CELforPharma
ActiveSummary
CELforPharma has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €323k and a net result of €-21k. Equity is shrinking by ~13.9% per year across the filed fiscal years. Its solvency ranks better than 50% of 8692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability21▼-51
Solvency77▼-8
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €23k at 30 days acceptable
Liquidity ample (current ratio 6.86 against 7.01 in 2024; short-term debt: 13.5% and cash: 30.9% of total assets), and 47.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers 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
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 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
58 d early
2024
49 d early
2023
56 d early
2022
53 d early
2021
11 d early
2020
57 d early
2019
27 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€323k▼ 6.2%
2024 · €344k
2018: €713k
2019: €844k▲ +18.4% vs 2018highest in 8 years
2020: €700k▼ -17.1% vs 2019
2021: €353k▼ -49.6% vs 2020
2022: €355k▲ +0.4% vs 2021
2023: €307k▼ -13.4% vs 2022lowest in 8 years
2024: €344k▲ +12.2% vs 2023
2025: €323k▼ -6.2% vs 2024
2018 → 2025
Total assets
€620k▲ 7.7%
2024 · €576k
2018: €1.17M
2019: €1.27M▲ +8.7% vs 2018highest in 8 years
2020: €1.10M▼ -13.1% vs 2019
2021: €733k▼ -33.6% vs 2020
2022: €699k▼ -4.6% vs 2021
2023: €554k▼ -20.8% vs 2022lowest in 8 years
2024: €576k▲ +3.9% vs 2023
2025: €620k▲ +7.7% vs 2024
2018 → 2025
Net result
€-21k
2024 · €38k
2018: €58k
2019: €131k▲ +126% vs 2018
2020: €17k▼ -86.7% vs 2019
2021: €331k▲ +1806% vs 2020highest in 8 years
2022: €31k▼ -90.5% vs 2021
2023: €-48k▼ -251% vs 2022lowest in 8 years
2024: €38k▲ +179% vs 2023
2025: €-21k▼ -157% vs 2024
2018 → 2025
Working capital
€490k▲ 11.1%
2024 · €441k
2018: €776k
2019: €1.01M▲ +30.5% vs 2018highest in 8 years
2020: €881k▼ -12.9% vs 2019
2021: €557k▼ -36.8% vs 2020
2022: €578k▲ +3.7% vs 2021
2023: €349k▼ -39.6% vs 2022lowest in 8 years
2024: €441k▲ +26.3% vs 2023
2025: €490k▲ +11.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€353k-€355k▲ 0.4%€307k▼ 13.4%€344k▲ 12.2%€323k▼ 6.2%
2021: €353k
2022: €355k▲ +0.4% vs 2021highest in 5 years
2023: €307k▼ -13.4% vs 2022lowest in 5 years
2024: €344k▲ +12.2% vs 2023
2025: €323k▼ -6.2% vs 2024
Operating result€470k-€72k▼ 84.6%€-36k€43k€-10k
2021: €470khighest in 5 years
2022: €72k▼ -84.6% vs 2021
2023: €-36k▼ -150% vs 2022lowest in 5 years
2024: €43k▲ +221% vs 2023
2025: €-10k▼ -123% vs 2024
Net result€331k-€31k▼ 90.5%€-48k€38k€-21k
2021: €331khighest in 5 years
2022: €31k▼ -90.5% vs 2021
2023: €-48k▼ -251% vs 2022lowest in 5 years
2024: €38k▲ +179% vs 2023
2025: €-21k▼ -157% 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 turns negative in 2025: a loss of €10k after €43k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €620k
Fixed assets
€47k ▼ 24.4%
Current assets
€573k ▲ 11.5%
Equity and liabilities €620k
Equity
€323k ▼ 6.2%
Debt
€297k ▲ 28.4%
Debt's share of the balance-sheet total rises from 40.2% to 47.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€12k▼
2024 · €64k
Cash flow
€599▼
2024 · €59k
Current ratio
6.86▼
2024 · 7.01
Debt to equity
0.92▲
2024 · 0.67
ROE
-6.6%▼
2024 · 10.9%
ROA
-3.4%▼
2024 · 6.5%
Interest coverage
0.74▼
2024 · 5.37
Debt ≤ 1 year
€84k▲
2024 · €73k
Staff costs
€134k▼
2024 · €166k
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 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€576k€620k▲
Fixed assets21/28€62k€47k▼
Intangible fixed assets21€37k€25k▼
Tangible fixed assets22/27€25k€21k▼
Plant, machinery and equipment23€12k€7k▼
Furniture and vehicles24€9k€6k▼
Other tangible fixed assets26€3k€8k▲
Current assets29/58€514k€573k▲
Amounts receivable within one year40/41€113k€105k▼
Trade receivables40€85k€82k▼
Other amounts receivable41€28k€23k▼
Current investments50/53€263k€265k▲
Cash at bank and in hand54/58€133k€191k▲
Deferred charges and accrued income490/1€6k€12k▲
Equity and liabilities
Total equity and liabilities10/49€576k€620k▲
Equity10/15€344k€323k▼
Contributions10/11€20k€20k=
Reserves13€324k€303k▼
Distributable reserves133€324k€303k▼
Amounts payable17/49€231k€297k▲
Amounts payable within one year42/48€73k€84k▲
Trade debts44€56k€57k▲
Suppliers440/4€56k€57k▲
Advances received on contracts in progress46€1k€1k=
Taxes, remuneration and social security45€17k€25k▲
Taxes450/3€5k€7k▲
Remuneration and social security454/9€11k€18k▲
Other amounts payable47/48€24€24=
Accrued charges and deferred income492/3€158k€213k▲
Income statement
Code20242025
Non-recurring operating income76A€15k€0▼
Remuneration, social security and pensions62€166k€134k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€21k€22k▲
Other operating charges640/8€3k€4k▲
Non-recurring operating charges66A€0-
Gross operating margin9900€234k€150k▼
Operating profit (loss)9901€43k€-10k▼
Financial income75/76B€6k€5k▼
Recurring financial income75€6k€5k▼
Financial charges65/66B€12k€16k▲
Recurring financial charges65€12k€16k▲
Profit (loss) for the period before taxes9903€38k€-21k▼
Income taxes67/77€0-
Profit (loss) for the period9904€38k€-21k▼
Profit (loss) for the period to be appropriated9905€38k€-21k▼
Appropriation of the result
Profit (loss) to be appropriated9906€38k€-21k▼
Transfer from equity791/2€0€21k▲
Transfer to equity691/2€38k€0▼
To other reserves6921€38k€0▼
Social balance
Average headcount (FTE)90872.52.0▼
The notes to these accounts (11 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 | - | - | - | €15k | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €611k | €244k | €267k | €166k | €134k | ▼ 19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3k | €3k | €11k | €21k | €22k | ▲ 3.7% |
| Other operating charges640/8 | €4k | €3k | €5k | €3k | €4k | ▲ 21.0% |
| Non-recurring operating charges66A | - | - | €916 | €0 | - | - |
| Gross operating margin9900 | €1.09M | €323k | €248k | €234k | €150k | ▼ 36.0% |
| Operating profit (loss)9901 | €470k | €72k | €-36k | €43k | €-10k | ▼ 123% |
| Financial income75/76B | €6k | €5k | €5k | €6k | €5k | ▼ 23.1% |
| Recurring financial income75 | €6k | €5k | €5k | €6k | €5k | ▼ 23.1% |
| Financial charges65/66B | €22k | €35k | €16k | €12k | €16k | ▲ 33.7% |
| Recurring financial charges65 | €22k | €35k | €16k | €12k | €16k | ▲ 33.7% |
| Profit (loss) for the period before taxes9903 | €454k | €43k | €-47k | €38k | €-21k | ▼ 157% |
| Income taxes67/77 | €123k | €11k | €583 | €0 | - | - |
| Profit (loss) for the period9904 | €331k | €31k | €-48k | €38k | €-21k | ▼ 157% |
| Profit (loss) for the period to be appropriated9905 | €331k | €31k | €-48k | €38k | €-21k | ▼ 157% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €733k | €699k | €554k | €576k | €620k | ▲ 7.7% |
| Fixed assets21/28 | €7k | €10k | €78k | €62k | €47k | ▼ 24.4% |
| Intangible fixed assets21 | €0 | €7k | €44k | €37k | €25k | ▼ 31.8% |
| Tangible fixed assets22/27 | €6k | €3k | €34k | €25k | €21k | ▼ 13.1% |
| Plant, machinery and equipment23 | €631 | €194 | €18k | €12k | €7k | ▼ 43.8% |
| Furniture and vehicles24 | €3k | €2k | €13k | €9k | €6k | ▼ 34.1% |
| Other tangible fixed assets26 | €2k | €916 | €4k | €3k | €8k | ▲ 175% |
| Financial fixed assets28 | €600 | €200 | €0 | - | - | - |
| Current assets29/58 | €726k | €689k | €476k | €514k | €573k | ▲ 11.5% |
| Amounts receivable after more than one year29 | €0 | - | - | - | - | - |
| Other amounts receivable291 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €263k | €183k | €69k | €113k | €105k | ▼ 7.1% |
| Trade receivables40 | €263k | €144k | €69k | €85k | €82k | ▼ 3.6% |
| Other amounts receivable41 | €271 | €39k | €550 | €28k | €23k | ▼ 17.5% |
| Current investments50/53 | €261k | €251k | €256k | €263k | €265k | ▲ 0.9% |
| Cash at bank and in hand54/58 | €188k | €242k | €145k | €133k | €191k | ▲ 43.9% |
| Deferred charges and accrued income490/1 | €14k | €13k | €6k | €6k | €12k | ▲ 118% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €733k | €699k | €554k | €576k | €620k | ▲ 7.7% |
| Equity10/15 | €353k | €355k | €307k | €344k | €323k | ▼ 6.2% |
| Contributions10/11 | €20k | €20k | €20k | €20k | €20k | = |
| Reserves13 | €333k | €335k | €287k | €324k | €303k | ▼ 6.5% |
| Non-distributable reserves130/1 | €2k | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €0 | - | - | - | - |
| Distributable reserves133 | €331k | €335k | €287k | €324k | €303k | ▼ 6.5% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €380k | €344k | €247k | €231k | €297k | ▲ 28.4% |
| Amounts payable within one year42/48 | €169k | €111k | €127k | €73k | €84k | ▲ 13.9% |
| Trade debts44 | €35k | €42k | €72k | €56k | €57k | ▲ 3.1% |
| Suppliers440/4 | €35k | €42k | €72k | €56k | €57k | ▲ 3.1% |
| Advances received on contracts in progress46 | - | - | €15k | €1k | €1k | = |
| Taxes, remuneration and social security45 | €134k | €39k | €40k | €17k | €25k | ▲ 50.9% |
| Taxes450/3 | €80k | €19k | €23k | €5k | €7k | ▲ 27.4% |
| Remuneration and social security454/9 | €54k | €20k | €17k | €11k | €18k | ▲ 61.9% |
| Other amounts payable47/48 | €24 | €30k | €24 | €24 | €24 | = |
| Accrued charges and deferred income492/3 | €211k | €233k | €120k | €158k | €213k | ▲ 35.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €331k | €31k | €-48k | €38k | €-21k | ▼ 157% |
| + Depreciation and write-downs630 | €3k | €3k | €11k | €21k | €22k | ▲ 3.7% |
| Operating cash flow (approximation) | €334k | €34k | €-36k | €59k | €599 | ▼ 99.0% |
| Investment in fixed assets (approximation) | - | €-6k | €-79k | €-5k | €-7k | ▼ 52.4% |
| Change in cash | - | €54k | €-97k | €-12k | €58k | ▲ 586% |
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
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
12-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €38k
Net result €38k after one loss-making year.
05-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-48k
Net result drops to €-48k, the lowest in the series; recovery starts the following year.
08-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €331k ▲1,806%
Operating result €470k, net result €331k, both a record.
04-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
08-06
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 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, Machelen (Brab.) · 1 establishment unit since 2005
Ground area
1.5 ha
Building footprint
1,329 m²
Volume, LiDAR
25,449 m³
Parcel 23015B0161/00D006, Flanders · tallest building 26.4 m, ±7 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
CELforPharma
since 20052.145.692.161
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23015B0161/00D006 | Flanders | 1.5 ha | 2 · 1,329 m² | 26.4 m · 7 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 · 731 EUR awarded · 731 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 287 EUR | 287 EUR |
| 2022 | 1 | 444 EUR | 444 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,575. 37,705 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
Founded07-01-2005
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
82990Other business support services
58130Publishing activities
78100Employment placement agencies
Scores and ratios are computed by Checked and are not a credit decision.