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 24 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2023.
Financials
Financial year 2025
Smartfin Capital II from Etterbeek, company number BE0737910771, closed financial year 2025 with a result of € 20.8 million after tax. For that financial year Smartfin Capital II recorded a gross margin of € -2 million and equity of € 90 million. Compared with financial year 2024, the result moved from € 3 million to € 20.8 million. Profitable, and profit is growing. 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 2, 2026.
€ 90 million
▼ 22% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 20.8 million
▲ € 17.8 million vs 2024
Profit after tax over the fiscal year.
€ 110,111
▼ 98% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 3.9 million.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 445,522
▲ 23% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 10,825
▲ € 8,882 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 | € -1,256,817 | € -1,265,057 | € -1,339,600 | € -2,011,475 | ▼ € 671,875 |
| Profit after taxes | € -8,463,488 | € -6,747,517 | € 3,022,267 | € 20,839,899 | ▲ € 17.8 million |
| Equity | € 113,201,994 | € 118,381,978 | € 115,355,587 | € 89,965,189 | ▼ 22% |
| Total debts | € 320,106 | € 305,857 | € 364,205 | € 456,347 | ▲ 25% |
| Cash | € 3,000,276 | € 10,216,385 | € 7,114,244 | € 110,111 | ▼ 98% |
| Retained profit | € -13,229,506 | € -19,977,022 | € -16,954,756 | € 3,885,143 | ▲ € 20.8 million |
| Balance sheet total | € 113,522,100 | € 118,687,835 | € 115,719,792 | € 90,421,536 | ▼ 22% |
Key figures of Smartfin Capital II, 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 Smartfin Capital II?
What happened at Smartfin Capital II in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 20.8 million (▲ € 17.8 million vs 2024). Source: NBB ↗
- New establishment in Sint-Katelijne-Waver. KBO
- Smartfin Management BV became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 8.5 million loss in 2022 to € 20.8 million profit in 2025.
Paid € 25,442 in corporate taxes since 2022.
Best year ever: 2025, with € 20.8 million profit.
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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 Belgian Growth Fund I comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Smartfin Capital IIBehind Smartfin Capital II is Smartfin Management BV. The shares are held by Belgian Growth Fund I (10.5%). It owns 57.1% of Maria CI, 27.7% of Hex-rays, 27.1% of Roamler, 22.2% of Eyesee, 19.7% of Betty Blocks and 18.5% of Akinon itself.
Directors
According to the 2025 annual accounts
Director · represented by Bart Luyten
Also active at: EYESEE, SMARTFIN CAPITAL, Smartfin Ventures II, Smartfin Capital III
since 2019
Shareholders
10.5%
Participations
57.1%
27.7%
Roamler
27.1%
22.2%
Betty Blocks
19.7%
Akinon
18.5%
13.1%
Establishments
Establishment units
Physical locations of this company
Priester Cuypersstraat 3
1040 Etterbeek
Walemstraat 20
2860 Sint-Katelijne-Waver
Active since 21 November 2019
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0737.910.771
- VAT number
- BE 0737.910.771
- Registered office
- Priester Cuypersstraat 3, 1040 Etterbeek
- Names & denominations
- Smartfin Capital II
- Enterprise type
- Rechtspersoon
- Legal form
- Limited partnership
- Legal situation
- Normale toestand
- Start date
- 21 November 2019
- Peppol
- Active · Active since 27 Mar 2025
- Activities · NACE
Activiteiten van holdings
Holdings