SMARTVALUE

Absorbed by Newpharma Group KBO/BCE: BE 0821.903.467

SMARTVALUE

Financial year 2025

Follow Report

Annual accounts 2025

full format, filed on 25-09-2025, 36 days before the deadline

€49.0m

▼ 14.2%

€50,177

▲ €339,443

€2.2m

▲ 28.0%

€1.9m

▲ 21.7%

16.1%

▲ 0.5 percentage points

0.32

▼ 0.28

Money flows

of every €100 of turnover, €0.46 was lost in 2025

Balance sheet

balance sheet total €15.2m on 31-03-2025

What the company ownsHow it is paid for

in €m

Staff

Men and women49% women

75.6 men and 73.4 women in full-time equivalents in 2025.

€50,581

Men €51,260, women €46,642 per full-time equivalent. Jobs differ, so this is not a pay gap.

+27 people

people who joined people who left

In 2025, 46 people joined and 19 left. Training hours in 2025: 3,548. Agency workers: 81 on average.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Balance sheet: assets
`20/58`	15.2m	17.1m	15.4m	8.2m	10.5m	6.7m	8.4m	5.6m	3.4m	1.9m	1.4m	1.4m	762,408	430,868	276,925
`21/28`	11.1m	8.5m	7.8m	3.4m	2.7m	1.7m	1.7m	1.9m	286,739	269,186	245,801	140,839	155,171	141,938	43,035
`21`	3.0m	2.7m	1.8m	1.5m	882,450	21,361	47,715	76,070	19,000	26,000	8,000	-	-	-	-
`22/27`	3.1m	730,429	946,173	1.8m	1.7m	1.6m	1.6m	1.8m	197,269	173,466	168,081	71,119	85,451	72,218	43,035
`22`	-	0	0	881,483	979,425	1.1m	1.2m	1.3m	-	-	-	-	-	-	-
`23`	323,198	348,181	323,460	219,822	23,836	43,893	68,616	93,616	15,054	20,747	2,602	9,243	15,614	21,455	23,528
`24`	87,995	27,041	141,685	199,734	314,530	124,718	-	-	-	10,372	34,845	45,507	50,949	38,068	19,507
`26`	2.4m	239,207	303,565	443,878	379,183	315,178	326,368	313,621	182,215	142,347	130,634	16,370	18,888	12,694	-
`27`	251,625	116,000	177,463	95,000	-	-	-	-	-	-	-	-	-	-	-
`28`	5.1m	5.1m	5.1m	75,697	75,470	75,470	75,470	75,470	70,470	69,720	69,720	69,720	69,720	69,720	-
`280/1`	5.1m	5.1m	5.1m	69,947	69,720	69,720	69,720	69,720	-	-	-	-	-	-	-
`280`	5.1m	5.1m	5.1m	69,947	69,720	69,720	69,720	69,720	-	-	-	-	-	-	-
`284/8`	200	200	5,750	5,750	5,750	5,750	5,750	5,750	-	-	-	-	-	-	-
`285/8`	200	200	5,750	5,750	5,750	5,750	5,750	5,750	-	-	-	-	-	-	-
`29/58`	4.1m	8.6m	7.6m	4.7m	7.9m	5.0m	6.7m	3.7m	3.1m	1.7m	1.2m	1.3m	607,237	288,930	233,890
`29`	-	-	-	-	1.1m	1.1m	1.1m	1.1m	1.1m	530,400	242,000	-	-	-	-
`291`	-	-	-	-	1.1m	1.1m	1.1m	1.1m	1.1m	530,400	242,000	-	-	-	-
`3`	89,140	24,523	103,176	34,414	48,137	20,181	18,176	-	-	-	-	-	-	-	-
`30/36`	89,140	24,523	103,176	34,414	48,137	20,181	18,176	-	-	-	-	-	-	-	-
`30/31`	89,140	24,523	103,176	34,414	48,137	20,181	18,176	-	-	-	-	-	-	-	-
`40/41`	3.3m	7.8m	7.2m	4.5m	6.2m	3.6m	4.9m	2.0m	1.8m	770,281	625,604	1.1m	563,318	189,680	197,151
`40`	3.0m	7.3m	7.0m	4.4m	5.2m	2.4m	4.0m	1.9m	1.5m	738,253	596,903	1.1m	561,298	189,680	197,151
`41`	363,847	487,802	125,616	104,949	1.1m	1.3m	953,015	92,972	255,262	32,028	28,700	5,436	2,020	-	-
`54/58`	221,112	489,501	111,727	95,305	245,023	227,822	549,270	551,125	217,677	329,452	328,071	184,028	29,503	99,250	36,551
`490/1`	414,470	366,976	215,964	109,381	246,312	81,775	88,844	53,105	32,450	24,911	6,581	11,035	14,416	-	188
Balance sheet: equity and liabilities
`10/49`	15.2m	17.1m	15.4m	8.2m	10.5m	6.7m	8.4m	5.6m	3.4m	1.9m	1.4m	1.4m	762,408	430,868	276,925
`10/15`	2.4m	2.7m	3.1m	3.1m	3.2m	3.9m	4.0m	3.7m	1.7m	182,626	182,758	182,504	173,678	120,276	85,618
`10/11`	61,500	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000
`10`	61,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`100`	61,500	-	-	-	-	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000
`13`	3.0m	3.0m	3.0m	3.0m	3.0m	3.6m	3.7m	3.6m	1.6m	157,500	157,500	157,500	148,500	94,500	60,500
`130/1`	2,500	2,500	2,500	2,500	2,500	-	-	-	-	-	-	-	-	-	-
`130`	-	-	-	-	-	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500	2,500
`1311`	2,500	2,500	2,500	2,500	2,500	-	-	-	-	-	-	-	-	-	-
`133`	3.0m	3.0m	3.0m	3.0m	3.0m	3.6m	3.7m	3.6m	1.6m	155,000	155,000	155,000	146,000	92,000	58,000
`14`	-589,781	-365,705	58,774	-131,851	3,463	223	1,894	977	491	126	258	4	178	776	118
`15`	14,979	14,979	17,935	183,297	208,286	235,117	264,094	1,216	1,594	-	-	-	-	-	-
`16`	-	71,740	-	-	-	-	-	-	-	-	-	-	-	-	-
`160/5`	-	71,740	-	-	-	-	-	-	-	-	-	-	-	-	-
`164/5`	-	71,740	-	-	-	-	-	-	-	-	-	-	-	-	-
`17/49`	12.8m	14.4m	12.3m	5.1m	7.3m	2.8m	4.4m	2.0m	1.7m	1.7m	1.3m	1.2m	588,730	310,592	191,307
`17`	-	0	-	-	-	-	-	-	-	-	-	20,641	42,365	-	-
`170/4`	-	0	-	-	-	-	-	-	-	-	-	20,641	42,365	-	-
`174`	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-
`42/48`	12.7m	14.3m	12.3m	5.0m	7.3m	2.8m	4.4m	2.0m	1.7m	1.7m	1.3m	1.2m	544,129	310,592	191,307
`42`	-	-	-	-	-	-	-	-	-	-	20,641	21,724	20,926	-	-
`44`	6.6m	8.2m	5.7m	4.2m	4.5m	2.4m	3.1m	1.0m	923,567	441,772	425,543	429,563	406,919	242,302	124,896
`440/4`	6.6m	8.2m	5.7m	4.2m	4.5m	2.4m	3.1m	1.0m	923,567	441,772	425,543	429,563	406,919	242,302	124,896
`45`	1.1m	1.1m	1.6m	874,095	888,932	462,652	1.3m	915,142	778,803	373,562	509,114	366,769	116,284	68,290	66,412
`450/3`	79,609	41,541	571,396	292,995	296,467	57,375	963,292	709,227	673,685	304,249	452,225	316,829	68,625	55,103	62,199
`454/9`	1.1m	1.1m	983,977	581,100	592,465	405,277	312,656	205,915	105,118	69,313	56,889	49,940	47,659	13,188	4,212
`47/48`	5.0m	5.0m	5.0m	-	1.9m	-	-	-	-	916,270	310,000	388,000	-	-	-
`492/3`	72,134	75,134	48,151	60,958	104	6,335	-	97	10,000	10,000	-	5,369	2,235	-	-
Income statement
`70/76A`	49.3m	57.5m	44.3m	39.8m	36.5m	24.1m	18.9m	16.1m	-	-	-	-	-	-	-
`70`	49.0m	57.2m	42.9m	39.6m	36.4m	24.1m	18.9m	16.1m	-	-	-	-	-	-	-
`74`	322,520	372,345	331,018	151,397	-	-	-	-	-	-	-	-	-	-	-
`76A`	-	0	1.0m	-	-	-	-	-	145,000	-	-	-	-	-	-
`9900`	-	-	-	-	-	-	-	-	2.5m	1.6m	1.0m	1.0m	372,069	154,866	130,298
`60/66A`	49.3m	57.8m	44.1m	39.9m	37.1m	24.3m	18.8m	14.2m	-	-	-	-	-	-	-
`60`	1.3m	1.5m	1.3m	1.1m	1.2m	771,844	717,421	-	-	-	-	-	-	-	-
`600/8`	1.3m	1.4m	1.4m	1.1m	1.2m	773,849	735,597	-	-	-	-	-	-	-	-
`609`	-64,617	78,653	-68,762	13,723	-27,956	-2,005	-18,176	-	-	-	-	-	-	-	-
`61`	38.4m	45.1m	34.6m	32.4m	31.1m	20.2m	15.2m	11.9m	-	-	-	-	-	-	-
`62`	7.5m	9.1m	6.7m	5.2m	4.0m	3.1m	2.6m	1.9m	1.1m	669,056	477,419	386,978	258,690	80,991	27,786
`630`	2.2m	2.0m	1.4m	1.0m	739,222	233,774	237,424	186,146	44,403	56,847	65,471	45,130	37,743	18,718	9,325
`635/8`	-71,740	71,740	-	-	-	-	-	-	-	-	-	-	-	-	-
`640/8`	7,075	28,907	62,377	68,518	72,216	25,627	42,051	37,280	12,211	10,719	4,853	563	1,276	729	695
`66A`	-	276	6,804	-	-	-	-	189,873	145,000	-	-	-	-	-	-
`9901`	50,177	-289,266	170,458	-135,494	-645,014	-189,437	135,081	1.9m	1.2m	833,985	475,024	616,254	74,359	54,427	92,492
`75/76B`	13,192	9,672	166,949	31,003	52,955	53,581	61,478	845,567	732,613	387,707	3,120	377	504	38	9
`75`	13,192	9,672	166,949	31,003	52,955	53,581	61,478	845,567	732,613	387,707	3,120	377	504	38	9
`750`	-	-	-	-	-	-	-	832,656	-	-	-	-	-	-	-
`751`	-	-	-	2,876	25,862	24,378	16,597	12,406	-	-	-	-	-	-	-
`752/9`	13,192	9,672	166,949	28,127	27,093	29,204	44,882	505	-	-	-	-	-	-	-
`65/66B`	235,596	184,483	19,049	12,410	499	654	2,450	52,598	1,022	1,647	3,383	3,385	588	384	14
`65`	235,596	184,463	19,049	12,410	499	654	2,450	52,598	1,022	1,647	3,383	3,385	588	384	14
`650`	231,748	172,984	11,669	10,307	104	634	698	51,960	-	-	-	-	-	-	-
`652/9`	3,847	11,479	7,380	2,103	395	20	1,751	637	-	-	-	-	-	-	-
`66B`	-	20	-	-	-	-	-	-	-	-	-	-	-	-	-
`9903`	-172,226	-464,077	318,358	-116,901	-592,558	-136,509	194,110	2.7m	1.9m	1.2m	474,761	613,247	74,276	54,082	92,486
`67/77`	51,850	-39,598	127,733	18,413	4,202	-9,838	119,194	687,539	454,612	304,178	164,506	216,422	20,873	19,424	31,868
`670/3`	51,850	102,699	127,733	18,413	4,202	4,410	119,194	687,539	-	-	-	-	-	-	-
`77`	-	142,297	-	-	-	14,248	-	-	-	-	-	-	-	-	-
`9904`	-224,077	-424,479	190,625	-135,314	-596,760	-126,671	74,916	2.0m	1.5m	915,868	310,255	396,825	53,403	34,658	60,618
`9905`	-224,077	-424,479	190,625	-135,314	-596,760	-126,671	74,916	2.0m	1.5m	915,868	310,255	396,825	53,403	34,658	60,618
Appropriation of the result
`9906`	-589,781	-365,705	58,774	-131,851	-596,537	-124,777	75,894	2.0m	1.5m	916,126	310,258	397,004	54,178	34,776	60,618
`14P`	-365,705	58,774	-131,851	3,463	-	-	-	-	-	-	-	-	-	-	-
`791/2`	-	-	-	-	600,000	125,000	-	-	-	-	-	-	-	-	-
`792`	-	-	-	-	600,000	125,000	-	-	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	74,000	2.0m	1.5m	-	-	9,000	54,000	34,000	60,500
`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,500
`6921`	-	-	-	-	-	-	74,000	2.0m	1.5m	-	-	9,000	54,000	34,000	58,000
`694/7`	-	-	-	-	-	-	-	-	-	916,000	310,000	388,000	-	-	-
`694`	-	-	-	-	-	-	-	-	-	916,000	310,000	388,000	-	-	-
Social balance sheet
`9087`	149	146.9	155.4	124.4	99.1	75.9	67	48.9	31.1	20.3	13.9	11.9	7.6	2.5	1.1
Men (FTE)`1003`	75.6	72.1	79.6	58.6	46	38.5	31.4	22.3	-	-	-	-	-	-	-
Women (FTE)`1003`	73.4	74.8	75.8	65.8	53.1	37.4	35.6	26.6	-	-	-	-	-	-	-
Agency workers`1501`	81	85.4	90.4	137.3	135.9	55.9	46.1	45.5	-	-	-	-	-	-	-
Hours worked`1013`	226,695	283,655	239,154	188,368	148,483	118,905	109,162	80,689	48,555	31,071	23,726	20,768	13,612	4,822	1,960
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 70 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 25-09-2025.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-03-2025	full format	25-09-2025	2025-00503645	PDF
31-03-2024	unclassified schema	19-09-2024	2024-00466737	PDF
31-12-2022	unclassified schema	05-07-2023	2023-00216077	PDF
31-12-2021	unclassified schema	06-07-2022	2022-20156216	PDF
31-12-2020	unclassified schema	28-07-2021	2021-42000085	PDF
31-12-2019	full format	14-08-2020	2020-41800368	PDF
31-12-2018	full format	25-07-2019	2019-37200503	PDF
31-12-2017	full format	10-07-2018	2018-31300178	PDF
31-12-2016	full format	25-07-2017	2017-35500281	PDF
31-12-2015	full format	31-08-2016	2016-55800122	PDF
31-12-2014	full format	19-08-2015	2015-44400455	PDF
31-12-2013	full format	20-06-2014	2014-19800468	PDF
31-12-2012	full format	31-07-2013	2013-38700137	PDF
31-12-2011	full format	16-07-2012	2012-30400441	PDF
31-12-2010	full format	01-08-2011	2011-36600381	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
2.2m	1.7m	1.6m	900,085	94,209	44,337	372,505	2.1m	1.3m	890,832	540,494	661,384	112,102	73,146	101,816
1.9m	1.6m	1.6m	900,266	142,462	107,103	312,340	2.2m	1.5m	972,714	375,725	441,955	91,146	53,376	69,943
4.8m	2.7m	6.9m	1.8m	401,638	175,306	62,465	1.8m	61,956	80,231	170,433	30,798	50,977	117,621	52,360
-268,389	-	16,422	-149,718	17,201	-321,448	-1,855	333,448	-111,775	1,382	144,043	154,525	-69,747	62,700	-
-8.6m	-5.7m	-4.7m	-309,029	574,457	2.2m	2.3m	1.8m	1.4m	-76,560	-63,043	67,675	63,107	-21,662	42,583
0.1%	-0.5%	0.4%	-0.3%	-1.8%	-0.8%	0.7%	11.8%	-	-	-	-	-	-	-
16.1%	15.6%	20.0%	37.6%	30.7%	57.5%	47.7%	65.3%	49.4%	9.5%	12.6%	12.9%	22.8%	27.9%	30.9%
0.32	0.60	0.62	0.94	1.08	1.77	1.52	1.90	1.82	0.96	0.95	1.06	1.12	0.93	1.22
0.31	0.60	0.61	0.93	1.07	1.76	1.51	1.90	1.82	0.96	0.95	1.06	1.12	0.93	1.22
5.23	5.40	3.99	1.66	2.25	0.74	1.10	0.53	1.02	9.54	6.92	6.75	3.39	2.58	2.23
-9.2%	-15.9%	6.2%	-4.4%	-18.5%	-3.3%	1.9%	54.4%	89.0%	501.5%	169.8%	217.4%	30.7%	28.8%	70.8%
-1.5%	-2.5%	1.2%	-1.7%	-5.7%	-1.9%	0.9%	35.5%	44.0%	47.6%	21.4%	28.1%	7.0%	8.0%	21.9%
9.58	10.03	over 100	87.33	over 100	69.98	over 100	40.00	-	-	-	-	-	-	-
22 days	46 days	60 days	40 days	52 days	36 days	77 days	44 days	-	-	-	-	-	-	-
60 days	64 days	58 days	45 days	51 days	41 days	72 days	32 days	-	-	-	-	-	-	-

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.

Social balance sheet

Item	31-03-2025	31-03-2024	31-12-2022	31-12-2021
Employees at the balance-sheet date	165	138	157	125
full-time	148	124	150	116
part-time	17	14	7	9
in full-time equivalents	161.9	134.8	154.9	122.8
	149	146.9	155.4	124.4
On a permanent contract	147	138	156	125
Joined	46	19	62	32
Left	19	38	30	26
Agency workers, average number	81	85.4	90.4	137.3
Training hours	3,548	1,771	1,683	80

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired

Item	31-03-2025	31-03-2024	2022	2021
Tangible fixed assets	€2.7m	€251,679	€420,529	€527,902
Intangible fixed assets	€2.1m	€2.4m	€1.4m	€1.3m
Financial fixed assets	-	-	€5.0m	€227
	€2.2m	€2.0m	€1.4m	€1.0m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	31-03-2025	31-03-2024	2022	2021
Fee for the audit	€12,588	€12,916	€7,430	€6,735
Other work by the auditor	€1,500	-	-	-

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Insights on SMARTVALUE

The operating result for 2025 is a profit of €50,177, after a loss of €289,266 in 2024.

Debt's share of the balance-sheet total falls from 84.0% to 83.9%. Equity and debt are lower.

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Staff

Men and women49% women

Staff cost per FTE€50,581

Joined and left+27 people

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Auditor

Insights on SMARTVALUE

in €m

in €m

€50,581

+27 people