START SMART
ActiveSummary
START SMART has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €8,217 and a net result of €2,283. Equity is shrinking by ~11.2% per year across the filed fiscal years. Its solvency ranks better than 18% of 37948 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability74▲+36
Solvency40▲+11
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.18 against 1.03 in 2023; short-term debt: 84.8% and cash: 55.1% of total assets), and 84.8% of the assets are financed with debt.
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Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
15.2%
Return on assets
4.2%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 37948 sector peers (2024).
NBB · sector comparisonPosition among 37948 sector peers
Solvency
better than 18%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €8,217
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 13-08-2025, 13 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
13 d late
2023
30 d late
2022
29 d late
2021
10 d late
2020
11 d late
2019
26 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 20 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€8,217▲ 38.5%
2023 · €5,934
Total assets
€53,895▼ 61.0%
2023 · €138,087
Net result
€2,283
2023 · -€353
Working capital
€8,200▲ 133%
2023 · €3,523
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€8,529-€4,227▲ 50.4%-€644▲ 84.8%€4,275€3,218▼ 24.7%
Net result-€9,159-€4,690▲ 48.8%-€1,247▲ 73.4%-€353▲ 71.7%€2,283
Equity€12,224▼ 42.8%€7,534▼ 38.4%€6,287▼ 16.5%€5,934▼ 5.6%€8,217▲ 38.5%
Total assets€86,667▼ 11.2%€67,619▼ 22.0%€135,996▲ 101%€138,087▲ 1.5%€53,895▼ 61.0%
Debt€74,443▼ 2.3%€60,085▼ 19.3%€129,709▲ 116%€132,153▲ 1.9%€45,678▼ 65.4%
Working capital€5,133▼ 55.6%-€291-€892▼ 207%€3,523€8,200▲ 133%
Staff (FTE)0.7
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 25% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €53,895
Fixed assets
€17 ▼ 99.3%
Current assets
€53,878 ▼ 60.3%
Equity and liabilities €53,895
Equity
€8,217 ▲ 38.5%
Debt
€45,678 ▼ 65.4%
Debt's share of the balance-sheet total falls from 95.7% to 84.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5,612▼
2023 · €10,731
Cash flow
€4,677▼
2023 · €6,103
Current ratio
1.18▲
2023 · 1.03
Quick ratio
1.13▲
2023 · 1.03
Debt to equity
5.56▼
2023 · 22.27
ROE
27.8%▲
2023 · -5.9%
ROA
4.2%▲
2023 · -0.3%
Interest coverage
13.79▲
2023 · 2.39
Debt ≤ 1 year
€45,678▼
2023 · €132,153
Income taxes
€532▲
2023 · €207
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,500 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,500 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €16 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,081 | €6,429 | €6,439 | €6,456 | €2,394 | ▼ 62.9% |
| Other operating charges640/8 | - | €646 | €697 | €1,712 | €405 | ▼ 76.4% |
| Gross operating margin9900 | €2,321 | €2,864 | €6,492 | €12,443 | €6,017 | ▼ 51.6% |
| Operating profit (loss)9901 | -€8,529 | -€4,227 | -€644 | €4,275 | €3,218 | ▼ 24.7% |
| Financial income75/76B | - | €107 | - | €71 | €4 | ▼ 94.3% |
| Recurring financial income75 | €5 | €107 | - | €71 | €4 | ▼ 94.3% |
| Financial charges65/66B | - | €355 | €383 | €4,492 | €407 | ▼ 90.9% |
| Recurring financial charges65 | €440 | €355 | €383 | €4,492 | €407 | ▼ 90.9% |
| Profit (loss) for the period before taxes9903 | -€8,964 | -€4,475 | -€1,027 | -€146 | €2,815 | ▲ 2,024% |
| Income taxes67/77 | €195 | €215 | €220 | €207 | €532 | ▲ 157% |
| Profit (loss) for the period9904 | -€9,159 | -€4,690 | -€1,247 | -€353 | €2,283 | ▲ 747% |
| Profit (loss) for the period to be appropriated9905 | -€9,159 | -€4,690 | -€1,247 | -€353 | €2,283 | ▲ 747% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €86,667 | €67,619 | €135,996 | €138,087 | €53,895 | ▼ 61.0% |
| Fixed assets21/28 | €18,792 | €14,542 | €8,867 | €2,411 | €17 | ▼ 99.3% |
| Tangible fixed assets22/27 | €18,792 | €14,542 | €8,867 | €2,411 | €17 | ▼ 99.3% |
| Furniture and vehicles24 | - | €14,542 | €8,867 | €2,411 | €17 | ▼ 99.3% |
| Current assets29/58 | €67,875 | €53,077 | €127,129 | €135,676 | €53,878 | ▼ 60.3% |
| Stocks and contracts in progress3 | €300 | - | - | - | €2,176 | - |
| Stocks30/36 | - | - | - | - | €2,176 | - |
| Amounts receivable within one year40/41 | €42,822 | €19,274 | €95,564 | €66,370 | €20,076 | ▼ 69.8% |
| Trade receivables40 | - | €19,274 | €41,424 | €10,669 | €17,669 | ▲ 65.6% |
| Other amounts receivable41 | - | - | €54,140 | €55,700 | €2,407 | ▼ 95.7% |
| Cash at bank and in hand54/58 | €23,593 | €32,455 | €28,537 | €68,940 | €29,721 | ▼ 56.9% |
| Deferred charges and accrued income490/1 | - | €1,347 | €3,028 | €366 | €1,905 | ▲ 420% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €86,667 | €67,619 | €135,996 | €138,087 | €53,895 | ▼ 61.0% |
| Equity10/15 | €12,224 | €7,534 | €6,287 | €5,934 | €8,217 | ▲ 38.5% |
| Contributions10/11 | - | €6,200 | €6,200 | €8,060 | €8,060 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | - | - | - |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Profit (loss) carried forward14 | €4,164 | -€526 | -€1,773 | -€2,126 | €157 | ▲ 107% |
| Amounts payable17/49 | €74,443 | €60,085 | €129,709 | €132,153 | €45,678 | ▼ 65.4% |
| Amounts payable after more than one year17 | €11,702 | €6,717 | €1,687 | - | - | - |
| Financial debts170/4 | - | €6,717 | €1,687 | - | - | - |
| Amounts payable within one year42/48 | €62,741 | €53,368 | €128,022 | €132,153 | €45,678 | ▼ 65.4% |
| Current portion of amounts payable after more than one year42 | - | €4,985 | €5,030 | €1,687 | - | - |
| Trade debts44 | €7,823 | €5,065 | €26,084 | €28,615 | €3,998 | ▼ 86.0% |
| Suppliers440/4 | - | €5,065 | €26,084 | €28,615 | €3,998 | ▼ 86.0% |
| Taxes, remuneration and social security45 | - | €2,330 | €7,938 | €2,939 | €3,086 | ▲ 5.0% |
| Taxes450/3 | - | €2,330 | €7,938 | €2,939 | €3,086 | ▲ 5.0% |
| Other amounts payable47/48 | - | €40,988 | €88,970 | €98,912 | €38,593 | ▼ 61.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,159 | -€4,690 | -€1,247 | -€353 | €2,283 | ▲ 747% |
| + Depreciation and write-downs630 | €6,081 | €6,429 | €6,439 | €6,456 | €2,394 | ▼ 62.9% |
| Operating cash flow (approximation) | -€3,078 | €1,740 | €5,192 | €6,103 | €4,677 | ▼ 23.4% |
| Investment in fixed assets (approximation) | - | -€2,179 | -€764 | €0 | €0 | - |
| Change in cash | - | €8,862 | -€3,918 | €40,403 | -€39,220 | ▼ 197% |
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
2025
13-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 13 days late
2024
31-12
Financial
Back to profitnet €2,283
Net result €2,283 after 4 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
10-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 10 days late
2021
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 11 days late
2020
31-12
Financial
Weakest financial yearnet -€9,159
Net result drops to -€9,159, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 26 days late
2019
31-12
Financial
Highest result since 2018net €10,919 ▲86%
Operating result €16,040, net result €10,919, both a record.
06-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 6 days late
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
17-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
5 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, Seneffe · 2 establishment units since 2010
Ground area
2,788 m²
Building footprint
1,544 m²
Volume, LiDAR
34,999 m³
2 parcels, Brussels, Wallonia · tallest building 33.9 m, ±9 floors. Linked by address, not a title deed.
2 establishment units
START SMART
since 20102.186.115.625
Louizalaan 54, 1050 Elsene
since 20202.299.969.374
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0001/00L000 | Brussels | 1,625 m² | 1 · 1,286 m² | 33.9 m · 9 fl. |
| 52052B0159/00E005 | Wallonia | 1,164 m² | 1 · 258 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 20,774 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
Founded18-02-2010
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
46349Wholesale of beverages, general range
47252Retail sale of beverages, general range
62100Computer programming
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0823344413
Also
9925:BE0823344413
Registered
24-11-2023
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.