Smartvalue Distribution
ActiveSummary
The computed 12-month bankruptcy probability of Smartvalue Distribution is 3.8% (moderate). The 2026 annual accounts show equity of €21,929 and a net result of €4,195. Its solvency ranks better than 47% of 410 sector peers (NACE 46, financial year 2026). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 02-01-2024 Normal situation
- Activity
- Wholesale of pharmaceutical and medical goods NACE 46460and 1 other
- Establishment unit
- 2.372.332.166 4020 Liège, since 02-01-2024
- Financial year end
- 31 March
- Peppol
- Reachable since 03-09-2025
Board and ownership
Board
- Castelein KrisDirector · since 30-11-2023
- GOETHAERT StefanDirector · since 30-11-2023
- WILLEMYNS JoDirector · since 30-11-2023
- Auditor
- EY Réviseurs d'entreprises
Shareholders
- NEWPHARMA GROUP100%· score 86annual accounts 31-03-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 3.8%
Annual accounts to 31-03-2026
- Gross margin
- €8,039
- Turnover
- ≈ €78,000
- estimated
- Profit
- €4,195
- Equity
- €21,929
- ▲ 23.7%
- Total assets
- €56,516
- ▼ 5.5%
Score breakdownraises riskFounded in 2024Liquidity: current ratio 1.271 change of registered office in 24 monthslowers riskFigures for financial year 2026 (filed on 23-09-2026)Show the evidence
Checked score
Score 2026
50
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 57% of micro companies in wholesale trade (NACE 46)
Financial strength · tick: 2025
Average
Solvency
64+9
equity 38.8% of total assets
Liquidity
36+22
short-term debt 61.2%
Profitability
78+78
return on assets 7.4%
Bankruptcy probability within 12 months
3.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
02-2025: 1.6%lowest value
03-2025: 1.7%▲ +0.1 percentage points vs 02-2025
04-2025: 2.0%▲ +0.3 percentage points vs 03-2025
05-2025: 2.1%▲ +0.1 percentage points vs 04-2025
06-2025: 2.3%▲ +0.2 percentage points vs 05-2025
07-2025: 2.3%● unchanged vs 06-2025
08-2025: 2.6%▲ +0.3 percentage points vs 07-2025
09-2025: 2.6%● unchanged vs 08-2025
10-2025: 2.7%▲ +0.1 percentage points vs 09-2025
11-2025: 2.8%▲ +0.1 percentage points vs 10-2025
12-2025: 2.9%▲ +0.1 percentage points vs 11-2025
01-2026: 2.9%● unchanged vs 12-2025
02-2026: 2.9%● unchanged vs 01-2026
03-2026: 2.9%● unchanged vs 02-2026
04-2026: 2.9%● unchanged vs 03-2026
05-2026: 2.9%● unchanged vs 04-2026
06-2026: 2.9%● unchanged vs 05-2026
07-2026: 5.3%▲ +2.4 percentage points vs 06-2026
08-2026: 5.5%▲ +0.2 percentage points vs 07-2026highest value
09-2026: 5.1%▼ -0.4 percentage points vs 08-2026
10-2026: 3.8%▼ -1.3 percentage points vs 09-2026
11-2026: 3.8%● unchanged vs 10-2026
Credit of up to €1,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.27 (1.06 in 2025), below the usual 1.5. Short-term debt is 61.2% of total assets. 61.2% of the assets are financed with debt and provisions.
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 46, micro). It does better than 48% of them on solvency, 33% on liquidity, 69% on profitability and 78% on growth.
The bankruptcy probability was computed on 02-11-2026 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
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 21-09-2026, 40 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2026
40 days early
2025
36 days early
← before the deadline
after the deadline →
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-03-2027 year end31-10-2027 deadline
Financials
Financials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 21-09-2026 at the NBB all 2 filings
Turnover
≈ €78,000
Estimated: probably between €41,000 and €240,000
EBIT margin
Not included in this filing
Net result
€4,195
2025 · -€32,266
Working capital
€9,462▲ 262%
2025 · €2,611
Multi-year overview
2025 to 2026, 2 financial yearsOperating result
€5,028
2026
20252026
Net result
€4,195
2026
20252026
Equity
€21,929
▲ 23.7%
2026
20252026
Total assets
€56,516
▼ 5.5%
2026
20252026
Debt
€34,587
▼ 17.8%
2026
20252026
Working capital
€9,462
▲ 262%
2026
20252026
Solvency
38.8%
▲ 9.1pp
2026
20252026
Current ratio
1.27
▲ 0.21
2026
20252026
Return on assets (ROA)
7.4%
▲ 61.4pp
2026
20252026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20252026
Operating result-€32,210-€5,028
Net result-€32,266below the sector's middle half-€4,195
Equity€17,734below the sector's middle half-€21,929▲ 23.7%
Total assets€59,806below the sector's middle half-€56,516▼ 5.5%
Debt€42,072-€34,587▼ 17.8%
Working capital€2,611below the sector's middle half-€9,462▲ 262%
Solvency29.7%within the sector's middle half-38.8%▲ 9.1pp
Current ratio1.06below the sector's middle half-1.27▲ 0.21
Return on assets (ROA)-54.0%below the sector's middle half-7.4%▲ 61.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is a profit of €5,028, after a loss of €32,210 in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €56,516
Fixed assets
€12,467 ▼ 19.5%
Current assets
€44,049 ▼ 0.6%
Equity and liabilities €56,516
Equity
€21,929 ▲ 23.7%
Debt
€34,587 ▼ 17.8%
Debt's share of the balance-sheet total falls from 70.3% to 61.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€8,039
Cash flow
€7,205
Quick ratio
0.57▲
2025 · 0.41
Debt to equity
1.58▼
2025 · 2.37
ROE
19.1%▲
2025 · -181.9%
Interest coverage
9.21
Debt ≤ 1 year
€34,587▼
2025 · €41,718
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2025 | 31-03-2026 |
|---|---|---|
| Tangible fixed assets | €15,478 | - |
| Intangible fixed assets | - | €15,478 |
| Depreciation and write-downs of the year | - | €3,010 |
Source: notes to the 2025 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2025 | 2026 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €3,010 | - |
| Other operating charges640/8 | €1,445 | - | - |
| Gross operating margin9900 | -€30,765 | €8,039 | - |
| Operating profit (loss)9901 | -€32,210 | €5,028 | - |
| Financial income75/76B | €0 | €39 | ▲ 3,901× |
| Recurring financial income75 | €0 | €39 | ▲ 3,901× |
| Financial charges65/66B | €56 | €873 | ▲ 16× |
| Recurring financial charges65 | €56 | €873 | ▲ 16× |
| Profit (loss) for the period before taxes9903 | -€32,266 | €4,195 | - |
| Profit (loss) for the period9904 | -€32,266 | €4,195 | - |
| Profit (loss) for the period to be appropriated9905 | -€32,266 | €4,195 | - |
| Line | 2025 | 2026 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €59,806 | €56,516 | ▼ 5.5% |
| Fixed assets21/28 | €15,478 | €12,467 | ▼ 19.5% |
| Intangible fixed assets21 | - | €12,467 | - |
| Tangible fixed assets22/27 | €15,478 | - | - |
| Assets under construction and advance payments27 | €15,478 | - | - |
| Current assets29/58 | €44,328 | €44,049 | ▼ 0.6% |
| Stocks and contracts in progress3 | €27,195 | €24,342 | ▼ 10.5% |
| Stocks30/36 | €27,195 | €24,342 | ▼ 10.5% |
| Amounts receivable within one year40/41 | €16,646 | €19,708 | ▲ 18.4% |
| Trade receivables40 | €16,646 | €17,696 | ▲ 6.3% |
| Other amounts receivable41 | - | €2,011 | - |
| Cash at bank and in hand54/58 | €487 | - | - |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €59,806 | €56,516 | ▼ 5.5% |
| Equity10/15 | €17,734 | €21,929 | ▲ 23.7% |
| Contributions10/11 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€32,266 | -€28,071 | ▲ 13.0% |
| Amounts payable17/49 | €42,072 | €34,587 | ▼ 17.8% |
| Amounts payable within one year42/48 | €41,718 | €34,587 | ▼ 17.1% |
| Financial debts43 | - | €8,202 | - |
| Credit institutions430/8 | - | €8,202 | - |
| Trade debts44 | €41,119 | €26,385 | ▼ 35.8% |
| Suppliers440/4 | €41,119 | €26,385 | ▼ 35.8% |
| Taxes, remuneration and social security45 | €599 | - | - |
| Taxes450/3 | €599 | - | - |
| Accrued charges and deferred income492/3 | €354 | - | - |
| Line | 2025 | 2026 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€32,266 | €4,195 | - |
| + Depreciation and write-downs630 | - | €3,010 | - |
| Operating cash flow (approximation) | -€32,266 | €7,205 | - |
| Investment in fixed assets (approximation) | - | €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, 39,278 companies had the same profile as Smartvalue Distribution has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Smartvalue Distribution itself is higher: 3.8% within 12 months. It rests on far more data about Smartvalue Distribution than the profile alone.
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 39,278 companies, not a prediction for Smartvalue Distribution. 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.
Board & ownership
Directors
Directors
5 directors, no change since 2024
Board 5
Castelein Kris
Current
GOETHAERT Stefan
Current
Director (not named in the articles) · since 30-11-2023 · term without a fixed end · listed in the 2026 annual accounts, filed on 21-09-2026
WILLEMYNS Jo
Current
Director (not named in the articles) · since 30-11-2023 · term without a fixed end · listed in the 2026 annual accounts, filed on 21-09-2026
VANDAMME Stefaan
Current
Director (not named in the articles) · appointed in the act of 04-01-2024 · term without a fixed end
HAMELRIJCK MICHAEL
Current
Statutory auditor 1
EY Réviseurs d'entreprises
Current
Commissaire aux comptes · since 30-11-2023 · permanent representative: Emilie Van Callemont · listed in the 2026 annual accounts, filed on 21-09-2026
Owners and capital
Shareholders
1 ownerChain of control
- KORYS
- Colruyt Group
- Sukhino
- NEWPHARMA GROUP
- Smartvalue Distribution
Owners 1
- NEWPHARMA GROUPparentEquity €86.3m Profit of €138,686 in 2026 (loss of €42,260 in 2025) Checked score 86100%
Capital transactions
Shareholders according to the deeds
At incorporation
act of 04-01-2024 ↗
- Newpharma Group (BE 0684.465.652) 250 shares (100%) · €50,000 in cash
Capital over time
- 04-01-2024 Incorporation · €50,000 · 250 shares
Mandate history
7 people, 6 in office
- Board
- Statutory auditor
- end not dated
| Name | Functions and periods |
|---|---|
| Castelein Kris |
|
| GOETHAERT Stefan |
|
| VANDAMME Stefaan |
|
| WILLEMYNS Jo |
|
| HAMELRIJCK MICHAEL |
|
| EY Réviseurs d'entreprises |
|
| CASTELAIN Kris |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Assemblée qui nomme fixe nombre,durée du mandat et,en cas de pluralité,pouvoirs, administrateurs non-statutaires révocables ad nutum par…”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Prix mentionné dans notification initiale ou,en cas de contestation,prix fixé par expert choisi de commun accord ou,à défaut,par président…”
Articles of association, deed of 04-01-2024 (in French)
Network & group
Part of the group
KORYS
179 companies
Group, risk and exposure
Companies at the same address
4 other companiesConnections & network
5 current directorsThe network starts from the directors of Smartvalue Distribution. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2027 accounts:
2026
21-09
abbreviated format · 40 days before the deadline
29-06
Gazette deed
Registered office moved within WandreNew seat: Rue du Charbonnage 9, 4020 Wandre Belgique · Previous seat: Rue du Charbonnage 10 boîte 2, 4020 Wandre2 points ▸
Gazette deed
Registered office moved within Wandre
New seat: Rue du Charbonnage 9, 4020 Wandre Belgique · Previous seat: Rue du Charbonnage 10 boîte 2, 4020 Wandre2 points ▸
- Board meeting, 01-06-2026
- Registered-office move, Rue du Charbonnage 9, 4020 Wandre Belgique
31-03
Financial
Back to profitnet €4,195
The net result is €4,195, after one loss-making year.
2025
25-09
full format · 36 days before the deadline
2024
22-11
Gazette deed
Appointment: EY Réviseurs d'Entreprises (commissaire aux comptes)Permanent representative: Gilles JOURQUIN · Power of attorney4 points ▸
Gazette deed
Appointment: EY Réviseurs d'Entreprises (commissaire aux comptes)
Permanent representative: Gilles JOURQUIN · Power of attorney4 points ▸
- Auditor appointment, EY Réviseurs d'Entreprises (commissaire aux comptes)
- Other provision, “acceptation du mandat de commissaire aux comptes et incompatibilités, dispositions légales en vigueur” (deed in French)
- Power of attorney, GJ Lifesciences management SRL
- Permanent representative, Gilles JOURQUIN
04-01
Gazette deed
IncorporationStarting capital €50,000 · Appointments: VANDAMME Stefaan, GOETHAERT Stefan and 2 others · Founder · Power of attorney20 points ▸
Gazette deed
Incorporation
Starting capital €50,000 · Appointments: VANDAMME Stefaan, GOETHAERT Stefan and 2 others · Founder · Power of attorney20 points ▸
- Founder, Newpharma Group
- Director in office, VANDAMME Stefaan (director)
- Director in office, GOETHAERT Stefan (director)
- Power of attorney, CLOBERT Mélanie
- Power of attorney, Gilles Jourquin
- Incorporation, “Smartvalue Distribution” (deed in French)
- Founding capital, €50,000
- Bank account, “CBC banque”, 50000 (deed in French)
- Declaration, “attestation de dépôt conforme au Code des sociétés et des associations” (deed in French)
- Other provision, “somme à disposition”, 50000 (deed in French)
- Other provision, “avertissement du notaire sur responsabilité des fondateurs en cas de faillite dans les trois ans de la constitution si capitaux propres de départ manifestement…” (deed in French)
- Other provision, “arrêt des statuts de la société” (deed in French)
- The act holds 8 more points.
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
Smartvalue Distribution in French
Enterprise number
1004.124.303
Legal form
Private limited company
Status
Active, normale toestand
Founded
02-01-2024
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 04-01-2024 (in French)Name clauseThe company operates under this name according to its articles.
Smartvalue Distribution
deed of 04-01-2024 (in French)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Région wallonne, sièges administratifs,agences,ateliers,dépôts et succursales tant en Belgique qu’à l’étranger par simple décision de…”
deed of 04-01-2024 (in French)Registered office and establishments
Registered office
Rue du Charbonnage 9, 4020 Liège, Belgium
Establishment unit
Smartvalue Distribution, Rue du Charbonnage 9, 4020 Liège since 02-01-2024 · unit number 2.372.332.166
Activities
NACEBEL 202546460
Wholesale of pharmaceutical and medical goods main activity
47730
Retail sale of pharmaceutical products
Codes under NACEBEL 2008
46460
Wholesale trade main activity
47730
Retail trade
Invoicing and payment
VAT number
BE 1004.124.303
Financial year and general meeting
Accounts at the NBBFinancial year end
31-03
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Tuesday of September at 09:00
deed of 04-01-2024 (in French)Recognitions · licences · registrations
Food safety, FASFC
1 siteLiègeunit number 2.372.332.166
Sites & property
Location
Buildings and parcels at the address
Ground area
2.8 ha
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62113B0166/00V000 | Wallonia | 2.8 ha | - | - |