,500 sharesdeed of 26-07-2024
- QUERRY Stéphane Luc Sébastien 2,500 sharesdeed of 26-07-2024
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1011872029
Incorporation
Founding capital of €20,000, 9,000 shares · Founders: VAN RIEL Emile Noël Rita, GWOZDZ Szymon Stanislaw, QUERRY Stéphane Luc Sébastien and 1 other · Appointment: HermAnn (director) · published on 26-07-2024 · Gazette deed
First establishment
Milo (Hermann BVBA) Van riel, Uitbreidingstraat 84, Antwerp
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Smartshell Schoten | €15,673 | -€0.003m | 100.0% | - |
| Suomidoc Schoten | €27,262 | -€0.004m | -4.5% | - |
| VVnet Ghent | €19,002 | €0.002m | 30.2% | - |
| Spray Ventures Deinze | €27,331 | -€4.1m | -13517.9% | - |
| WE ARE REBEL Evere | €21,635 | €0.001m | 16.5% | - |
| PHAGOMED Izegem | €8,901 | -€0.001m | 98.2% | - |
| Innovative Material Processing Technologies Liège | €10,393 | -€0.001m | 99.6% | - |
These companies have the same main activity as Smartshell: other research and development on natural sciences (NACE 72109). They are comparable in size and age: total assets between €8,900 and €27,300, founded between 2023 and 2025.
Official details
Source: KBO- Status
- Active since 24-07-2024Normal situation
- Activity
- Other research and development on natural sciencesNACE 72109and 2 others
- Establishment unit
- 2.362.905.0532600 Antwerp, since 24-07-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 19-12-2025
Insights on Smartshell
Smartshell has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €15,673 and a net result of -€3,720.
Its solvency ranks better than 95% of 620 sector peers (NACE 72, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
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 Smartshell
- What is the company number of Smartshell?
- The company number of Smartshell is 1011.872.029. The VAT number is the same number with BE in front: BE 1011.872.029.
- Where is Smartshell based?
- The registered office is at Villerslei 156, 2900 Schoten.Company details
- What does Smartshell do?
- According to the KBO register, the main activity is other research and development on natural sciences (NACE 72109).
- What is the legal form of Smartshell?
- Smartshell is a private limited company (BV).
- When was Smartshell founded?
- Smartshell was founded on 24-07-2024.
- Is Smartshell still active?
- Yes, Smartshell is an active enterprise in the KBO register.
- What is the turnover of Smartshell?
- The annual accounts for financial year 2025 state no turnover. The micro format does not require it.Financials
- Is Smartshell profitable?
- In financial year 2025, Smartshell made a loss of €3,720.
- Where can I find the annual accounts of Smartshell?
- Smartshell filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Smartshell due?
- Smartshell must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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