BELPHARMA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-05-2026 PDF all 34 filings
Turnover
≈ €630,000
Estimated: probably between €420,000 and €1.2m
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
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€87,550
▲ 100%
2025
20182025
Net result
€62,368
▲ 45.9%
2025
middle half of the sector
20182025
Equity
€425,779
▼ 7.3%
2025
middle half of the sector
20182025
Total assets
€581,313
▲ 10.1%
2025
lowest quarter of the sector
20182025
Debt
€155,534
▲ 126%
2025
20182025
Working capital
€320,675
▼ 8.6%
2025
middle half of the sector
20182025
Solvency
73.2%
▼ 13.7pp
2025
highest quarter of the sector
20182025
Current ratio
3.06
▼ 3.45
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.7%
▲ 2.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.3
▲ 117%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€33,335-€27,011▼ 19.0%€55,604▲ 106%€57,393▲ 3.2%€85,979▲ 49.8%€87,010▲ 1.2%€43,721▼ 49.8%€87,550▲ 100%
Net result€23,354-€19,331▼ 17.2%€39,887above the sector's middle half▲ 106%€39,238within the sector's middle half▼ 1.6%€61,371within the sector's middle half▲ 56.4%€66,700within the sector's middle half▲ 8.7%€42,745within the sector's middle half▼ 35.9%€62,368within the sector's middle half▲ 45.9%
Equity€260,442-€279,773▲ 7.4%€307,660above the sector's middle half▲ 10.0%€331,898within the sector's middle half▲ 7.9%€379,633within the sector's middle half▲ 14.4%€431,333within the sector's middle half▲ 13.6%€459,077within the sector's middle half▲ 6.4%€425,779within the sector's middle half▼ 7.3%
Total assets€349,601-€346,284▼ 0.9%€422,585above the sector's middle half▲ 22.0%€432,095within the sector's middle half▲ 2.3%€480,464within the sector's middle half▲ 11.2%€509,261within the sector's middle half▲ 6.0%€527,828within the sector's middle half▲ 3.6%€581,313below the sector's middle half▲ 10.1%
Debt€89,159-€66,511▼ 25.4%€114,925▲ 72.8%€100,197▼ 12.8%€100,831▲ 0.6%€77,928▼ 22.7%€68,750▼ 11.8%€155,534▲ 126%
Working capital€203,477-€210,764▲ 3.6%€245,507above the sector's middle half▲ 16.5%€257,383within the sector's middle half▲ 4.8%€311,937within the sector's middle half▲ 21.2%€374,808within the sector's middle half▲ 20.2%€350,675within the sector's middle half▼ 6.4%€320,675within the sector's middle half▼ 8.6%
Solvency74.5%-80.8%▲ 6.3pp72.8%above the sector's middle half▼ 8.0pp76.8%above the sector's middle half▲ 4.0pp79.0%above the sector's middle half▲ 2.2pp84.7%above the sector's middle half▲ 5.7pp87.0%above the sector's middle half▲ 2.3pp73.2%above the sector's middle half▼ 13.7pp
Current ratio3.65-4.38▲ 0.733.14above the sector's middle half▼ 1.244.34above the sector's middle half▲ 1.204.73above the sector's middle half▲ 0.396.61above the sector's middle half▲ 1.896.51above the sector's middle half▼ 0.103.06above the sector's middle half▼ 3.45
Return on assets (ROA)6.7%-5.6%▼ 1.1pp9.4%within the sector's middle half▲ 3.9pp9.1%within the sector's middle half▼ 0.4pp12.8%above the sector's middle half▲ 3.7pp13.1%above the sector's middle half▲ 0.3pp8.1%within the sector's middle half▼ 5.0pp10.7%above the sector's middle half▲ 2.6pp
Staff (FTE)1-1=0.5below the sector's middle half▼ 50.0%1.1below the sector's middle half▲ 120%0.8below the sector's middle half▼ 27.3%0.9below the sector's middle half▲ 12.5%0.6below the sector's middle half▼ 33.3%1.3below the sector's middle half▲ 117%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 100% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
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
Quick ratio
2.31▼
2024 · 4.65
Debt to equity
0.37▲
2024 · 0.15
ROE
14.6%▲
2024 · 9.3%
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 2 | 1 | 2 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 2 | 1 | 2 | 1 | 2 |
| in full-time equivalents | 1.3 | 0.8 | 1.2 | 0.8 | 1.2 |
| Average over the year, in full-time equivalents | 1.1 | 0.8 | 0.9 | 0.6 | 1 |
| On a permanent contract | 2 | 1 | 2 | 1 | 2 |
| Joined | 1 | 0 | 1 | 1 | 1 |
| Left | 0 | 1 | 0 | 2 | 0 |
| Training hours | - | - | - | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €29,024 | - | - | - | - |
| Mortgages, amount registered | €56,005 | - | - | - | - |
| Carrying value of the mortgaged assets | €31,663 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €48,373 | €4,907 | - | €62,532 | €13,193 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €12,880 | €17,702 | €17,180 | €16,685 | €21,631 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 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 | €12,889 | €15,209 | €11,007 | €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 | €98,014 | €93,892 | €118,492 | €119,831 | €135,365 | €138,111 | €116,277 | €134,068 | ▲ 15.3% |
| Operating profit (loss)9901 | €33,335 | €27,011 | €55,604 | €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 | €43 | €49 | €209 | €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 | €2,491 | €2,304 | €2,352 | €2,574 | €2,569 | €2,723 | €3,107 | €1,321 | ▼ 57.5% |
| Profit (loss) for the period before taxes9903 | €30,887 | €24,756 | €53,461 | €54,844 | €83,411 | €84,604 | €41,268 | €87,319 | ▲ 112% |
| Income taxes67/77 | €7,533 | €5,425 | €13,574 | €15,606 | €22,039 | €17,904 | -€1,476 | €24,951 | - |
| Profit (loss) for the period9904 | €23,354 | €19,331 | €39,887 | €39,238 | €61,371 | €66,700 | €42,745 | €62,368 | ▲ 45.9% |
| Profit (loss) for the period to be appropriated9905 | €23,354 | €19,331 | €39,887 | €39,238 | €61,371 | €66,700 | €42,745 | €62,368 | ▲ 45.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €349,601 | €346,284 | €422,585 | €432,095 | €480,464 | €509,261 | €527,828 | €581,313 | ▲ 10.1% |
| Fixed assets21/28 | €69,285 | €73,185 | €62,178 | €97,671 | €84,876 | €67,696 | €113,543 | €105,104 | ▼ 7.4% |
| Tangible fixed assets22/27 | €69,285 | €73,185 | €62,178 | €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 | €280,316 | €273,099 | €360,407 | €334,424 | €395,588 | €441,565 | €414,285 | €476,209 | ▲ 14.9% |
| Stocks and contracts in progress3 | €100,944 | €94,661 | €105,312 | €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 | €43,988 | €48,526 | €82,883 | €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 | €40,000 | €41,030 | €60,000 | €80,000 | €15,000 | €25,000 | €35,000 | - | - |
| Cash at bank and in hand54/58 | €93,230 | €86,713 | €109,790 | €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 | €349,601 | €346,284 | €422,585 | €432,095 | €480,464 | €509,261 | €527,828 | €581,313 | ▲ 10.1% |
| Equity10/15 | €260,442 | €279,773 | €307,660 | €331,898 | €379,633 | €431,333 | €459,077 | €425,779 | ▼ 7.3% |
| Contributions10/11 | €123,947 | €123,947 | €123,947 | €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 | €41,031 | €41,031 | €56,031 | €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 | €95,464 | €114,795 | €127,682 | €127,920 | €149,291 | €200,991 | €185,991 | €184,325 | ▼ 0.9% |
| Amounts payable17/49 | €89,159 | €66,511 | €114,925 | €100,197 | €100,831 | €77,928 | €68,750 | €155,534 | ▲ 126% |
| Amounts payable after more than one year17 | €12,294 | €4,150 | - | €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 | €76,839 | €62,335 | €114,900 | €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 | €26,706 | €26,000 | €30,702 | €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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,354 | €19,331 | €39,887 | €39,238 | €61,371 | €66,700 | €42,745 | €62,368 | ▲ 45.9% |
| + Depreciation and write-downs630 | €12,889 | €15,209 | €11,007 | €12,880 | €17,702 | €17,180 | €16,685 | €21,631 | ▲ 29.6% |
| Operating cash flow (approximation) | €36,243 | €34,540 | €50,894 | €52,118 | €79,074 | €83,880 | €59,430 | €83,999 | ▲ 41.3% |
| Investment in fixed assets (approximation) | - | -€19,109 | €0 | -€48,373 | -€4,907 | €0 | -€62,532 | -€13,193 | ▲ 78.9% |
| Change in cash | - | -€6,517 | €23,077 | €1,034 | €111,673 | -€42,841 | €17,312 | €97,111 | ▲ 461% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as BELPHARMA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BELPHARMA itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for BELPHARMA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-05-2026 | 2026-00128497 | |
| 31-12-2024 | full format | 26-05-2025 | 2025-00110148 | |
| 31-12-2023 | full format | 03-06-2024 | 2024-00109408 | |
| 31-12-2022 | full format | 01-06-2023 | 2023-00113016 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20211490 | |
| 31-12-2020 | micro format | 17-06-2021 | 2021-21200288 | |
| 31-12-2019 | micro format | 29-05-2020 | 2020-13800010 | |
| 31-12-2018 | micro format | 27-05-2019 | 2019-14400387 | |
| 31-12-2017 | full format | 28-05-2018 | 2018-14100121 | |
| 31-12-2016 | full format | 06-06-2017 | 2017-15000563 |