Losses
-€4,327 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Smartshell
Overview
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
Annual accounts 2025
- -€3,458▼ 563%
- €3,720▲ 512%
- €15,673
- €15,673▲ 128×
- Filing
- Filed on 31-08-2026
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.
Financials
Annual accounts 2025
micro format, filed on 31-08-2026, 31 days late-€3,458
▼ €2,937
-€3,658
▼ €3,077
-€3,720
▼ €3,112
-
100.0%
-
Turnover and EBIT margin are not published. The micro format does not require them.
Balance sheet
balance sheet total €15,673 on 31-12-2025What the company ownsHow it is paid for
in euro
Position in the sector
100.0%
Higher than 95% of 620 companies in 2025.
-23.7%
Higher than 10% of 597 companies in 2025.
Smartshell
Middle half of the sector
80% of the sector
Micro accounts in research and development (NACE 72)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
15,673 | 122 | |
29/58 |
15,673 | 122 | |
40/41 |
13,946 | 122 | |
40 |
248 | - | |
41 |
13,699 | 122 | |
54/58 |
1,727 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
15,673 | 122 | |
10/15 |
15,673 | -608 | |
10/11 |
20,000 | - | |
14 |
-4,327 | -608 | |
17/49 |
- | 730 | |
42/48 |
- | 730 | |
44 |
- | 155 | |
440/4 |
- | 155 | |
47/48 |
- | 575 | |
| Income statement | |||
9900 |
-3,458 | -521 | |
640/8 |
200 | 60 | |
9901 |
-3,658 | -581 | |
75/76B |
0 | - | |
75 |
0 | - | |
65/66B |
62 | 26 | |
65 |
62 | 26 | |
9903 |
-3,720 | -608 | |
9904 |
-3,720 | -608 | |
9905 |
-3,720 | -608 | |
| Appropriation of the result | |||
9906 |
-4,327 | -608 | |
14P |
-608 | - | |
| Document | |||
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00500869.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| - | -608 | ||
| 100.0% | - | ||
| -23.7% | - | ||
| -23.7% | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Insights on Smartshell
The operating result for 2025 is a loss of €3,658, larger than the loss of €581 in 2024.
Board & ownership
Board
1 director, since incorporationHermAnn BV
Director, permanent representative VAN RIEL Emile Noël Rita
since 24-07-2024
term without a fixed end
listed in the 2025 annual accounts, filed on 31-08-2026
Permanent representatives 1
Mandates through the years
1 name, the dashed line is todayControl
Founders
VAN RIEL Emile Noël Rita, GWOZDZ Szymon Stanislaw, QUERRY Stéphane Luc Sébastien
and 1 other
This company
Smartshell
Equity €15,673
Loss €3,720 in 2025
Capital
- Contribution
- €20,000
- Shares
- 9,000
- Contribution per share
- €2.22
- Equity per share
- €1.74 in 2025
- Source
- deed of 26-07-2024
Articles of association
deed of 26-07-2024 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- 1 director
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Helft overdrager helft koper(s),bij meerdere kopers naar evenredigheid verworven aantal, nietigheid”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Indien geen andere vereffenaar benoemd, één of meerdere vereffenaars aanduiden,bevoegdheden omlijnen,vergoeding bepalen”
Shareholders
At incorporation
deed of 26-07-2024 ↗
- VAN RIEL Emile Noël Rita 2,500 shares (27.8%) · €5,555.55
- GWOZDZ Szymon Stanislaw 1,500 shares (16.7%) · €3,333.35
- QUERRY Stéphane Luc Sébastien 2,500 shares (27.8%) · €5,555.55
- MARTINEZ Marcelo Edgardo 2,500 shares (27.8%) · €5,555.55
Network & group
No group
Smartshell has no parent and no holdings in its annual accounts. HermAnn is the only director.
At the same address
Villerslei 156, 2900 Schoten · 1 other company| HermAnn
registered office since 06-08-2008 · founded in 2008 |
total assets €135,283 (2025) 0899.712.810 |
Connections & network
1 current directorThe network lets you explore the ties of Smartshell.
This company
Company
Director
Shareholding
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Timeline
Timeline
5 events since 2024Filings
Establishments
202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · 31 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:1011872029
Annual accounts 2024 filed NBBmicro format · 61 days late
2024
IncorporationFounding 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 26-07-20249 points ▸
- Founder, VAN RIEL Emile Noël Rita
- Founder, GWOZDZ Szymon Stanislaw
- Founder, QUERRY Stéphane Luc Sébastien
- Founder, MARTINEZ Marcelo Edgardo
- Founding capital, €20,000, 9,000 shares
- Registered office clause, Villerslei 156, 2900 Schoten
- Director appointment, HermAnn
- Permanent representative, VAN RIEL Emile Noël Rita
- Pre-incorporation commitments, Smartshell
- The deed holds 1 more point.
First establishment Milo (Hermann BVBA) Van riel, Uitbreidingstraat 84, Antwerp
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 1011.872.029
- VAT number
- BE 1011.872.029
- Peppol ID
- 0208:1011872029
- Other Peppol ID
- 9925:BE1011872029
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 24-07-2024
- Financial year
- ends on 31 December
- Website
- www.smart-shell.eu
- Peppol
- Reachable since 19-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- Smartshell in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 26-07-2024 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Vlaams Gewest”deed of 26-07-2024 (in Dutch)
Activities
NACEBEL 202572109
Other research and development on natural sciences main activity
Codes under NACEBEL 2008
72190
Scientific research and development main activity
71121
Engineering activities
74909
Other professional, scientific and technical activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “De handel,de import,de export,de productie,de ontwikkeling van:a)research en development in het algemeen van alle soorten…”deed of 26-07-2024 (in Dutch)
16 activities
- De handel,de import,de export,de productie,de ontwikkeling van:a)research en development in het algemeen van alle soorten aerodynamica,mechanica en elektronica b)alle soorten elektronica,thermoplastics en metalen,alsook het productie-process in het algemeen c)alle soorten IT hardware en software
- Alle coaching en consulting aangaande het voorgaande
- Sales organisatie
- De nationale en internationale handel in alle soorten goederen en producten
- Tussenpersoon in de handel
- Handelsbemiddeling
- Voor eigen rekening:Het aanleggen,het oordeelkundig uitbouwen en beheren van een onroerend vermogen;alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten zoals de huurfinanciering van onroerende goederen aan derden,het aankopen,verkopen,ruilen,bouwen,verbouwen,onderhouden,verhuren,huren,verkavelen,prospecteren en uitbaten van onroerende goederen;de aan-en verkoop,huur en verhuur van roerende goederen,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van de roerende en onroerende goederen te bevorderen,alsmede zich borg te stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van roerende en onroerende goederen
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een roerend patrimonium,alle verplichtingen met betrekking tot roerende goederen en rechten,van welke aard ook,zoals het verwerven door inschrijving of aankoop en het beheren van aandelen,obligaties,kasbons of andere roerende waarden,van welke vorm ook,van Belgische of buitenlandse,bestaande of nog op te richten rechtspersonen en ondernemingen
- Het toestaan van leningen en kredietopeningen aan rechtspersonen en ondernemingen of particulieren,onder om het even welke vorm;in dit kader kan zij zich ook borgstellen of haar aval verlenen,in de meest ruime zin,alle handels-en financiële operaties verrichten behalve die wettelijk voorbehouden zijn aan depositobanken,houders van deposito’s op korte termijn,spaarkassen,hypotheekmaatschappijen en kapitalisatieondernemingen
- Het uitoefenen van de functie van bestuurder,gedelegeerd bestuurder,directeur of andere leidende en uitvoerende functies,al dan niet bezoldigd in alle vormen,ook buitenlandse,van vennootschappen,verenigingen of samenwerkingsverbanden zowel in België als in het buitenland
- Alle vormen van consultancy en adviesverlening,voor zover deze niet voorbehouden zijn aan de gereglementeerde beroepen,tenzij de vennootschap zelf voldoet aan de wettelijke vereisten terzake
- Het verwerven van participaties in eender welke vorm in alle bestaande of op te richten rechtspersonen en vennootschappen,het stimuleren,de planning,de coördinatie van de ontwikkeling en investering in rechtspersonen en ondernemingen waarin zij al of niet een participatie aanhoudt
- Managementactiviteiten van holdings en andere:het tussenkomen in het dagelijks Bestuur,het vertegenwoordigen van bedrijven op grond van het bezit van aandelen of controle over het kapitaal en andere managementactiviteiten
- Alle commerciële,industriële,financiële,roerende en onroerende verrichtingen doen die rechtstreeks of onrechtstreeks in verband staan met haar voorwerp
- Belangen hebben bij wijze van inbreng,inschrijving of anderszins in alle ondernemingen,verenigingen of vennootschappen,die een gelijkaardig,analoog of aanverwant voorwerp nastreven,of wier voorwerp van die aard is dat van de vennootschap te bevorderen
- Zich voor particulieren en/of vennootschappen borg stellen of aval verlenen,voorschotten en krediet toestaan,hypothecaire of andere waarborgen verstrekken en algemeen alle financiële verrichtingen stellen die in verband staan met haar voorwerp of rechtstreeks of onrechtstreeks bijdragen tot de verwezenlijking van haar voorwerp
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Villerslei 156 registered office 2900 Schoten | ||
| Milo (Hermann BVBA) Van riel Uitbreidingstraat 84, 2600 Antwerp | 24-07-2024 | 2.362.905.053 |
Buildings and parcels at the addresses
- Ground area
- 1.1 ha
- Buildings
- 1,169 m²
- Volume, LiDAR
- 21,451 m³
- Tallest building
- 25.2 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11303B0445/00N008 | 9,631 m² | 1 · 998 m² | 25.2 m · 6 |
| 11040D0388/00B006 | 1,264 m² | 1 · 170 m² | 9.6 m · 2 |
Contact
E-mail
milovanriel@smart-shell.eu
Phone
+32 479 32 65 90