BePharBel Manufacturing

Active

Public limited companyfounded 2012active for 14 yearsRue du Luxembourg(CO) 13, 6180 Courcelles, BelgiumKBO/BCE: BE 0844.689.955

Summary

The annual accounts of BePharBel Manufacturing for financial year 2025 show a net loss of 83% of the equity at the start of that year. The 2025 annual accounts show equity of €10.4m and a net result of -€3.6m. Equity is growing by about 5.9% per year across the filed financial years. Its solvency ranks better than 40% of 91 sector peers (NACE 21, financial year 2025). The company has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysisFollow Report Compare

BePharBel ManufacturingActiveChecked score 55/100

Risk analysis Report Compare

Activity

Manufacture of basic pharmaceutical products and pharmaceutical preparations

NACE 21201Manufacture of basic pharmaceutical products and pharmaceutical preparations NACE 21100

3rd largest company by total assets in Hainaut, Pharmaceuticals sector1 site

Size

€17.0mturnover 2025

Staff: 100.2 FTE
Equity: €10.4m
Loss: -€3.6m

Equity +139%: merger

Financial health

55 Fair Checked score 2025

Bankruptcy probabilitywithin 12 months: 0.3%

Structure

Largest shareholder: NOMAINVEST · 25.3%
Board: 13 members

Jean STEPHENNEChair
Stephenne VincentManaging director

2025 accounts 46 days early

Why 55raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €3.6m, the second in a row (financial year 2025)lowers riskSize: turnover €17.0m, 100.2 FTE, total assets €27.4mFounded in 2012Legal form: public limited companyShow the evidence

Checked score

Score 2025

55 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially better than 41% of its sector peers (NACE 21)

A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 63+22

equity 38.0% of total assets

Liquidity 44+4

short-term debt 39.5% · cash 9.6%

Profitability 17-26

return on assets -13.2%

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (26 companies, NACE 21, medium-sized)

Last 24 months 11-2024: 0.3% 12-2024: 0.3%● unchanged vs 11-2024 01-2025: 0.3%● unchanged vs 12-2024 02-2025: 0.3%● unchanged vs 01-2025 03-2025: 0.3%● unchanged vs 02-2025 04-2025: 0.3%● unchanged vs 03-2025 05-2025: 0.4%▲ +0.1 percentage points vs 04-2025 06-2025: 0.4%● unchanged vs 05-2025 07-2025: 0.6%▲ +0.2 percentage points vs 06-2025 08-2025: 0.6%● unchanged vs 07-2025 09-2025: 0.6%● unchanged vs 08-2025 10-2025: 0.6%● unchanged vs 09-2025 11-2025: 0.6%● unchanged vs 10-2025 12-2025: 0.6%● unchanged vs 11-2025 01-2026: 0.6%● unchanged vs 12-2025 02-2026: 0.6%● unchanged vs 01-2026 03-2026: 0.6%● unchanged vs 02-2026 04-2026: 0.6%● unchanged vs 03-2026 05-2026: 0.6%● unchanged vs 04-2026 06-2026: 0.7%▲ +0.1 percentage points vs 05-2026highest value 07-2026: 0.3%▼ -0.4 percentage points vs 06-2026lowest value 08-2026: 0.3%● unchanged vs 07-2026lowest value 09-2026: 0.3%● unchanged vs 08-2026lowest value 10-2026: 0.3%● unchanged vs 09-2026lowest value

Credit of up to €550,000 on 30-day terms, only on tighter conditions

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity insufficient (current ratio 0.92, compared with 1.05 in 2024, below 1; short-term debt: 39.5% and cash: 9.6% of total assets), and 62% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 21): better than 32% on solvency, 59% on liquidity, 10% on profitability and 64% on growth.

The bankruptcy probability was computed on 26-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.

lowers riskraises riskneutral

Loss of €3.6m, the second in a row (financial year 2025)

NBB · annual accounts

Size: turnover €17.0m, 100.2 FTE, total assets €27.4m

Companies of this size fail less often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Founded in 2012

Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.

KBO

Legal form: public limited company

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-06-2026, 46 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

46 days early

2024

34 days early

2023

36 days early

2022

62 days early

2021

59 days early

2020

46 days early

2019

69 days 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 before the deadline; the sector median (NACE 21) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 15 June (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

26-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

11-08-2026 Capital & shares · Resignations &…Resignations: Talence SA, Cyril WOLKONSKI…
15-06-2026 Annual accounts filedfinancial year 2025 · full…
02-06-2026 Capital & sharesCapital decrease · Amendment of…

Key points

Risk: 3 loss-making years in a rowloss financial year 2025 -€3.6m View
Caution: Among the weakest 8% on net resultsector median €358,166 · 91 companies -€3.6m View
Equity rose in 2025merger with BePharBel ▲ 139% View
Board changedlatest change 10-07-2026 · 13 in office 2 joined · 3 left View
2 restructurings since 2025latest: branch transferred to Novaform Pharma 2 View
Positive: Filed on time since financial year 2020accounts within the deadline every year 6 years View

By topic

Financials

Financial year: 2025
Turnover: €17.0m
Loss: -€3.6m
Solvency: 38.0%

Turnover▼ 0.5%

Net result

20182025

Go to Financials

Board & ownership

Board: 13 members
Largest shareholder: NOMAINVEST · 25.3%

Jean STEPHENNEChair
Cheniclem Private EquityDirector
Rochechouart de Mortemart AntoineDirector
Stephenne VincentManaging director
Wolkonsky CyrilDirector

and 8 other directors

Go to Board & ownership

Network & group

Connected companies: 72
Mergers and asset contributions: 3

Go to Network & group

Timeline

Events: 57
Since: 2012
Next accounts: by 31-07-2027

26-05-2026Restructuring
07-01-2026Reappointment: Deloitte Réviseurs d'entreprises SRL (commissaire aux…
31-12-2025Weakest financial year

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Activity: Manufacture of basic pharmaceutical products and pharmaceutical preparationsNACE 21201
Founded: 26-03-2012
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 16

Purpose: “De tous produits chimiques,pharmaceutiques,diététiques,phytopharmaceutiques,homéopathiques…” (deed in French)

Go to Articles of association

Key facts about BePharBel Manufacturing

What is the company number of BePharBel Manufacturing?: 0844.689.955. In Belgium the VAT number is the company number with BE in front: BE 0844.689.955.
Where is BePharBel Manufacturing based?: The registered office is at Rue du Luxembourg(CO) 13, 6180 Courcelles.Company details
What does BePharBel Manufacturing do?: According to the KBO register, the main activity is manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21201).
What is the legal form of BePharBel Manufacturing?: Public limited company (NV).
When was BePharBel Manufacturing founded?: On 26-03-2012.
Is BePharBel Manufacturing still active?: Yes, BePharBel Manufacturing is an active enterprise in the KBO register.
How many employees does BePharBel Manufacturing have?: On average 100.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of BePharBel Manufacturing?: €17.0m in financial year 2025, according to the filed annual accounts.
Is BePharBel Manufacturing profitable?: In financial year 2025, BePharBel Manufacturing made a loss of €3.6m.
Where can I find the annual accounts of BePharBel Manufacturing?: BePharBel Manufacturing filed 13 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of BePharBel Manufacturing due?: By 31-07-2027, for financial year 2026.Timeline