Equity
€4.2m ▲ 139%
Equity rose in 2025: restructuring with BMEDI.
BOFAR
Lifetime
19 annual accounts with figures on one time axis, 41 filings since 1985Gross marginpeak €2.0m (2023)
-not published
Resultpeak €2.6m (2024)
€2.1m▼ 20.0%
Equitypeak €4.2m (2025)
€4.2m▲ 139%
Debts
€7.9m▲ 57.9%
Staffpeak 8.6 FTE (2022)
6.3 FTE▼ 17.1%
Board7 names since 2014
-
Owners3 names in the annual accounts
100%VERGEL and 1 other
Documentsfilings and deeds
20-07-202611 days before the deadline
2025financial year
Staff from 7.6 FTE to 6.3 FTEMerger proposal: BOFAR takes over BMEDI 24-111 statutory auditor reappointed 10-10New managing director 29-08Equity from €1.8m to €4.2mDebts from €5.0m to €7.9m
Key points
from the 2025 annual accountsInvestments
€148,918 2.4 × depreciation
Green is investment, beige is depreciation. Machinery stands 33.6% higher than in 2024.
Staff
6.3 FTE from 8.6 in 2022
Between 2022 and 2025, 27% of the full-time equivalents disappeared.
Liquidity
2.99 was 1.51 in 2024
Short-term debts fell from €4.3m to €3.9m.
Filings
41 annual accounts since 1985
Eight of the last ten came late. The 2019 accounts came latest: 103 days after the end of the period.
Board
3 left
Directors left. Latest change 30-12-2025 · 0 in office.
Checked score
95
Excellent
Financially stronger than 60% of micro companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,896 companies (NACE 46, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.2%▼ -0.1 percentage points vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.3%▲ +0.1 percentage points vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.1%▼ -0.2 percentage points vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Founded in 1984
Profit of €2.1m (financial year 2025)
Size: turnover €23.9m, 6.3 FTE, total assets €12.2m
Legal form: public limited company
Calculation
The band follows from the bankruptcy probability. 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 46, micro). It does better than 44% of them on solvency, 41% on liquidity, 75% on profitability and 82% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 31,368 companies had the same profile as BOFAR has now. Each dot stands for 79 companies, two years later.
93.5%
were still trading
5.9%
stopped another way
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BOFAR 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 BOFAR. 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.
Credit verdict
Credit of up to €400,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.99 (1.51 in 2024), above the usual 1.5. Short-term debt is 32.2% and cash 5.4% of total assets. However, 65.2% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 days early
2024
21 days early
2023
30 days late
2022
68 days late
2021
28 days late
2020
31 days late
2019
103 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 33 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · 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 28 August (4 of the last 5 accounts filed within 40 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
last known board- VERGEL 100%equity €979,732 (2025) · annual accounts 2025
Recent changes
Permanent representatives: Stijn Nauts and Benoit Devroe
Board meeting of 07-10-2026 · Gazette deed
Merger: BOFAR takes over BMEDI
46 new shares · Appointment: FIGURAD BEDRIJFSREVISOREN BV (statutory auditor) · Resignations: BOPHAS (managing director), CéVéGé and HOOGMARTENS Cecile · General meeting of 30-12-2025 · Gazette deed
Merger proposal: BOFAR takes over BMEDI
Gazette deed
1 statutory auditor reappointed
Permanent representatives: Geoffrey Loontjes and Benoit Devroe · BV FIGURAD BEDRIJFSREVISOREN (statutory auditor) · General meeting of 27-06-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| BOFAR Wingene | €23.9m | 10.7% | 34.8% | 6.3 |
| ORMCO BELGIQUE Mechelen | €20.5m | 4.5% | 31.3% | 5.7 |
| MEDISALE Ghent | €32.9m | 0.9% | 24.8% | 8.3 |
| VETRIA Beernem | €16.1m | -1.1% | 44.2% | 4.7 |
| Lundbeck Ixelles | €23.4m | 3.8% | 65.6% | 10.7 |
| IBIS PHARMA Schaerbeek | €16.9m | 4.6% | 67.1% | 5.8 |
| BAUSCH & LOMB PHARMA Wavre | €37.4m | 3.1% | 8.2% | 11.6 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as BOFAR: wholesale of pharmaceutical and medical goods (NACE 46460). They are comparable in size and age: total assets between €5.2m and €14m, founded between 1968 and 1992.
Official details
Source: KBO- Status
- Active since 20-06-1984Normal situation
- Activity
- Wholesale of pharmaceutical and medical goodsNACE 46460and 1 other
- Joint committee
- 321Wholesale distributors of medicines · annual accounts 2025
- Establishment unit
- 2.024.984.6688750 Wingene, since 20-06-1984
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- Total assets
- €12.2m▲ 78.9%
- Employeeson 31-12-2025
- 6▼ 25.0%
- Filing
- Filed on 20-07-2026, 11 days before the end of the filing period
Insights on BOFAR
BOFAR has existed since 1984. The gross margin fell from €1.6m in 2007 to €287,093 in 2008.
Solvency rose in 2025 from 26.1% to 34.8% because of the retained profit and a capital increase.
VERGEL holds all the shares. In December 2025, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about BOFAR
- What is the company number of BOFAR?
- The company number of BOFAR is 0425.935.908. The VAT number is the same number with BE in front: BE 0425.935.908.
- Where is BOFAR based?
- The registered office is at Flandria 3, 8750 Wingene.Company details
- What does BOFAR do?
- According to the KBO register, the main activity is wholesale of pharmaceutical and medical goods (NACE 46460).
- What is the legal form of BOFAR?
- BOFAR is a public limited company (NV).
- When was BOFAR founded?
- BOFAR was founded on 20-06-1984.
- Is BOFAR still active?
- Yes, BOFAR is an active enterprise in the KBO register.
- How many employees does BOFAR have?
- BOFAR had an average of 6.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does BOFAR fall under?
- In its 2025 annual accounts, BOFAR states joint committee 321 (Wholesale distributors of medicines).
- What is the turnover of BOFAR?
- The turnover of BOFAR was €23.9m in financial year 2025, according to the filed annual accounts.
- Is BOFAR profitable?
- In financial year 2025, BOFAR made a profit of €2.1m.
- Where can I find the annual accounts of BOFAR?
- BOFAR filed 41 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of BOFAR due?
- BOFAR must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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