ACTIVE

smartSD

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Financial year 2025 · closed on 31/12/2025

Net result

8 M €

+199.4% YoY

Revenue

65,4 M €

+21.7% YoY

Equity

9,1 M €

+688.4% YoY

Workforce

30,8 ETP

-1.0% YoY

What does smartSD do?

smartSD is a Public limited company incorporated in 2007. Its main activity is: Wholesale of machinery for the textile industry and of sewing and knitting machines. Its registered office is in Merchtem. It employs on average 30,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0894.523.310

Incorporation

28/12/2007

Legal form

Public limited company

Registered office

Dooren 115
1785 Merchtem · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Average workforce

30,8 ETP

Activities (NACE)

46643Wholesale of machinery for the textile industry and of sewing and knitting machines· main 46693Wholesale of other machinery and equipment

Joint committees (4)

200
20000
200000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2012		2011		2010		2009
Income statement
Revenue	65,4 M €	+21.7%	53,7 M €	+10.6%	48,5 M €	+11.5%	43,5 M €	+20.8%	36 M €		–		–		–		17,8 M €	+11.0%	16,1 M €	+27.9%	12,5 M €	+55.7%	8,1 M €	-28.0%	11,2 M €	+21.7%	9,2 M €		–		–
EBITDA	9,4 M €	+230%	-7,2 M €	-222%	5,9 M €	-13.9%	6,9 M €	+20.1%	5,7 M €	+67.2%	3,4 M €	+32.4%	2,6 M €	+29.7%	2 M €	+16.8%	1,7 M €	+11.0%	1,5 M €	+257%	431,7 k €	+81.4%	238 k €	+5.8%	224,9 k €	-52.4%	472,3 k €	+340%	107,3 k €	+119%	-573,3 k €
Operating result	9,3 M €	+228%	-7,3 M €	-225%	5,9 M €	-14.0%	6,8 M €	+20.0%	5,7 M €	+63.9%	3,5 M €	+36.6%	2,5 M €	+28.9%	2 M €	+17.4%	1,7 M €	+6.7%	1,6 M €	+255%	442 k €	+116%	204,6 k €	+35.0%	151,6 k €	-66.3%	450,2 k €	+670%	58,4 k €	+110%	-597,3 k €
Net result	8 M €	+199%	-8 M €	-288%	4,3 M €	-14.7%	5 M €	+20.6%	4,1 M €	+78.4%	2,3 M €	+46.5%	1,6 M €	+33.2%	1,2 M €	+20.0%	992 k €	+8.8%	911,7 k €	+331%	211,3 k €	+84.8%	114,4 k €	+96.6%	58,2 k €	-82.1%	325,4 k €	+6134%	-5,4 k €	+99.1%	-614,8 k €
Balance sheet
Equity	9,1 M €	+688%	1,2 M €	-87.4%	9,2 M €	+16.0%	7,9 M €	+33.7%	5,9 M €	+147%	2,4 M €	+29.9%	1,8 M €	+46.4%	1,3 M €	+1756%	67,8 k €	-93.6%	1,1 M €	+606%	150,5 k €	+348%	-60,8 k €	+65.3%	-175,2 k €	+24.9%	-233,3 k €	+58.2%	-558,7 k €	-1.0%	-553,3 k €
Total assets	13,2 M €	-34.3%	20,1 M €	+69.9%	11,8 M €	+15.2%	10,3 M €	+33.0%	7,7 M €	+55.1%	5 M €	+23.4%	4 M €	+6.1%	3,8 M €	-10.6%	4,2 M €	-8.0%	4,6 M €	+41.8%	3,3 M €	-3.4%	3,4 M €	+9.4%	3,1 M €	+10.6%	2,8 M €	+38.6%	2 M €	+89.0%	1,1 M €
Cash	1,1 M €	-10.6%	1,3 M €	+95.2%	652,7 k €	+84.5%	353,7 k €	-45.9%	653,7 k €	-23.6%	855,8 k €	+659%	112,8 k €	+5.9%	106,5 k €	-83.5%	644,6 k €	+241%	188,9 k €	+94.8%	97 k €	-84.1%	611,5 k €	+179%	219 k €	+15.5%	189,6 k €	+234%	56,8 k €	+78.4%	31,8 k €
Debts	4 M €	-78.7%	18,9 M €	+619%	2,6 M €	+13.8%	2,3 M €	+31.5%	1,8 M €	-31.5%	2,6 M €	+18.0%	2,2 M €	-14.1%	2,5 M €	-39.2%	4,2 M €	+17.8%	3,5 M €	+14.6%	3,1 M €	-9.9%	3,4 M €	+6.1%	3,2 M €	+7.5%	3 M €	+16.7%	2,6 M €	+58.9%	1,6 M €
Other
Workforce	30,8 ETP	-1.0%	31,1 ETP	+3.7%	30,0 ETP	+21.5%	24,7 ETP	+13.3%	21,8 ETP	+8.5%	20,1 ETP	-2.0%	20,5 ETP	+5.1%	19,5 ETP	+8.9%	17,9 ETP	+8.5%	16,5 ETP	-2.4%	16,9 ETP	+0.6%	16,8 ETP	+11.3%	15,1 ETP	+24.8%	12,1 ETP	+8.0%	11,2 ETP	+21.7%	9,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 36 ended

Active mandates

Cornelis Van Ommen

Director · since 28 mars 2024 · until 09 mai 2030

Active

Schreurs

Director · since 28 mars 2024 · until 09 mai 2030 · 0733.688.105

Represented by Stefan Schreurs

Active

SSD Ventures BV

Director · since 28 mars 2024 · until 17 mars 2026

Represented by John Van Willigen

Active

Ended mandates

Cornelis Hendrik Van Ommen

Director · since 28 mars 2024 · until 09 mai 2030

Ended

SSD Ventures BV

Director · since 28 mars 2024 · until 09 mai 2030

Represented by John Van Willigen

Ended

Schreurs

Director · since 07 octobre 2019 · until 08 mai 2025 · 0733.688.105

Represented by Stefan Schreurs

Ended

VAN BAUWEL

Director · since 07 octobre 2019 · until 28 mars 2024 · 0735.797.953

Represented by Robrecht Van Bauwel

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	09/07/2026	18/07/2025	13/09/2024	21/06/2023	23/06/2022	09/06/2021
General meeting	19/06/2026	30/06/2025	30/08/2024	25/05/2023	30/05/2022	13/05/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/06/2026	09/07/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	18/07/2025	Dutch	PDF
Full model	31/12/2023	30/08/2024	13/09/2024	Dutch	PDF
Full model	31/12/2022	25/05/2023	21/06/2023	Dutch	PDF
Full model	31/12/2021	30/05/2022	23/06/2022	Dutch	PDF
Full model	31/12/2020	13/05/2021	09/06/2021	Dutch	PDF
Abridged model	31/12/2019	14/05/2020	08/06/2020	Dutch	PDF
Abridged model	31/12/2018	09/05/2019	05/06/2019	Dutch	PDF
Abridged model	31/12/2017	11/05/2018	14/05/2018	Dutch	PDF
Abridged model	31/12/2016	11/05/2017	15/05/2017	Dutch	PDF
Full model	31/12/2015	30/06/2016	25/07/2016	Dutch	PDF
Full model	31/12/2014	30/06/2015	23/07/2015	Dutch	PDF
Full model	31/12/2013	08/05/2014	05/06/2014	Dutch	PDF
Full model	31/12/2012	10/05/2013	06/06/2013	Dutch	PDF
Full model	30/04/2012	27/11/2012	18/12/2012	Dutch	PDF
Full model	30/04/2011	17/10/2011	14/11/2011	Dutch	PDF
Abridged model	30/04/2010	15/10/2010	23/11/2010	Dutch	PDF
Abridged model	30/04/2009	15/10/2009	24/11/2009	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 36 ended

Active mandates

Cornelis Van Ommen

Director · since 28 mars 2024 · until 09 mai 2030

Active

Schreurs

Director · since 28 mars 2024 · until 09 mai 2030 · 0733.688.105

Represented by Stefan Schreurs

Active

SSD Ventures BV

Director · since 28 mars 2024 · until 17 mars 2026

Represented by John Van Willigen

Active

Ended mandates

Cornelis Hendrik Van Ommen

Director · since 28 mars 2024 · until 09 mai 2030

Ended

SSD Ventures BV

Director · since 28 mars 2024 · until 09 mai 2030

Represented by John Van Willigen

Ended

Schreurs

Director · since 07 octobre 2019 · until 08 mai 2025 · 0733.688.105

Represented by Stefan Schreurs

Ended

VAN BAUWEL

Director · since 07 octobre 2019 · until 28 mars 2024 · 0735.797.953

Represented by Robrecht Van Bauwel

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/04/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Registered office07/04/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates07/02/2020
ONTSLAGEN - BENOEMINGEN
PDF
Other13/09/2018
DIVERSEN
PDF
Mandates05/06/2018
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 20258 M €↑
2024
Annual accounts 2024-8 M €↓
2023
Annual accounts 20234,3 M €↓
2022
Annual accounts 20225 M €↑
2021
Annual accounts 20214,1 M €↑
2018
Annual accounts 20182,3 M €↑
2017
Annual accounts 20171,6 M €↑
2016
Annual accounts 20161,2 M €↑
2015
Annual accounts 2015992 k €↑
2015
Name changeSmartSD
2014
Annual accounts 2014911,7 k €↑
2013
Annual accounts 2013211,3 k €↑
2012
Annual accounts 2012114,4 k €↑
2012
Annual accounts 201258,2 k €↓
2012
Name changeSMARTWARES SECURITY BELGIUM
2011
Annual accounts 2011325,4 k €↑
2010
Annual accounts 2010-5,4 k €↑
2009
Annual accounts 2009-614,8 k €
2009
Name changeNORBAIN BELGIUM
28/12/2007
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

smartSD

Overview

What does smartSD do?

Trend over 16 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

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline