Ceres Pharma

Active

Public limited companyfounded 201510 yrs activeKortrijksesteenweg 1091, 9051 Gent, BelgiumKBO/BCE: BE 0641.953.324

Summary

The computed 12-month bankruptcy probability of Ceres Pharma is 1.9% (moderate). The 2025 annual accounts show negative equity (-€1.6m) and a net result of -€14.4m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 717 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.

Risk analysisWatch Report Compare

Ceres PharmaActiveChecked score 53/100

Risk analysis Report Compare

What they do

Manufacture of food products

NACE 10890Wholesale of pharmaceutical and medical goods NACE 46460

#7 company by total assets in East Flanders, Food products sector1 site

How big

€35.3mturnover 2025

Staff: 37 FTE
Equity: -€1.6m
Loss: -€14.4m

Financially healthy?

53 Fair Checked score 2025

Bankruptcy chance 12 m: 1.9%

Who decides

Parent: Ceres Invest · 100%
Holdings: 18

Accounts 25 d early0 of 20 deeds read

Why 53- Negative equity -€1.6m- Liquidity: current ratio 1.00, cash €395,847, halved- Loss of €14.4m, the second in a row (FY 2025)- Sector Manufacture of food products (NACE 10)Show the evidence

Checked score

Score 2025

53 / 100

Fair

Probability in this band: 1.5% to 4.2%

Better than 25% of its sector peers (NACE 10, small)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Weak

Solvency 24-7

equity -0.6% of total assets

Liquidity 47-4

short-term debt 15.3% · cash 0.1%

Profitability 27-5

return on assets -5.4%

Bankruptcy probability, 12 months

1.9% Moderate

0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.5% (621 companies)

Negative equity -€1.6m raises the probability
Liquidity: current ratio 1.00, cash €395,847, halved raises the probability
Loss of €14.4m, the second in a row (FY 2025) raises the probability
Sector Manufacture of food products (NACE 10) raises the probability

No credit on open account

Liquidity short (current ratio 1.0 against 1.41 in 2024; short-term debt: 15.3% and cash: 0.1% of total assets), and equity is negative.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 10, small). Better than this share of them on solvency 6%, liquidity 56%, profitability 12%, growth against the median 25%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 02-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

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Signals

Six signals. The signal on the left, the evidence on the right.

+raises risk○neutral

Negative equity -€1.6m

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Liquidity: current ratio 1.00, cash €395,847, halved

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Loss of €14.4m, the second in a row (FY 2025)

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Sector Manufacture of food products (NACE 10)

In the bankruptcy model this factor raises the probability.

KBO

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€1.6m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-07-2026, 25 days ahead of the deadline.

NBB · 9 filings

Deviation from the deadline

2025

25 d early

2024

1 d early

2023

6 d early

2022

29 d late

2021

11 d late

2020

15 d early

2019

25 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 3 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 30 July (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

02-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

06-07-26 Annual accounts filedfiscal year 2025 · full…
31-12-25 Weakest financial yearnet -€14.4m
30-07-25 Annual accounts filedfiscal year 2024 · full…

Key points

Risk: Negative equityfiscal year 2025: debts exceed assets -€1.6m View
Risk: 8 loss-making years in a rowloss fiscal year 2025 -€14.4m View
Caution: Among the weakest 5% on net resultsector median €135,448 · 720 companies -€14.4m View
Controlled by Ceres Investknown shareholders 100% 100% View
Caution: Result fell in 2025from -€10.5m to -€14.4m ▼ 37.1% View