BLUESTONE
ActiveSummary
BLUESTONE has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.5m and a net result of -€10,933. Equity is shrinking by ~2.8% per year across the filed fiscal years. Its solvency ranks better than 28% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability27▼-8
Solvency52=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity short (current ratio 0.2 against 0.21 in 2024; short-term debt: 63.9% and cash: 0.1% of total assets), and 73.2% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
26.8%
Return on assets
-0.1%
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 24-07-2026, 7 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
7 d early
2024
28 d late
2023
81 d late
2022
90 d late
2021
31 d late
2020
61 d late
2019
16 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 43 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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
Go further with this company
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€10,933
2024 · €45,450
Working capital
-€4.9m▼ 5.1%
2024 · -€4.6m
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€158,601▲ 1.8%€109,140▼ 31.2%€291,787▲ 167%€171,009▼ 41.4%€163,908▼ 4.2%
Net result€86,861▲ 0.3%€52,151▼ 40.0%€180,941▲ 247%€45,450▼ 74.9%-€10,933
Equity€3.3m▲ 2.7%€3.4m▲ 1.6%€2.5m▼ 25.2%€2.6m▲ 1.8%€2.5m▼ 0.4%
Total assets€5.0m▲ 2.4%€5.1m▲ 2.3%€5.4m▲ 5.4%€9.6m▲ 77.5%€9.5m▼ 0.7%
Debt€1.7m▲ 1.8%€1.8m▲ 3.6%€2.9m▲ 63.5%€7.0m▲ 143%€7.0m▼ 0.8%
Working capital-€721,686▼ 8.2%-€820,630▼ 13.7%-€1.3m▼ 60.6%-€4.6m▼ 250%-€4.9m▼ 5.1%
Staff (FTE)0.70.9▲ 28.6%1▲ 11.1%1=
Why a figure moved sharply
- 2023 Net result +247% on 2022. The accounts now follow the micro schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 4% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.5m
Fixed assets
€8.3m ▼ 0.5%
Current assets
€1.2m ▼ 2.1%
Equity and liabilities €9.5m
Equity
€2.5m ▼ 0.4%
Debt
€7.0m ▼ 0.8%
Debt's share of the balance-sheet total falls from 73.3% to 73.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€206,461▼
2024 · €207,604
Cash flow
€31,619▼
2024 · €82,044
Current ratio
0.20▼
2024 · 0.21
Debt to equity
2.73▼
2024 · 2.74
ROE
-0.4%▼
2024 · 1.8%
ROA
-0.1%▼
2024 · 0.5%
Interest coverage
1.06▼
2024 · 1.91
Debt ≤ 1 year
€6.1m▲
2024 · €5.9m
Debt > 1 year
€881,732▼
2024 · €1.1m
Income taxes
€725▼
2024 · €23,994
Staff costs
€70,827▲
2024 · €56,873
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4,400 | €571,048 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €44,195 | €62,486 | €56,873 | €70,827 | ▲ 24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,395 | €28,394 | €31,872 | €36,595 | €42,552 | ▲ 16.3% |
| Other operating charges640/8 | €1,051 | €3,850 | €2,047 | €1,334 | €1,062 | ▼ 20.4% |
| Non-recurring operating charges66A | - | - | - | €522,082 | €0 | ▼ 100% |
| Gross operating margin9900 | €181,047 | €185,580 | €388,192 | €787,892 | €278,349 | ▼ 64.7% |
| Operating profit (loss)9901 | €158,601 | €109,140 | €291,787 | €171,009 | €163,908 | ▼ 4.2% |
| Financial income75/76B | €2,906 | €10,759 | €8,303 | €6,926 | €19,959 | ▲ 188% |
| Recurring financial income75 | €2,906 | €10,759 | €8,303 | €6,926 | €19,959 | ▲ 188% |
| Financial charges65/66B | €41,852 | €40,881 | €56,301 | €108,492 | €194,076 | ▲ 78.9% |
| Recurring financial charges65 | €41,852 | €40,881 | €56,301 | €108,492 | €194,076 | ▲ 78.9% |
| Profit (loss) for the period before taxes9903 | €119,656 | €79,018 | €243,789 | €69,443 | -€10,208 | ▼ 115% |
| Income taxes67/77 | €32,795 | €26,867 | €62,848 | €23,994 | €725 | ▼ 97.0% |
| Profit (loss) for the period9904 | €86,861 | €52,151 | €180,941 | €45,450 | -€10,933 | ▼ 124% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €58,940 | - |
| Profit (loss) for the period to be appropriated9905 | €86,861 | €52,151 | €180,941 | €45,450 | -€69,873 | ▼ 254% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.0m | €5.1m | €5.4m | €9.6m | €9.5m | ▼ 0.7% |
| Fixed assets21/28 | €4.6m | €4.6m | €4.6m | €8.3m | €8.3m | ▼ 0.5% |
| Tangible fixed assets22/27 | €53,730 | €68,899 | €53,474 | €112,873 | €71,711 | ▼ 36.5% |
| Land and buildings22 | - | - | - | €63,608 | €44,484 | ▼ 30.1% |
| Furniture and vehicles24 | €28,937 | €56,503 | €53,474 | €49,265 | €27,227 | ▼ 44.7% |
| Leasing and similar rights25 | €24,793 | €12,397 | €0 | - | - | - |
| Financial fixed assets28 | €4.5m | €4.5m | €4.5m | €8.2m | €8.2m | = |
| Current assets29/58 | €410,422 | €509,155 | €798,691 | €1.2m | €1.2m | ▼ 2.1% |
| Amounts receivable after more than one year29 | - | - | - | €571,048 | €543,466 | ▼ 4.8% |
| Other amounts receivable291 | - | - | - | €571,048 | €543,466 | ▼ 4.8% |
| Amounts receivable within one year40/41 | €392,894 | €495,485 | €788,932 | €658,973 | €646,222 | ▼ 1.9% |
| Trade receivables40 | €79,867 | €151,553 | €409,315 | €336,859 | €169,088 | ▼ 49.8% |
| Other amounts receivable41 | €313,027 | €343,932 | €379,617 | €322,114 | €477,133 | ▲ 48.1% |
| Cash at bank and in hand54/58 | €14,286 | €7,953 | €5,293 | €8,892 | €6,176 | ▼ 30.6% |
| Deferred charges and accrued income490/1 | €3,242 | €5,718 | €4,466 | €5,608 | €22,066 | ▲ 293% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.0m | €5.1m | €5.4m | €9.6m | €9.5m | ▼ 0.7% |
| Equity10/15 | €3.3m | €3.4m | €2.5m | €2.6m | €2.5m | ▼ 0.4% |
| Contributions10/11 | €3.1m | €3.1m | €2.1m | €2.1m | €2.1m | = |
| Reserves13 | €8,015 | €60,165 | €60,165 | €105,605 | €164,545 | ▲ 55.8% |
| Non-distributable reserves130/1 | €8,015 | €8,015 | €0 | - | - | - |
| Reserves not available under the articles1311 | €8,015 | €8,015 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €58,940 | - |
| Distributable reserves133 | - | €52,150 | €60,165 | €105,605 | €105,605 | = |
| Profit (loss) carried forward14 | €184,291 | €184,292 | €340,233 | €340,243 | €270,370 | ▼ 20.5% |
| Amounts payable17/49 | €1.7m | €1.8m | €2.9m | €7.0m | €7.0m | ▼ 0.8% |
| Amounts payable after more than one year17 | €565,575 | €429,088 | €759,657 | €1.1m | €881,732 | ▼ 23.3% |
| Financial debts170/4 | €565,575 | €429,088 | €759,657 | €1.1m | €881,732 | ▼ 23.3% |
| Amounts payable within one year42/48 | €1.1m | €1.3m | €2.1m | €5.9m | €6.1m | ▲ 3.6% |
| Current portion of amounts payable after more than one year42 | €167,032 | €169,923 | €273,544 | €343,075 | €276,698 | ▼ 19.3% |
| Financial debts43 | €125,000 | €125,000 | €134,000 | €125,000 | €125,000 | = |
| Credit institutions430/8 | €125,000 | €125,000 | €134,000 | €125,000 | €125,000 | = |
| Trade debts44 | €13,063 | €15,451 | €23,088 | €15,571 | €3,640 | ▼ 76.6% |
| Suppliers440/4 | €13,063 | €15,451 | €23,088 | €15,571 | €3,640 | ▼ 76.6% |
| Taxes, remuneration and social security45 | €21,137 | €27,115 | €113,450 | €89,340 | €25,314 | ▼ 71.7% |
| Taxes450/3 | €21,137 | €21,513 | €110,368 | €75,414 | €18,474 | ▼ 75.5% |
| Remuneration and social security454/9 | - | €5,602 | €3,082 | €13,925 | €6,841 | ▼ 50.9% |
| Other amounts payable47/48 | €805,877 | €992,296 | €1.6m | €5.3m | €5.6m | ▲ 6.7% |
| Accrued charges and deferred income492/3 | €1,388 | €1,949 | €2,652 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,861 | €52,151 | €180,941 | €45,450 | -€10,933 | ▼ 124% |
| + Depreciation and write-downs630 | €21,395 | €28,394 | €31,872 | €36,595 | €42,552 | ▲ 16.3% |
| Operating cash flow (approximation) | €108,255 | €80,545 | €212,813 | €82,044 | €31,619 | ▼ 61.5% |
| Investment in fixed assets (approximation) | - | -€43,564 | -€16,446 | -€3.8m | -€1,391 | ▲ 100.0% |
| Change in cash | - | -€6,334 | -€2,660 | €3,599 | -€2,717 | ▼ 175% |
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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€10,933
Net result drops to -€10,933, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
20-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 81 days late
2023
31-12
Financial
Highest result since 2018net €180,941 ▲247%
Operating result €291,787, net result €180,941, both a record.
29-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 90 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 61 days late
2020
16-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 16 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Elsene · 1 establishment unit since 2008
Ground area
510 m²
Building footprint
342 m²
Volume, LiDAR
7,610 m³
Parcel 21446D0194/00T007, Brussels · tallest building 30.6 m, ±8 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
BLUESTONE SPRL
since 20082.171.317.383
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21446D0194/00T007 | Brussels | 510 m² | 1 · 342 m² | 30.6 m · 8 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.
Structure & network
Heads the group
BLUESTONE
10 companies
Group, risk and exposure
Owners and holdings
9 holdings · 9 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 9
- Sourceown accounts 2025Equity €4.3mResult €3.0m99.46%
-
80%
-
51.44%
-
50%
-
49.97%
-
31.3%
-
24.2%
-
18%
-
10%
All subsidiaries, including indirect ones 9
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- Société de Participations et de Gestion Financières et Immobilières 99.46%
- PHARMANEXT 80%
PALATINE 51.44%6 subsidiaries
- CAPITOLIUM 100%
Europhar 100%1 subsidiary
PHARMARIVE 100%1 subsidiary
- DIGITALE 100%
- PHARMIMPULSE 100%
According to the 2025 annual accounts of BLUESTONE and those 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteElsene2.171.317.383
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Of 5,712 companies in sector 70100 we hold annual accounts for 3,504. 1,484 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
Founded31-10-2000
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
70100Activities of head offices
Contact
Phone
069/85.97.89Elsene
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473173918
Also
9925:BE0473173918
Registered
24-11-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.