ACTIVE

Smartware

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Financial year 2025 · closed on 30/11/2025

Net result

-2,0 k €

+61.4% YoY

Gross margin

-1,4 k €

-297.7% YoY

Equity

124,5 k €

-1.5% YoY

What does Smartware do?

Smartware is a Public limited company incorporated in 1991. Its main activity is: Computer programming activities. Its registered office is in Wuustwezel.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0444.479.437

Incorporation

18/06/1991

Legal form

Public limited company

Registered office

Reigersdreef 5
2990 Wuustwezel · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

30/11/2025

Activities (NACE)

62010Computer programming activities· main 62100Computer programming, consultancy and related activities 72220Research and experimental development on social sciences and humanities

Signals

Solid equityLow riskGood liquidity

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-1,4 k €	-298%	-351,2 €	+78.8%	-1,7 k €	-63.5%	-1,0 k €	-185%	-356,1 €	-111%	3,2 k €	-58.6%	7,7 k €	+186%	-8,9 k €	-654%	-1,2 k €	-224%	955,2 €	-94.4%	17,1 k €	+1345%	1,2 k €	-90.0%	11,9 k €	+585%	1,7 k €	-17.4%	2,1 k €	-55.9%	4,8 k €	-75.8%	19,7 k €	-42.9%	34,5 k €	+68.2%	20,5 k €
EBITDA	-1,9 k €	-125%	-853,6 €	+67.3%	-2,6 k €	-50.5%	-1,7 k €	-116%	-804,6 €	-129%	2,7 k €	-62.0%	7,2 k €	+177%	-9,4 k €	-477%	-1,6 k €	-420%	508,7 €	-96.9%	16,7 k €	+2133%	746,6 €	-93.5%	11,5 k €	+761%	1,3 k €	-21.5%	1,7 k €	-61.1%	4,4 k €	-77.4%	19,3 k €	-43.4%	34,1 k €	+69.9%	20,0 k €
Operating result	-1,9 k €	+32.9%	-2,9 k €	-9.4%	-2,6 k €	-50.5%	-1,7 k €	-116%	-804,6 €	-129%	2,7 k €	-62.0%	7,2 k €	+177%	-9,4 k €	-477%	-1,6 k €	-12787%	12,8 €	-99.9%	11,1 k €	+556%	-2,4 k €	-170%	3,5 k €	+757%	-529,1 €	-131%	1,7 k €	-61.1%	4,4 k €	-77.4%	19,3 k €	-43.0%	33,8 k €	+68.7%	20,0 k €
Net result	-2,0 k €	+61.4%	-5,1 k €	-90.1%	-2,7 k €	-47.3%	-1,8 k €	-118%	-827,1 €	-128%	2,9 k €	-59.6%	7,2 k €	+175%	-9,6 k €	-349%	-2,1 k €	-2163%	103,4 €	-99.1%	11,8 k €	+750%	-1,8 k €	-140%	4,6 k €	+528%	727,1 €	-60.9%	1,9 k €	-62.2%	4,9 k €	-64.4%	13,8 k €	-39.3%	22,8 k €	+80.5%	12,6 k €
Balance sheet
Equity	124,5 k €	-1.5%	126,5 k €	-3.8%	131,5 k €	-2.0%	134,2 k €	-1.3%	136,0 k €	-1.8%	138,5 k €	+2.1%	135,6 k €	+5.6%	128,4 k €	-6.9%	138,0 k €	-1.5%	140,1 k €	+0.1%	140,0 k €	+9.2%	128,2 k €	-1.4%	130,1 k €	+3.6%	125,5 k €	+0.6%	124,8 k €	+1.5%	122,9 k €	+4.2%	118,0 k €	+13.3%	104,1 k €	+28.0%	81,4 k €
Total assets	136,5 k €	-1.4%	138,5 k €	+2.0%	135,7 k €	-15.0%	159,6 k €	-1.5%	162,1 k €	-10.6%	181,3 k €	-19.4%	224,8 k €	+51.8%	148,1 k €	-8.3%	161,6 k €	+2.6%	157,5 k €	-15.5%	186,3 k €	+31.7%	141,5 k €	-22.9%	183,6 k €	+33.6%	137,4 k €	-0.4%	137,9 k €	-24.2%	181,8 k €	+32.5%	137,2 k €	-5.4%	145,1 k €	+3.2%	140,6 k €
Cash	123,0 k €	+6.3%	115,7 k €	+0.6%	115,0 k €	-11.8%	130,3 k €	-3.3%	134,8 k €	+10.9%	121,5 k €	+6.0%	114,6 k €	-8.2%	124,8 k €	+80.7%	69,1 k €	-38.5%	112,3 k €	-30.9%	162,5 k €	+40.0%	116,1 k €	+3.3%	112,3 k €	+13.6%	98,9 k €	+2.2%	96,7 k €	-0.8%	97,5 k €	+380%	20,3 k €	-68.5%	64,5 k €	+67.9%	38,4 k €
Debts	12,0 k €	0.0%	12,0 k €	+184%	4,2 k €	-83.4%	25,4 k €	-2.7%	26,1 k €	-38.9%	42,8 k €	-52.1%	89,2 k €	+353%	19,7 k €	-16.4%	23,6 k €	+35.7%	17,4 k €	-62.5%	46,3 k €	+469%	8,1 k €	-83.4%	49,0 k €	+507%	8,1 k €	-14.3%	9,4 k €	-83.2%	56,2 k €	+231%	17,0 k €	-56.0%	38,6 k €	-33.4%	57,9 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/11/2025 · 2 active

Active mandates

Harry De Becker

Mandate

Active

Kristien Bastiaensen

Mandate

Active

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2019
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/12/2024	01/12/2023	01/12/2022	01/12/2021	01/12/2020	01/12/2018
Closing of the financial year	30/11/2025	30/11/2024	30/11/2023	30/11/2022	30/11/2021	30/11/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/07/2026	31/07/2025	29/07/2024	29/07/2024	29/07/2024	30/06/2020
General meeting	07/04/2026	01/04/2025	02/04/2024	04/04/2023	05/04/2022	07/04/2020
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/11/2025	07/04/2026	30/07/2026	Dutch	PDF
Abridged model	30/11/2024	01/04/2025	31/07/2025	Dutch	PDF
Abridged model	30/11/2023	02/04/2024	29/07/2024	Dutch	PDF
Abridged model	30/11/2022	04/04/2023	29/07/2024	Dutch	PDF
Abridged model	30/11/2021	05/04/2022	29/07/2024	Dutch	PDF
Abridged model	30/11/2019	07/04/2020	30/06/2020	Dutch	PDF
Abridged model	30/11/2018	01/04/2019	31/07/2019	Dutch	PDF
Abridged model	30/11/2017	02/04/2018	18/06/2018	Dutch	PDF
Abridged model	30/11/2016	04/03/2017	31/07/2017	Dutch	PDF
Abridged model	30/11/2015	04/04/2016	31/05/2016	Dutch	PDF
Abridged model	30/11/2014	06/04/2015	15/06/2015	Dutch	PDF
Abridged model	30/11/2013	07/04/2014	31/07/2014	Dutch	PDF
Abridged model	30/11/2012	02/04/2013	30/07/2013	Dutch	PDF
Abridged model	30/11/2011	03/04/2012	30/06/2012	Dutch	PDF
Abridged model	30/11/2010	24/06/2011	29/07/2011	Dutch	PDF
Abridged model	30/11/2009	10/05/2010	31/07/2010	Dutch	PDF
Abridged model	30/11/2008	19/06/2009	29/06/2009	Dutch	PDF
Abridged model	30/11/2007	20/06/2008	29/06/2008	Dutch	PDF
Abridged model	30/11/2006	14/05/2007	13/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 30/11/2025 · 2 active

Active mandates

Harry De Becker

Mandate

Active

Kristien Bastiaensen

Mandate

Active

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-2,0 k €↑
2024
Annual accounts 2024-5,1 k €↓
2023
Annual accounts 2023-2,7 k €↓
2022
Annual accounts 2022-1,8 k €↓
2021
Annual accounts 2021-827,1 €↓
2019
Annual accounts 20192,9 k €↓
2018
Annual accounts 20187,2 k €↑
2017
Annual accounts 2017-9,6 k €↓
2016
Annual accounts 2016-2,1 k €↓
2015
Annual accounts 2015103,4 €↓
2014
Annual accounts 201411,8 k €↑
2013
Annual accounts 2013-1,8 k €↓
2012
Annual accounts 20124,6 k €↑
2011
Annual accounts 2011727,1 €↓
2010
Annual accounts 20101,9 k €↓
2009
Annual accounts 20094,9 k €↓
2008
Annual accounts 200813,8 k €↓
2007
Annual accounts 200722,8 k €↑
2006
Annual accounts 200612,6 k €
18/06/1991
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Smartware

Overview

What does Smartware do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Similar companies

Similar companies

Timeline