SMS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-01-2026 PDF all 10 filings
Every figure per financial year
The operating result for 2025 is 68% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €400 | - | €15,500 |
| Depreciation and write-downs of the year | - | - | €133 | €133 | €392 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,978 awarded · €1,978 paid| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €133 | €133 | €392 | ▲ 194% |
| Other operating charges640/8 | - | - | - | €468 | €469 | €516 | €528 | €544 | ▲ 3.0% |
| Gross operating margin9900 | -€15,381 | -€7,375 | -€10,747 | -€7,722 | -€3,588 | €34,443 | €80,369 | €134,471 | ▲ 67.3% |
| Operating profit (loss)9901 | -€15,914 | -€7,930 | -€11,309 | -€8,189 | -€4,058 | €33,793 | €79,708 | €133,535 | ▲ 67.5% |
| Financial charges65/66B | - | - | - | €98 | €84 | €6,263 | €1,304 | €94 | ▼ 92.8% |
| Recurring financial charges65 | €53 | €70 | €70 | €98 | €84 | €90 | €93 | €94 | ▲ 1.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €6,173 | €1,211 | - | - |
| Profit (loss) for the period before taxes9903 | -€15,967 | -€8,000 | -€11,379 | -€8,287 | -€4,142 | €27,530 | €78,404 | €133,441 | ▲ 70.2% |
| Income taxes67/77 | - | - | - | - | - | - | €2,185 | €36,676 | ▲ 17× |
| Profit (loss) for the period9904 | -€15,967 | -€8,000 | -€11,379 | -€8,287 | -€4,142 | €27,530 | €76,219 | €96,765 | ▲ 27.0% |
| Profit (loss) for the period to be appropriated9905 | -€15,967 | -€8,000 | -€11,379 | -€8,287 | -€4,142 | €27,530 | €76,219 | €96,765 | ▲ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1,899 | €1,028 | €2,961 | €1,326 | €684 | €2,353 | €13,572 | €18,600 | ▲ 37.0% |
| Fixed assets21/28 | €330 | - | - | - | - | €267 | €133 | €15,242 | ▲ 114× |
| Tangible fixed assets22/27 | - | - | - | - | - | €267 | €133 | €15,242 | ▲ 114× |
| Plant, machinery and equipment23 | - | - | - | - | - | €267 | €133 | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €15,242 | - |
| Financial fixed assets28 | €330 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €1,569 | €1,028 | €2,961 | €1,326 | €684 | €2,087 | €13,438 | €3,358 | ▼ 75.0% |
| Amounts receivable within one year40/41 | €868 | €814 | €2,392 | €373 | €474 | €895 | €231 | - | - |
| Other amounts receivable41 | - | - | - | €373 | €474 | €895 | €231 | - | - |
| Cash at bank and in hand54/58 | €701 | €214 | €569 | €953 | €210 | €1,191 | €13,208 | €3,358 | ▼ 74.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1,899 | €1,028 | €2,961 | €1,326 | €684 | €2,353 | €13,572 | €18,600 | ▲ 37.0% |
| Equity10/15 | -€58,369 | -€66,369 | -€77,748 | -€86,035 | -€90,177 | -€62,647 | €13,572 | €18,600 | ▲ 37.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Profit (loss) carried forward14 | -€76,969 | -€84,969 | -€96,348 | -€104,635 | -€108,777 | -€81,247 | -€5,028 | - | - |
| Amounts payable17/49 | €60,268 | €67,397 | €80,709 | €87,361 | €90,861 | €65,000 | - | - | - |
| Amounts payable within one year42/48 | €60,268 | €67,397 | €80,709 | €87,361 | €90,861 | €65,000 | - | - | - |
| Trade debts44 | €2,373 | €5,501 | €447 | - | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €87,361 | €90,861 | €65,000 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,967 | -€8,000 | -€11,379 | -€8,287 | -€4,142 | €27,530 | €76,219 | €96,765 | ▲ 27.0% |
| + Depreciation and write-downs630 | - | - | - | - | - | €133 | €133 | €392 | ▲ 194% |
| Operating cash flow (approximation) | -€15,967 | -€8,000 | -€11,379 | -€8,287 | -€4,142 | €27,664 | €76,352 | €97,157 | ▲ 27.2% |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | €0 | -€15,500 | - |
| Change in cash | - | -€488 | €355 | €384 | -€743 | €981 | €12,016 | -€9,849 | - |
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, 34,693 companies had the same profile as SMS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of SMS itself: 0.3% within 12 months.
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 34,693 companies, not a prediction for SMS. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-01-2026 | 2026-00009131 | |
| 31-12-2024 | micro format | 05-05-2025 | 2025-00087247 | |
| 31-12-2023 | micro format | 03-05-2024 | 2024-00080340 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00290472 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20363229 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-66100469 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49700362 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-59000082 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-61600523 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-56000523 |