SMASH IMMO
SMASH IMMO has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €172k and a net result of €38k. Equity is shrinking by ~17.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.0% (low).
| Equity | €172k |
| Net result | €38k |
| Active | 14 yrs |
| Board | 2 |
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | abbreviated schema | full schema | full schema | full schema |
| Revenue | - | - | - | - |
| EBITDA | €160k | €977k | €861k | €677k |
| Net profit | €38k | €306k | €221k | €92k |
| Cash flow | €133k | €896k | €777k | €621k |
| Staff costs | €50 | €1.72M | €1.51M | €1.34M |
| Income taxes | €15k | €129k | €30k | €48k |
| Dividends | €47k | €377k | €172k | - |
| Total assets | €1.40M | €5.87M | €6.02M | €5.20M |
| Equity | €172k | €1.03M | €1.14M | €769k |
| Debt | €1.23M | €4.84M | €4.87M | €4.43M |
| of which ≤ 1y | €130k | €1.87M | €1.43M | €745k |
| of which > 1y | €1.09M | €2.90M | €3.39M | €3.66M |
| Working capital | €52k | €612k | €983k | €718k |
| Employees (FTE) | 0.0 | 37.9 | 40.1 | 68.5 |
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 1.40 | 1.33 | 1.69 | 1.96 |
| Quick ratio | 1.40 | 0.99 | 1.21 | 1.47 |
| Working capital ratio | 3.7% | 10.4% | 16.3% | 13.8% |
| Solvency | 12.3% | 17.6% | 19.0% | 14.8% |
| Debt / equity | 7.14 | 4.68 | 4.26 | 5.76 |
| Long-term debt ratio | 6.33 | 2.81 | 2.96 | 4.76 |
| Interest coverage | 7.95 | 11.75 | 9.27 | 9.55 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 2.7% | 5.2% | 3.7% | 1.8% |
| ROE | 22.3% | 29.6% | 19.3% | 12.0% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Full annual accounts (28 line items)
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €1.40M | €5.87M | €6.02M | €5.20M |
| Fixed assets | 21/28 | €1.21M | €3.39M | €3.60M | €3.74M |
| Intangible fixed assets | 21 | €0 | €7k | €13k | €11k |
| Tangible fixed assets | 22/27 | €1.21M | €3.28M | €3.48M | €3.62M |
| Financial fixed assets | 28 | €0 | €105k | €105k | €104k |
| Current assets | 29/58 | €182k | €2.48M | €2.42M | €1.46M |
| Stocks & contracts in progress | 3 | €0 | €622k | €679k | €369k |
| Amounts receivable within one year | 40/41 | €130k | €719k | €871k | €341k |
| Investments | 50/53 | - | €0 | €203k | €3k |
| Cash & bank | 54/58 | €46k | €1.08M | €602k | €724k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.40M | €5.87M | €6.02M | €5.20M |
| Equity | 10/15 | €172k | €1.03M | €1.14M | €769k |
| Contributions / capital | 10/11 | €4k | €19k | €19k | €19k |
| Reserves | 13 | €124k | €716k | €591k | €303k |
| Accumulated profits (losses) | 14 | €0 | €0 | €195k | €293k |
| Provisions & deferred taxes | 16 | - | €0 | €310 | €710 |
| Amounts payable | 17/49 | €1.23M | €4.84M | €4.87M | €4.43M |
| Amounts payable after one year | 17 | €1.09M | €2.90M | €3.39M | €3.66M |
| Amounts payable within one year | 42/48 | €130k | €1.87M | €1.43M | €745k |
| Trade debts payable within one year | 44 | €3k | €378k | €376k | €380k |
| Income statement | |||||
| Gross operating margin | 9900 | €177k | €3.03M | €2.61M | €2.25M |
| Operating result | 9901 | €65k | €387k | €305k | €149k |
| Financial income | 75 | €9k | €131k | €38k | €64k |
| Financial charges | 65 | €20k | €83k | €93k | €71k |
| Result before taxes | 9903 | €54k | €435k | €251k | €140k |
| Income taxes | 67/77 | €15k | €129k | €30k | €48k |
| Net result for the period | 9904 | €38k | €306k | €221k | €92k |
| Result to be appropriated | 9905 | €38k | €308k | €222k | €92k |
-
DETHIER FrançoisDirector (executive)State Gazette act 25048912 (14-04-2025)Current14-04-2025 → present
-
PIROTTE RenaudDirector (executive)State Gazette act 25048912 (14-04-2025)Current14-04-2025 → present
Former directors (1)
-
Former- → 14-04-2025
| NACE primary | - |
| Legal form | Private limited company(610) |
| Incorporation | 05-03-2012 |
| Status | Active |
| Postal code | 4000 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62810C0298/00B000 | Wallonia | 1,440 m² | 1 · 296 m² | 13.6 m · 3 fl. |
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
14-04-2025 Restructuring of share classes
Technical details
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"notary": {
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"firm_city": null,
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"kbo": "0844.154.673",
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"legal_form": "SOCIETE A RESPONSABILITE LIMITEE",
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"shareholders_after": [],
"share_classes_after": []
}14-03-2025 Olivier VAN HULSEL appointed as daily management delegate
- Olivier VAN HULSEL, Dagelijks bestuur
Technical details
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"name": "Olivier VAN HULSEL",
"address": null,
"birth_date": null,
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"subkind": "regular",
"via_org": {
"kbo": "0832.095.001",
"name": "NAHECA",
"address": "5081 La Bruy\u00E8re, Rue des Spyn\u00E9es, St-Denis 5, Bo\u00EEte A",
"country": "BE",
"legal_form": "SRL"
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"statutory": null,
"compensated": null,
"effective_date": "2025-01-01",
"evidence_quote": "L\u0027organe d\u0027administration nomme en qualit\u00E9 de d\u00E9l\u00E9gu\u00E9 \u00E0 la gestion joumali\u00E8re (Directeur) de la branche d\u0027activit\u00E9s brassicole de la Soci\u00E9t\u00E9 (fabrication de bi\u00E8res, jus et eaux min\u00E9rales), avec effet au 1er janvier 2025 pour une dur\u00E9e ind\u00E9termin\u00E9e, la soci\u00E9t\u00E9 \u00E0 responsabilit\u00E9 limit\u00E9e NAHECA",
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"notary": {
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"firm_city": null,
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"office_city": "Li\u00E8ge",
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"act_meta": {
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"person_name": "Laurent SCHEVENELS",
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},
"co_filed_documents": [
"copie certifi\u00E9e coforme \u00E0 l\u0027original du PROC\u00C8S VERBAL DES D\u00C9CISIONS DE L\u0027ORGANE D\u0027ADMINISTRATION PRISES PAR CONSENTEMENT UNANIME DE L\u0027ENSEMBLE DES ADMINISTRATEURS"
],
"corrected_publication_numac": null
}08-12-2023 Registered office moved within Liège
- Impasse des Ursulines 14 bte 24 : 4000 Liège → 4000 Liège, Impasse des Ursulines 14
Technical details
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"country": "BE",
"postcode": "4000",
"box_number": null,
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"act_meta": {
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"Bijlagen bij het Belgisch Staatsblad - 08/12/2023 - Annexes du Moniteur belge"
]
}| Legal nameFR | SMASH IMMO |