CASSIPHARMA
ActiveSummary
CASSIPHARMA has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €218k and a net result of €8k. Equity is shrinking by ~13.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 53% of 10407 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▲+56
Solvency65▲+1
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15k at 30 days acceptable
Liquidity ample (current ratio 1.66 against 1.64 in 2024; short-term debt: 60.3% and cash: 53.6% of total assets), but 60.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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
39.7%
Return on assets
1.5%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
on the day
2022
12 d early
2021
on the day
2020
9 d early
2019
2 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€218k▲ 0.4%
2024 · €217k
2019: €680k
2020: €699k▲ +2.9% vs 2019
2021: €712k▲ +1.8% vs 2020
2022: €720k▲ +1.1% vs 2021highest in 7 years
2023: €233k▼ -67.7% vs 2022
2024: €217k▼ -6.7% vs 2023lowest in 7 years
2025: €218k▲ +0.4% vs 2024
2019 → 2025
Total assets
€549k▼ 1.3%
2024 · €556k
2019: €856k
2020: €915k▲ +6.9% vs 2019
2021: €851k▼ -7.0% vs 2020
2022: €1.70M▲ +99.4% vs 2021highest in 7 years
2023: €630k▼ -62.9% vs 2022
2024: €556k▼ -11.7% vs 2023
2025: €549k▼ -1.3% vs 2024lowest in 7 years
2019 → 2025
Net result
€8k
2024 · €-15k
2019: €63k
2020: €69k▲ +10.8% vs 2019highest in 7 years
2021: €33k▼ -52.8% vs 2020
2022: €52k▲ +57.3% vs 2021
2023: €-71k▼ -238% vs 2022lowest in 7 years
2024: €-15k▲ +78.2% vs 2023
2025: €8k▲ +153% vs 2024
2019 → 2025
Working capital
€218k▲ 0.6%
2024 · €216k
2019: €461k
2020: €524k▲ +13.6% vs 2019
2021: €575k▲ +9.8% vs 2020
2022: €612k▲ +6.4% vs 2021highest in 7 years
2023: €231k▼ -62.3% vs 2022
2024: €216k▼ -6.5% vs 2023lowest in 7 years
2025: €218k▲ +0.6% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€712k-€720k▲ 1.1%€233k▼ 67.7%€217k▼ 6.7%€218k▲ 0.4%
2021: €712k
2022: €720k▲ +1.1% vs 2021highest in 5 years
2023: €233k▼ -67.7% vs 2022
2024: €217k▼ -6.7% vs 2023lowest in 5 years
2025: €218k▲ +0.4% vs 2024
Operating result€39k-€72k▲ 85.5%€-74k€-18k▲ 75.7%€5k
2021: €39k
2022: €72k▲ +85.5% vs 2021highest in 5 years
2023: €-74k▼ -202% vs 2022lowest in 5 years
2024: €-18k▲ +75.7% vs 2023
2025: €5k▲ +131% vs 2024
Net result€33k-€52k▲ 57.3%€-71k€-15k▲ 78.2%€8k
2021: €33k
2022: €52k▲ +57.3% vs 2021highest in 5 years
2023: €-71k▼ -238% vs 2022lowest in 5 years
2024: €-15k▲ +78.2% vs 2023
2025: €8k▲ +153% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €5k after a loss of €18k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €549k
Fixed assets
€456 ▼ 50.0%
Current assets
€549k ▼ 1.2%
Equity and liabilities €549k
Equity
€218k ▲ 0.4%
Debt
€331k ▼ 2.3%
Debt's share of the balance-sheet total falls from 61.0% to 60.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6k▲
2024 · €-17k
Cash flow
€9k▲
2024 · €-15k
Current ratio
1.66▲
2024 · 1.64
Quick ratio
1.26▲
2024 · 1.21
Debt to equity
1.52▼
2024 · 1.56
ROE
3.8%▲
2024 · -7.1%
ROA
1.5%▲
2024 · -2.8%
Interest coverage
10.59▲
2024 · -50.96
Debt ≤ 1 year
€331k▼
2024 · €339k
Staff costs
€160k▲
2024 · €148k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€556k€549k▼
Fixed assets21/28€911€456▼
Tangible fixed assets22/27€911€456▼
Furniture and vehicles24€911€456▼
Current assets29/58€555k€549k▼
Stocks and contracts in progress3€143k€132k▼
Stocks30/36€143k€132k▼
Amounts receivable within one year40/41€123k€120k▼
Trade receivables40€123k€118k▼
Other amounts receivable41€162€1k▲
Cash at bank and in hand54/58€286k€294k▲
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€556k€549k▼
Equity10/15€217k€218k▲
Contributions10/11€8k€8k=
Reserves13€209k€210k▲
Tax-exempt reserves132€22k€22k=
Distributable reserves133€187k€188k▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€339k€331k▼
Amounts payable within one year42/48€339k€331k▼
Trade debts44€103k€88k▼
Suppliers440/4€103k€88k▼
Advances received on contracts in progress46€0-
Taxes, remuneration and social security45€10k€24k▲
Taxes450/3€70€6k▲
Remuneration and social security454/9€10k€18k▲
Other amounts payable47/48€225k€219k▼
Accrued charges and deferred income492/3€94€210▲
Income statement
Code20242025
Remuneration, social security and pensions62€148k€160k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€456€456=
Other operating charges640/8€1k€1k▼
Gross operating margin9900€132k€168k▲
Operating profit (loss)9901€-18k€5k▲
Financial income75/76B€3k€3k▲
Recurring financial income75€3k€3k▲
Financial charges65/66B€342€560▲
Recurring financial charges65€342€560▲
Profit (loss) for the period before taxes9903€-15k€8k▲
Profit (loss) for the period9904€-15k€8k▲
Profit (loss) for the period to be appropriated9905€-15k€8k▲
Appropriation of the result
Profit (loss) to be appropriated9906€59k€8k▼
Profit (loss) brought forward from the previous period14P€75k€0▼
Transfer to equity691/2€59k€777▼
To other reserves6921€59k€777▼
Profit to be distributed694/7-€7k
Directors or managers695-€7k
Social balance
Average headcount (FTE)90872.12.1=
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €157k | €142k | €148k | €160k | ▲ 8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42k | €42k | €456 | €456 | €456 | = |
| Other operating charges640/8 | - | €1k | €1k | €1k | €1k | ▼ 6.9% |
| Non-recurring operating charges66A | - | €1k | €0 | - | - | - |
| Gross operating margin9900 | €178k | €274k | €70k | €132k | €168k | ▲ 26.6% |
| Operating profit (loss)9901 | €39k | €72k | €-74k | €-18k | €5k | ▲ 131% |
| Financial income75/76B | - | €2k | €1k | €3k | €3k | ▲ 20.5% |
| Recurring financial income75 | €2k | €2k | €1k | €3k | €3k | ▲ 20.5% |
| Financial charges65/66B | - | €16k | €-2k | €342 | €560 | ▲ 63.9% |
| Recurring financial charges65 | €4k | €16k | €-2k | €342 | €560 | ▲ 63.9% |
| Profit (loss) for the period before taxes9903 | €37k | €59k | €-71k | €-15k | €8k | ▲ 153% |
| Income taxes67/77 | €4k | €7k | €0 | - | - | - |
| Profit (loss) for the period9904 | €33k | €52k | €-71k | €-15k | €8k | ▲ 153% |
| Transfer from tax-exempt reserves789 | - | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €36k | €52k | €-71k | €-15k | €8k | ▲ 153% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €851k | €1.70M | €630k | €556k | €549k | ▼ 1.3% |
| Fixed assets21/28 | €137k | €107k | €1k | €911 | €456 | ▼ 50.0% |
| Intangible fixed assets21 | €16k | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €117k | €104k | €1k | €911 | €456 | ▼ 50.0% |
| Plant, machinery and equipment23 | - | €2k | €0 | - | - | - |
| Furniture and vehicles24 | - | €5k | €1k | €911 | €456 | ▼ 50.0% |
| Other tangible fixed assets26 | - | €96k | €0 | - | - | - |
| Financial fixed assets28 | €4k | €4k | €0 | - | - | - |
| Current assets29/58 | €714k | €1.59M | €628k | €555k | €549k | ▼ 1.2% |
| Stocks and contracts in progress3 | €253k | €245k | €132k | €143k | €132k | ▼ 8.0% |
| Stocks30/36 | - | €245k | €132k | €143k | €132k | ▼ 8.0% |
| Amounts receivable within one year40/41 | €119k | €903k | €186k | €123k | €120k | ▼ 3.1% |
| Trade receivables40 | - | €869k | €171k | €123k | €118k | ▼ 3.9% |
| Other amounts receivable41 | - | €34k | €15k | €162 | €1k | ▲ 563% |
| Current investments50/53 | €268k | €298k | €0 | - | - | - |
| Cash at bank and in hand54/58 | €73k | €142k | €306k | €286k | €294k | ▲ 3.0% |
| Deferred charges and accrued income490/1 | - | €879 | €3k | €2k | €3k | ▲ 10.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €851k | €1.70M | €630k | €556k | €549k | ▼ 1.3% |
| Equity10/15 | €712k | €720k | €233k | €217k | €218k | ▲ 0.4% |
| Contributions10/11 | - | €19k | €8k | €8k | €8k | = |
| Reserves13 | €356k | €356k | €150k | €209k | €210k | ▲ 0.4% |
| Non-distributable reserves130/1 | - | €2k | €0 | - | - | - |
| Other1319 | - | €2k | €0 | - | - | - |
| Tax-exempt reserves132 | - | €53k | €22k | €22k | €22k | = |
| Distributable reserves133 | - | €301k | €128k | €187k | €188k | ▲ 0.4% |
| Profit (loss) carried forward14 | €338k | €345k | €75k | €0 | €0 | - |
| Amounts payable17/49 | €139k | €977k | €397k | €339k | €331k | ▼ 2.3% |
| Amounts payable within one year42/48 | €139k | €977k | €397k | €339k | €331k | ▼ 2.3% |
| Financial debts43 | - | €1 | €0 | - | - | - |
| Credit institutions430/8 | - | €1 | €0 | - | - | - |
| Trade debts44 | €90k | €558k | €178k | €103k | €88k | ▼ 14.7% |
| Suppliers440/4 | - | €558k | €178k | €103k | €88k | ▼ 14.7% |
| Advances received on contracts in progress46 | - | €324k | €6k | €0 | - | - |
| Taxes, remuneration and social security45 | - | €37k | €12k | €10k | €24k | ▲ 137% |
| Taxes450/3 | - | €13k | €2k | €70 | €6k | ▲ 8,601% |
| Remuneration and social security454/9 | - | €24k | €10k | €10k | €18k | ▲ 78.4% |
| Other amounts payable47/48 | - | €58k | €201k | €225k | €219k | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €94 | €210 | ▲ 124% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33k | €52k | €-71k | €-15k | €8k | ▲ 153% |
| + Depreciation and write-downs630 | €42k | €42k | €456 | €456 | €456 | = |
| Operating cash flow (approximation) | €75k | €93k | €-71k | €-15k | €9k | ▲ 157% |
| Investment in fixed assets (approximation) | - | €-12k | €106k | €0 | €0 | - |
| Change in cash | - | €69k | €164k | €-21k | €9k | ▲ 141% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-06
Financial
Back to profitnet €8k
Net result €8k after 2 loss-making years.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Weakest financial yearnet €-71k
Net result drops to €-71k, the lowest in the series; recovery starts the following year.
19-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
22-01
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-06
Financial
Highest result since 2019net €69k ▲10.8%
Net result €69k, the highest in the series.
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
11-12
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
11-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
20-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Gent · 1 establishment unit since 2002
Ground area
475 m²
Building footprint
90 m²
Volume, LiDAR
690 m³
Parcel 44809I0280/00P002, Flanders · tallest building 11.2 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
CASSIPHARMA
since 20022.096.297.583
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44809I0280/00P002 | Flanders | 475 m² | 1 · 90 m² | 11.2 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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 4,000 EUR awarded · 4,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 2,000 EUR | 2,000 EUR |
| 2022 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Hinderpremie bij openbare werken
Recognitions · licences · registrations
Food safety, FASFC
1 siteGent2.096.297.583
Similar companies · same sector, comparable size
APOTHEEK DE WITTE
BE 0453.306.239
Asse · Eq €218,054
"APOTHEEK ROTTI"
BE 0778.856.550
Antwerpen · Eq €217,497
APOTHEEK HERMAN - DEPOURCQ
BE 0864.703.827
De Panne · Eq €218,100
APOTHEEK VAN BACKLÉ
BE 0832.429.848
Wemmel · Eq €217,442
PHARMACIE RINCHARD VALERIE
BE 0543.973.723
Fleurus · Eq €218,395
Of 5,220 companies in sector 47730 we hold annual accounts for 3,861. 3,549 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 (pre-2019)
Founded12-06-2002
Fiscal year end30-06
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
Scores and ratios are computed by Checked and are not a credit decision.