Checked.be
Active
BE 0432.408.182Public limited company
SMI
Steinerberg 8 ·4780 Sankt Vith, Belgium· 38 yrs active
Sector: Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
(47741)
Conclusion
SMI has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14.02M and a net result of €10.15M. Equity is shrinking by ~20.9% per year across the filed fiscal years. Its solvency ranks better than 69% of 4023 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €14.02M |
| Net result | €10.15M |
| Staff (FTE) | 12.9 |
| Better than sector | 69% |
Financial profile
90
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
100
Profitability
100
Solvency
97
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1987, 38 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
100
/ 100
Excellent
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€1.40M
estimate, not credit advice
Score history
100
2021
100
2022
100
2023
99
2024
100
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 2.17 (≥ 1.5)
+10
Quick ratio
Quick ratio 1.79 (≥ 1.0)
+5
Leverage
Debt/equity 0.84 (< 1.0)
+10
Profitability
ROE 72% (≥ 10%)
+10
EBITDA margin
EBITDA-marge 41% (≥ 10%)
+8
Interest coverage
Interest coverage 5.7× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 21-08-2026 with the NBB · fiscal year 2025 · full schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~20.9%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
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).
Sector comparison
Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 54.4% | 36.1% | |
| Net result | €10.15M | €42k | |
| Equity | €14.02M | €441k | |
| Staff costs | €500k | €340k | |
| Employees (FTE) | 12.9 | 7.7 |
€35.01M
-5.2%
21-25
€14.19M
+23.0%
21-25
€10.15M
+2.0%
21-25
€10.19M
+1.5%
21-25
€25.77M
-20.7%
21-25
€14.02M
+1.1%
21-25
€13.75M
+1.3%
21-25
13
+0.8%
21-25
€500k
+2.4%
21-25
€3.38M
-5.2%
21-25
€10.00M
-77.8%
21-25
€11.75M
-37.0%
21-25
€11.75M
-37.0%
21-25
2.17
+25.6%
21-25
1.79
+23.9%
21-25
54.4%
+27.6%
21-25
0.84
-37.7%
21-25
72.4%
+0.9%
21-25
39.4%
+28.7%
21-25
29.0%
+7.5%
21-25
40.5%
+29.6%
21-25
5.69
-84.8%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | full schema | full schema | full schema | full schema | full schema |
| Revenue | €35.01M | €36.91M | €33.51M | €33.99M | €31.78M |
| EBITDA | €14.19M | €11.54M | €11.35M | €10.59M | €10.28M |
| Net profit | €10.15M | €9.96M | €7.85M | €9.96M | €7.63M |
| Cash flow | €10.19M | €10.05M | €8.04M | €10.44M | €8.10M |
| Staff costs | €500k | €488k | €543k | €561k | €548k |
| Income taxes | €3.38M | €3.57M | €2.60M | €2.79M | €2.31M |
| Dividends | €10.00M | €45.00M | - | - | - |
| Total assets | €25.77M | €32.52M | €50.35M | €41.93M | €32.34M |
| Equity | €14.02M | €13.87M | €48.91M | €41.06M | €31.10M |
| Debt | €11.75M | €18.65M | €1.44M | €871k | €1.24M |
| of which ≤ 1y | €11.75M | €18.65M | €1.44M | €869k | €1.24M |
| of which > 1y | - | - | - | - | - |
| Working capital | €13.75M | €13.58M | €48.54M | €40.53M | €30.10M |
| Employees (FTE) | 12.9 | 12.8 | 13.8 | 14.5 | 14.9 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 2.17 | 1.73 | 34.64 | 47.62 | 25.19 |
| Quick ratio | 1.79 | 1.45 | 30.86 | 41.06 | 20.76 |
| Working capital ratio | 53.4% | 41.8% | 96.4% | 96.7% | 93.1% |
| Solvency | 54.4% | 42.6% | 97.1% | 97.9% | 96.2% |
| Debt / equity | 0.84 | 1.35 | 0.03 | 0.02 | 0.04 |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | 5.69 | 37.41 | 7.58 | 25.33 | 18.79 |
| Gross margin | 55.6% | 46.3% | 49.2% | 46.7% | 48.6% |
| Net margin | 29.0% | 27.0% | 23.4% | 29.3% | 24.0% |
| ROA | 39.4% | 30.6% | 15.6% | 23.8% | 23.6% |
| ROE | 72.4% | 71.8% | 16.0% | 24.3% | 24.6% |
| EBITDA margin | 40.5% | 31.3% | 33.9% | 31.2% | 32.3% |
| Days sales outstanding | 107d | 88d | 84d | 96d | 95d |
| Days payable outstanding | 30d | 18d | 19d | 9d | 15d |
| Inventory turnover | 3.52 | 3.79 | 3.12 | 3.18 | 2.97 |
| Days inventory (DSI) | 104d | 96d | 117d | 115d | 123d |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €25.77M | €32.52M | €50.35M | €41.93M | €32.34M |
| Fixed assets | 21/28 | €265k | €289k | €369k | €531k | €994k |
| Tangible fixed assets | 22/27 | €264k | €288k | €368k | €530k | €993k |
| Financial fixed assets | 28 | €1k | €1k | €1k | €1k | €1k |
| Current assets | 29/58 | €25.50M | €32.23M | €49.98M | €41.40M | €31.35M |
| Stocks & contracts in progress | 3 | €4.42M | €5.23M | €5.46M | €5.70M | €5.50M |
| Amounts receivable within one year | 40/41 | €10.41M | €9.39M | €8.24M | €9.02M | €8.30M |
| Investments | 50/53 | €13k | €12k | €663k | €1.97M | €4.89M |
| Cash & bank | 54/58 | €10.66M | €17.59M | €35.61M | €24.70M | €12.64M |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €25.77M | €32.52M | €50.35M | €41.93M | €32.34M |
| Equity | 10/15 | €14.02M | €13.87M | €48.91M | €41.06M | €31.10M |
| Contributions / capital | 10/11 | €1.07M | €1.07M | €1.07M | €1.07M | €1.07M |
| Reserves | 13 | €7.61M | €7.61M | €8.35M | €7.36M | €5.36M |
| Accumulated profits (losses) | 14 | €5.33M | €5.18M | €39.49M | €32.63M | €24.67M |
| Amounts payable | 17/49 | €11.75M | €18.65M | €1.44M | €871k | €1.24M |
| Amounts payable within one year | 42/48 | €11.75M | €18.65M | €1.44M | €869k | €1.24M |
| Trade debts payable within one year | 44 | €1.29M | €957k | €864k | €425k | €686k |
| Income statement | ||||||
| Turnover | 70 | €35.01M | €36.91M | €33.51M | €33.99M | €31.78M |
| Operating result | 9901 | €14.15M | €11.45M | €11.16M | €10.11M | €9.82M |
| Financial income | 75 | €1.88M | €2.38M | €793k | €3.05M | €669k |
| Financial charges | 65 | €2.49M | €309k | €1.50M | €418k | €547k |
| Result before taxes | 9903 | €13.54M | €13.53M | €10.45M | €12.75M | €9.94M |
| Income taxes | 67/77 | €3.38M | €3.57M | €2.60M | €2.79M | €2.31M |
| Net result for the period | 9904 | €10.15M | €9.96M | €7.85M | €9.96M | €7.63M |
| Result to be appropriated | 9905 | €10.15M | €13.70M | €7.11M | €9.56M | €7.63M |
Legal Structure
| NACE primary | Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses(47741) |
| Legal form | Public limited company(014) |
| Incorporation | 12-11-1987 |
| Status | Active |
| Postal code | 4780 |
Establishment units
Stechelsberg,Hünningen 13, 4780 Sankt Vith
since 19872.031.896.810
Updates
Next filing, fiscal year 2026, expected by
2026
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 21 days late
2025
31-12
Financial
Highest result since 2021net €10.15M ▲2%
Operating result €14.15M, net result €10.15M, both a record.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
25-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 56 days late
2023
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 23 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 25 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Manufacture of basic pharmaceutical products and pharmaceutical preparations21201Retail trade47740Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses4774152320Manufacture of medical and dental instruments and supplies3250033102
Names & trade names
| Legal nameDE | SMI |
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