Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 8 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Smile Invest from Lubbeek, company number BE0675942817, closed financial year 2025 with a result of € 3.4 million after tax. For that financial year Smile Invest recorded a gross margin of € -5.5 million and equity of € 364 million. Compared with financial year 2024, the result moved from € 216 million to € 3.4 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 November 4, 2025.
€ 364 million
▼ 8% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 3.4 million
▼ 98% vs 2024
Profit after tax over the fiscal year.
€ 757,854
▼ 75% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 35.4 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
0
Average over the fiscal year, from the social balance sheet.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 302,137
▲ 105% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 28,315
▲ € 28,045 vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -3,609,565 | € -4,315,945 | € -5,181,585 | € -5,533,041 | ▼ € 351,456 |
| Profit after taxes | € -2,438,418 | € -3,142,860 | € 215,977,267 | € 3,398,570 | ▼ 98% |
| Equity | € 214,976,015 | € 281,833,155 | € 396,019,442 | € 364,033,012 | ▼ 8% |
| Total debts | € 1,848,179 | € 2,150,804 | € 147,547 | € 35,715,451 | ▲ € 35.6 million |
| Cash | € 33,548,224 | € 23,023,738 | € 3,031,488 | € 757,854 | ▼ 75% |
| Retained profit | € -12,638,985 | € -15,781,845 | € 97,995,423 | € 66,008,993 | ▼ 33% |
| Dividend | € 0 | € 0 | € 102,200,000 | € 35,385,000 | ▼ 65% |
| Balance sheet total | € 216,824,194 | € 283,983,959 | € 396,166,989 | € 399,748,464 | ▲ 1% |
Key figures of Smile Invest, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to Smile Invest?
What happened at Smile Invest in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Michel Delbaere stepped down as director. NBB
- Stand In stepped down as director. NBB
- VF Capital stepped down as director. NBB
- Jonelinvest stepped down as director. NBB
- Alexandre De Pret Roose De Calesberg stepped down as director. NBB
- Bernard Thiers stepped down as director. NBB
- V.M.F. stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 3.4 million (▼ 98% vs 2024). Source: NBB ↗
In short
From € 2.4 million loss in 2022 to € 3.4 million profit in 2025.
Best year ever: 2024, with € 216 million profit.
Paid out € 137.6 million in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of VF Capital, THIFO, BEHOLD, MAERKELINDEN comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Smile InvestThe shares are held by VF Capital (35.5%), THIFO (0.9%), BEHOLD (0.7%) and MAERKELINDEN (0.6%). It owns 100% of Smile CIV 2017, 99.8% of Smile Invest Management Company, 95.5% of Aurora B.V., 80% of Vesta Holding (Global Safety Traning Holding B.V.)), 76.1% of RE Holding B.V. (Tenten Solar) and 71.5% of Magnum Heating Group B.V. itself.
Directors
According to the 2025 annual accounts
Michel Delbaere
Director
Also active at: VLAAMS ECONOMISCH VERBOND, FEDERATION DE L'INDUSTRIE ALIMENTAIRE - FEDERATIE VOEDINGSINDUSTRIE, CROP'S, CHAPELLE MUSICALE, J. ZINNER, HESBAYEFROST, Odile, DE POTTERIE +6 more
since 2022 · until 2026
Director · represented by Bartholomeus Van Muylder
Also active at: DIEPENSTEYN, Flanders Building, Econoholding, Capricorn SCF, SMARTFIN VENTURES, EDDY MERCKX CYCLES, DIEPHOLD, STEYNHOLD
since 2022 · until 2026
Director · represented by Vandeurzen BERT
Also active at: FM-A INVEST, Smile Invest Management Company, MEIDAO, miVXBuilding, Cubigo International
since 2022 · until 2026
Director · represented by Jurgen VANDERVELDEN
Also active at: Aerotrim, RECTAVIT, DE NEEF CHEMICAL PROCESSING, SOUDAL HOLDING, HITA, ACE FAMILY FUND, Adaptive, Next Day Investment Partners I +1 more
since 2022 · until 2026
Alexandre De Pret Roose De Calesberg
Director
since 2022 · until 2026
since 2022 · until 2026
Director · represented by Urbanus VANDEURZEN
Owns 35.5% via VF Capital
Also active at: DI LEGNO INTERIORS, DLI Invest, Fund+, ALDEA CONSTRUCT, miDiagnostics, HARMONEY, Smile Invest Management Company, Triginta +5 more
since 2022 · until 2026
Shareholders
Participations
100%
Aurora B.V.
95.5%
Vesta Holding (Global Safety Traning Holding B.V.))
80%
RE Holding B.V. (Tenten Solar)
76.1%
Magnum Heating Group B.V.
71.5%
71.5%
IGS GEBOJAGEMA Holding B.V.
66.7%
O. I. Investments B.V.
63.5%
Sentech
59%
58.8%
57.4%
CFSE Invest B.V.
52.1%
46.8%
Polestar Investco B.V.
13.1%
SSD Partners B.V.
12.2%
Establishments
Establishment units
Physical locations of this company
Diestsesteenweg(LIN) 31a
3210 Lubbeek
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 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.
Details
- Company number
- 0675.942.817
- VAT number
- BE 0675.942.817
- Registered office
- Diestsesteenweg(LIN) 31a, 3210 Lubbeek
- Names & denominations
- Smile Invest
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 19 May 2017
- Peppol
- Active · Active since 1 Sept 2025
- Activities · NACE
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies
Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering
Activiteiten van holdings
Overige kredietverstrekking n.e.g.
Overige rechtskundige dienstverlening
Holdings