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SMULDERS GROUP

Active
Public limited companyfounded 201313 yrs activeHoge Mauw 200, 2370 Arendonk, BelgiumKBO/BCE: BE 0533.835.144
Summary

SMULDERS GROUP has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €33.23M and a net result of €16.91M. Equity is growing by ~6% per year across the filed fiscal years. Its solvency ranks better than 7% of 674 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Checked score

Score 2025
46 / 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability48▼-7
Solvency30▲+1
Growth70▲+7
Track record100
Bankruptcy probability, 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60k at 30 days acceptable
Liquidity short (current ratio 0.8 against 1.02 in 2024; short-term debt: 94.7% and cash: 0.1% of total assets), and 95.2% of the assets are financed with debt.
Credit check for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.
lowers risk+raises riskneutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
4.8%
Return on assets
2.4%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← fewer bankruptcies more bankruptcies →
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 13 years 0 20 y
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 674 sector peers (2025).
NBB · sector comparison
Position among 674 sector peers
Solvency
better than 7%
← weakest strongest →
neutral · A punctual record breaks
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-08-2026, 6 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 6 filings
Deviation from the deadline
2025
6 d late
2024
33 d early
2023
34 d early
2022
55 d early
2021
58 d early
2020
24 d late
← before the deadline after the deadline →
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.
Companies Code · seven months
Position in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

Financials · fiscal year 2025, full schema, statutory accounts

Turnover
€645k▲ 52.5%
2024 · €423k
2018: €420k 2019: €317k 2020: €600k 2021: €301k 2022: €278k 2023: €350k 2024: €423k
2018 → 2025
EBIT margin
3.1%▲ 8.6pp
2024 · -5.5%
2018: 52.8% 2019: -34.1% 2020: 34.0% 2021: 3.0% 2022: -82.3% 2023: 80.5% 2024: -5.5%
2018 → 2025
Net result
€16.91M▼ 59.7%
2024 · €41.95M
2018: €321k 2019: €1.34M 2020: €10.98M 2021: €534k 2022: €267k 2023: €185k 2024: €41.95M
2018 → 2025
Working capital
€-130.13M
2024 · €8.34M
2018: €6.04M 2019: €7.68M 2020: €8.63M 2021: €10.24M 2022: €5.42M 2023: €4.86M 2024: €8.34M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20212022202320242025Trend
Turnover€301k-€278k▼ 7.6%€350k▲ 25.8%€423k▲ 20.7%€645k▲ 52.5%
Equity€13.92M-€14.19M▲ 1.9%€14.37M▲ 1.3%€16.32M▲ 13.6%€33.23M▲ 104%
Operating result€9k-€-229k€282k€-23k€20k
Net result€534k-€267k▼ 50.0%€185k▼ 30.6%€41.95M▲ 22,544%€16.91M▼ 59.7%
Result per fiscal year
Operating resultNet result
€-20.00M€0€20.00M€40.00MOperating result 2021: €9k€9kNet result 2021: €534k€534kOperating result 2022: €-229k€-229kNet result 2022: €267k€267kOperating result 2023: €282k€282kNet result 2023: €185k€185kOperating result 2024: €-23k€-23kNet result 2024: €41.95M€41.95MOperating result 2025: €20k€20kNet result 2025: €16.91M€16.91M20212022202320242025€-20M€0€20M€40MOperating result 2023: €282k€282kNet result 2023: €185k€185kOperating result 2024: €-23k€-23kNet result 2024: €41.95M€42MOperating result 2025: €20k€20kNet result 2025: €16.91M€17M202320242025
The operating result returns to profit in 2025: €20k after a loss of €23k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €694.54M
Fixed assets €166.99M ▲ 1,316%
Current assets €527.55M ▲ 42.3%
Equity and liabilities €694.54M
Equity €33.23M ▲ 104%
Debt €661.31M ▲ 80.6%
Debt's share of the balance-sheet total falls from 95.7% to 95.2%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€258k
2024 · €160k
Cash flow
€17.15M
2024 · €42.13M
Current ratio
0.80
2024 · 1.02
Debt to equity
19.90
2024 · 22.44
ROE
50.9%
2024 · 257.0%
ROA
2.4%
2024 · 11.0%
Interest coverage
0.02
2024 · 0.01
Debt ≤ 1 year
€657.68M
2024 · €362.41M
Debt > 1 year
€0
2024 · €14k
Income taxes
€16k
2024 · €219k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 72 lines
Balance sheet Code20242025
Assets
Total assets20/58€382.54M€694.54M
Fixed assets21/28€11.79M€166.99M
Intangible fixed assets21€14k€116k
Tangible fixed assets22/27€1.44M€1.62M
Furniture and vehicles24€212k€443k
Leasing and similar rights25€91k€36k
Assets under construction and advance payments27€1.14M€1.14M=
Financial fixed assets28€10.33M€165.25M
Affiliated companies280/1€10.33M€165.23M
Participating interests280€10.33M€165.23M
Companies linked by participating interests282/3-€25k
Participating interests282-€25k
Current assets29/58€370.75M€527.55M
Stocks and contracts in progress3-€0
Amounts receivable within one year40/41€251.02M€440.99M
Trade receivables40€4.31M€12.24M
Other amounts receivable41€246.70M€428.75M
Current investments50/53-€85.05M
Other investments51/53-€85.05M
Cash at bank and in hand54/58€119.28M€775k
Deferred charges and accrued income490/1€454k€727k
Equity and liabilities
Total equity and liabilities10/49€382.54M€694.54M
Equity10/15€16.32M€33.23M
Contributions10/11€10.00M€10.00M=
Capital10€10.00M€10.00M=
Issued capital100€10.00M€10.00M=
Reserves13€1.00M€1.00M=
Non-distributable reserves130/1€1.00M€1.00M=
Legal reserve130€1.00M€1.00M=
Profit (loss) carried forward14€5.32M€22.23M
Amounts payable17/49€366.22M€661.31M
Amounts payable after more than one year17€14k€0
Financial debts170/4€14k€0
Leasing and similar obligations172€14k€0
Amounts payable within one year42/48€362.41M€657.68M
Current portion of amounts payable after more than one year42€51k€14k
Trade debts44€945k€6.43M
Suppliers440/4€945k€6.43M
Taxes, remuneration and social security45€597k€577k
Taxes450/3€597k€577k
Other amounts payable47/48€360.81M€650.66M
Accrued charges and deferred income492/3€3.80M€3.63M
Income statement Code20242025
Operating income70/76A€25.20M€31.92M
Turnover70€423k€645k
Other operating income74€24.78M€31.27M
Operating charges60/66A€25.22M€31.90M
Goods for resale, raw materials and consumables60€449k€660k
Purchases600/8€449k€660k
Services and other goods61€24.59M€31.00M
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€183k€238k
Other operating charges640/8€1k€1k
Operating profit (loss)9901€-23k€20k
Financial income75/76B€54.17M€30.22M
Recurring financial income75€54.17M€30.22M
Income from financial fixed assets750€41.39M€18.80M
Income from current assets751€12.34M€10.71M
Other financial income752/9€434k€715k
Financial charges65/66B€11.98M€13.32M
Recurring financial charges65€11.74M€13.32M
Debt charges650€11.53M€12.41M
Other financial charges652/9€213k€904k
Non-recurring financial charges66B€235k€0
Profit (loss) for the period before taxes9903€42.17M€16.93M
Income taxes67/77€219k€16k
Taxes670/3€221k€17k
Tax adjustments and reversals of tax provisions77€2k€804
Profit (loss) for the period9904€41.95M€16.91M
Profit (loss) for the period to be appropriated9905€41.95M€16.91M
Appropriation of the result
Profit (loss) to be appropriated9906€45.32M€22.23M
Profit (loss) brought forward from the previous period14P€3.37M€5.32M
Profit to be distributed694/7€40.00M€0
Return on contributions (dividend)694€40.00M€0

The notes to these accounts (58 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
2026
06-08
NBB filing Annual accounts filed
fiscal year 2025 · full schema · 6 days late
29-01
State Gazette act Resignation: Rafaël Aloysius Lemants (bestuurder en algemeen directeur)
Appointments: Gunter Elisabeth Jos Sannen (director) and David Muylaert (algemeen directeur) · Reappointments: Antoine François Maria Joël Vanheuverswyn (director) and Guillaume Martin Bernard Sauvé (director)7 facts ▸
  • General meeting, 19-01-2026
  • Director resignation, Rafaël Aloysius Lemants (bestuurder (bestuurder klasse b) en algemeen directeur)
  • Director appointment, Gunter Elisabeth Jos Sannen (director)
  • Director reappointment, Antoine François Maria Joël Vanheuverswyn (director)
  • Director reappointment, Guillaume Martin Bernard Sauvé (director)
  • Director appointment, David Muylaert (algemeen directeur)
  • Board meeting, 16-01-2026
2025
31-12
Financial Equity above €25MEq €33.23M ▲104%
8 profitable years in a row build equity to €33.23M.
29-12
NBB filing Annual accounts filed
fiscal year 2024 · consolidated
03-07
State Gazette act Appointments: FORVIS MAZARS Bedrijfsrevisoren (statutory auditor) and Rafaël Aloysius Lemants (chair of the board)
Reappointments: Rafaël Aloysius Lemants, Antoine Vanheuverswyn and Guillaume Sauvé7 facts ▸
  • General meeting, 09-05-2025
  • Auditor appointment, FORVIS MAZARS Bedrijfsrevisoren
  • Director reappointment, Rafaël Aloysius Lemants (director)
  • Director reappointment, Antoine Vanheuverswyn (director)
  • Director reappointment, Guillaume Sauvé (director)
  • Director appointment, Rafaël Aloysius Lemants (chair of the board)
  • Director appointment, Rafaël Aloysius Lemants (managing director)
28-06
NBB filing Annual accounts filed
fiscal year 2024 · full schema
14-04
NBB filing Annual accounts filed
fiscal year 2023 · consolidated
2024
31-12
Financial Highest result since 2018net €41.95M ▲22544%
Net result €41.95M, the highest in the series.
27-06
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial Weakest financial yearnet €185k ▼30.6%
Net result drops to €185k, the lowest in the series; recovery starts the following year.
05-12
State Gazette act Permanent representative: Koen Potters
2 facts ▸
  • General meeting
  • Permanent representative, Koen Potters (permanent representative)
20-10
NBB filing Annual accounts filed
fiscal year 2022 · consolidated
Show earlier events
27-09
State Gazette act Statutes amendment
Power of attorney4 facts ▸
  • General meeting, 12-09-2023
  • Statutes amendment
  • Statutes amendment
  • Power of attorney, Tuur KENNIS
06-06
NBB filing Annual accounts filed
fiscal year 2022 · full schema
31-05
State Gazette act Reappointments: Raf Iemants, Antoine Vanheuverswyn and Guillaume Sauvé
Appointment: Raf Iemants (chair of the board)6 facts ▸
  • General meeting, 05-05-2023
  • Director reappointment, Raf Iemants (director)
  • Director reappointment, Antoine Vanheuverswyn (director)
  • Director reappointment, Guillaume Sauvé (director)
  • Director appointment, Raf Iemants (chair of the board)
  • Director appointment, Raf Iemants (managing director)
31-03
State Gazette act Appointment: Mazars Bedrijfsrevisoren (statutory auditor)
2 facts ▸
  • General meeting, 06-05-2022
  • Auditor appointment, Mazars Bedrijfsrevisoren
2022
31-08
NBB filing Annual accounts filed
fiscal year 2021 · consolidated
03-06
NBB filing Annual accounts filed
fiscal year 2021 · full schema
07-01
State Gazette act Statutes amendment
Share transfer · Capital · Power of attorney5 facts ▸
  • General meeting, 13-12-2021
  • Share transfer, SMULDERS GROUP
  • Capital, €10.000.000
  • Statutes amendment
  • Power of attorney, Pia Luc Yvette Vromman
2021
24-08
NBB filing Annual accounts filed
fiscal year 2020 · consolidated · 24 days late
14-06
State Gazette act Reappointments: Raf Iemants, Antoine Vanheuverswyn and Guillaume Sauvé
4 facts ▸
  • General meeting, 07-05-2021
  • Director reappointment, Raf Iemants (director)
  • Director reappointment, Antoine Vanheuverswyn (director)
  • Director reappointment, Guillaume Sauvé (director)
2020
06-08
State Gazette act Resignation: ANTOINE BRESOLIN (director)
Appointment: GUILLAUME SAUVE (director) · Mandate compensation4 facts ▸
  • General meeting, 19-05-2020
  • Director resignation, ANTOINE BRESOLIN (director)
  • Director appointment, GUILLAUME SAUVE (director)
  • Mandate compensation, GUILLAUME SAUVE
2019
25-07
State Gazette act Resignation: Hervé ROLLAND (director)
Appointments: Antoine Vanheuverswyn (director) and CVBA MAZARS Bedrijfsrevisoren (statutory auditor) · Mandate compensation · Power of attorney7 facts ▸
  • General meeting, 29-05-2019
  • Director resignation, Hervé ROLLAND (director)
  • Director appointment, Antoine Vanheuverswyn (director)
  • Mandate compensation, Antoine Vanheuverswyn
  • Auditor appointment, CVBA MAZARS Bedrijfsrevisoren (statutory auditor)
  • Power of attorney, Anton Nuttens
  • Power of attorney, Koen Potters
2017
21-02
State Gazette act Appointment: BCVBA PwC Bedrijfsrevisoren (statutory auditor)
Permanent representative: Peter Van den Eynde · Mandate term · Power of attorney5 facts ▸
  • General meeting, 02-05-2016
  • Auditor appointment, BCVBA PwC Bedrijfsrevisoren (statutory auditor)
  • Permanent representative, Peter Van den Eynde
  • Mandate term, until the general meeting approving the accounts for 31 December 2018
  • Power of attorney, BVBA Peter Van den Eynde
2015
15-07
State Gazette act Resignation: Yves-Eric FRANCOIS (director)
Appointment: Hervé ROLLAND (director) · Mandate compensation4 facts ▸
  • General meeting, 19-06-2015
  • Director resignation, Yves-Eric FRANCOIS (director)
  • Director appointment, Hervé ROLLAND (director)
  • Mandate compensation, Hervé ROLLAND
27-05
State Gazette act Appointments: Raf IEMANTS, Antoine BRESOLIN and Yves-Eric FRANCOIS
6 facts ▸
  • General meeting, 04-05-2015
  • Director appointment, Raf IEMANTS (director)
  • Director appointment, Antoine BRESOLIN (director)
  • Director appointment, Yves-Eric FRANCOIS (director)
  • Board meeting, 04-05-2015
  • Director appointment, Raf IEMANTS (managing director)
2014
23-10
State Gazette act Resignation: Jacques Huillard (director)
Appointment: Yves-Eric Francois (director) · Mandate compensation4 facts ▸
  • General meeting, 11-09-2014
  • Director resignation, Jacques Huillard (director)
  • Director appointment, Yves-Eric Francois (director)
  • Mandate compensation, Yves-Eric Francois
2013
22-10
State Gazette act Resignations: Albertus SMULDERS (director) and Gunter SANNEN (director)
Appointments: Jacques HUILLARD, Stéphane ABRY and PricewaterhouseCoopers Bedrijfsrevisoren · Reappointment: Raf Lemants (bestuurder van de categorie b) · Capital increase14 facts ▸
  • General meeting, 25-09-2013
  • Capital increase, €1.200.000
  • Capital increase, €8.700.000
  • Capital, €10.000.000
  • Statutes amendment
  • Director resignation, Albertus SMULDERS (director)
  • Director resignation, Gunter SANNEN (director)
  • Director appointment, Jacques HUILLARD (bestuurder van de categorie a)
  • Director appointment, Stéphane ABRY (bestuurder van de categorie a)
  • Director reappointment, Raf Lemants (bestuurder van de categorie b)
  • Mandate compensation, Jacques HUILLARD
  • Mandate compensation, Stéphane ABRY
  • +2 further facts in this act
14-05
State Gazette act Incorporation
Appointments: IEMANTS Rafaël Aloysius Maria, SMULDERS Albertus Silvester Hendricus and SANNEN Gunter Elisabeth Jos · Founding capital · Bank account13 facts ▸
  • Incorporation, 29-04-2013
  • Founding capital, €100.000
  • Bank account, Belfius
  • Director appointment, IEMANTS Rafaël Aloysius Maria (director)
  • Director appointment, IEMANTS Rafaël Aloysius Maria (afgevaardigde bestuurder met alleen vertegenwoordigingsbevoegdheid)
  • Director appointment, SMULDERS Albertus Silvester Hendricus (director)
  • Director appointment, SMULDERS Albertus Silvester Hendricus (chair of the board)
  • Director appointment, SANNEN Gunter Elisabeth Jos (director)
  • Power of attorney, ARENDONKSE ACCOUNTANTS ASSOCIATIE
  • Founding entity, Oprichtster
  • Share subscription, Inschrijfster
  • Power of attorney, SANNEN Gunter Elisabeth Jos
  • +1 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors
10 directors, no change since 2026
Current
Guillaume Martin Bernard Sauvé
Director · since 19-01-2026
Current
SANNEN Gunter Elisabeth Jos
Director · since 19-01-2026
Current
David Muylaert
Algemeen directeur · since 16-01-2026
Current
Guillaume Sauvé
Director · since 19-05-2020
Current
Antoine Vanheuverswyn
Director · since 29-05-2019
Current
4 other directors
Raf Iemants
Director · since 04-05-2015
Current
Raf Lemants
Bestuurder van de categorie b
Not recently confirmed
Stéphane ABRY
Bestuurder van de categorie a · since 26-09-2013
Not recently confirmed
IEMANTS Rafaël Aloysius Maria
Director · since 29-04-2013
Not recently confirmed
19-01-2026 Antoine François Maria Joël Vanheuverswyn: Mandate renewed as Director
19-01-2026 Guillaume Martin Bernard Sauvé: Mandate renewed as Director
19-01-2026 SANNEN Gunter Elisabeth Jos: Appointed as Director
19-01-2026 De heer Rafaël Aloysius lemants: Resigned as Bestuurder (bestuurder klasse b) en algemeen directeur
16-01-2026 David Muylaert: Appointed as Algemeen directeur
Full history in the Timeline (36 changes) →
Location & real-estate footprint
Registered office, Arendonk · 1 establishment unit since 2013
establishment The establishment unit on the map
Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Hoge Mauw 2002370 Arendonk
Ground area
8.2 ha
Building footprint
3.2 ha
Volume, LiDAR
316,798 m³
Parcel 13322C0040/03F000, Flanders · tallest building 23.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Smulders Group
Hoge Mauw 200, 2370 ArendonkManufacture of metal structures and parts of structures
since 20132.219.951.403
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
13322C0040/03F000 Flanders 8.2 ha 1 · 3.2 ha 23.1 m · 3 fl.
Linked by address, not proof of ownership
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.

Statutory auditor

1 auditor
Forvis Mazars Réviseurs d’EntreprisesCurrent
Auditor
29-05-2019 → present
Show 2 earlier auditors
PricewaterhouseCoopers Reviseurs d'Entreprises
Statutory auditor
succeeded by PWC Bedrijfsrevisoren BCVBA in 2016
25-09-2013 → 02-05-2016
PWC Bedrijfsrevisoren BCVBA
Statutory auditor
succeeded by Forvis Mazars Réviseurs d’Entreprises in 2019
02-05-2016 → 29-05-2019

Articles of association

Purpose
Algemene werken, holding activiteiten, onroerend vermogen, roerend patrimonium, leningen en kredietopeningen
Full purpose

Algemene werken, holding activiteiten, onroerend vermogen, roerend patrimonium, leningen en kredietopeningen.

Structure & network

Connections & network

8 connected companies

Capital and shareholders

Capital over the years
  1. 07-01-2022 Capital stated in the act · 10,000,000 EUR · 1,000 shares
  2. 22-10-2013 Capital increase of 1,200,000 EUR · to 1,300,000 EUR · 1 new share
  3. 22-10-2013 Capital increase of 8,700,000 EUR · to 10,000,000 EUR · 870 new shares
  4. 14-05-2013 Incorporation · 100,000 EUR

Public money · subsidies and aid

Flemish government

2023 to 2025 · 4 entries · 166,142 EUR awarded · 132,000 EUR paid
Year Entries awardedpaid
2025 2 0 EUR44,000 EUR
2024 1 0 EUR88,000 EUR
2023 1 166,142 EUR0 EUR
Schemes
Onderzoeksproject
4 entries · 166,142 EUR · 132,000 EUR paid · Fonds voor Innoveren en Ondernemen

Recognitions · licences · registrations

Legal Entity Identifier

549300X2CZQ4F2YXJR33
live in the LEI register

Similar companies · same sector, comparable size

Of 3,986 companies in sector 25110 we hold annual accounts for 2,147. 148 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification
Legal formPublic limited company
Founded29-04-2013
Fiscal year end31-12
Activities, NACEBEL 2025
25110Manufacture of metal structures and parts of structures
Sources
Crossroads Bank for EnterprisesNational Bank · 21 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.