Financials
- Fiscal year
- 2025
- Turnover
- €14,118
- Loss
- -€14.1m
- Solvency
- 70.5%
Turnover▼ 38.6%
Net result
20242025
Aphea.Bio
ActiveSummary
The annual accounts of Aphea.Bio for fiscal year 2025 show a net loss of 87% of total assets and of 55% of the equity at the start of that year. The 2025 annual accounts show equity of €11.4m and a net result of -€14.1m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 65% of 226 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.6% (low).
Overview
Activity
Research and development on biotechnology
NACE 72101NACE 72110
#8 company by staff growth in East Flanders, Research and development sector1 site
Size
€14,118turnover 2025
- Staff
- 56.9 FTE
- Equity
- €11.4m
- Loss
- -€14.1m
Structure
- Largest shareholder
- Agri Investment Fund · 10.89%
- Board
- 13 members
Auditor: DELOITTE Bedrijfsrevisoren BVAccounts filed 21 d late
Why 55Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year- Loss of €14.1m, the second in a row (FY 2025)- Liquidity: current ratio 5.68, cash €580,919+ Sector Scientific research and development (NACE 72)+ Figures for FY 2025 (filed 21-08-2026)Show the evidence
Checked score
Score 2025
55
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 41% of its sector peers (NACE 72, medium-sized)
Performance against the sector, not lower risk
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that weighs is under Signals.
Financial strength · tick = 2024
Average
Solvency
95-5
equity 70.5% of total assets
Liquidity
51-3
short-term debt 14.9% · cash 3.6%
Profitability
0=
return on assets -86.7%
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.5%
12-2024: 0.5%● 0.0% vs 11-2024
01-2025: 0.5%▲ +0.9% vs 12-2024
02-2025: 0.5%▼ -2.3% vs 01-2025
03-2025: 0.5%● 0.0% vs 02-2025
04-2025: 0.6%▲ +10.7% vs 03-2025
05-2025: 0.6%▲ +3.8% vs 04-2025
06-2025: 0.6%▲ +7.2% vs 05-2025highest value
07-2025: 0.3%▼ -45.5% vs 06-2025lowest value
08-2025: 0.3%● 0.0% vs 07-2025lowest value
09-2025: 0.3%● 0.0% vs 08-2025lowest value
10-2025: 0.3%● 0.0% vs 09-2025lowest value
11-2025: 0.3%● 0.0% vs 10-2025lowest value
12-2025: 0.3%● 0.0% vs 11-2025lowest value
01-2026: 0.4%▲ +2.3% vs 12-2025
02-2026: 0.4%▲ +1.4% vs 01-2026
03-2026: 0.4%● 0.0% vs 02-2026
04-2026: 0.4%▲ +10.7% vs 03-2026
05-2026: 0.4%▲ +6.7% vs 04-2026
06-2026: 0.4%▼ -2.8% vs 05-2026
07-2026: 0.4%▲ +2.6% vs 06-2026
08-2026: 0.5%▲ +19.2% vs 07-2026
09-2026: 0.6%▲ +9.0% vs 08-2026
10-2026: 0.6%● 0.0% vs 09-2026
- Loss of €14.1m, the second in a row (FY 2025) raises the probability
- Liquidity: current ratio 5.68, cash €580,919 raises the probability
- Sector Scientific research and development (NACE 72) lowers the probability
- Figures for FY 2025 (filed 21-08-2026) lowers the probability
Credit up to €1,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 5.68 against 10.45 in 2024; short-term debt: 14.9% and cash: 3.6% of total assets), and 29.5% of the assets are financed with debt.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 72, medium-sized). Better than this share of them on solvency 77%, liquidity 62%, profitability 11%, growth against the median 15%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
Credit check for your own amount and term
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€14.1m
neutral · A punctual record breaks
This company filed 8 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 9 filingsDeviation from the deadline
2025
21 d late
2024
41 d early
2023
13 d early
2022
11 d early
2021
27 d early
2020
58 d early
2019
21 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 21 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 19 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
03-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · full…
- Reappointment: Deloitte Bedrijfsrevisoren BV (statutory auditor)State Gazette act
- Resignations: Innovation Industries Management III B.V…Appointments: Innovation Industries Fund III…
Key points
- Risk: 8 loss-making years in a rowloss fiscal year 2025 -€14.1m View
- Caution: Among the weakest 5% on net resultsector median €4,918 · 223 companies -€14.1m View
- Caution: Equity fell in 2025from €25.5m to €11.4m ▼ 55.2% View
- Board changedlatest change 16-07-2026 · 13 in office 4 joined · 7 left View
- Flemish supportawarded 2022 - 2025 €4.9m View
By topic
Board & ownership
- Board
- 13 members
- Largest shareholder
- Agri Investment Fund · 10.89%
- Auditor
- DELOITTE Bedrijfsrevisoren BV
Go to Board & ownership
Network & group
- Connected companies
- 86
Timeline
- Events
- 37
- Since
- 2016
- Next accounts
- by 31-07-2027
- 21-08-2026Annual accounts filed
- 14-08-2026Reappointment: Deloitte Bedrijfsrevisoren BV (statutory auditor)
- 16-07-2026Resignations: Innovation Industries Management III B.V., KORYS…
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Research and development on biotechnologyNACE 72101
- Founded
- 05-12-2016
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 16
- Annual meeting
- Last Wednesday of April
- Purpose
- Het exploiteren van biologische, biochemische of andere producten, processen en…
Go further with this company
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