CELPHARMA
ActiveSummary
The computed 12-month bankruptcy probability of CELPHARMA is 1.8% (moderate). The 2025 annual accounts show equity of €1.9m and a net result of €242,673. Its solvency ranks better than 55% of 6,172 sector peers (NACE 46, financial year 2025). The company has been active since 2025 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-07-2025 Normal situation
- Registered office
- 25 active companies are registered at this address 2 started in the 12 months before. Source: KBO register, as of 2 November 2026.
- Activity
- Agents specialised in the wholesale of other particular products NACE 46180and 3 others
- Establishment units
- 2.376.310.255 1050 Elsene, since 14-07-2025
- 2.376.310.948 1930 Zaventem, since 14-07-2025
- Financial year end
- 31 December
- Peppol
- Reachable since 03-03-2026
Board and ownership
Board
- Think BVAManaging director · permanent representative VAN ACKER Bernard Lucien Jean
- CARLHIAN Antoine Marie PierreDirector
- GAVAZZI GabrieleDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.8%
Annual accounts 2025
- Gross margin
- €635,609
- Turnover
- ≈ €3.3m
- estimated
- Profit
- €242,673
- Equity
- €1.9m
- Total assets
- €3.8m
- Employees on 31-12-2025
- 4
- 2025 accounts filed 31 days after the deadline
Filed on 31-08-2026
Score breakdownraises riskLiquidity: current ratio 2.03Founded in 2025Last filed accounts filed 31 days late; 1 of the last 3 accounts latelowers riskSize: 1.2 FTE, total assets €3.8mShow the evidence
Checked score
Score 2025
56
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 71% of micro companies in wholesale trade (NACE 46)
Financial strength
Strong
Solvency
75
equity 50.0% of total assets
Liquidity
88
short-term debt 19.4%
Profitability
77
return on assets 6.5%
Bankruptcy probability within 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
08-2026: 1.7%lowest value
09-2026: 1.7%● unchanged vs 08-2026
10-2026: 1.8%▲ +0.1 percentage points vs 09-2026highest value
11-2026: 1.8%● unchanged vs 10-2026highest value
Credit of up to €100,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record
Liquidity is ample, with a current ratio of 2.03, above the usual 1.5. Short-term debt is 19.4% of total assets. However, 50% of the assets are financed with debt and provisions.
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 57% of them on solvency, 88% on liquidity and 67% on profitability.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 1 filingDeviation from the deadline
2025
31 days late
← before the deadline
after the deadline →
Searched, nothing found (1)
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00473263.
Annual accounts 2025 filed on 31-08-2026 at the NBB
Turnover
≈ €3.3m
Estimated: probably between €2.1m and €5.5m
EBIT margin
Not included in this filing
Net result
€242,673
Working capital
€754,242
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
Assets €3.8m
Fixed assets
€2.3m
Current assets
€1.5m
Equity and liabilities €3.8m
Equity
€1.9m
Debt
€1.9m
Debt's share of the balance-sheet total is 50.0%.
Key figures and ratios
EBITDA
€429,955
Cash flow
€308,031
Current ratio
2.03
Quick ratio
1.23
Debt to equity
1.00
ROE
12.9%
ROA
6.5%
Interest coverage
10.03
Debt ≤ 1 year
€730,225
Debt > 1 year
€1.2m
Income taxes
€79,068
Staff costs
€181,098
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 4 |
| full-time | 2 |
| part-time | 2 |
| in full-time equivalents | 3.2 |
| Average over the year, in full-time equivalents | 1.2 |
| On a permanent contract | 4 |
| Joined | 4 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2025 |
|---|---|
| Tangible fixed assets | €261,284 |
| Financial fixed assets | €878,982 |
| Depreciation and write-downs of the year | €65,358 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as CELPHARMA: agents specialised in the wholesale of other particular products (NACE 46180). They are comparable in size and age: total assets between €1.6m and €4.6m, founded between 2021 and 2025.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| CELPHARMA Elsene | 2025 | €3.8m | €1.9m | €0.6m | €0.2m | 1.2 | 2025 |
| K CAR Mons | 2024 | €2.2m | €0.1m | €0.4m | €0.1m | 1.7 | 2025 |
| BUS FINANCE EUROPE Boortmeerbeek | 2025 | €4.6m | €1.1m | €0.2m | €0.08m | 0.3 | 2025 |
| Lucid Belgium Brussel | 2021 | €4.5m | €0.02m | €0.6m | €0.003m | 1 | 2025 |
| BEL Automotive Herentals | 2024 | €1.6m | €0.2m | €0.3m | €0.2m | 0.4 | 2025 |
| G-TEK Evergem | 2023 | €2.5m | €0.09m | €0.4m | €0.04m | 2.6 | 2025 |
| KONINCKX MOTORS Kontich | 2022 | €3.7m | €0.6m | €0.5m | €0.06m | 3.5 | 2025 |
They were chosen from the 1,931 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 11,279 companies had the same profile as CELPHARMA has now. Two years later, 0.7% had gone bankrupt and 96.6% were still going.
- Micro
- under 2 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
2.6%
stopped otherwise
96.6%
was still going
The bankruptcy probability of CELPHARMA itself is higher: 1.8% within 12 months. It rests on far more data about CELPHARMA than the profile alone.
Test of the method
The method was tested on the 497,445 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 11,279 companies, not a prediction for CELPHARMA. 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.
Annual accounts
| Line | 2025 |
|---|---|
| Remuneration, social security and pensions62 | €181,098 |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €65,358 |
| Other operating charges640/8 | €24,556 |
| Gross operating margin9900 | €635,609 |
| Operating profit (loss)9901 | €364,596 |
| Financial charges65/66B | €42,856 |
| Recurring financial charges65 | €42,856 |
| Profit (loss) for the period before taxes9903 | €321,741 |
| Income taxes67/77 | €79,068 |
| Profit (loss) for the period9904 | €242,673 |
| Transfer to tax-exempt reserves689 | €46,337 |
| Profit (loss) for the period to be appropriated9905 | €196,337 |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €3.8m | |
| Fixed assets21/28 | €2.3m | |
| Tangible fixed assets22/27 | €1.4m | |
| Land and buildings22 | €1.1m | |
| Plant, machinery and equipment23 | €0.3m | |
| Furniture and vehicles24 | €0.002m | |
| Financial fixed assets28 | €0.9m | |
| Current assets29/58 | €1.5m | |
| Stocks and contracts in progress3 | €0.6m | |
| Stocks30/36 | €0.6m | |
| Amounts receivable within one year40/41 | €0.1m | |
| Trade receivables40 | €0.04m | |
| Other amounts receivable41 | €0.07m | |
| Deferred charges and accrued income490/1 | €0.8m | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €3.8m | |
| Equity10/15 | €1.9m | |
| Contributions10/11 | €1.0m | |
| Capital10 | €1.0m | |
| Issued capital100 | €1.0m | |
| Reserves13 | €0.2m | |
| Non-distributable reserves130/1 | €0.01m | |
| Legal reserve130 | €0.01m | |
| Tax-exempt reserves132 | €0.05m | |
| Distributable reserves133 | €0.09m | |
| Profit (loss) carried forward14 | €0.7m | |
| Amounts payable17/49 | €1.9m | |
| Amounts payable after more than one year17 | €1.2m | |
| Financial debts170/4 | €1.2m | |
| Amounts payable within one year42/48 | €0.7m | |
| Current portion of amounts payable after more than one year42 | €0.1m | |
| Financial debts43 | €0.08m | |
| Credit institutions430/8 | €0.08m | |
| Trade debts44 | €0.2m | |
| Suppliers440/4 | €0.2m | |
| Taxes, remuneration and social security45 | €0.03m | |
| Taxes450/3 | €0.009m | |
| Remuneration and social security454/9 | €0.02m | |
| Other amounts payable47/48 | €0.3m | |
| Accrued charges and deferred income492/3 | €211 | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | €242,673 |
| + Depreciation and write-downs630 | €65,358 |
| Operating cash flow (approximation) | €308,031 |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (1)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00473263 | NBB |
Board & ownership
Directors
Directors
5 directors, 1 in day-to-day management, no change since 2025
Board 5
CARLHIAN Antoine Marie Pierre
Current
Director (not named in the articles) · appointed in the act of 22-07-2025 · 6-year term from 2025 · listed in the 2025 annual accounts, filed on 31-08-2026
GAVAZZI Gabriele
Current
Director (not named in the articles) · appointed in the act of 22-07-2025 · 6-year term from 2025 · listed in the 2025 annual accounts, filed on 31-08-2026
RUESSMAN Laurent Antoine-Beaubien
Current
Director (not named in the articles) · appointed in the act of 22-07-2025 · 6-year term from 2025 · listed in the 2025 annual accounts, filed on 31-08-2026
Think BVA
Current
Présidence conseil d'administration · appointed in the act of 22-07-2025 · Private limited company · permanent representative: VAN ACKER Bernard Lucien Jean · also on the board of 2 other companies · listed in the 2025 annual accounts, filed on 31-08-2026
VAN ACKER Thomas Edward Lucien Jean
Current
Director (not named in the articles) · appointed in the act of 22-07-2025 · 6-year term from 2025 · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 31-08-2026
Day-to-day management 1
Think BVA
Current
Administrateur délégué à la gestion journalière · appointed in the act of 11-08-2025 · Private limited company · permanent representative: VAN ACKER Bernard Lucien Jean
Permanent representatives 1
VAN ACKER Bernard Lucien Jean
Current
Permanent representative · appointed in the act of 22-07-2025 · for Think BVA
Owners and capital
Shareholders
At incorporation
act of 22-07-2025 ↗
- Bernard VAN ACKER 480,000 shares (44.6%)
- Gabriele GAVAZZI 155,955 shares (14.5%)
- Marc BRAY 214,045 shares (19.9%)
- Florence RUESSMANN 30,000 shares (2.8%)
- Yves BEUDIN 25,000 shares (2.3%)
- SBAYE CONSULTING 10,000 shares (0.9%)
- Laurent RUESSMANN 52,968 shares (4.9%)
- LEYS IMMO INVEST 108,000 shares (10%)
- VAN ACKER Bernard Lucien Jean 480,000 shares
Capital transactions
Capital over time
- 11-08-2025 Capital increase of €878,981.56 · to €1,003,110.35 · 1,043,986 new shares
- 22-07-2025 Incorporation · €905,908.63 · 1,075,968 shares
Mandate history
5 people, 5 in office
- Board
- Day-to-day management
| Name | Functions and periods |
|---|---|
| CARLHIAN Antoine Marie Pierre |
|
| GAVAZZI Gabriele |
|
| RUESSMAN Laurent Antoine-Beaubien |
|
| Think BVA |
|
| VAN ACKER Thomas Edward Lucien Jean |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “6, 3”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 22-07-2025 (in French)
Network & group
Companies at the same address
24 other companies- Elena Vromans Registered office · since 2026 1035310593
- Goffard, Carine (sole trader) Establishment · since 2026 1032816606
- Vromans, Elena (sole trader) Establishment · since 2025 0749943523
- Dufour, Arnaud (sole trader) Establishment · since 2025 1021456124
- Bouguet, Margot (sole trader) Establishment · since 2022 0780946208
- Bon Immo Establishment · since 2019 0885198046
- de Moffarts, Diane (sole trader) Establishment · since 2017 0818059396
- Constantinides, Elena (sole trader) Establishment · since 2017 0678761656
- Les Belles sœurs Establishment · since 2017 0821384320
- GR I&M Establishment · since 2016 0652650840
Connections & network
3 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
THEVA CONSULTING
via VAN ACKER Thomas Edward Lucien Jean · Director
→
TEONIA
via VAN ACKER Thomas Edward Lucien Jean, RUESSMAN Laurent Antoine-Beaubien and 2 others · Director
former→
EMRES
Shared corporate director
→
Timeline
Acts, filings and financial milestones
2026
31-08
full format · 31 days late
2025
11-08
Gazette deed
Capital increase of €878,981.56 to €1,003,110.35Permanent representative: VAN ACKER Bernard Lucien Jean · Appointment: THINK BVA (présidence conseil d'administration) · Auditor report30 points ▸
Gazette deed
Capital increase of €878,981.56 to €1,003,110.35
Permanent representative: VAN ACKER Bernard Lucien Jean · Appointment: THINK BVA (présidence conseil d'administration) · Auditor report30 points ▸
- General meeting, 15-07-2025
- Other provision, “rapport spécial de l’organe d’administration sur augmentation de capital par apport en nature, prix d’émission” (deed in French)
- Auditor report, “augmentation de capital par apport en nature, 4020 Liège, rue des Vennes 151” (deed in French)
- Auditor report, “impact direct sur montant de l’actif net, article 7:197 du CSA” (deed in French)
- Capital contribution, mentioned 2 times in the deed
- Share issue, 465732, 480000
- Share issue, 151319, 155955
- Share issue, 207683, 214045
- Share issue, 29108, 30000
- Share issue, 24257, 25000
- Share issue, 9703, 10000
- Share issue, 51394, 52968
- The act holds 18 more points.
22-07
Gazette deed
IncorporationDemerger: TEONIA splits off to CELPHARMA · Appointments: THINK BVA, VAN ACKER Thomas Edward Lucien Jean and 3 others · Permanent representative: VAN ACKER Bernard Lucien Jean36 points ▸
Gazette deed
Incorporation
Demerger: TEONIA splits off to CELPHARMA · Appointments: THINK BVA, VAN ACKER Thomas Edward Lucien Jean and 3 others · Permanent representative: VAN ACKER Bernard Lucien Jean36 points ▸
- General meeting, 26-06-2025
- Demerger, “par constitution d'une nouvelle société, transfert par voie de scission partielle” (deed in French)
- Other provision, “sur le bureau, documents préalables mis à disposition des actionnaires” (deed in French)
- Other provision, “dispense de rapports sur projet de scission, actions de la SA CELPHARMA attribuées aux actionnaires de la SA TEONIA proportionnellement” (deed in French)
- Other provision, “dispense d'actualisation des informations communiquées, article 12:79 dernier alinéa du Code des sociétés et des associations” (deed in French)
- Other provision, 26-06-2025
- Auditor report, “4020 Liège, rue des Vennes 151, nomination tardive, impossibilité de se prononcer sur état des stocks” (deed in French), mentioned 2 times in the deed
- Founding capital, €905,908.63
- VAN ACKER Bernard Lucien Jean holds 480,000 shares
- Gabriele GAVAZZI holds 155,955 shares
- Marc BRAY holds 214,045 shares
- Florence RUESSMANN holds 30,000 shares
- The act holds 24 more points.
Gazette deedNBB filing
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
CELPHARMA in French
Enterprise number
1025.475.981
Legal form
Public limited company
Status
Active, normale toestand
Founded
14-07-2025
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 22-07-2025 (in French)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Région de Bruxelles-Capitale, sièges administratifs,agences,ateliers,dépôts et succursales en Belgique et à l'étranger par simple décision…”
deed of 22-07-2025 (in French)Registered office and establishments
Registered office
Louizalaan 503, 1050 Elsene, Belgium
Establishment units
CELPHARMA, Louizalaan 503, 1050 Elsene since 14-07-2025 · unit number 2.376.310.255
CELPHARMA, Belgicastraat 9, 1930 Zaventem since 14-07-2025 · unit number 2.376.310.948
Activities
NACEBEL 2025VAT activities
46180
Agents specialised in the wholesale of other particular products main activity
20420
Manufacture of chemicals and chemical products
32500
Manufacture of medical and dental instruments and supplies
73110
Advertising agencies
Social security (RSZ) activities
20420
Manufacture of chemicals and chemical products main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 22-07-2025 (in French)
“La conception,la fabrication,la vente en gros et au détail,l'importation,l'exportation et la distribution de produits cosmétiques,de…”
2 activities
- La conception,la fabrication,la vente en gros et au détail,l'importation,l'exportation et la distribution de produits cosmétiques,de compléments alimentaires et de matériel et d'articles esthétiques ainsi que de leurs accessoires
- L'achat,la vente,la location,la transformation et la rénovation de tous biens immeubles
Invoicing and payment
VAT number
BE 1025.475.981
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Friday of May at 16:00
deed of 22-07-2025 (in French)Sites & property
Location
Buildings and parcels at the addresses
Ground area
6,102 m²
Building footprint
2,082 m²
Building volume
36,286 m³
Tallest building: 32.5 m.
Flanders
1
(50%)
Brussels
1
(50%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23094D0029/00R000 | Flanders | 4,801 m² | 1 · 1,270 m² | 18.4 m · 5 |
| 21822R0224/00P007 | Brussels | 1,301 m² | 1 · 811 m² | 32.5 m · 9 |