DECAPHARMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-01-2026 PDF all 14 filings
Turnover
≈ €320,000
Estimated: probably between €160,000 and €460,000
Total assets
€291,134▼ 1.5%
2024 · €295,664
Net result
€3,351
2024 · -€1,076
Working capital
€1,579
2024 · -€22,995
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€15,562
▲ 165%
2025
20192025
Net result
€3,351
2025
middle half of the sector
20192025
Equity
€105,083
▲ 3.3%
2025
middle half of the sector
20192025
Total assets
€291,134
▼ 1.5%
2025
lowest quarter of the sector
20192025
Debt
€186,051
▼ 4.1%
2025
20192025
Working capital
€1,579
2025
middle half of the sector
20192025
Solvency
36.1%
▲ 1.7pp
2025
middle half of the sector
20192025
Current ratio
1.01
▲ 0.13
2025
middle half of the sector
20192025
Return on assets (ROA)
1.2%
▲ 1.5pp
2025
middle half of the sector
20192025
Staff (FTE)
0.5
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€30,612-€16,546▼ 45.9%€7,272▼ 56.1%€34,587▲ 376%-€3,414€5,879€15,562▲ 165%
Net result€24,454-€10,646within the sector's middle half▼ 56.5%€1,593below the sector's middle half▼ 85.0%€27,592within the sector's middle half▲ 17×-€6,667below the sector's middle half-€1,076below the sector's middle half▲ 83.9%€3,351within the sector's middle half
Equity€99,645-€100,290within the sector's middle half▲ 0.6%€101,883within the sector's middle half▲ 1.6%€109,475within the sector's middle half▲ 7.5%€102,809below the sector's middle half▼ 6.1%€101,732below the sector's middle half▼ 1.0%€105,083within the sector's middle half▲ 3.3%
Total assets€350,176-€319,817below the sector's middle half▼ 8.7%€290,456below the sector's middle half▼ 9.2%€264,982below the sector's middle half▼ 8.8%€305,447below the sector's middle half▲ 15.3%€295,664below the sector's middle half▼ 3.2%€291,134below the sector's middle half▼ 1.5%
Debt€250,531-€219,527▼ 12.4%€188,573▼ 14.1%€155,507▼ 17.5%€202,639▲ 30.3%€193,932▼ 4.3%€186,051▼ 4.1%
Working capital€54,319-€80,004within the sector's middle half▲ 47.3%€44,127within the sector's middle half▼ 44.8%€39,131within the sector's middle half▼ 11.3%-€15,969below the sector's middle half-€22,995below the sector's middle half▼ 44.0%€1,579within the sector's middle half
Solvency28.5%-31.4%within the sector's middle half▲ 2.9pp35.1%within the sector's middle half▲ 3.7pp41.3%within the sector's middle half▲ 6.2pp33.7%within the sector's middle half▼ 7.7pp34.4%within the sector's middle half▲ 0.7pp36.1%within the sector's middle half▲ 1.7pp
Current ratio1.36-1.56within the sector's middle half▲ 0.201.28within the sector's middle half▼ 0.281.27within the sector's middle half=0.92below the sector's middle half▼ 0.350.88below the sector's middle half▼ 0.041.01within the sector's middle half▲ 0.13
Return on assets (ROA)7.0%-3.3%within the sector's middle half▼ 3.7pp0.5%below the sector's middle half▼ 2.8pp10.4%within the sector's middle half▲ 9.9pp-2.2%below the sector's middle half▼ 12.6pp-0.4%below the sector's middle half▲ 1.8pp1.2%within the sector's middle half▲ 1.5pp
Staff (FTE)0.5-0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 165% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €291,134
Fixed assets
€110,744 ▼ 15.1%
Current assets
€180,390 ▲ 9.2%
Equity and liabilities €291,134
Equity
€105,083 ▲ 3.3%
Debt
€186,051 ▼ 4.1%
Debt's share of the balance-sheet total falls from 65.6% to 63.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,490▲
2024 · €28,103
Cash flow
€27,278▲
2024 · €21,148
Quick ratio
0.41▲
2024 · 0.27
Debt to equity
1.77▼
2024 · 1.91
ROE
3.2%▲
2024 · -1.1%
Interest coverage
5.06▲
2024 · 4.25
Debt ≤ 1 year
€178,811▼
2024 · €188,182
Income taxes
€5,154▲
2024 · €1,040
Staff costs
€25,268▼
2024 · €28,957
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Training hours | 4 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €12,170 | €59,501 | €29,430 | €4,195 |
| Depreciation and write-downs of the year | €16,670 | €18,710 | €22,224 | €23,928 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €18,536 | €26,874 | €28,957 | €25,268 | ▼ 12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,698 | €48,253 | €19,731 | €16,670 | €18,710 | €22,224 | €23,928 | ▲ 7.7% |
| Other operating charges640/8 | - | - | - | €707 | €731 | €437 | €808 | ▲ 84.8% |
| Gross operating margin9900 | €104,362 | €81,598 | €53,451 | €70,500 | €42,901 | €57,497 | €65,566 | ▲ 14.0% |
| Operating profit (loss)9901 | €30,612 | €16,546 | €7,272 | €34,587 | -€3,414 | €5,879 | €15,562 | ▲ 165% |
| Financial income75/76B | - | - | - | €889 | €750 | €697 | €746 | ▲ 7.1% |
| Recurring financial income75 | €1,308 | €998 | €921 | €889 | €750 | €697 | €746 | ▲ 7.1% |
| Financial charges65/66B | - | - | - | €2,826 | €3,856 | €6,612 | €7,803 | ▲ 18.0% |
| Recurring financial charges65 | €3,819 | €4,401 | €2,580 | €2,826 | €3,856 | €6,612 | €7,803 | ▲ 18.0% |
| Profit (loss) for the period before taxes9903 | €28,101 | €13,144 | €5,613 | €32,651 | -€6,520 | -€36 | €8,505 | - |
| Income taxes67/77 | €3,648 | €2,498 | €4,020 | €5,058 | €146 | €1,040 | €5,154 | ▲ 396% |
| Profit (loss) for the period9904 | €24,454 | €10,646 | €1,593 | €27,592 | -€6,667 | -€1,076 | €3,351 | - |
| Profit (loss) for the period to be appropriated9905 | €24,454 | €10,646 | €1,593 | €27,592 | -€6,667 | -€1,076 | €3,351 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €350,176 | €319,817 | €290,456 | €264,982 | €305,447 | €295,664 | €291,134 | ▼ 1.5% |
| Fixed assets21/28 | €144,372 | €96,120 | €86,980 | €82,480 | €123,271 | €130,477 | €110,744 | ▼ 15.1% |
| Intangible fixed assets21 | €93,640 | €65,643 | €55,979 | €47,982 | €39,985 | €31,988 | €23,991 | ▼ 25.0% |
| Tangible fixed assets22/27 | €50,733 | €30,477 | €31,001 | €34,498 | €83,286 | €98,489 | €86,753 | ▼ 11.9% |
| Land and buildings22 | - | - | - | - | €52,625 | €67,132 | €66,935 | ▼ 0.3% |
| Plant, machinery and equipment23 | - | - | - | €34,498 | €30,661 | €31,356 | €19,819 | ▼ 36.8% |
| Current assets29/58 | €205,803 | €223,697 | €203,476 | €182,502 | €182,177 | €165,187 | €180,390 | ▲ 9.2% |
| Stocks and contracts in progress3 | €143,117 | €136,402 | €131,036 | €119,301 | €113,155 | €115,246 | €107,023 | ▼ 7.1% |
| Stocks30/36 | - | - | - | €119,301 | €113,155 | €115,246 | €107,023 | ▼ 7.1% |
| Amounts receivable within one year40/41 | €40,097 | €34,007 | €37,533 | €32,866 | €30,970 | €25,249 | €26,866 | ▲ 6.4% |
| Trade receivables40 | - | - | - | €23,281 | €26,243 | €22,338 | €25,363 | ▲ 13.5% |
| Other amounts receivable41 | - | - | - | €9,584 | €4,727 | €2,911 | €1,503 | ▼ 48.4% |
| Current investments50/53 | - | - | - | - | - | €829 | €829 | = |
| Cash at bank and in hand54/58 | €21,107 | €53,289 | €33,407 | €30,335 | €38,051 | €23,864 | €45,448 | ▲ 90.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €224 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €350,176 | €319,817 | €290,456 | €264,982 | €305,447 | €295,664 | €291,134 | ▼ 1.5% |
| Equity10/15 | €99,645 | €100,290 | €101,883 | €109,475 | €102,809 | €101,732 | €105,083 | ▲ 3.3% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €86,539 | €86,539 | €86,539 | €94,131 | €90,409 | €89,332 | €92,683 | ▲ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €92,271 | €90,409 | €89,332 | €92,683 | ▲ 3.8% |
| Profit (loss) carried forward14 | €706 | €1,351 | €2,944 | €2,944 | - | - | - | - |
| Amounts payable17/49 | €250,531 | €219,527 | €188,573 | €155,507 | €202,639 | €193,932 | €186,051 | ▼ 4.1% |
| Amounts payable after more than one year17 | €98,344 | €75,153 | €28,187 | €9,733 | €755 | - | - | - |
| Financial debts170/4 | - | - | - | €9,733 | €755 | - | - | - |
| Amounts payable within one year42/48 | €151,484 | €143,693 | €159,349 | €143,372 | €198,145 | €188,182 | €178,811 | ▼ 5.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,455 | €16,478 | €5,755 | €2,500 | ▼ 56.6% |
| Trade debts44 | €41,070 | €62,367 | €46,826 | €43,211 | €41,117 | €21,551 | €38,264 | ▲ 77.6% |
| Suppliers440/4 | - | - | - | €43,211 | €41,117 | €21,551 | €38,264 | ▲ 77.6% |
| Taxes, remuneration and social security45 | - | - | - | €3,738 | €4,507 | €5,131 | €11,192 | ▲ 118% |
| Taxes450/3 | - | - | - | €100 | - | €1,100 | €7,141 | ▲ 549% |
| Remuneration and social security454/9 | - | - | - | €3,638 | €4,507 | €4,031 | €4,051 | ▲ 0.5% |
| Other amounts payable47/48 | - | - | - | €77,968 | €136,043 | €155,745 | €126,855 | ▼ 18.5% |
| Accrued charges and deferred income492/3 | - | - | - | €2,402 | €3,739 | €5,750 | €7,240 | ▲ 25.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,454 | €10,646 | €1,593 | €27,592 | -€6,667 | -€1,076 | €3,351 | - |
| + Depreciation and write-downs630 | €51,698 | €48,253 | €19,731 | €16,670 | €18,710 | €22,224 | €23,928 | ▲ 7.7% |
| Operating cash flow (approximation) | €76,152 | €58,898 | €21,323 | €44,263 | €12,043 | €21,148 | €27,278 | ▲ 29.0% |
| Investment in fixed assets (approximation) | - | €0 | -€10,591 | -€12,170 | -€59,501 | -€29,430 | -€4,195 | ▲ 85.7% |
| Change in cash | - | €32,181 | -€19,882 | -€3,071 | €7,716 | -€14,187 | €21,584 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as DECAPHARMA has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DECAPHARMA itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 10,904 companies, not a prediction for DECAPHARMA. 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.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 28-01-2026 | 2026-00016212 | |
| 30-06-2024 | abbreviated format | 27-01-2025 | 2025-00010999 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00019763 | |
| 30-06-2022 | abbreviated format | 25-01-2023 | 2023-00005145 | |
| 30-06-2021 | abbreviated format | 21-01-2022 | 2022-01600397 | |
| 30-06-2020 | abbreviated format | 26-01-2021 | 2021-01700511 | |
| 30-06-2019 | abbreviated format | 22-01-2020 | 2020-01900354 | |
| 30-06-2018 | abbreviated format | 17-01-2019 | 2019-01700131 | |
| 30-06-2017 | abbreviated format | 23-01-2018 | 2018-02000177 | |
| 30-06-2016 | abbreviated format | 28-12-2016 | 2016-72000145 |