Active BE 0474.561.018Public limited company

SMUGGLER CORNER

Dijk 5 ·8660 De Panne, Belgium· 25 yrs active

Sector: Renting and operating of own or leased non-residential real estate, excluding land (68203)

Conclusion Checked

SMUGGLER CORNER has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €510k and a net result of €8k. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 89% of 4407 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€510k
Net result	€8k
Better than sector	89%
Active	25 yrs

Financial profile 5 of 5 axes measured · computed by Checked

67 / 100

Strong profile, led by solvency.

All 5 axes are computed from data Checked has read.

Health 76

Profitability 8

Solvency 100

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.1% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2001, 25 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 Flags0 events

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 FY 2025 · computed

76 / 100 Excellent

050100

Computed from 5 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

€40k

estimate, not credit advice

Score history

86 2021

68 2022

76 2023

76 2024

76 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 13.54 (≥ 1.5) +10

Quick ratio Quick ratio 13.54 (≥ 1.0) +5

Leverage Debt/equity 0.07 (< 1.0) +10

Profitability ROE 2% +3

Interest coverage Interest coverage -1.4× (< 1.5×) -10

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 overview24 NBB filings

Annual accounts filed on 07-07-2026 with the NBB · fiscal year 2025 · full schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

stable Equity: stable across 5 fiscal years (±1.3%/year).

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 68, Real estate activities · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	93.3%	38.4%	better than 89% of 4407 sector peers
Net result	€8k	€23k	better than 43% of 4398 sector peers
Equity	€510k	€919k	better than 40% of 4409 sector peers
Gross operating margin	€279	€157k	better than 18% of 3496 sector peers
Total assets	€546k	€3.35M	better than 15% of 4407 sector peers

EBITDA

€-2k

-407.2% 21-25

Net profit

€8k

+3.2% 21-25

Cash flow

€8k

+2.8% 21-25

Total assets

€546k

-3.4% 21-25

Equity

€510k

+1.6% 21-25

Working capital

€460k

+1.7% 21-25

Income taxes

€3k

-8.1% 21-25

Debt

€37k

-42.5% 21-25

Debt ≤ 1y

€37k

-42.5% 21-25

Current ratio

13.54

+67.5% 21-25

Quick ratio

13.54

+67.5% 21-25

Solvency

93.3%

+5.2% 21-25

Debt / equity

0.07

-43.4% 21-25

ROE

1.5%

+1.6% 21-25

ROA

1.4%

+6.9% 21-25

Interest coverage

-1.38

-985.3% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	full schema	abbreviated schema	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-	-	-
EBITDA	€-2k	€-367	€-4k	€-4k	€17k
Net profit	€8k	€8k	€5k	€5k	€9k
Cash flow	€8k	€8k	€6k	€7k	€22k
Staff costs	-	-	-	-	-
Income taxes	€3k	€3k	€2k	€2k	€7k
Dividends	-	-	-	-	-
Total assets	€546k	€566k	€556k	€546k	€525k
Equity	€510k	€502k	€494k	€489k	€485k
Debt	€37k	€64k	€62k	€56k	€40k
of which ≤ 1y	€37k	€64k	€62k	€56k	€40k
of which > 1y	-	-	-	-	-
Working capital	€460k	€452k	€444k	€439k	€432k
Employees (FTE)	-	-	-	-	-

Note: these years are not on the same basis. The filed schemas differ (full schema, abbreviated schema), so the columns are not directly comparable.

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	13.54	8.09	8.17	8.80	11.71
Quick ratio	13.54	8.09	8.17	8.80	11.71
Working capital ratio	84.2%	79.9%	79.9%	80.4%	82.3%
Solvency	93.3%	88.7%	88.9%	89.7%	92.3%
Debt / equity	0.07	0.13	0.13	0.12	0.08
Long-term debt ratio	-	-	-	-	-
Interest coverage	-1.38	-0.13	-1.88	-3.10	8.67
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	1.4%	1.3%	0.8%	0.8%	1.7%
ROE	1.5%	1.5%	0.9%	0.9%	1.8%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €50k · 9.1% Current assets €497k · 90.9%

Equity & liabilities

Equity €510k · 93.3% Debt €37k · 6.7%

Full annual accounts (23 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	€546k	€566k	€556k	€546k	€525k
Fixed assets	21/28	€50k	€50k	€50k	€51k	€53k
Tangible fixed assets	22/27	€50k	€50k	€50k	€51k	€53k
Financial fixed assets	28	€25	€25	€25	€25	€25
Current assets	29/58	€497k	€516k	€506k	€495k	€472k
Amounts receivable within one year	40/41	€485k	€515k	€502k	€490k	€470k
Cash & bank	54/58	€12k	€436	€4k	€5k	€2k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€546k	€566k	€556k	€546k	€525k
Equity	10/15	€510k	€502k	€494k	€489k	€485k
Contributions / capital	10/11	€250k	€250k	€250k	€250k	€250k
Reserves	13	€250k	€242k	€234k	€230k	€225k
Accumulated profits (losses)	14	€10k	€10k	€10k	€10k	€10k
Amounts payable	17/49	€37k	€64k	€62k	€56k	€40k
Amounts payable within one year	42/48	€37k	€64k	€62k	€56k	€40k
Trade debts payable within one year	44	€3k	€6k	€6k	€4k	€3k
Income statement
Gross operating margin	9900	€279	€2k	€-2k	€-2k	€19k
Operating result	9901	€-2k	€-395	€-5k	€-6k	€4k
Financial income	75	€14k	€14k	€14k	€14k	€14k
Financial charges	65	€1k	€3k	€2k	€1k	€2k
Result before taxes	9903	€11k	€10k	€6k	€6k	€16k
Income taxes	67/77	€3k	€3k	€2k	€2k	€7k
Net result for the period	9904	€8k	€8k	€5k	€5k	€9k
Result to be appropriated	9905	€8k	€8k	€5k	€5k	€28k

Directors & mandates 3 directors

Directors derived from a single State Gazette act, under verification

All 3 current directors first appear in the same act (24360036). Founders or capital subscribers may have been counted as directors here; the real board composition is being verified.

Current directors & mandates

JAN POPELIERPrivate limited company
Director· perm. rep.: JAN POPELIER
State Gazette act 24360036 (14-02-2024)

Current
14-02-2024 → present
2 events
- 14-02-2024 Appointed· Director
- 14-02-2024 Appointed· Daily management
PETER POPELIERLegal entity
Director· perm. rep.: PETER POPELIER
State Gazette act 24360036 (14-02-2024)

Current
14-02-2024 → present
2 events
- 14-02-2024 Appointed· Director
- 14-02-2024 Appointed· Daily management
POPMANLegal entity
Director· perm. rep.: POPMAN
State Gazette act 24360036 (14-02-2024)

Current
14-02-2024 → present

Legal Structure

NACE primary	Renting and operating of own or leased non-residential real estate, excluding land(68203)
Legal form	Public limited company(014)
Incorporation	10-04-2001
Status	Active
Postal code	8660

Establishment units 1 location

SMUGGLER CORNER

Dijk 5, 8660 De PanneLogistics services

since 20012.093.274.153

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
38001E0924/02N000	Flanders	212 m²	1 · 154 m²	7.4 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

07-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

27-06

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

2024

31-12

Financial Equity above €500kEq €502k ▲1.5%

4 profitable years in a row build equity to €502k.

02-07

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

14-02

State Gazette act Director changes

Wouter BOSSUYT

2023

13-07

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

31-12

Financial Weakest financial yearnet €5k ▼47.2%

Net result drops to €5k, the lowest in the series; recovery starts the following year.

15-07

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2021

31-08

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 31 days late

2020

30-07

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2019

17-07

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2018

28-06

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2017

13-07

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 7 acts read

We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

14-02-2024 5 directors appointed Director changes·Wouter BOSSUYT

PETER POPELIER, Bestuurder
JAN POPELIER, Bestuurder
POPMAN, Bestuurder
PETER POPELIER, Dagelijks bestuur
JAN POPELIER, Dagelijks bestuur

Notary: Wouter BOSSUYT · Brugge

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Renting and operating of own or leased non-residential real estate, excluding land68203

Names & trade names

Legal nameNL

SMUGGLER CORNER

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