APPROVER
ActiveSummary
APPROVER has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €389,088 and a net result of €54,652. Equity is growing by ~11.8% per year across the filed fiscal years. Its solvency ranks better than 68% of 10485 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+3
Solvency80▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 2.29 against 2.15 in 2024; short-term debt: 26.7% and cash: 39.2% of total assets), and 44.8% of the assets are financed with debt.
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Signals
Four 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
55.2%
Return on assets
7.8%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 18-12-2025, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
44 d early
2024
45 d early
2023
50 d early
2022
11 d early
2021
42 d early
2020
40 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 39 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 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€389,088▲ 4.1%
2024 · €373,728
Total assets
€704,844=
2024 · €704,808
Net result
€54,652▲ 11.3%
2024 · €49,124
Working capital
€242,472▲ 11.6%
2024 · €217,344
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€101,824▲ 32.6%€120,662▲ 18.5%€91,258▼ 24.4%€91,937▲ 0.7%€99,512▲ 8.2%
Net result€57,264within the sector's middle half▲ 40.1%€70,110within the sector's middle half▲ 22.4%€50,289within the sector's middle half▼ 28.3%€49,124within the sector's middle half▼ 2.3%€54,652within the sector's middle half▲ 11.3%
Equity€260,842within the sector's middle half▲ 26.9%€328,951within the sector's middle half▲ 26.1%€349,275within the sector's middle half▲ 6.2%€373,728within the sector's middle half▲ 7.0%€389,088within the sector's middle half▲ 4.1%
Total assets€723,611within the sector's middle half▲ 4.1%€767,238within the sector's middle half▲ 6.0%€730,783within the sector's middle half▼ 4.8%€704,808within the sector's middle half▼ 3.6%€704,844within the sector's middle half=
Debt€461,264▼ 5.5%€436,875▼ 5.3%€380,190▼ 13.0%€329,857▼ 13.2%€314,627▼ 4.6%
Working capital€139,012▲ 52.9%€198,578▲ 42.8%€208,638▲ 5.1%€217,344▲ 4.2%€242,472▲ 11.6%
Solvency36.0%within the sector's middle half▲ 6.5pp42.9%within the sector's middle half▲ 6.8pp47.8%within the sector's middle half▲ 4.9pp53.0%within the sector's middle half▲ 5.2pp55.2%within the sector's middle half▲ 2.2pp
Staff (FTE)0.5below the sector's middle half▼ 37.5%0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5below 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
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 8% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €704,844
Fixed assets
€274,467 ▼ 8.2%
Current assets
€430,377 ▲ 6.0%
Equity and liabilities €704,844
Equity
€389,088 ▲ 4.1%
Provisions
€1,129 ▼ 7.7%
Debt
€314,627 ▼ 4.6%
Debt's share of the balance-sheet total falls from 46.8% to 44.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€123,984▲
2024 · €116,954
Cash flow
€79,123▲
2024 · €74,141
Current ratio
2.29▲
2024 · 2.15
Quick ratio
1.75▲
2024 · 1.70
Debt to equity
0.81▼
2024 · 0.88
ROE
14.0%▲
2024 · 13.1%
ROA
7.8%▲
2024 · 7.0%
Interest coverage
5.26▲
2024 · 4.99
Debt ≤ 1 year
€187,905▼
2024 · €188,525
Debt > 1 year
€118,090▼
2024 · €134,167
Income taxes
€22,166▲
2024 · €20,032
Staff costs
€34,503▲
2024 · €32,950
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,058 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% | 1.6% |
| 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 74% 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 31,324 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €29,927 | €32,218 | €32,950 | €34,503 | ▲ 4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,672 | €35,353 | €33,744 | €25,017 | €24,472 | ▼ 2.2% |
| Other operating charges640/8 | - | €1,658 | €1,792 | €2,078 | €1,969 | ▼ 5.3% |
| Gross operating margin9900 | €168,263 | €187,601 | €159,013 | €151,982 | €160,456 | ▲ 5.6% |
| Operating profit (loss)9901 | €101,824 | €120,662 | €91,258 | €91,937 | €99,512 | ▲ 8.2% |
| Financial income75/76B | - | €1,126 | €683 | €574 | €804 | ▲ 40.0% |
| Recurring financial income75 | €2,252 | €1,126 | €683 | €574 | €804 | ▲ 40.0% |
| Financial charges65/66B | - | €22,960 | €21,486 | €23,449 | €23,593 | ▲ 0.6% |
| Recurring financial charges65 | €24,212 | €22,960 | €21,486 | €23,449 | €23,593 | ▲ 0.6% |
| Profit (loss) for the period before taxes9903 | €79,864 | €98,828 | €70,455 | €69,062 | €76,724 | ▲ 11.1% |
| Transfer from deferred taxes780 | - | €94 | €94 | €94 | €94 | = |
| Income taxes67/77 | €22,694 | €28,812 | €20,260 | €20,032 | €22,166 | ▲ 10.7% |
| Profit (loss) for the period9904 | €57,264 | €70,110 | €50,289 | €49,124 | €54,652 | ▲ 11.3% |
| Transfer from tax-exempt reserves789 | - | €367 | €367 | €367 | €367 | = |
| Profit (loss) for the period to be appropriated9905 | €57,631 | €70,477 | €50,656 | €49,491 | €55,019 | ▲ 11.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €723,611 | €767,238 | €730,783 | €704,808 | €704,844 | = |
| Fixed assets21/28 | €389,203 | €353,851 | €320,106 | €298,939 | €274,467 | ▼ 8.2% |
| Intangible fixed assets21 | - | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €389,203 | €353,851 | €320,106 | €298,939 | €274,467 | ▼ 8.2% |
| Land and buildings22 | - | €328,069 | €309,603 | €291,138 | €272,672 | ▼ 6.3% |
| Plant, machinery and equipment23 | - | €3,100 | - | €3,079 | €1,795 | ▼ 41.7% |
| Furniture and vehicles24 | - | €22,682 | €10,503 | €4,723 | €0 | ▼ 100.0% |
| Current assets29/58 | €334,408 | €413,387 | €410,676 | €405,869 | €430,377 | ▲ 6.0% |
| Stocks and contracts in progress3 | €88,062 | €90,686 | €95,318 | €85,465 | €102,424 | ▲ 19.8% |
| Stocks30/36 | - | €90,686 | €95,318 | €85,465 | €102,424 | ▲ 19.8% |
| Amounts receivable within one year40/41 | €44,048 | €54,082 | €45,272 | €43,907 | €50,679 | ▲ 15.4% |
| Trade receivables40 | - | €54,082 | €45,272 | €43,907 | €50,679 | ▲ 15.4% |
| Cash at bank and in hand54/58 | €201,112 | €267,389 | €269,178 | €275,132 | €276,296 | ▲ 0.4% |
| Deferred charges and accrued income490/1 | - | €1,230 | €909 | €1,365 | €977 | ▼ 28.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €723,611 | €767,238 | €730,783 | €704,808 | €704,844 | = |
| Equity10/15 | €260,842 | €328,951 | €349,275 | €373,728 | €389,088 | ▲ 4.1% |
| Contributions10/11 | - | €28,000 | €28,000 | €28,000 | €28,000 | = |
| Reserves13 | €232,842 | €300,951 | €321,275 | €345,728 | €361,088 | ▲ 4.4% |
| Non-distributable reserves130/1 | - | €2,800 | €2,800 | - | - | - |
| Reserves not available under the articles1311 | - | €2,800 | €2,800 | - | - | - |
| Tax-exempt reserves132 | - | €43,787 | €43,420 | €43,052 | €42,685 | ▼ 0.9% |
| Distributable reserves133 | - | €254,365 | €275,055 | €302,676 | €318,403 | ▲ 5.2% |
| Provisions and deferred taxes16 | €1,505 | €1,411 | €1,317 | €1,223 | €1,129 | ▼ 7.7% |
| Deferred taxes168 | - | €1,411 | €1,317 | €1,223 | €1,129 | ▼ 7.7% |
| Amounts payable17/49 | €461,264 | €436,875 | €380,190 | €329,857 | €314,627 | ▼ 4.6% |
| Amounts payable after more than one year17 | €261,967 | €218,054 | €173,627 | €134,167 | €118,090 | ▼ 12.0% |
| Financial debts170/4 | - | €218,054 | €173,627 | €134,167 | €118,090 | ▼ 12.0% |
| Amounts payable within one year42/48 | €195,396 | €214,809 | €202,039 | €188,525 | €187,905 | ▼ 0.3% |
| Current portion of amounts payable after more than one year42 | - | €43,912 | €44,428 | €39,459 | €16,079 | ▼ 59.3% |
| Trade debts44 | €31,939 | €46,661 | €36,220 | €29,567 | €44,471 | ▲ 50.4% |
| Suppliers440/4 | - | €46,661 | €36,220 | €29,567 | €44,471 | ▲ 50.4% |
| Taxes, remuneration and social security45 | - | €22,049 | €16,397 | €11,611 | €14,450 | ▲ 24.5% |
| Taxes450/3 | - | €13,879 | €7,642 | €2,630 | €5,141 | ▲ 95.5% |
| Remuneration and social security454/9 | - | €8,171 | €8,755 | €8,981 | €9,310 | ▲ 3.7% |
| Other amounts payable47/48 | - | €102,186 | €104,994 | €107,889 | €112,904 | ▲ 4.6% |
| Accrued charges and deferred income492/3 | - | €4,012 | €4,525 | €7,165 | €8,632 | ▲ 20.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,264 | €70,110 | €50,289 | €49,124 | €54,652 | ▲ 11.3% |
| + Depreciation and write-downs630 | €35,672 | €35,353 | €33,744 | €25,017 | €24,472 | ▼ 2.2% |
| Operating cash flow (approximation) | €92,936 | €105,462 | €84,034 | €74,141 | €79,123 | ▲ 6.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,850 | €0 | ▲ 100% |
| Change in cash | - | €66,277 | €1,789 | €5,955 | €1,164 | ▼ 80.5% |
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
2025
18-12
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
17-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
12-12
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
20-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-06
Financial
Highest result since 2019net €70,110 ▲22.4%
Operating result €120,662, net result €70,110, both a record.
2021
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
22-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
30-06
Financial
Weakest financial yearnet €40,883 ▼16.4%
Net result drops to €40,883, the lowest in the series; recovery starts the following year.
30-06
Financial
Equity above €200,000Eq €205,578 ▲23.3%
2 profitable years in a row build equity to €205,578.
2019
24-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
03-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
11-01
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 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Lier · 1 establishment unit since 2005
Ground area
265 m²
Building footprint
134 m²
Volume, LiDAR
988 m³
Parcel 12021G0235/00B005, Flanders · tallest building 13.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
APPROVER
since 20052.147.051.844
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12021G0235/00B005 | Flanders | 265 m² | 1 · 134 m² | 13.9 m · 2 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteLier2.147.051.844
Similar companies · same sector, comparable size
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BE 0426.679.937
Sint-Laureins · Eq €389,551
APOTHEEK DE STATIE
BE 0872.274.775
Nijlen · Eq €389,859
Gooreind Pharma
BE 0870.403.170
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APOTHEEK DE WATERKANT
BE 0422.841.905
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,860. 3,441 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
Founded25-03-2005
Fiscal year end30-06
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
47279Other retail sale of food
47741Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
47750Retail sale of cosmetics and toilet articles
47783Retail trade
77225Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0872752055
Also
9925:BE0872752055
Registered
27-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.