Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 28 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Smartphoto group from Wetteren, company number BE0405706755, closed financial year 2025 with a result of € 1.5 million after tax. For that financial year Smartphoto group recorded revenue of € 35.1 million and equity of € 67.7 million. Compared with financial year 2024, the result moved from € 2.8 million to € 1.5 million. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 5, 2026.
€ 67.7 million
▼ 7% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.5 million
▼ 45% vs 2024
Profit after tax over the fiscal year.
€ 1.9 million
▼ 84% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 7 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
81.8
▲ 0.7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 6.8 million
▲ 2% vs 2024
€ 82,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 320,051
▼ 52% vs 2024
€ 298,667 is repaid this year. At this pace the long-term loan is gone in ≈ 1 years.
€ 11.3 million
▲ 41% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 135 days on average.
€ 2.2 million
▲ 2% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 35,924,354 | € 35,702,572 | € 35,755,647 | € 35,063,815 | ▼ 2% |
| Profit after taxes | € 3,760,688 | € 5,707,931 | € 2,805,788 | € 1,537,029 | ▼ 45% |
| Equity | € 68,334,860 | € 70,328,631 | € 73,134,421 | € 67,671,450 | ▼ 7% |
| Total debts | € 26,724,973 | € 26,821,106 | € 21,833,506 | € 29,642,088 | ▲ 36% |
| Cash | € 12,780,373 | € 1,899,026 | € 11,688,047 | € 1,918,513 | ▼ 84% |
| Land & buildings | € 398,477 | € 340,544 | € 282,974 | € 225,402 | ▼ 20% |
| Retained profit | € 26,953,457 | € 28,947,228 | € 31,753,018 | € 26,290,047 | ▼ 17% |
| Dividend | € 3,609,422 | € 3,714,160 | € 0 | € 7,000,000 | |
| Bank debt | € 1,360,657 | € 1,013,832 | € 663,371 | € 320,051 | ▼ 52% |
| Balance sheet total | € 95,059,833 | € 97,149,737 | € 94,967,927 | € 97,313,538 | ▲ 2% |
| Employees (FTE) | 83.5 | 79.6 | 81.1 | 81.8 | ▲ 0.7 |
Key figures of Smartphoto group, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Smartphoto group?
What happened at Smartphoto group in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Katrien Mattelaer stepped down as director. NBB
- Bever Consulting stepped down as director. NBB
- BVJS BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1.5 million (▼ 45% vs 2024). Source: NBB ↗
- Philippe VLERICK stepped down as director. NBB
- ACORTIS BV stepped down as director. NBB
- Katrien Mattelaer became a director. NBB
- Alexandra Leunen stepped down as director. NBB
In short
From € 3.8 million profit in 2022 to € 1.5 million profit in 2025.
Paid € 118,470 in corporate taxes since 2022.
Best year ever: 2023, with € 5.7 million profit.
Paid out € 14.3 million in dividends to the owners in total.
Management
The stake of ALYCHLO, MIDELCO comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Smartphoto groupThe shares are held by ALYRICK BV (88.2%), SMARTPHOTO GROUP NV (11.8%), ALYCHLO (16%) and MIDELCO (12.8%). It owns 100% of TOPFANZ, 100% of NAYAN, 100% of SYSTEM INSIGHT HOLDINGS LTD, 100% of SMARTPHOTO AG, 100% of SMARTPHOTO NEDERLAND BV and 100% of SPECTOR VERWALTUNG GmbH itself.
Directors
According to the 2025 annual accounts
Katrien Mattelaer
Director
Also active at: MUSEUM VAN HEDENDAAGSE KUNST ANTWERPEN, VLERICK INVESTERINGSMAATSCHAPPIJ, Stichting ANDRIES – VANLOUWE, HERBERT FOUNDATION/ STICHTING HERBERT/ FONDATION HERBERT/ STIFTUNG HERBERT
since 2025 · until 2028
Alexandra Leunen
Director
since 2023 · until 2025
Director · represented by vaste vertegenwoordiger Degrieck Katya
Also active at: UITGEVERIJ LANNOO, Unifiedpost Group
since 2025 · until 2025
Director · represented by Els Degroote
Also active at: WEDIM, ENSO HOSPITALITY, LEDAP, AS2, miDiagnostics, Triginta, ATCARS, OTRA Solutions +11 more
since 2025 · until 2028
Director · represented by Marc Coucke
Also active at: Greenyard, PAIRI DAIZA, Perennitas, ATCARS, Comate Holding, Comate Ventures, ROYAL SPORTING CLUB ANDERLECHT, COMATE +2 more
since 2023 · until 2025
Philippe VLERICK
Chairman of the board
since 2023 · until 2026
since 2023 · until 2025
Managing director · represented by Stef De corte
Also active at: Nano Capital, DADDY KATE
since 2023 · until 2026
Director · represented by Ben Jansen
Also active at: LE SANGLIER DES ARDENNES, SANGLIER DES ARDENNES BY BRU, AMAZING LAND, CREMERIE DE LA POSTE, ENSO HOSPITALITY, Adventure Valley Durbuy, LA RESERVE INVEST, VOLCANO +19 more
since 2025 · until 2028
Director · represented by vaste vertegenwoordiger Vanderstappen Geert
Also active at: KINEPOLIS GROUP, M80 Partners, YUMA, ASTERIAN
since 2025 · until 2025
Shareholders
Participations
100%
100%
SYSTEM INSIGHT HOLDINGS LTD
100%
SMARTPHOTO AG
100%
SMARTPHOTO NEDERLAND BV
100%
SPECTOR VERWALTUNG GmbH
100%
100%
100%
99.7%
FLT FINANZARIA SPA
49%
SMARTPHOTO NORDIC AB
35%
Establishments
Establishment units
Physical locations of this company
Kwatrechtsteenweg 160
9230 Wetteren
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Barracuda
Hosting
GOOGLE - Google LLC, US
Domain
Domain
smartphotogroup.com
Registered
2011-05-04
Registrar
Combell NV
Expires
2026-05-04
Website info
Features
Security
Network
Details
- Company number
- 0405.706.755
- VAT number
- BE 0405.706.755
- Registered office
- Kwatrechtsteenweg 160, 9230 Wetteren
- Names & denominations
- Smartphoto group
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 January 1968
- Peppol
- Active · Active since 1 Jan 2001
- Contact
- smartphotogroup.com [email protected]
- Activities · NACE
Overige fotografische activiteiten
Activiteiten van holdings
Managementactiviteiten van holdings
Holdings