CREDOPHAR
ActiveSummary
CREDOPHAR has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €51,670. Equity is growing by ~14.7% per year across the filed fiscal years. Its solvency ranks better than 30% of 8190 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▲+7
Solvency50=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100,000 at 30 days acceptable
Liquidity short (current ratio 0.19 against 0.15 in 2024; short-term debt: 69.5% of total assets), and 75.4% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
24.6%
Return on assets
0.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
1 d early
2023
6 d early
2022
29 d late
2021
25 d late
2020
150 d early
2019
62 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 2 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
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. Usually files around 25 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 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 check 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 What other support did companies like this one receive, and it did not?Public money Which other companies belong to the same group?Ceres Invest · 12 companies
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€1.9m▲ 2.8%
2024 · €1.9m
Total assets
€7.8m▲ 2.6%
2024 · €7.6m
Net result
€51,670
2024 · -€182,309
Working capital
-€4.4m▲ 5.6%
2024 · -€4.7m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€951,124▲ 62.9%€575,546▼ 39.5%€487,496▼ 15.3%€68,417▼ 86.0%€275,095▲ 302%
Net result€686,939above the sector's middle half▲ 103%€320,180above the sector's middle half▼ 53.4%€200,688above the sector's middle half▼ 37.3%-€182,309below the sector's middle half€51,670within the sector's middle half
Equity€1.5mabove the sector's middle half▲ 48.8%€1.9mabove the sector's middle half▲ 20.8%€2.1mabove the sector's middle half▲ 10.8%€1.9mabove the sector's middle half▼ 8.8%€1.9mabove the sector's middle half▲ 2.8%
Total assets€2.0mwithin the sector's middle half▼ 28.7%€8.5mabove the sector's middle half▲ 320%€7.6mabove the sector's middle half▼ 10.3%€7.6mabove the sector's middle half▲ 0.1%€7.8mabove the sector's middle half▲ 2.6%
Debt€483,687▼ 73.2%€6.6m▲ 1,275%€5.6m▼ 16.2%€5.8m▲ 3.4%€5.9m▲ 2.6%
Working capital€1.5mabove the sector's middle half▲ 61.4%-€4.9mbelow the sector's middle half-€4.5mbelow the sector's middle half▲ 8.2%-€4.7mbelow the sector's middle half▼ 4.1%-€4.4mbelow the sector's middle half▲ 5.6%
Solvency76.1%above the sector's middle half▲ 39.6pp21.9%within the sector's middle half▼ 54.2pp27.0%within the sector's middle half▲ 5.1pp24.6%within the sector's middle half▼ 2.4pp24.6%within the sector's middle half=
Current ratio4.18above the sector's middle half▲ 2.370.26below the sector's middle half▼ 3.930.15below the sector's middle half▼ 0.100.15below the sector's middle half=0.19below the sector's middle half▲ 0.04
Return on assets (ROA)33.9%above the sector's middle half▲ 22.0pp3.8%within the sector's middle half▼ 30.2pp2.6%within the sector's middle half▼ 1.1pp-2.4%below the sector's middle half▼ 5.0pp0.7%within the sector's middle half▲ 3.0pp
Staff (FTE)6.9within the sector's middle half▼ 33.0%4.7within the sector's middle half▼ 31.9%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 302% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.8m
Fixed assets
€6.8m =
Current assets
€1.0m ▲ 24.2%
Equity and liabilities €7.8m
Equity
€1.9m ▲ 2.8%
Debt
€5.9m ▲ 2.6%
Debt's share of the balance-sheet total stays at 75.4%.
Key figures and ratios
Debt to equity
3.06▼
2024 · 3.07
ROE
2.7%▲
2024 · -9.7%
Debt ≤ 1 year
€5.4m▼
2024 · €5.5m
Income taxes
€12,176▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €403,895 | €438,290 | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €8,273 | €20,000 | €1,803 | -€20,000 | ▼ 1,209% |
| Other operating charges640/8 | €11,813 | €89,495 | €6,916 | €39,770 | €2,627 | ▼ 93.4% |
| Gross operating margin9900 | €1.4m | €1.1m | €514,412 | €109,990 | €257,722 | ▲ 134% |
| Operating profit (loss)9901 | €951,124 | €575,546 | €487,496 | €68,417 | €275,095 | ▲ 302% |
| Financial income75/76B | €6,611 | €52,542 | €956 | €765 | €94 | ▼ 87.7% |
| Recurring financial income75 | €6,611 | €11,780 | €956 | €765 | €94 | ▼ 87.7% |
| Non-recurring financial income76B | - | €40,762 | - | - | - | - |
| Financial charges65/66B | €8,426 | €122,139 | €219,128 | €251,491 | €211,343 | ▼ 16.0% |
| Recurring financial charges65 | €8,426 | €48,416 | €211,646 | €251,491 | €211,343 | ▼ 16.0% |
| Non-recurring financial charges66B | - | €73,723 | €7,482 | - | - | - |
| Profit (loss) for the period before taxes9903 | €949,309 | €505,949 | €269,324 | -€182,309 | €63,846 | ▲ 135% |
| Income taxes67/77 | €262,370 | €185,769 | €68,636 | €0 | €12,176 | - |
| Profit (loss) for the period9904 | €686,939 | €320,180 | €200,688 | -€182,309 | €51,670 | ▲ 128% |
| Profit (loss) for the period to be appropriated9905 | €686,939 | €320,180 | €200,688 | -€182,309 | €51,670 | ▲ 128% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.0m | €8.5m | €7.6m | €7.6m | €7.8m | ▲ 2.6% |
| Fixed assets21/28 | - | €6.8m | €6.8m | €6.8m | €6.8m | = |
| Financial fixed assets28 | - | €6.8m | €6.8m | €6.8m | €6.8m | = |
| Current assets29/58 | €2.0m | €1.7m | €819,183 | €826,423 | €1.0m | ▲ 24.2% |
| Stocks and contracts in progress3 | €441,639 | €413,434 | - | - | - | - |
| Stocks30/36 | €441,639 | €413,434 | - | - | - | - |
| Amounts receivable within one year40/41 | €374,050 | €174,082 | €794,180 | €815,299 | €1.0m | ▲ 25.9% |
| Trade receivables40 | €274,329 | €174,082 | €765,793 | €812,076 | €1.0m | ▲ 26.4% |
| Other amounts receivable41 | €99,721 | - | €28,387 | €3,223 | - | - |
| Cash at bank and in hand54/58 | €1.2m | €1.1m | - | - | - | - |
| Deferred charges and accrued income490/1 | - | €21,625 | €25,003 | €11,124 | €196 | ▼ 98.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.0m | €8.5m | €7.6m | €7.6m | €7.8m | ▲ 2.6% |
| Equity10/15 | €1.5m | €1.9m | €2.1m | €1.9m | €1.9m | ▲ 2.8% |
| Contributions10/11 | €20,522 | €20,522 | €20,522 | €20,522 | €20,522 | = |
| Profit (loss) carried forward14 | €1.5m | €1.8m | €2.0m | €1.9m | €1.9m | ▲ 2.8% |
| Amounts payable17/49 | €483,687 | €6.6m | €5.6m | €5.8m | €5.9m | ▲ 2.6% |
| Amounts payable after more than one year17 | - | €0 | €0 | - | - | - |
| Financial debts170/4 | - | €0 | €0 | - | - | - |
| Amounts payable within one year42/48 | €483,687 | €6.6m | €5.3m | €5.5m | €5.4m | ▼ 1.1% |
| Financial debts43 | - | - | €66 | €0 | - | - |
| Credit institutions430/8 | - | - | €66 | €0 | - | - |
| Trade debts44 | €335,944 | €435,676 | €287,534 | €256,319 | €104,292 | ▼ 59.3% |
| Suppliers440/4 | €335,944 | €435,676 | €287,534 | €256,319 | €104,292 | ▼ 59.3% |
| Taxes, remuneration and social security45 | €147,743 | €349,487 | €342,867 | €68,636 | €50,460 | ▼ 26.5% |
| Taxes450/3 | €112,697 | €299,363 | €340,501 | €68,636 | €50,460 | ▼ 26.5% |
| Remuneration and social security454/9 | €35,046 | €50,124 | €2,366 | - | - | - |
| Other amounts payable47/48 | - | €5.8m | €4.7m | €5.2m | €5.3m | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | €49,866 | €252,788 | €250,697 | €461,544 | ▲ 84.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €686,939 | €320,180 | €200,688 | -€182,309 | €51,670 | ▲ 128% |
| Operating cash flow (approximation) | €686,939 | €320,180 | €200,688 | -€182,309 | €51,670 | ▲ 128% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | €0 | - |
| Change in cash | - | -€121,949 | - | - | - | - |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 26 days late
2025
31-12
Financial
Back to profitnet €51,670
Net result €51,670 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€182,309
Net result drops to -€182,309, the lowest in the series; recovery starts the following year.
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €2mEq €2.1m ▲10.8%
6 profitable years in a row build equity to €2.1m.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
31-12
Financial
Highest result since 2018net €686,939 ▲103%
Operating result €951,124, net result €686,939, both a record.
31-12
Financial
Liquidity doublescurrent ratio 4.18
Current ratio from 1.81 to 4.18; short-term debt falls from €1.2m to €483,687.
03-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1mEq €1.0m ▲48.6%
3 profitable years in a row build equity to €1.0m.
Show earlier events
01-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 62 days late
2019
31-12
Financial
Equity above €500,000Eq €697,017 ▲59.4%
2 profitable years in a row build equity to €697,017.
02-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 33 days late
2018
05-02
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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 2012
Ground area
1.1 ha
Building footprint
3,960 m²
Parcel 44062B0301/00D003, Flanders. Linked by address, not a title deed.
23
companies at this address
See who is registered here
1 establishment unit
CREDOPHAR
since 20122.213.630.169
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44062B0301/00D003 | Flanders | 1.1 ha | 1 · 3,960 m² | - |
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.
Structure & network
Part of the group
Ceres Invest
12 companies
Group, risk and exposure
Owners and holdings
1 owner · 1 holding · 3 subsidiaries in the treeChain of control
- Ceres Invest
- Ceres Pharma
- CREDOPHAR
Highest known parent: Ceres Invest. The sources do not say who stands above it.
Owners 1
- Ceres Pharmaparent100%
Holdings 1
-
100%
All subsidiaries, including indirect ones 3
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
Labophar 100%2 subsidiaries
- b+pharma Belgium 100%
- DGPharma 100%
According to the 2025 annual accounts of CREDOPHAR and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 8,345 EUR awarded · 8,345 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 8,345 EUR | 8,345 EUR |
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Of 1,903 companies in sector 46460 we hold annual accounts for 1,126. 706 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
Founded16-10-2012
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
46180Agents specialised in the wholesale of other particular products
Contact
Website
www.credophar.be
E-mail
info@credophar.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0849730193
Registered
17-07-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.