ALSEMPHARMA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 29 filings
Turnover
≈ €920,000
Estimated: probably between €620,000 and €1.8m
EBIT margin
Not included in this filing
Net result
-€47,740▼ 280%
2024 · -€12,557
Working capital
€34,427
2024 · -€26,767
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€41,688
▼ 355%
2025
20182025
Net result
-€47,740
▼ 280%
2025
lowest quarter of the sector
20182025
Equity
-€66,946
▼ 249%
2025
lowest quarter of the sector
20182025
Total assets
€336,894
▲ 18.4%
2025
lowest quarter of the sector
20182025
Debt
€403,840
▲ 32.9%
2025
20182025
Working capital
€34,427
2025
middle half of the sector
20182025
Solvency
-19.9%
▼ 13.1pp
2025
lowest quarter of the sector
20182025
Current ratio
1.12
▲ 0.20
2025
middle half of the sector
20182025
Return on assets (ROA)
-14.2%
▼ 9.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.8
▼ 9.7%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€12,617--€7,256€12,121€14,324▲ 18.2%-€26,203€27,540-€9,164-€41,688▼ 355%
Net result€14,898--€8,887€10,710within the sector's middle half€13,354within the sector's middle half▲ 24.7%-€43,610below the sector's middle half€24,119within the sector's middle half-€12,557below the sector's middle half-€47,740below the sector's middle half▼ 280%
Equity-€2,336--€11,222▼ 380%-€512below the sector's middle half▲ 95.4%€12,841below the sector's middle half-€30,769below the sector's middle half-€6,650below the sector's middle half▲ 78.4%-€19,206below the sector's middle half▼ 189%-€66,946below the sector's middle half▼ 249%
Total assets€421,941-€400,298▼ 5.1%€379,816below the sector's middle half▼ 5.1%€404,113below the sector's middle half▲ 6.4%€338,098below the sector's middle half▼ 16.3%€331,614below the sector's middle half▼ 1.9%€284,615below the sector's middle half▼ 14.2%€336,894below the sector's middle half▲ 18.4%
Debt€424,277-€411,521▼ 3.0%€380,328▼ 7.6%€391,272▲ 2.9%€368,867▼ 5.7%€338,264▼ 8.3%€303,821▼ 10.2%€403,840▲ 32.9%
Working capital-€8,753--€19,508▼ 123%-€8,902below the sector's middle half▲ 54.4%€6,344below the sector's middle half-€43,640below the sector's middle half-€15,699below the sector's middle half▲ 64.0%-€26,767below the sector's middle half▼ 70.5%€34,427within the sector's middle half
Solvency-0.6%--2.8%▼ 2.2pp-0.1%below the sector's middle half▲ 2.7pp3.2%below the sector's middle half▲ 3.3pp-9.1%below the sector's middle half▼ 12.3pp-2.0%below the sector's middle half▲ 7.1pp-6.7%below the sector's middle half▼ 4.7pp-19.9%below the sector's middle half▼ 13.1pp
Current ratio0.98-0.95▼ 0.030.98below the sector's middle half▲ 0.021.02below the sector's middle half▲ 0.040.88below the sector's middle half▼ 0.130.95below the sector's middle half▲ 0.070.91below the sector's middle half▼ 0.041.12within the sector's middle half▲ 0.20
Return on assets (ROA)3.5%--2.2%▼ 5.8pp2.8%within the sector's middle half▲ 5.0pp3.3%within the sector's middle half▲ 0.5pp-12.9%below the sector's middle half▼ 16.2pp7.3%within the sector's middle half▲ 20.2pp-4.4%below the sector's middle half▼ 11.7pp-14.2%below the sector's middle half▼ 9.8pp
Staff (FTE)3.6-3.1▼ 13.9%3.1within the sector's middle half=3.1within the sector's middle half=3.1within the sector's middle half=3.1within the sector's middle half=3.1within the sector's middle half=2.8below the sector's middle half▼ 9.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €41,688, larger than the loss of €9,164 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €336,894
Fixed assets
€3,347 ▼ 55.7%
Current assets
€333,547 ▲ 20.4%
Equity and liabilities
Equity-€66,946
Debt€403,840
Equity is negative. Debt (€403,840) exceeds the balance-sheet total (€336,894).
Key figures and ratios
EBITDA
-€38,446▼
2024 · -€5,613
Cash flow
-€44,497▼
2024 · -€9,005
Quick ratio
0.52▲
2024 · 0.32
Interest coverage
-3.95▼
2024 · -1.60
Debt ≤ 1 year
€299,120▼
2024 · €303,821
Debt > 1 year
€101,049
Staff costs
€227,231▼
2024 · €230,262
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 4 | 3 |
| full-time | - | - | - | - | 0 |
| part-time | 4 | 4 | 4 | 4 | 3 |
| in full-time equivalents | 3.1 | 3.1 | 3.1 | 3.1 | 2.7 |
| Average over the year, in full-time equivalents | 3.1 | 3.1 | 3.1 | 3.1 | 2.8 |
| On a permanent contract | 4 | 4 | 4 | 4 | 3 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €9,772 | - | €2,063 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,892 | €2,998 | €3,821 | €3,552 | €3,242 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €281 | - | €6,146 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €184,119 | €203,249 | €220,077 | €230,262 | €227,231 | ▼ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,802 | €2,840 | €3,695 | €1,892 | €2,998 | €3,821 | €3,552 | €3,242 | ▼ 8.7% |
| Other operating charges640/8 | - | - | - | €4,629 | €841 | €514 | €643 | €7,792 | ▲ 12× |
| Gross operating margin9900 | €205,744 | €169,182 | €197,254 | €204,964 | €180,886 | €251,953 | €225,292 | €196,577 | ▼ 12.7% |
| Operating profit (loss)9901 | €12,617 | -€7,256 | €12,121 | €14,324 | -€26,203 | €27,540 | -€9,164 | -€41,688 | ▼ 355% |
| Financial income75/76B | - | - | - | €1,672 | €249 | €11 | €107 | €3,670 | ▲ 34× |
| Recurring financial income75 | €15 | €10 | €14 | €172 | €249 | €11 | €107 | €3,670 | ▲ 34× |
| Non-recurring financial income76B | - | - | - | €1,500 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,643 | €17,657 | €3,432 | €3,499 | €9,721 | ▲ 178% |
| Recurring financial charges65 | €2,297 | €2,161 | €2,625 | €2,643 | €17,657 | €3,432 | €3,499 | €9,721 | ▲ 178% |
| Profit (loss) for the period before taxes9903 | €15,063 | -€8,887 | €10,710 | €13,354 | -€43,610 | €24,119 | -€12,557 | -€47,740 | ▼ 280% |
| Income taxes67/77 | €165 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €14,898 | -€8,887 | €10,710 | €13,354 | -€43,610 | €24,119 | -€12,557 | -€47,740 | ▼ 280% |
| Profit (loss) for the period to be appropriated9905 | €14,898 | -€8,887 | €10,710 | €13,354 | -€43,610 | €24,119 | -€12,557 | -€47,740 | ▼ 280% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €421,941 | €400,298 | €379,816 | €404,113 | €338,098 | €331,614 | €284,615 | €336,894 | ▲ 18.4% |
| Fixed assets21/28 | €8,776 | €8,984 | €8,389 | €6,497 | €12,871 | €9,050 | €7,561 | €3,347 | ▼ 55.7% |
| Tangible fixed assets22/27 | €8,376 | €8,584 | €7,989 | €6,097 | €12,871 | €9,050 | €7,561 | €3,347 | ▼ 55.7% |
| Land and buildings22 | - | - | - | €452 | €377 | €301 | €226 | €151 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | - | €5,080 | €6,748 | €4,338 | €4,260 | €3,196 | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | €565 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €5,747 | €4,411 | €3,075 | - | - |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | - | - | - | - | - |
| Current assets29/58 | €413,165 | €391,315 | €371,427 | €397,616 | €325,227 | €322,565 | €277,054 | €333,547 | ▲ 20.4% |
| Stocks and contracts in progress3 | €125,029 | €167,390 | €194,031 | €186,270 | €162,772 | €187,654 | €180,331 | €177,458 | ▼ 1.6% |
| Stocks30/36 | - | - | - | €186,270 | €162,772 | €187,654 | €180,331 | €177,458 | ▼ 1.6% |
| Amounts receivable within one year40/41 | €43,012 | €42,446 | €72,164 | €55,985 | €72,578 | €60,377 | €78,392 | €122,145 | ▲ 55.8% |
| Trade receivables40 | - | - | - | €53,705 | €61,232 | €55,631 | €70,691 | €89,323 | ▲ 26.4% |
| Other amounts receivable41 | - | - | - | €2,281 | €11,345 | €4,747 | €7,701 | €32,822 | ▲ 326% |
| Cash at bank and in hand54/58 | €236,859 | €179,846 | €102,170 | €149,724 | €83,809 | €66,984 | €11,997 | €28,262 | ▲ 136% |
| Deferred charges and accrued income490/1 | - | - | - | €5,637 | €6,069 | €7,550 | €6,335 | €5,682 | ▼ 10.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €421,941 | €400,298 | €379,816 | €404,113 | €338,098 | €331,614 | €284,615 | €336,894 | ▲ 18.4% |
| Equity10/15 | -€2,336 | -€11,222 | -€512 | €12,841 | -€30,769 | -€6,650 | -€19,206 | -€66,946 | ▼ 249% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Profit (loss) carried forward14 | -€64,309 | -€73,196 | -€62,486 | -€49,132 | -€92,742 | -€68,623 | -€81,180 | -€128,919 | ▼ 58.8% |
| Amounts payable17/49 | €424,277 | €411,521 | €380,328 | €391,272 | €368,867 | €338,264 | €303,821 | €403,840 | ▲ 32.9% |
| Amounts payable after more than one year17 | €2,359 | €698 | - | - | - | - | - | €101,049 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €101,049 | - |
| Amounts payable within one year42/48 | €421,918 | €410,823 | €380,328 | €391,272 | €368,867 | €338,264 | €303,821 | €299,120 | ▼ 1.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €4,676 | - | €3,951 | - |
| Financial debts43 | - | - | - | - | - | - | - | €100,000 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €100,000 | - |
| Trade debts44 | €210,016 | €204,763 | €225,016 | €255,902 | €251,152 | €200,316 | €171,500 | €151,632 | ▼ 11.6% |
| Suppliers440/4 | - | - | - | €255,902 | €251,152 | €200,316 | €171,500 | €151,632 | ▼ 11.6% |
| Taxes, remuneration and social security45 | - | - | - | €21,377 | €23,729 | €29,347 | €27,208 | €39,534 | ▲ 45.3% |
| Taxes450/3 | - | - | - | €8 | - | €4 | - | €12,444 | - |
| Remuneration and social security454/9 | - | - | - | €21,369 | €23,729 | €29,343 | €27,208 | €27,090 | ▼ 0.4% |
| Other amounts payable47/48 | - | - | - | €113,993 | €93,986 | €103,925 | €105,113 | €4,004 | ▼ 96.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €3,670 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,898 | -€8,887 | €10,710 | €13,354 | -€43,610 | €24,119 | -€12,557 | -€47,740 | ▼ 280% |
| + Depreciation and write-downs630 | €2,802 | €2,840 | €3,695 | €1,892 | €2,998 | €3,821 | €3,552 | €3,242 | ▼ 8.7% |
| Operating cash flow (approximation) | €17,700 | -€6,047 | €14,405 | €15,246 | -€40,612 | €27,940 | -€9,005 | -€44,497 | ▼ 394% |
| Investment in fixed assets (approximation) | - | -€3,047 | -€3,100 | €0 | -€9,372 | €0 | -€2,063 | €971 | - |
| Change in cash | - | -€57,012 | -€77,676 | €47,554 | -€65,916 | -€16,825 | -€54,987 | €16,265 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,619 companies had the same profile as ALSEMPHARMA has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALSEMPHARMA itself: 4.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,619 companies, not a prediction for ALSEMPHARMA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00342184 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00151678 | |
| 31-12-2023 | abbreviated format | 09-08-2024 | 2024-00342733 | |
| 31-12-2022 | abbreviated format | 25-08-2023 | 2023-00422762 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20134490 | |
| 31-12-2020 | abbreviated format | 04-06-2021 | 2021-17500549 | |
| 31-12-2019 | abbreviated format | 19-06-2020 | 2020-18800162 | |
| 31-12-2018 | abbreviated format | 07-06-2019 | 2019-17100057 | |
| 31-12-2017 | abbreviated format | 25-05-2018 | 2018-14000589 | |
| 31-12-2016 | abbreviated format | 08-06-2017 | 2017-16100598 |