Smits Projects
ActiveSummary
Smits Projects has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €18,600 and a net result of €42,306. Equity is shrinking by ~16.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 24% of 9341 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability84▲+6
Solvency31▼-8
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.54 against 0.63 in 2024; short-term debt: 83.6% and cash: 36.3% of total assets), and 94.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
5.5%
Return on assets
12.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 9341 sector peers (2025).
NBB · sector comparisonPosition among 9341 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-03-2026, 141 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
141 d early
2024
111 d early
2023
1 d late
2022
42 d early
2021
111 d early
2020
31 d early
2019
62 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 53 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 11 April (4 of the last 5 filed years within 69 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€18,600▼ 56.9%
2024 · €43,151
Total assets
€337,435▲ 5.6%
2024 · €319,569
Net result
€42,306▲ 72.3%
2024 · €24,551
Working capital
-€128,847▼ 59.7%
2024 · -€80,658
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€66,862▲ 3.4%€74,949▲ 12.1%€47,762▼ 36.3%€34,421▼ 27.9%€57,102▲ 65.9%
Net result€46,008within the sector's middle half▼ 13.1%€61,367within the sector's middle half▲ 33.4%€34,385within the sector's middle half▼ 44.0%€24,551within the sector's middle half▼ 28.6%€42,306within the sector's middle half▲ 72.3%
Equity€149,505within the sector's middle half▲ 53.7%€81,827within the sector's middle half▼ 45.3%€116,212within the sector's middle half▲ 42.0%€43,151below the sector's middle half▼ 62.9%€18,600below the sector's middle half▼ 56.9%
Total assets€306,582below the sector's middle half▲ 183%€337,649below the sector's middle half▲ 10.1%€344,394below the sector's middle half▲ 2.0%€319,569below the sector's middle half▼ 7.2%€337,435below the sector's middle half▲ 5.6%
Debt€157,077▲ 1,301%€255,822▲ 62.9%€228,181▼ 10.8%€276,417▲ 21.1%€318,835▲ 15.3%
Working capital€89,696within the sector's middle half▼ 6.9%€2,722within the sector's middle half▼ 97.0%€12,759within the sector's middle half▲ 369%-€80,658within the sector's middle half-€128,847within the sector's middle half▼ 59.7%
Solvency48.8%within the sector's middle half▼ 40.9pp24.2%within the sector's middle half▼ 24.5pp33.7%within the sector's middle half▲ 9.5pp13.5%within the sector's middle half▼ 20.2pp5.5%below the sector's middle half▼ 8.0pp
Current ratio3.57above the sector's middle half▼ 6.021.02within the sector's middle half▼ 2.561.09within the sector's middle half▲ 0.070.63within the sector's middle half▼ 0.460.54within the sector's middle half▼ 0.09
Return on assets (ROA)15.0%above the sector's middle half▼ 33.8pp18.2%above the sector's middle half▲ 3.2pp10.0%above the sector's middle half▼ 8.2pp7.7%above the sector's middle half▼ 2.3pp12.5%above the sector's middle half▲ 4.9pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 66% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €337,435
Fixed assets
€184,109 ▲ 1.1%
Current assets
€153,326 ▲ 11.6%
Equity and liabilities €337,435
Equity
€18,600 ▼ 56.9%
Debt
€318,835 ▲ 15.3%
Debt's share of the balance-sheet total rises from 86.5% to 94.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€58,170▲
2024 · €35,560
Cash flow
€43,374▲
2024 · €25,691
Debt to equity
17.14▲
2024 · 6.41
ROE
227.5%▲
2024 · 56.9%
Interest coverage
65.83▲
2024 · 32.55
Debt ≤ 1 year
€282,173▲
2024 · €218,046
Debt > 1 year
€36,662▼
2024 · €58,371
Income taxes
€15,028▲
2024 · €9,053
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €748 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,036 | €990 | €1,336 | €1,139 | €1,069 | ▼ 6.2% |
| Other operating charges640/8 | €428 | €670 | €1,843 | €1,280 | €1,118 | ▼ 12.7% |
| Gross operating margin9900 | €68,325 | €76,609 | €50,942 | €36,840 | €59,288 | ▲ 60.9% |
| Operating profit (loss)9901 | €66,862 | €74,949 | €47,762 | €34,421 | €57,102 | ▲ 65.9% |
| Financial income75/76B | €0 | €9,003 | €377 | €276 | €1,115 | ▲ 304% |
| Recurring financial income75 | €0 | €9,003 | €377 | €276 | €1,115 | ▲ 304% |
| Financial charges65/66B | €2,903 | €3,603 | €1,198 | €1,092 | €884 | ▼ 19.1% |
| Recurring financial charges65 | €2,903 | €3,603 | €1,198 | €1,092 | €884 | ▼ 19.1% |
| Profit (loss) for the period before taxes9903 | €63,958 | €80,350 | €46,942 | €33,604 | €57,333 | ▲ 70.6% |
| Income taxes67/77 | €17,951 | €18,983 | €12,557 | €9,053 | €15,028 | ▲ 66.0% |
| Profit (loss) for the period9904 | €46,008 | €61,367 | €34,385 | €24,551 | €42,306 | ▲ 72.3% |
| Profit (loss) for the period to be appropriated9905 | €46,008 | €61,367 | €34,385 | €24,551 | €42,306 | ▲ 72.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €306,582 | €337,649 | €344,394 | €319,569 | €337,435 | ▲ 5.6% |
| Fixed assets21/28 | €182,033 | €182,373 | €183,320 | €182,181 | €184,109 | ▲ 1.1% |
| Tangible fixed assets22/27 | €2,033 | €2,373 | €3,320 | €2,181 | €4,109 | ▲ 88.4% |
| Plant, machinery and equipment23 | €373 | €1,423 | €855 | €412 | €1,217 | ▲ 196% |
| Furniture and vehicles24 | €1,660 | €950 | €2,465 | €1,769 | €2,892 | ▲ 63.5% |
| Financial fixed assets28 | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | = |
| Current assets29/58 | €124,549 | €155,276 | €161,073 | €137,388 | €153,326 | ▲ 11.6% |
| Amounts receivable within one year40/41 | €11,608 | €37,406 | €54,617 | €32,695 | €23,601 | ▼ 27.8% |
| Trade receivables40 | €11,608 | €28,406 | €41,060 | €20,166 | €14,601 | ▼ 27.6% |
| Other amounts receivable41 | €0 | €9,000 | €13,557 | €12,529 | €9,000 | ▼ 28.2% |
| Cash at bank and in hand54/58 | €109,958 | €116,044 | €94,028 | €94,996 | €122,602 | ▲ 29.1% |
| Deferred charges and accrued income490/1 | €2,983 | €1,826 | €12,428 | €9,697 | €7,123 | ▼ 26.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €306,582 | €337,649 | €344,394 | €319,569 | €337,435 | ▲ 5.6% |
| Equity10/15 | €149,505 | €81,827 | €116,212 | €43,151 | €18,600 | ▼ 56.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €130,905 | €63,227 | €97,612 | €24,551 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €129,045 | €61,367 | €97,612 | €24,551 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €157,077 | €255,822 | €228,181 | €276,417 | €318,835 | ▲ 15.3% |
| Amounts payable after more than one year17 | €122,224 | €101,150 | €79,866 | €58,371 | €36,662 | ▼ 37.2% |
| Financial debts170/4 | €122,224 | €101,150 | €79,866 | €58,371 | €36,662 | ▼ 37.2% |
| Amounts payable within one year42/48 | €34,853 | €152,554 | €148,315 | €218,046 | €282,173 | ▲ 29.4% |
| Current portion of amounts payable after more than one year42 | €20,866 | €21,074 | €23,048 | €23,277 | €23,508 | ▲ 1.0% |
| Trade debts44 | €813 | €3,901 | €7,938 | €700 | €1,786 | ▲ 155% |
| Suppliers440/4 | €813 | €3,901 | €7,938 | €700 | €1,786 | ▲ 155% |
| Taxes, remuneration and social security45 | €13,173 | €23,482 | €11,501 | €5,315 | €4,887 | ▼ 8.0% |
| Taxes450/3 | €13,173 | €23,482 | €11,501 | €5,315 | €4,887 | ▼ 8.0% |
| Other amounts payable47/48 | €0 | €104,097 | €105,828 | €188,755 | €251,991 | ▲ 33.5% |
| Accrued charges and deferred income492/3 | - | €2,118 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,008 | €61,367 | €34,385 | €24,551 | €42,306 | ▲ 72.3% |
| + Depreciation and write-downs630 | €1,036 | €990 | €1,336 | €1,139 | €1,069 | ▼ 6.2% |
| Operating cash flow (approximation) | €47,043 | €62,357 | €35,721 | €25,691 | €43,374 | ▲ 68.8% |
| Investment in fixed assets (approximation) | - | -€1,330 | -€2,283 | €0 | -€2,997 | - |
| Change in cash | - | €6,085 | -€22,016 | €968 | €27,606 | ▲ 2,753% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
12-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
11-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €24,551 ▼28.6%
Net result drops to €24,551, the lowest in the series; recovery starts the following year.
01-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 1 day late
2023
31-12
Financial
Equity above €100,000Eq €116,212 ▲42%
5 profitable years in a row build equity to €116,212.
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2019net €61,367 ▲33.4%
Operating result €74,949, net result €61,367, both a record.
11-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €100,000Eq €149,505 ▲53.7%
3 profitable years in a row build equity to €149,505.
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
01-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 62 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Beerse · 1 establishment unit since 2018
Ground area
640 m²
Building footprint
106 m²
Volume, LiDAR
635 m³
Parcel 13004A0331/00L000, Flanders · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Smits Projects
since 20182.281.154.047
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13004A0331/00L000 | Flanders | 640 m² | 1 · 106 m² | 9.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
45%
According to the 2025 annual accounts of Smits Projects and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 8,228 EUR awarded · 11,228 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 6,858 EUR | 6,858 EUR |
| 2024 | 1 | 108 EUR | 3,108 EUR |
| 2023 | 1 | 653 EUR | 653 EUR |
| 2022 | 1 | 609 EUR | 609 EUR |
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Of 11,757 companies in sector 68310 we hold annual accounts for 6,914. 3,850 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-10-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0711951393
Also
9925:BE0711951393
Registered
19-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.