Bellipharma
ActiveSummary
Bellipharma has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €214,395 and a net result of -€9,471. Equity is growing by ~4.1% per year across the filed fiscal years. Its solvency ranks better than 46% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+44
Solvency55▼-20
Growth52=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity short (current ratio 0.85 against 0.98 in 2024; short-term debt: 60.9% and cash: 8% of total assets), and 70.2% of the assets are financed with debt.
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Signals
Five 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
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 -€9,471
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
139 d late
2023
1 d late
2022
on the day
2021
25 d late
2020
17 d late
2019
4 d late
← 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 31 days after 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. Usually files around 25 August (4 of the last 5 filed years within 30 days of that day).
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, micro schema
Turnover
€637,289
EBIT margin
9.1%
Net result
-€9,471▲ 50.3%
2024 · -€19,063
Working capital
-€64,027▼ 1,066%
2024 · -€5,492
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
Turnover€637,289
Operating result€109,068€57,816▼ 47.0%-€13,131-€14,954▼ 13.9%-€6,786▲ 54.6%
Net result€99,286within the sector's middle half€24,650within the sector's middle half▼ 75.2%-€18,720below the sector's middle half-€19,063below the sector's middle half▼ 1.8%-€9,471below the sector's middle half▲ 50.3%
EBIT margin9.1%
Equity€236,997within the sector's middle half▲ 72.1%€261,648within the sector's middle half▲ 10.4%€242,928above the sector's middle half▼ 7.2%€223,865above the sector's middle half▼ 7.8%€214,395above the sector's middle half▼ 4.2%
Total assets€470,606below the sector's middle half▼ 1.5%€499,026within the sector's middle half▲ 6.0%€401,293above the sector's middle half▼ 19.6%€448,286above the sector's middle half▲ 11.7%€718,811above the sector's middle half▲ 60.3%
Debt€233,608▼ 31.3%€237,378▲ 1.6%€158,365▼ 33.3%€224,421▲ 41.7%€504,416▲ 125%
Working capital€139,110within the sector's middle half▲ 249%€137,996within the sector's middle half▼ 0.8%€101,240above the sector's middle half▼ 26.6%-€5,492within the sector's middle half-€64,027below the sector's middle half▼ 1,066%
Solvency50.4%within the sector's middle half▲ 21.5pp52.4%within the sector's middle half▲ 2.1pp60.5%within the sector's middle half▲ 8.1pp49.9%within the sector's middle half▼ 10.6pp29.8%within the sector's middle half▼ 20.1pp
Current ratio2.77above the sector's middle half▲ 1.522.12within the sector's middle half▼ 0.652.25within the sector's middle half▲ 0.130.98within the sector's middle half▼ 1.270.85below the sector's middle half▼ 0.12
Return on assets (ROA)21.1%above the sector's middle half▲ 24.2pp4.9%within the sector's middle half▼ 16.2pp-4.7%below the sector's middle half▼ 9.6pp-4.3%below the sector's middle half▲ 0.4pp-1.3%within the sector's middle half▲ 2.9pp
Staff (FTE)2.3
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.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6,786 in 2025 against €14,954 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €718,811
Fixed assets
€345,229 ▲ 50.5%
Current assets
€373,582 ▲ 70.6%
Equity and liabilities €718,811
Equity
€214,395 ▼ 4.2%
Debt
€504,416 ▲ 125%
Debt's share of the balance-sheet total rises from 50.1% to 70.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€18,216▲
2024 · €4,728
Cash flow
€15,531▲
2024 · €619
Quick ratio
0.38▼
2024 · 0.43
Debt to equity
2.35▲
2024 · 1.00
ROE
-4.4%▲
2024 · -8.5%
Interest coverage
6.79▲
2024 · 1.14
Debt ≤ 1 year
€437,608▲
2024 · €224,421
Debt > 1 year
€66,808▲
2024 · €0
Income taxes
€0▼
2024 · €213
Staff costs
€104,962▲
2024 · €23,651
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,166 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.2%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% 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 2,166 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 |
|---|---|---|---|---|---|---|
| Turnover70 | - | €637,289 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0 | €199 | - |
| Goods, raw materials, services and sundry goods60/61 | - | €561,425 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €23,651 | €104,962 | ▲ 344% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,099 | €15,104 | €18,953 | €19,682 | €25,002 | ▲ 27.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€1,665 | - | - | - | - | - |
| Other operating charges640/8 | €11,293 | €7,444 | - | - | - | - |
| Non-recurring operating charges66A | - | - | - | - | €29,270 | - |
| Gross operating margin9900 | €144,795 | €80,364 | €5,821 | €28,379 | €152,448 | ▲ 437% |
| Operating profit (loss)9901 | €109,068 | €57,816 | -€13,131 | -€14,954 | -€6,786 | ▲ 54.6% |
| Financial income75/76B | - | - | - | €250 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | €250 | €0 | ▼ 100% |
| Financial charges65/66B | €9,552 | €8,766 | €5,588 | €4,146 | €2,684 | ▼ 35.3% |
| Recurring financial charges65 | €9,328 | €8,766 | €5,588 | €4,146 | €2,684 | ▼ 35.3% |
| Non-recurring financial charges66B | €224 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €99,516 | €49,050 | -€18,720 | -€18,850 | -€9,471 | ▲ 49.8% |
| Income taxes67/77 | €230 | €24,399 | - | €213 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €99,286 | €24,650 | -€18,720 | -€19,063 | -€9,471 | ▲ 50.3% |
| Profit (loss) for the period to be appropriated9905 | €99,286 | €24,650 | -€18,720 | -€19,063 | -€9,471 | ▲ 50.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €470,606 | €499,026 | €401,293 | €448,286 | €718,811 | ▲ 60.3% |
| Formation expenses20 | €18 | - | - | - | - | - |
| Fixed assets21/28 | €253,077 | €237,992 | €219,039 | €229,357 | €345,229 | ▲ 50.5% |
| Intangible fixed assets21 | €2,633 | - | - | €29,270 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €250,444 | €237,992 | €219,039 | €200,087 | €345,229 | ▲ 72.5% |
| Furniture and vehicles24 | - | - | - | - | €12,024 | - |
| Other tangible fixed assets26 | €250,444 | €237,992 | €219,039 | €200,087 | €333,206 | ▲ 66.5% |
| Current assets29/58 | €217,510 | €261,034 | €182,254 | €218,929 | €373,582 | ▲ 70.6% |
| Stocks and contracts in progress3 | €109,729 | €101,758 | €101,758 | €123,306 | €206,457 | ▲ 67.4% |
| Stocks30/36 | €109,729 | €101,758 | €101,758 | €123,306 | €206,457 | ▲ 67.4% |
| Amounts receivable within one year40/41 | €91,169 | €153,374 | €47,927 | €51,441 | €109,569 | ▲ 113% |
| Trade receivables40 | €26,905 | €88,104 | €46,780 | €41,441 | €105,275 | ▲ 154% |
| Other amounts receivable41 | €64,264 | €65,270 | €1,147 | €10,000 | €4,294 | ▼ 57.1% |
| Cash at bank and in hand54/58 | €10,618 | €5,902 | €32,569 | €44,182 | €57,555 | ▲ 30.3% |
| Deferred charges and accrued income490/1 | €5,994 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €470,606 | €499,026 | €401,293 | €448,286 | €718,811 | ▲ 60.3% |
| Equity10/15 | €236,997 | €261,648 | €242,928 | €223,865 | €214,395 | ▼ 4.2% |
| Contributions10/11 | €180,600 | €180,600 | €180,600 | €180,600 | €180,600 | = |
| Profit (loss) carried forward14 | €56,397 | €81,048 | €62,328 | €43,265 | €33,795 | ▼ 21.9% |
| Amounts payable17/49 | €233,608 | €237,378 | €158,365 | €224,421 | €504,416 | ▲ 125% |
| Amounts payable after more than one year17 | €155,208 | €114,340 | €77,351 | €0 | €66,808 | - |
| Financial debts170/4 | €155,208 | €114,340 | €77,351 | €0 | €66,808 | - |
| Amounts payable within one year42/48 | €78,400 | €123,038 | €81,014 | €224,421 | €437,608 | ▲ 95.0% |
| Current portion of amounts payable after more than one year42 | €50,033 | €40,869 | €36,993 | €0 | €106,186 | - |
| Trade debts44 | €28,137 | €65,995 | €28,841 | €17,308 | €132,958 | ▲ 668% |
| Suppliers440/4 | €28,137 | €65,995 | €28,841 | €17,308 | €132,958 | ▲ 668% |
| Taxes, remuneration and social security45 | €230 | €13,000 | €13,000 | €2,727 | €0 | ▼ 100% |
| Taxes450/3 | €230 | €13,000 | €13,000 | €0 | - | - |
| Remuneration and social security454/9 | - | - | - | €2,727 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €3,175 | €2,181 | €204,387 | €198,464 | ▼ 2.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €99,286 | €24,650 | -€18,720 | -€19,063 | -€9,471 | ▲ 50.3% |
| + Depreciation and write-downs630 | €26,099 | €15,104 | €18,953 | €19,682 | €25,002 | ▲ 27.0% |
| Operating cash flow (approximation) | €125,385 | €39,754 | €233 | €619 | €15,531 | ▲ 2,408% |
| Investment in fixed assets (approximation) | - | -€18 | €0 | -€30,000 | -€140,874 | ▼ 370% |
| Change in cash | - | -€4,716 | €26,667 | €11,613 | €13,373 | ▲ 15.2% |
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 · micro schema · 31 days late
2025
17-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 139 days late
2024
01-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 1 day late
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
31-12
Financial
Back to profitnet €99,286
Net result €99,286 after 2 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 2.77
Current ratio from 1.25 to 2.77; short-term debt falls from €158,458 to €78,400.
31-12
Financial
Equity above €200,000Eq €236,997 ▲72.1%
Equity rises from €137,712 to €236,997.
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 17 days late
2020
04-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 4 days late
2019
31-12
Financial
Weakest financial yearnet -€25,021
Net result drops to -€25,021, the lowest in the series; recovery starts the following year.
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Schaarbeek · 1 establishment unit since 2012
Ground area
1.1 ha
Building footprint
6,882 m²
Volume, LiDAR
57,769 m³
Parcel 21813D0508/00W000, Brussels · tallest building 123.0 m. Linked by address, not a title deed.
1 establishment unit
Simon Bolivarlaan 21-23, 1030 Schaarbeek
since 20122.210.530.129
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21813D0508/00W000 | Brussels | 1.1 ha | 1 · 6,882 m² | 123.0 m |
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.
Structure & network
Owners and holdings
2 ownersChain of control
- Crown Consultancy
- Bellipharma
Highest known parent: Crown Consultancy. The sources do not say who stands above it.
Owners 2
- Crown Consultancyparent100%
- NOVESTAparentSourceaccounts NOVESTA 2021100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 3,552 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
Founded29-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844039461
Also
9925:BE0844039461
Registered
30-01-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.