ACTIVE

SMULDERS PROJECTS BELGIUM

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Financial year 2025 · Closed on 31/12/2025

Net result30,4 M €+39,9 %over 1 year
Revenue422,3 M €-17,6 %over 1 year
Equity44,9 M €-45,5 %over 1 year
Workforce270,8 ETP-1,5 %over 1 year

Identity

Source · BCE/KBO

SMULDERS PROJECTS BELGIUM is a Public limited company incorporated in 2004. Its registered office is in Arendonk. It employs on average 270,8 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0865.525.060
Incorporation
28/05/2004
Legal form
Public limited company
Registered office
Hoge Mauw 200
2370 Arendonk · FlandreSee on map
Contributed capital
5 097 544,49 €
Latest accounts
31/12/2025
Average workforce
270,8 ETP
Joint committees (2)
  • 111
  • 209
Signals
ProfitableLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 20 financial years

20252024202320222021
Income statement
Revenue422,3 M €512,7 M €437,5 M €268,2 M €266,2 M €
EBITDA46,7 M €31,6 M €80,9 M €22,8 M €11,8 M €
Operating result38,6 M €24,7 M €74,9 M €20,2 M €9,3 M €
Net result30,4 M €21,8 M €57,7 M €16 M €6,7 M €
Balance sheet
Equity44,9 M €82,5 M €60,7 M €43 M €27 M €
Total assets259,2 M €254,9 M €319,2 M €205 M €174,2 M €
Cash16,9 M €3,5 M €11,8 M €29 M €64 M €
Debts194,2 M €154,9 M €242,1 M €147,2 M €130,4 M €
Other
Workforce270,8 ETP275,0 ETP259,3 ETP230,2 ETP230,1 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 40 ended

Active mandates

David Muylaert

Managing director · since 10 décembre 2025 · until 07 juin 2030

Active
Gunter Sannen

Director · since 10 décembre 2025 · until 07 juin 2030

Active
Jan De Rycker

Director · since 10 décembre 2025 · until 07 juin 2030

Active
Guillaume Sauve

Director · since 21 mai 2021 · until 10 décembre 2025

Active
Raf Iemants

Managing director · since 21 mai 2021 · until 10 décembre 2025

Active
Vanheuverswyn Antoine

Director · since 21 mai 2021 · until 10 décembre 2025

Active

Ended mandates

Guillaume Sauve

Director · since 21 mai 2021 · until 07 juin 2027

Ended
Raf Iemants

Managing director · since 21 mai 2021 · until 07 juin 2027

Ended
Vanheuverswyn Antoine

Director · since 21 mai 2021 · until 07 juin 2027

Ended
Guillaume Sauve

Director · since 19 mai 2020 · until 01 juin 2021

Ended

Other companies at this address

Hoge Mauw 200 2370 Arendonk
CompanyCBE no.
IEMANTS● Active
0456.528.520
JV Iemants - Eiffage Métal - Project "Deutsche Bucht"● Active
0678.776.702
Lonete B.V.● Active
0461.919.344
SMULDERS GROUP● Active
0533.835.144
THV IEMANTS - JAN DE NUL● Active
0666.845.603
T.H.V. Teesside● Active
0845.587.206
T.H.V. Thornton● Active
0845.585.622

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date16/07/202627/08/202520/06/202427/07/202328/06/202207/07/2021
General meeting04/05/202602/05/202503/05/202405/05/202306/05/202207/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202504/05/202616/07/2026DutchPDF
Full model31/12/202402/05/202527/08/2025DutchPDF
Full model31/12/202303/05/202420/06/2024DutchPDF
Full model31/12/202205/05/202327/07/2023DutchPDF
Full model31/12/202106/05/202228/06/2022DutchPDF
Full model31/12/202007/05/202107/07/2021DutchPDF
Full model31/12/201904/05/202007/07/2020DutchPDF
Full model31/12/201803/05/201920/06/2019DutchPDF
Full model31/12/201704/05/201819/06/2018DutchPDF
Full model31/12/201605/05/201715/06/2017DutchPDF
Full model31/12/201502/05/201607/06/2016DutchPDF
Full model31/12/201404/05/201527/05/2015DutchPDF
Full model31/12/201302/06/201431/07/2014DutchPDF
Full model31/12/201216/05/201322/08/2013DutchPDF
Full model31/12/201129/06/201211/09/2012DutchPDF
Full model31/12/201009/09/201113/09/2011DutchPDF
Full model31/12/200907/06/201028/06/2010DutchPDF
Full model31/12/200801/06/200902/07/2009DutchPDF
Full model31/12/200702/06/200819/06/2008DutchPDF
Full model31/12/200604/06/200722/08/2007DutchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 M€

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.

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 40 ended

Active mandates

David Muylaert

Managing director · since 10 décembre 2025 · until 07 juin 2030

Active
Gunter Sannen

Director · since 10 décembre 2025 · until 07 juin 2030

Active
Jan De Rycker

Director · since 10 décembre 2025 · until 07 juin 2030

Active
Guillaume Sauve

Director · since 21 mai 2021 · until 10 décembre 2025

Active
Raf Iemants

Managing director · since 21 mai 2021 · until 10 décembre 2025

Active
Vanheuverswyn Antoine

Director · since 21 mai 2021 · until 10 décembre 2025

Active

Ended mandates

Guillaume Sauve

Director · since 21 mai 2021 · until 07 juin 2027

Ended
Raf Iemants

Managing director · since 21 mai 2021 · until 07 juin 2027

Ended
Vanheuverswyn Antoine

Director · since 21 mai 2021 · until 07 juin 2027

Ended
Guillaume Sauve

Director · since 19 mai 2020 · until 01 juin 2021

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates19/01/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates24/06/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Other27/09/2023
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates24/03/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates14/06/2021
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates06/08/2020
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates20/03/2020
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates25/07/2019
    ONTSLAGEN - BENOEMINGEN
    PDF

Similar companies

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

See the Business plan

Timeline

  1. 2025
    Annual accounts 202530,4 M €↑
  2. 09/05/2025
    nominationKoen Potters — commissaris
  3. 2024
    Annual accounts 202421,8 M €↓
  4. 2023
    Annual accounts 202357,7 M €↑
  5. 2022
    Annual accounts 202216 M €↑
  6. 06/05/2022
    nominationBV Mazars Bedrijfsrevisoren — commissaris
  7. 2021
    Annual accounts 20216,7 M €↑
  8. 2020
    Annual accounts 20201,5 M €↓
  9. 2019
    Annual accounts 201911,8 M €↑
  10. 2018
    Annual accounts 2018-2 M €↓
  11. 2017
    Annual accounts 20173 M €↓
  12. 2016
    Annual accounts 20163,9 M €↓
  13. 2015
    Annual accounts 201510 M €↑
  14. 2014
    Annual accounts 20144,1 M €↑
  15. 2013
    Annual accounts 2013-2,2 M €↓
  16. 2012
    Annual accounts 20129 M €↑
  17. 2011
    Annual accounts 2011-12,9 M €↓
  18. 2010
    Annual accounts 2010581,8 k €↑
  19. 2009
    Annual accounts 2009309,6 k €↓
  20. 2008
    Annual accounts 2008398,3 k €↑
  21. 2007
    Annual accounts 2007-46,8 k €↓
  22. 2006
    Annual accounts 200624,4 k €
  23. 28/05/2004
    IncorporationPublic limited company