ANDHERS is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €417.4m and a net result of €34.7m. Equity has been growing by about 20% per year since 2018. Its solvency ranks better than 69% of 3,028 sector peers (NACE 64, financial year 2025). The company has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals.
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 54 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 8 June (5 of the last 5 accounts filed within 30 days either side of that date).
Equity is what the company owns minus what it owes. It consists of the contributions and the reserves and profits built up. Negative equity means debts exceed assets.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Solvency is equity divided by total assets. It shows what share of its assets the company finances with its own means. The higher it is, the better the company absorbs a setback.
Total assets€518.5m2025Equity€417.4m2025Debt€101.0m2025
Working capital€132.2m2025
Return on assets (ROA)6.7%2025
Solvency80.5%2025
Current ratio2.332025
Staff (FTE)8.22025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
Net result-€2.9m-€7.3m€10.7mabove the sector's middle half▲ 45.6%€18.3mabove the sector's middle half▲ 71.0%€27.0mabove the sector's middle half▲ 47.8%€266.0mabove the sector's middle half▲ 885%€31.6mabove the sector's middle half▼ 88.1%€34.7mabove the sector's middle half▲ 10.0%
Equity€128.0m-€129.8m▲ 1.4%€134.9mabove the sector's middle half▲ 3.9%€134.1mabove the sector's middle half▼ 0.5%€142.1mabove the sector's middle half▲ 6.0%€389.1mabove the sector's middle half▲ 174%€401.7mabove the sector's middle half▲ 3.2%€417.4mabove the sector's middle half▲ 3.9%
Total assets€146.4m-€163.3m▲ 11.5%€175.4mabove the sector's middle half▲ 7.4%€204.4mabove the sector's middle half▲ 16.6%€196.3mabove the sector's middle half▼ 4.0%€456.5mabove the sector's middle half▲ 132%€505.1mabove the sector's middle half▲ 10.7%€518.5mabove the sector's middle half▲ 2.7%
Working capital€95.5m-€98.9m▲ 3.6%€100.8mabove the sector's middle half▲ 1.9%€94.1mabove the sector's middle half▼ 6.6%€96.3mabove the sector's middle half▲ 2.4%€106.3mabove the sector's middle half▲ 10.3%€117.1mabove the sector's middle half▲ 10.1%€132.2mabove the sector's middle half▲ 12.9%
Solvency87.4%-79.5%▼ 8.0pp76.9%within the sector's middle half▼ 2.6pp65.6%within the sector's middle half▼ 11.3pp72.4%within the sector's middle half▲ 6.8pp85.2%above the sector's middle half▲ 12.9pp79.5%within the sector's middle half▼ 5.7pp80.5%within the sector's middle half▲ 1.0pp
Current ratio6.25-4.23▼ 2.023.67above the sector's middle half▼ 0.562.39within the sector's middle half▼ 1.282.85within the sector's middle half▲ 0.472.63within the sector's middle half▼ 0.232.15within the sector's middle half▼ 0.472.33within the sector's middle half▲ 0.18
Return on assets (ROA)-2.0%-4.5%▲ 6.5pp6.1%within the sector's middle half▲ 1.6pp8.9%above the sector's middle half▲ 2.8pp13.8%above the sector's middle half▲ 4.8pp58.3%above the sector's middle half▲ 44.5pp6.3%within the sector's middle half▼ 52.0pp6.7%within the sector's middle half▲ 0.4pp
Staff (FTE)42.9-45.5▲ 6.1%46.1above the sector's middle half▲ 1.3%48.2above the sector's middle half▲ 4.6%47.3above the sector's middle half▼ 1.9%33above the sector's middle half▼ 30.2%8.4within the sector's middle half▼ 74.5%8.2within the sector's middle half▼ 2.4%
abovewithinbelowThe sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €518.5m
55.3%
44.7%
Fixed assets€286.9m ▲ 0.1%
Current assets€231.6m ▲ 6.0%
Equity and liabilities €518.5m
80.5%
19.5%
Equity€417.4m ▲ 3.9%
Debt€101.0m ▼ 2.3%
Debt's share of the balance-sheet total falls from 20.5% to 19.5%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
ROE
8.3%▲
2024 · 7.9%
Debt ≤ 1 year
€99.4m▼
2024 · €101.5m
Debt > 1 year
€1.5m▼
2024 · €1.7m
Income taxes
€190,504▼
2024 · €309,115
Staff costs
€1.6m▲
2024 · €1.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
49
48
8
8
9
full-time
42
42
6
7
8
part-time
7
6
2
1
1
in full-time equivalents
47.9
46.9
7.7
7.9
8.9
Average over the year, in full-time equivalents
48.2
47.3
33
8.4
8.2
On a permanent contract
49
48
8
8
9
Joined
6
5
1
1
2
Left
5
6
41
1
1
Agency workers, average number
0.1
0.1
-
-
-
Training hours
1,111
727
86
162
67
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others
Item
2021
2022
2023
2024
2025
Debts secured on the company's own assets
-
-
€2.1m
€1.9m
€1.7m
Mortgages, amount registered
-
-
€25,000
€25,000
€25,000
Mortgage mandates
-
-
€4.2m
€4.2m
€4.2m
Carrying value of the mortgaged assets
-
-
€4.4m
€5.3m
€7.5m
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€1.5m
€2.0m
€1.4m
€963,280
€2.2m
Intangible fixed assets
€270,228
€5,285
€43,719
-
-
Financial fixed assets
€8.1m
€2.9m
€238.2m
€6.0m
€4.7m
Depreciation and write-downs of the year
€837,696
€912,075
€56,929
€50,875
€35,047
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees
Item
2021
2022
2023
2024
2025
Fee for the audit
€15,143
€16,861
€10,771
€11,296
€11,645
Other work by the auditor
€47,612
€53,608
€37,595
€39,435
€40,657
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Group figures
consolidated accounts
ANDHERS heads a group. The consolidated accounts add up the company and its subsidiaries.
Item
2021
2022
2023
2024
2025
Turnover
€199.6m
€206.6m
€200.8m
€191.0m
€193.4m
Operating result
€50.7m
€49.9m
€40.0m
€34.2m
€42.4m
Result for the year
€38.2m
€39.1m
€34.4m
€32.7m
€36.7m
Equity
€245.9m
€266.2m
-
-
-
Total assets
€312.3m
€329.7m
€337.5m
€349.7m
€367.7m
Source: 2021 to 2025 consolidated accounts
Comparable companies
These companies have the same main activity as ANDHERS: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €148m and €1.5bn, founded between 1982 and 2003.
They were chosen from the 20,097 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 79 lines
Assets under construction and advance payments27€5.3m€7.5m▲
Financial fixed assets28€280.0m€278.2m▼
Affiliated companies280/1€277.8m€276.3m▼
Participating interests280€275.0m€276.3m▲
Amounts receivable281€2.8m-
Other financial fixed assets284/8€2.2m€1.9m▼
Shares284€2.2m€1.9m▼
Current assets29/58€218.5m€231.6m▲
Amounts receivable after more than one year29€6.1m€6.4m▲
Other amounts receivable291€6.1m€6.4m▲
Amounts receivable within one year40/41€11.0m€6.1m▼
Trade receivables40€8.0m€2.8m▼
Other amounts receivable41€3.0m€3.3m▲
Current investments50/53€193.0m€212.0m▲
Other investments51/53€193.0m€212.0m▲
Cash at bank and in hand54/58€7.4m€6.3m▼
Deferred charges and accrued income490/1€1.0m€0.8m▼
Equity and liabilities
Total equity and liabilities10/49€505.1m€518.5m▲
Equity10/15€401.7m€417.4m▲
Contributions10/11€60.9m€60.9m=
Capital10€60.8m€60.8m=
Issued capital100€60.8m€60.8m=
Contributions outside capital11€0.1m€0.1m=
Share premium1100/10€0.1m€0.1m=
Reserves13€340.8m€356.5m▲
Non-distributable reserves130/1€6.1m€6.1m=
Legal reserve130€6.1m€6.1m=
Distributable reserves133€334.7m€350.4m▲
Amounts payable17/49€103.4m€101.0m▼
Amounts payable after more than one year17€1.7m€1.5m▼
Financial debts170/4€1.7m€1.5m▼
Credit institutions173€1.7m€1.5m▼
Amounts payable within one year42/48€101.5m€99.4m▼
Current portion of amounts payable after more than one year42€0.2m€0.2m=
Trade debts44€2.0m€1.7m▼
Suppliers440/4€2.0m€1.7m▼
Taxes, remuneration and social security45€0.3m€0.5m▲
Taxes450/3-€0.06m
Remuneration and social security454/9€0.3m€0.4m▲
Other amounts payable47/48€98.9m€97.0m▼
Accrued charges and deferred income492/3€0.2m€0.1m▼
Income statementCode20242025
Operating income70/76A€8.0m€10.1m▲
Turnover70€8.0m€10.1m▲
Other operating income74€0.02m€0.02m▲
Operating charges60/66A€7.7m€9.6m▲
Services and other goods61€6.2m€8.0m▲
Remuneration, social security and pensions62€1.5m€1.6m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.05m€0.04m▼
Other operating charges640/8€0.01m€0.01m▲
Operating profit (loss)9901€0.3m€0.5m▲
Financial income75/76B€35.4m€40.0m▲
Recurring financial income75€35.4m€40.0m▲
Income from financial fixed assets750€28.8m€35.1m▲
Income from current assets751€6.7m€4.9m▼
Other financial income752/9-€8
Non-recurring financial income76B€0.001m-
Financial charges65/66B€3.8m€5.5m▲
Recurring financial charges65€2.2m€1.9m▼
Debt charges650€2.2m€1.7m▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€0.2m
Other financial charges652/9€0.008m€0.005m▼
Non-recurring financial charges66B€1.7m€3.6m▲
Profit (loss) for the period before taxes9903€31.9m€34.9m▲
Income taxes67/77€0.3m€0.2m▼
Taxes670/3€0.3m€0.2m▼
Profit (loss) for the period9904€31.6m€34.7m▲
Profit (loss) for the period to be appropriated9905€31.6m€34.7m▲
Appropriation of the result
Profit (loss) to be appropriated9906€31.6m€34.7m▲
Transfer to equity691/2€12.6m€15.7m▲
To other reserves6921€12.6m€15.7m▲
Profit to be distributed694/7€19.0m€19.0m=
Return on contributions (dividend)694€19.0m€19.0m=
Social balance sheet
Average headcount (FTE)90878.48.2▼
The notes to these accounts have 69 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Many board changes in a short time are a reason to keep a close eye on the company.
Board 9
AC
Alio Consilio BV
Director · appointed in the act of 22-08-2024 · one-year term from 2026 · Legal entity · permanent representative: Michel Vermaerke
Current
CB
CP.EU BV
Director · appointed in the act of 16-06-2025 · one-year term from 2026 · Legal entity · permanent representative: Geert Pauwels
Current
V@
Ventures @ RV BV
Director · appointed in the act of 16-06-2025 · one-year term from 2026 · Legal entity · permanent representative: Ruben Verhoeven
Current
2B
2B-Energy BV
Director · appointed in the act of 03-07-2026 · one-year term from 2026 · Legal entity · permanent representative: Ronnie Beimans
Current
DB
DIHRCONSULT BV
Director · appointed in the act of 03-07-2026 · one-year term from 2026 · Legal entity · permanent representative: Steven Van Hoorebeke
Current
PM
P.O. Management BV
Director · appointed in the act of 03-07-2026 · one-year term from 2026 · Legal entity · permanent representative: Koen Verhaert
Current
RB
Ren(r)ew BV
Director · appointed in the act of 03-07-2026 · one-year term from 2026 · Legal entity · permanent representative: Joëlle Bragard-De Naeyer
Current
SN
Snofla nv
Director · appointed in the act of 03-07-2026 · earlier chair of the board, until 28-06-2012 · earlier managing director, from 09-07-2007 to 12-06-2013 · one-year term from 2026 · Legal entity · permanent representative: Jozef De Backer
Current
Show all 9 directors
SN
SP&J NV
Director · appointed in the act of 03-07-2026 · one-year term from 2026 · Legal entity · permanent representative: Jan Calmeyn
Current
Permanent representatives 9
MV
Michel Vermaerke
Permanent representative · appointed in the act of 22-08-2024 · for Alio Consilio BV
Current
GP
Geert Pauwels
Permanent representative · appointed in the act of 16-06-2025 · for CP.EU BV
Current
RV
Ruben Verhoeven
Permanent representative · appointed in the act of 16-06-2025 · for Ventures @ RV BV
Current
JC
Jan Calmeyn
Permanent representative · appointed in the act of 03-07-2026 · for SP&J NV
Current
JD
Jozef De Backer
Permanent representative · appointed in the act of 03-07-2026 · for Snofla nv
Current
JB
Joëlle Bragard-De Naeyer
Permanent representative · appointed in the act of 03-07-2026 · for Ren(r)ew BV
Current
KV
Koen Verhaert
Permanent representative · appointed in the act of 03-07-2026 · for P.O. Management BV
Current
RB
Ronnie Beimans
Permanent representative · appointed in the act of 03-07-2026 · for 2B-Energy BV
Current
SV
Steven Van Hoorebeke
Permanent representative · appointed in the act of 03-07-2026 · for DIHRCONSULT BV
Current
Statutory auditor 1
BP
BV PwC Bedrijfsrevisoren
Auditor · appointed in the act of 03-07-2026 · term of 3 financial years from 2026 · permanent representative: Peter D'hondt
Equity €11.2mProfit of €3.7m in 2025 (profit of €3.7m in 2024)
21.59%+ 0% via subsidiaries
Capital transactions
Capital transactions
A capital increase usually strengthens the company. With a reduction, it pays to find out why.
Capital over time
12-01-2024Capital stated in 2 acts · €60,820,000 · 29,557 shares
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
25 people, 10 in office
Board
Day-to-day management
Statutory auditor
Other function
began earlier
end not dated
Mandates per person, with start and end dates
Name
Functions and periods2010201520202025
Ren(r)ew BV
Director, from before 09-07-2007 to 28-07-2020
Director, since before 19-10-2023
Snofla nv
Director, from before 09-07-2007 to 28-07-2020
Managing director, appointed in the act of 09-07-2007, ended, last mentioned on 28-07-2020
Chair of the board, until 28-06-2012
Director, since before 19-10-2023
P.O. Management BV
Director, from before 20-06-2012 to 28-07-2020
Director, since before 19-10-2023
2B-Energy BV
Director, appointed in the act of 15-07-2015, until 28-07-2020
Director, since before 19-10-2023
SP&J NV
Director, from before 15-07-2015 to 28-07-2020
Director, since before 19-10-2023
DIHRCONSULT BV
Director, appointed in the act of 19-09-2019, until 28-07-2020
Director, since before 19-10-2023
Alio Consilio BV
Director, appointed in the act of 22-08-2024, still in office
CP.EU BV
Director, appointed in the act of 16-06-2025, still in office
Ventures @ RV BV
Director, appointed in the act of 16-06-2025, still in office
BV PwC Bedrijfsrevisoren
Auditor, appointed in the act of 03-07-2026, still in office
Equity €11.2mLoss of €2.0m in 2026 (loss of €5.1m in 2025)Checked score 93
10.42%
All subsidiaries, including indirect ones
12
ANDHERS or one of its subsidiaries holds more than half of the shares of these companies. A company it consolidates per the LEI register is listed too.
Permanent representatives: Rudy Mattheus, Michel Vermaerke and 2 others · Appointments: Alio Consilio BV (director) and Finmore BV (director)9 points ▸
Gazette deedResignations: Snofla nv, VHC3S nv and 8 others
Reappointments: Snofla nv, VHC3S nv and 6 others · Permanent representatives: Jozef De Backer, Rudy Mattheus and 6 others · Appointment: EY Bedrijfs-revisoren BV (commissaris voor de verificatie van de jaarrekening)33 points ▸
General meeting, 25-05-2020
Board meeting, 18-06-2020
Director resignation, Snofla nv (director)
Director resignation, VHC3S nv (director)
Director resignation, Ren(r)ew bv (director)
Director resignation, SP&J nv (director)
Director resignation, Mardel Management Comm.V. (director)
Director resignation, P.O. Management bv (director)
The net result is €7.3m, after one loss-making year.
19-09
Gazette deedResignation: Niko Group (statutory auditor)
Appointments: Ernst & Young Bedrijfsrevisoren cvba (statutory auditor) and DIHRCONSULT BV (director) · Permanent representatives: Paul Eelen and Steven Var Hoorebeke6 points ▸
General meeting, 27-05-2019
Director resignation, Niko Group (statutory auditor)
Auditor appointment, Ernst & Young Bedrijfsrevisoren cvba (statutory auditor)
Gazette deedChanges of role: VHC3S nv (chair of the board) and Snofia nv (managing director)
Resignations: SP&J nv, Ren(r)ew bvba and 5 others · Reappointments: VHC3S nv, Snofia nv and 6 others · Appointment: Ernst & Young Bedrijfsrevisoren BCVBA (commissaris voor de verificatie van de statutaire jaarrekening)29 points ▸
General meeting, 23-05-2016
Director resignation, VHC3S nv (director)
Director reappointment, VHC3S nv (director)
Director appointment, VHC3S nv (chair of the board)
Permanent representative, Rudy Mattheus
Director resignation, Snofia nv (director)
Director reappointment, Snofia nv (director)
Director appointment, Snofia nv (managing director)
Gazette deedResignations: Snofla NV, Ren(r)ew BVBA and Niko Group
Reappointments: Snofla NV (managing director) and Ren(r)ew BVBA (director) · Permanent representatives: Jozef De Backer and Joelle Bragard-De Naeyer · Appointment: Ernst & Young Bedrijfsrevisoren BCVBA (statutory auditor)9 points ▸
General meeting, 27-05-2013
Director resignation, Snofla NV (managing director)
Director reappointment, Snofla NV (managing director)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 4 November 1992, ANDHERS was incorporated.1In 2004 the registered office moved to Sint-Niklaas.2ROCKY MOUNTAIN was merged into the company in 2004.3The name was changed to NIKO GROUP in 2005 and to ANDHERS in 2024.45Total assets went from €146.4m in 2018 to €518.5m in 2025 and headcount from 42.9 to 8.2 full-time equivalents.6
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest, eenvoudige beslissing van de raad van bestuur”
Establishment unitIndustriepark-West 40, 9100 Sint-Niklaas since 18-11-1992 · unit number 2.059.573.3832110001 Manufacture of basic pharmaceutical products and pharmaceutical preparations
Activities
NACEBEL 2025
VAT activities
64210Activities of holding companiesmain activity
Social security (RSZ) activities
70100Activities of head officesmain activity
Codes under NACEBEL 2008
VAT activities
64200Holdingsmain activity
Social security (RSZ) activities
70100Activities of head officesmain activity
Codes under NACEBEL 2003
74151main activity
Joint committee200 Aanvullend Paritair Comité voor de bedienden annual accounts 2025
Invoicing and payment
VAT numberBE 0448.548.388
E-invoicing via Peppol
Reachable via Peppol
Peppol ID0208:0448548388
Other Peppol ID9925:BE0448548388
Follow this company and you will hear the next morning if it leaves the Peppol register.