APO +
ActiveSummary
APO + has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €257,117 and a net result of -€8,137. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 82% of 10519 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-42
Solvency96▼-2
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity ample (current ratio 2.77 against 4.2 in 2024; short-term debt: 23.9% and cash: 9% of total assets), and 29.5% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
26 d late
2023
5 d early
2022
34 d early
2021
26 d early
2020
3 d early
2019
38 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 7 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€257,117▼ 3.1%
2024 · €265,254
Total assets
€364,448▲ 0.4%
2024 · €363,118
Net result
-€8,137
2024 · €24,657
Working capital
€153,673▼ 12.7%
2024 · €176,031
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€19,408-€19,338-€1,959▲ 89.9%€35,743-€1,011
Net result€6,512below the sector's middle half-€28,665below the sector's middle half-€11,272below the sector's middle half▲ 60.7%€24,657within the sector's middle half-€8,137below the sector's middle half
Equity€280,535within the sector's middle half▲ 2.4%€251,869within the sector's middle half▼ 10.2%€240,597within the sector's middle half▼ 4.5%€265,254within the sector's middle half▲ 10.2%€257,117within the sector's middle half▼ 3.1%
Total assets€448,022below the sector's middle half▼ 6.9%€396,094below the sector's middle half▼ 11.6%€377,405below the sector's middle half▼ 4.7%€363,118below the sector's middle half▼ 3.8%€364,448within the sector's middle half▲ 0.4%
Debt€167,487▼ 19.1%€144,225▼ 13.9%€136,809▼ 5.1%€97,865▼ 28.5%€107,331▲ 9.7%
Working capital€104,460within the sector's middle half▲ 50.8%€176,416within the sector's middle half▲ 68.9%€153,972within the sector's middle half▼ 12.7%€176,031within the sector's middle half▲ 14.3%€153,673within the sector's middle half▼ 12.7%
Solvency62.6%above the sector's middle half▲ 5.6pp63.6%above the sector's middle half▲ 1.0pp63.8%above the sector's middle half▲ 0.2pp73.0%above the sector's middle half▲ 9.3pp70.5%above the sector's middle half▼ 2.5pp
Current ratio2.71within the sector's middle half▲ 0.833.97above the sector's middle half▲ 1.263.13above the sector's middle half▼ 0.854.20above the sector's middle half▲ 1.072.77within the sector's middle half▼ 1.43
Return on assets (ROA)1.5%within the sector's middle half▲ 6.5pp-7.2%below the sector's middle half▼ 8.7pp-3.0%below the sector's middle half▲ 4.3pp6.8%within the sector's middle half▲ 9.8pp-2.2%below the sector's middle half▼ 9.0pp
Staff (FTE)1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €1,011 after €35,743 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €364,448
Fixed assets
€123,830 ▼ 6.2%
Current assets
€240,618 ▲ 4.1%
Equity and liabilities €364,448
Equity
€257,117 ▼ 3.1%
Debt
€107,331 ▲ 9.7%
Debt's share of the balance-sheet total rises from 27.0% to 29.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€18,616▼
2024 · €60,274
Cash flow
€11,490▼
2024 · €49,188
Quick ratio
1.72▼
2024 · 2.84
Debt to equity
0.42▲
2024 · 0.37
ROE
-3.2%▼
2024 · 9.3%
Interest coverage
2.08▼
2024 · 5.67
Debt ≤ 1 year
€86,945▲
2024 · €55,041
Debt > 1 year
€19,972▼
2024 · €42,783
Income taxes
€451▼
2024 · €2,899
Staff costs
€8,946▼
2024 · €9,606
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 12,321 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €52,618 | €57,309 | €48,469 | €9,606 | €8,946 | ▼ 6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €61,810 | €24,639 | €24,530 | €24,531 | €19,627 | ▼ 20.0% |
| Other operating charges640/8 | €4,200 | €4,362 | €1,596 | €1,936 | €1,408 | ▼ 27.3% |
| Non-recurring operating charges66A | €0 | €22,867 | €0 | - | €17,294 | - |
| Gross operating margin9900 | €138,037 | €89,839 | €72,636 | €71,816 | €46,263 | ▼ 35.6% |
| Operating profit (loss)9901 | €19,408 | -€19,338 | -€1,959 | €35,743 | -€1,011 | ▼ 103% |
| Financial income75/76B | €1,342 | €4,420 | €1,297 | €2,435 | €2,269 | ▼ 6.8% |
| Recurring financial income75 | €1,342 | €4,420 | €1,297 | €2,435 | €2,269 | ▼ 6.8% |
| Financial charges65/66B | €13,695 | €13,481 | €10,290 | €10,622 | €8,943 | ▼ 15.8% |
| Recurring financial charges65 | €13,695 | €13,481 | €10,290 | €10,622 | €8,943 | ▼ 15.8% |
| Profit (loss) for the period before taxes9903 | €7,056 | -€28,399 | -€10,951 | €27,556 | -€7,686 | ▼ 128% |
| Income taxes67/77 | €544 | €266 | €321 | €2,899 | €451 | ▼ 84.4% |
| Profit (loss) for the period9904 | €6,512 | -€28,665 | -€11,272 | €24,657 | -€8,137 | ▼ 133% |
| Profit (loss) for the period to be appropriated9905 | €6,512 | -€28,665 | -€11,272 | €24,657 | -€8,137 | ▼ 133% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €448,022 | €396,094 | €377,405 | €363,118 | €364,448 | ▲ 0.4% |
| Fixed assets21/28 | €282,561 | €160,369 | €151,063 | €132,047 | €123,830 | ▼ 6.2% |
| Tangible fixed assets22/27 | €282,561 | €160,369 | €151,063 | €132,047 | €123,830 | ▼ 6.2% |
| Land and buildings22 | €234,420 | €122,964 | €111,831 | €99,488 | €94,785 | ▼ 4.7% |
| Plant, machinery and equipment23 | €35,518 | €26,223 | €28,934 | €17,728 | €20,440 | ▲ 15.3% |
| Furniture and vehicles24 | €12,622 | €11,183 | €10,298 | €14,831 | €8,605 | ▼ 42.0% |
| Current assets29/58 | €165,461 | €235,724 | €226,342 | €231,071 | €240,618 | ▲ 4.1% |
| Stocks and contracts in progress3 | €81,761 | €88,240 | €89,082 | €74,663 | €91,075 | ▲ 22.0% |
| Stocks30/36 | €81,761 | €88,240 | €89,082 | €74,663 | €91,075 | ▲ 22.0% |
| Amounts receivable within one year40/41 | €60,077 | €79,665 | €96,554 | €115,340 | €112,607 | ▼ 2.4% |
| Trade receivables40 | €37,048 | €48,523 | €54,376 | €67,535 | €76,284 | ▲ 13.0% |
| Other amounts receivable41 | €23,029 | €31,142 | €42,178 | €47,805 | €36,323 | ▼ 24.0% |
| Cash at bank and in hand54/58 | €20,294 | €66,303 | €39,873 | €38,733 | €32,764 | ▼ 15.4% |
| Deferred charges and accrued income490/1 | €3,330 | €1,517 | €833 | €2,335 | €4,172 | ▲ 78.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €448,022 | €396,094 | €377,405 | €363,118 | €364,448 | ▲ 0.4% |
| Equity10/15 | €280,535 | €251,869 | €240,597 | €265,254 | €257,117 | ▼ 3.1% |
| Contributions10/11 | €258,000 | €258,000 | €258,000 | €258,000 | €258,000 | = |
| Reserves13 | €32,535 | €32,535 | €22,535 | €22,535 | €22,535 | = |
| Non-distributable reserves130/1 | €14,083 | €14,083 | €0 | - | - | - |
| Reserves not available under the articles1311 | €14,083 | €14,083 | €0 | - | - | - |
| Distributable reserves133 | €18,452 | €18,452 | €22,535 | €22,535 | €22,535 | = |
| Profit (loss) carried forward14 | -€10,000 | -€38,665 | -€39,938 | -€15,281 | -€23,418 | ▼ 53.2% |
| Amounts payable17/49 | €167,487 | €144,225 | €136,809 | €97,865 | €107,331 | ▲ 9.7% |
| Amounts payable after more than one year17 | €105,898 | €84,879 | €64,398 | €42,783 | €19,972 | ▼ 53.3% |
| Financial debts170/4 | €105,898 | €84,879 | €64,398 | €42,783 | €19,972 | ▼ 53.3% |
| Amounts payable within one year42/48 | €61,000 | €59,308 | €72,371 | €55,041 | €86,945 | ▲ 58.0% |
| Current portion of amounts payable after more than one year42 | €22,211 | €21,020 | €20,481 | €21,615 | €24,658 | ▲ 14.1% |
| Financial debts43 | €0 | - | - | - | - | - |
| Credit institutions430/8 | €0 | - | - | - | - | - |
| Trade debts44 | €31,790 | €26,078 | €42,182 | €28,282 | €54,507 | ▲ 92.7% |
| Suppliers440/4 | €31,790 | €26,078 | €42,182 | €28,282 | €54,507 | ▲ 92.7% |
| Taxes, remuneration and social security45 | €4,296 | €12,210 | €9,709 | €5,144 | €7,781 | ▲ 51.3% |
| Taxes450/3 | €794 | €4,866 | €4,042 | €5,058 | €5,444 | ▲ 7.6% |
| Remuneration and social security454/9 | €3,503 | €7,344 | €5,666 | €86 | €2,338 | ▲ 2,619% |
| Other amounts payable47/48 | €2,703 | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | €589 | €38 | €40 | €41 | €414 | ▲ 907% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,512 | -€28,665 | -€11,272 | €24,657 | -€8,137 | ▼ 133% |
| + Depreciation and write-downs630 | €61,810 | €24,639 | €24,530 | €24,531 | €19,627 | ▼ 20.0% |
| Operating cash flow (approximation) | €68,322 | -€4,027 | €13,257 | €49,188 | €11,490 | ▼ 76.6% |
| Investment in fixed assets (approximation) | - | €97,553 | -€15,223 | -€5,515 | -€11,409 | ▼ 107% |
| Change in cash | - | €46,008 | -€26,429 | -€1,140 | -€5,969 | ▼ 423% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 26 days late
2024
31-12
Financial
Back to profitnet €24,657
Net result €24,657 after 2 loss-making years.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€28,665
Net result drops to -€28,665, the lowest in the series; recovery starts the following year.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €6,512
Net result €6,512 after one loss-making year.
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Highest result since 2018net €35,588 ▲153%
Operating result €58,166, net result €35,588, both a record.
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2006
Ground area
235 m²
Building footprint
112 m²
Volume, LiDAR
1,073 m³
Parcel 11343A0583/00L003, Flanders · tallest building 11.4 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Apotheek Sequoia Gallifortlei
since 20062.228.708.523
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11343A0583/00L003 | Flanders | 235 m² | 1 · 112 m² | 11.4 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 to 2025 · 2 entries · 315 EUR awarded · 315 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 120 EUR | 219 EUR |
| 2024 | 1 | 195 EUR | 96 EUR |
Similar companies · same sector, comparable size
Pharmacie BLECKER-MARTINEZ
BE 0413.754.389
Trooz · Eq €257,047
APOTHEEK JULIE DEBAERE
BE 0414.798.625
Ieper · Eq €257,005
APOTHEEK COLLA-ACKX
BE 0434.122.906
Diepenbeek · Eq €257,232
PHARMACIE CHESLET
BE 0430.072.858
Herstal · Eq €256,922
APOTHEEK OOSTERVELD
BE 0429.779.482
Antwerpen · Eq €257,420
Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 3,531 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-06-2006
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0882216483
Also
9925:BE0882216483
Registered
28-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.