BELPHARMA
ActiveSummary
BELPHARMA has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €425,779 and a net result of €62,368. Equity is growing by ~9.9% per year across the filed fiscal years. Its solvency ranks better than 85% of 4188 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+3
Solvency98▼-2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 3.06 against 6.51 in 2024; short-term debt: 26.8% and cash: 50.6% of total assets), and 26.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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 · 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
73.2%
Return on assets
10.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
66 d early
2024
66 d early
2023
58 d early
2022
60 d early
2021
11 d early
2020
44 d early
2019
63 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 53 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€62,368▲ 45.9%
2024 · €42,745
Working capital
€320,675▼ 8.6%
2024 · €350,675
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€57,393▲ 3.2%€85,979▲ 49.8%€87,010▲ 1.2%€43,721▼ 49.8%€87,550▲ 100%
Net result€39,238▼ 1.6%€61,371▲ 56.4%€66,700▲ 8.7%€42,745▼ 35.9%€62,368▲ 45.9%
Equity€331,898▲ 7.9%€379,633▲ 14.4%€431,333▲ 13.6%€459,077▲ 6.4%€425,779▼ 7.3%
Total assets€432,095▲ 2.3%€480,464▲ 11.2%€509,261▲ 6.0%€527,828▲ 3.6%€581,313▲ 10.1%
Debt€100,197▼ 12.8%€100,831▲ 0.6%€77,928▼ 22.7%€68,750▼ 11.8%€155,534▲ 126%
Working capital€257,383▲ 4.8%€311,937▲ 21.2%€374,808▲ 20.2%€350,675▼ 6.4%€320,675▼ 8.6%
Staff (FTE)1.1▲ 120%0.8▼ 27.3%0.9▲ 12.5%0.6▼ 33.3%1.3▲ 117%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 100% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €581,313
Fixed assets
€105,104 ▼ 7.4%
Current assets
€476,209 ▲ 14.9%
Equity and liabilities €581,313
Equity
€425,779 ▼ 7.3%
Debt
€155,534 ▲ 126%
Debt's share of the balance-sheet total rises from 13.0% to 26.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€109,181▲
2024 · €60,406
Cash flow
€83,999▲
2024 · €59,430
Current ratio
3.06▼
2024 · 6.51
Quick ratio
2.31▼
2024 · 4.65
Debt to equity
0.37▲
2024 · 0.15
ROE
14.6%▲
2024 · 9.3%
ROA
10.7%▲
2024 · 8.1%
Interest coverage
82.63▲
2024 · 19.44
Debt ≤ 1 year
€155,534▲
2024 · €63,610
Debt > 1 year
€0▼
2024 · €5,103
Income taxes
€24,951▲
2024 · -€1,476
Staff costs
€20,529▼
2024 · €37,224
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 0.4% 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 497,058 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 | €48,771 | €30,400 | €33,329 | €37,224 | €20,529 | ▼ 44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,880 | €17,702 | €17,180 | €16,685 | €21,631 | ▲ 29.6% |
| Other operating charges640/8 | €788 | €1,283 | €592 | €18,647 | €4,358 | ▼ 76.6% |
| Gross operating margin9900 | €119,831 | €135,365 | €138,111 | €116,277 | €134,068 | ▲ 15.3% |
| Operating profit (loss)9901 | €57,393 | €85,979 | €87,010 | €43,721 | €87,550 | ▲ 100% |
| Financial income75/76B | €26 | €0 | €317 | €655 | €1,091 | ▲ 66.6% |
| Recurring financial income75 | €26 | €0 | €317 | €655 | €1,091 | ▲ 66.6% |
| Financial charges65/66B | €2,574 | €2,569 | €2,723 | €3,107 | €1,321 | ▼ 57.5% |
| Recurring financial charges65 | €2,574 | €2,569 | €2,723 | €3,107 | €1,321 | ▼ 57.5% |
| Profit (loss) for the period before taxes9903 | €54,844 | €83,411 | €84,604 | €41,268 | €87,319 | ▲ 112% |
| Income taxes67/77 | €15,606 | €22,039 | €17,904 | -€1,476 | €24,951 | ▲ 1,790% |
| Profit (loss) for the period9904 | €39,238 | €61,371 | €66,700 | €42,745 | €62,368 | ▲ 45.9% |
| Profit (loss) for the period to be appropriated9905 | €39,238 | €61,371 | €66,700 | €42,745 | €62,368 | ▲ 45.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €432,095 | €480,464 | €509,261 | €527,828 | €581,313 | ▲ 10.1% |
| Fixed assets21/28 | €97,671 | €84,876 | €67,696 | €113,543 | €105,104 | ▼ 7.4% |
| Tangible fixed assets22/27 | €97,671 | €84,876 | €67,696 | €113,543 | €105,104 | ▼ 7.4% |
| Land and buildings22 | €31,663 | €28,735 | €26,205 | €26,205 | €31,808 | ▲ 21.4% |
| Plant, machinery and equipment23 | €26,838 | €22,938 | €16,947 | €71,453 | €60,448 | ▼ 15.4% |
| Furniture and vehicles24 | €35,585 | €28,167 | €20,749 | €13,332 | €11,537 | ▼ 13.5% |
| Other tangible fixed assets26 | €3,585 | €5,036 | €3,795 | €2,553 | €1,312 | ▼ 48.6% |
| Current assets29/58 | €334,424 | €395,588 | €441,565 | €414,285 | €476,209 | ▲ 14.9% |
| Stocks and contracts in progress3 | €101,919 | €111,142 | €119,711 | €118,194 | €117,223 | ▼ 0.8% |
| Stocks30/36 | €101,919 | €111,142 | €119,711 | €118,194 | €117,223 | ▼ 0.8% |
| Amounts receivable within one year40/41 | €39,316 | €44,746 | €114,676 | €61,757 | €62,541 | ▲ 1.3% |
| Trade receivables40 | €38,751 | €42,611 | €112,198 | €58,986 | €62,510 | ▲ 6.0% |
| Other amounts receivable41 | €565 | €2,135 | €2,478 | €2,771 | €31 | ▼ 98.9% |
| Current investments50/53 | €80,000 | €15,000 | €25,000 | €35,000 | - | - |
| Cash at bank and in hand54/58 | €110,824 | €222,497 | €179,656 | €196,968 | €294,079 | ▲ 49.3% |
| Deferred charges and accrued income490/1 | €2,365 | €2,202 | €2,522 | €2,365 | €2,365 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €432,095 | €480,464 | €509,261 | €527,828 | €581,313 | ▲ 10.1% |
| Equity10/15 | €331,898 | €379,633 | €431,333 | €459,077 | €425,779 | ▼ 7.3% |
| Contributions10/11 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Capital10 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Issued capital100 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Reserves13 | €80,031 | €106,395 | €106,395 | €149,139 | €117,507 | ▼ 21.2% |
| Non-distributable reserves130/1 | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Legal reserve130 | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Distributable reserves133 | €67,636 | €94,000 | €94,000 | €136,745 | €105,112 | ▼ 23.1% |
| Profit (loss) carried forward14 | €127,920 | €149,291 | €200,991 | €185,991 | €184,325 | ▼ 0.9% |
| Amounts payable17/49 | €100,197 | €100,831 | €77,928 | €68,750 | €155,534 | ▲ 126% |
| Amounts payable after more than one year17 | €23,131 | €17,181 | €11,171 | €5,103 | €0 | ▼ 100% |
| Financial debts170/4 | €23,131 | €17,181 | €11,171 | €5,103 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €77,041 | €83,651 | €66,757 | €63,610 | €155,534 | ▲ 145% |
| Current portion of amounts payable after more than one year42 | €5,892 | €5,951 | €6,009 | €6,069 | €5,103 | ▼ 15.9% |
| Trade debts44 | €24,327 | €26,805 | €23,456 | €19,821 | €28,475 | ▲ 43.7% |
| Suppliers440/4 | €24,327 | €26,805 | €23,456 | €19,821 | €28,475 | ▲ 43.7% |
| Advances received on contracts in progress46 | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €13,205 | €18,699 | €8,859 | €9,491 | €13,061 | ▲ 37.6% |
| Taxes450/3 | €6,685 | €15,114 | €3,854 | €6,696 | €10,562 | ▲ 57.7% |
| Remuneration and social security454/9 | €6,520 | €3,585 | €5,005 | €2,796 | €2,500 | ▼ 10.6% |
| Other amounts payable47/48 | €33,616 | €32,197 | €28,432 | €28,229 | €108,895 | ▲ 286% |
| Accrued charges and deferred income492/3 | €25 | €0 | - | €38 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,238 | €61,371 | €66,700 | €42,745 | €62,368 | ▲ 45.9% |
| + Depreciation and write-downs630 | €12,880 | €17,702 | €17,180 | €16,685 | €21,631 | ▲ 29.6% |
| Operating cash flow (approximation) | €52,118 | €79,074 | €83,880 | €59,430 | €83,999 | ▲ 41.3% |
| Investment in fixed assets (approximation) | - | -€4,907 | €0 | -€62,532 | -€13,193 | ▲ 78.9% |
| Change in cash | - | €111,673 | -€42,841 | €17,312 | €97,111 | ▲ 461% |
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
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
26-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
03-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €66,700 ▲8.7%
Net result €66,700, the highest in the series.
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €19,331 ▼17.2%
Net result drops to €19,331, the lowest in the series; recovery starts the following year.
27-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Namur · 1 establishment unit since 1992
Ground area
1,417 m²
Building footprint
61 m²
Volume, LiDAR
490 m³
Parcel 92010C0093/00F002, Wallonia · tallest building 10.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Avenue Joseph Abras(BL) 54, 5001 Namur
since 19922.058.285.758
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92010C0093/00F002 | Wallonia | 1,417 m² | 1 · 61 m² | 10.4 m · 3 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 siteNamur2.058.285.758
Similar companies · same sector, comparable size
APOTHEEK RENARD
BE 0438.719.518
Wervik · Eq €425,783
Pharmaphie SDW
BE 0848.603.510
Gent · Eq €425,814
KRUISPUNT APOTHEEK
BE 0894.052.958
Antwerpen · Eq €425,872
APOTHEEK THIELEMANS
BE 0760.371.815
Beringen · Eq €425,639
RUDOPHAR
BE 0466.316.513
Oostkamp · Eq €425,968
Of 5,220 companies in sector 47730 we hold annual accounts for 3,860. 3,415 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-06-1992
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0447683110
Also
9925:BE0447683110
Registered
12-09-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.