CODEMA PHARMA
ActiveSummary
The computed 12-month bankruptcy probability of CODEMA PHARMA is 4.0% (moderate). The 2025 annual accounts show equity of €71,289 and a net result of -€32,963. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 29% of 10485 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▼-16
Solvency44▼-6
Growth72▼-13
Track record92
Bankruptcy probability, 12 months
4.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.23 against 1.35 in 2024; short-term debt: 81% and cash: 0.6% of total assets), and 81% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Nine 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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
19%
Return on assets
-8.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€32,963
neutral · A punctual record breaks
This company filed 7 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 9 filingsDeviation from the deadline
2025
31 d late
2024
17 d early
2023
7 d early
2022
7 d early
2021
5 d early
2020
8 d early
2019
7 d early
← 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 before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
Checked, nothing found (1)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
€116,600▲ 1,115%
2019 · €9,600
EBIT margin
-94.1%▲ 1096.9pp
2019 · -1191.0%
Net result
-€32,963▼ 257%
2024 · -€9,231
Working capital
€71,289▼ 32.7%
2024 · €105,920
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result-€77,498▲ 29.4%-€54,805▲ 29.3%€399,803-€8,983-€34,489▼ 284%
Net result-€77,693below the sector's middle half▲ 30.4%-€55,909below the sector's middle half▲ 28.0%€400,670above the sector's middle half-€9,231below the sector's middle half-€32,963below the sector's middle half▼ 257%
EBIT margin
Equity-€231,278below the sector's middle half▼ 50.6%-€287,186below the sector's middle half▼ 24.2%€113,483within the sector's middle half€104,252within the sector's middle half▼ 8.1%€71,289within the sector's middle half▼ 31.6%
Total assets€71,322within the sector's middle half▼ 29.7%€52,322below the sector's middle half▼ 26.6%€411,269above the sector's middle half▲ 686%€409,897above the sector's middle half▼ 0.3%€375,959within the sector's middle half▼ 8.3%
Debt€302,600▲ 18.7%€339,508▲ 12.2%€297,786▼ 12.3%€305,645▲ 2.6%€304,670▼ 0.3%
Working capital-€235,279▼ 24.6%-€285,519▼ 21.4%€115,151€105,920▼ 8.0%€71,289▼ 32.7%
Solvency-324.3%below the sector's middle half▼ 172.9pp-548.9%below the sector's middle half▼ 224.6pp27.6%within the sector's middle half▲ 576.5pp25.4%within the sector's middle half▼ 2.2pp19.0%within the sector's middle half▼ 6.5pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €34,489 in 2025 against €8,983 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €375,959
Equity
€71,289 ▼ 31.6%
Debt
€304,670 ▼ 0.3%
Debt's share of the balance-sheet total rises from 74.6% to 81.0%. Equity and debt are lower.
Key figures and ratios
Current ratio
1.23▼
2024 · 1.35
Debt to equity
4.27▲
2024 · 2.93
ROE
-46.2%▼
2024 · -8.9%
ROA
-8.8%▼
2024 · -2.3%
Debt ≤ 1 year
€304,670▲
2024 · €303,977
Income taxes
-€98
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,550 companies that looked in July 2024 the way this one looks now, 3.9% went bankrupt within 24 months and 91% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
3.9%
went bankrupt
3.7%
stopped otherwise
91%
still going
A further 1.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 4.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,550 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,211 | €15,669 | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €870 | - | - | - | - | - |
| Other operating charges640/8 | - | €695 | - | - | - | - |
| Gross operating margin9900 | -€45,417 | -€38,441 | €399,803 | -€8,983 | -€34,489 | ▼ 284% |
| Operating profit (loss)9901 | -€77,498 | -€54,805 | €399,803 | -€8,983 | -€34,489 | ▼ 284% |
| Financial income75/76B | - | €795 | €1,129 | - | €1,668 | - |
| Recurring financial income75 | - | €795 | €1,129 | - | €1,668 | - |
| Non-recurring financial income76B | - | - | - | - | €1,668 | - |
| Financial charges65/66B | €196 | €1,898 | €25 | €248 | €240 | ▼ 3.5% |
| Recurring financial charges65 | €196 | €1,898 | €25 | €248 | €240 | ▼ 3.5% |
| Profit (loss) for the period before taxes9903 | -€77,693 | -€55,909 | €400,907 | -€9,231 | -€33,061 | ▼ 258% |
| Income taxes67/77 | - | - | €237 | - | -€98 | - |
| Profit (loss) for the period9904 | -€77,693 | -€55,909 | €400,670 | -€9,231 | -€32,963 | ▼ 257% |
| Profit (loss) for the period to be appropriated9905 | -€77,693 | -€55,909 | €400,670 | -€9,231 | -€32,963 | ▼ 257% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €71,322 | €52,322 | €411,269 | €409,897 | €375,959 | ▼ 8.3% |
| Fixed assets21/28 | €15,669 | - | - | - | - | - |
| Intangible fixed assets21 | €15,669 | - | - | - | - | - |
| Current assets29/58 | €55,653 | €52,322 | €411,269 | €409,897 | €375,959 | ▼ 8.3% |
| Amounts receivable within one year40/41 | €52,043 | €50,687 | €409,689 | €408,258 | €373,593 | ▼ 8.5% |
| Trade receivables40 | €48,250 | €47,570 | €87,570 | €47,570 | €47,570 | = |
| Other amounts receivable41 | €3,793 | €3,117 | €322,119 | €360,688 | €326,023 | ▼ 9.6% |
| Cash at bank and in hand54/58 | €3,610 | €1,635 | €1,580 | €1,639 | €2,366 | ▲ 44.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €71,322 | €52,322 | €411,269 | €409,897 | €375,959 | ▼ 8.3% |
| Equity10/15 | -€231,278 | -€287,186 | €113,483 | €104,252 | €71,289 | ▼ 31.6% |
| Contributions10/11 | €165,000 | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Capital10 | - | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Issued capital100 | - | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Outside capital11 | €165,000 | - | - | - | - | - |
| Other1109/19 | €165,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€396,278 | -€452,186 | -€51,517 | -€60,748 | -€93,711 | ▼ 54.3% |
| Amounts payable17/49 | €302,600 | €339,508 | €297,786 | €305,645 | €304,670 | ▼ 0.3% |
| Amounts payable after more than one year17 | €10,000 | - | - | - | - | - |
| Financial debts170/4 | €10,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €290,932 | €337,841 | €296,118 | €303,977 | €304,670 | ▲ 0.2% |
| Financial debts43 | €13,750 | - | - | - | - | - |
| Credit institutions430/8 | €13,750 | - | - | - | - | - |
| Trade debts44 | €65,812 | €53,422 | €56,686 | €63,913 | €61,729 | ▼ 3.4% |
| Suppliers440/4 | €65,812 | €53,422 | €56,686 | €63,913 | €61,729 | ▼ 3.4% |
| Taxes, remuneration and social security45 | - | - | €237 | €237 | - | - |
| Taxes450/3 | - | - | €237 | €237 | - | - |
| Other amounts payable47/48 | €211,370 | €284,419 | €239,194 | €239,826 | €242,941 | ▲ 1.3% |
| Accrued charges and deferred income492/3 | €1,668 | €1,668 | €1,668 | €1,668 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€77,693 | -€55,909 | €400,670 | -€9,231 | -€32,963 | ▼ 257% |
| + Depreciation and write-downs630 | €31,211 | €15,669 | - | - | - | - |
| Operating cash flow (approximation) | -€46,483 | -€40,240 | €400,670 | -€9,231 | -€32,963 | ▼ 257% |
| Change in cash | - | -€1,975 | -€55 | €59 | €727 | ▲ 1,128% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
03-11
KBO administration
Address struck
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €400,670
Net result €400,670 after 5 loss-making years.
31-12
Financial
Liquidity times 9current ratio 1.39
Current ratio from 0.15 to 1.39; short-term debt falls from €337,841 to €296,118.
31-12
Financial
Equity above €100,000Eq €113,483
Equity rises from -€287,186 to €113,483.
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€116,348
Net result drops to -€116,348, the lowest in the series; recovery starts the following year.
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
07-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 7 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
4 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, Brussel · 1 establishment unit since 2017
Ground area
685 m²
Building footprint
663 m²
Volume, LiDAR
17,071 m³
Parcel 21806F0477/00N017, Brussels · tallest building 34.5 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
CODEMA PHARMA
since 20172.267.090.433
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21806F0477/00N017 | Brussels | 685 m² | 1 · 663 m² | 34.5 m · 9 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.
Similar companies · same sector, comparable size
PHARMACIE DE LA CHASSE
BE 0461.784.633
Etterbeek · Eq €71,241
APOTHEEK SPRUYT ERPS-KWERPS
BE 0439.644.184
Kortenberg · Eq €71,501
PHARMACIE VAN HONG
BE 0667.516.485
Brussel · Eq €71,049
Apotheek Van den Bergh
BE 1009.186.713
Kontich · Eq €71,644
PHARMACLIC ASSETS
BE 0877.869.301
Evere · Eq €70,929
Of 5,220 companies in sector 47730 we hold annual accounts for 3,860. 3,141 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-07-2017
Fiscal year end31-12
Abbreviation FR
CODEMA
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
21209Manufacture of basic pharmaceutical products and pharmaceutical preparations
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
If the customer is not ready yet, you may send the invoice another way, for example as a PDF; if electronically, with their agreement on a secure alternative. That invoice is valid; the customer risks a penalty. FPS Finance
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.