ELBARO
ActiveSummary
ELBARO has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €773,405 and a net result of -€108,999. Equity is growing by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 40% of 4235 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
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Signals
This company filed its last 7 accounts on average 22 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
History
ELBARO was incorporated on 5 October 2011.1 Since 2026 the company has been called ELBARO.2 The registered office was moved to Merelbeke-Melle in 2026.2 The board currently has 2 members; Annemiek VRANKEN has served longest, since 2026.2 Total assets rose from EUR 1.4 million in 2018 to EUR 2.8 million in 2025.3
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Financials · fiscal year 2025, full schema
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.
Peer companies
Historical observationOf the 1,423 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 1,423 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.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1,653 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €44,367 | €66,668 | €50,344 | €41,416 | €92,552 | ▲ 123% |
| Other operating charges640/8 | €2,733 | €3,883 | €5,487 | €4,504 | €3,643 | ▼ 19.1% |
| Gross operating margin9900 | €197,974 | €152,824 | €149,344 | €37,763 | €35,072 | ▼ 7.1% |
| Operating profit (loss)9901 | €150,874 | €82,272 | €93,513 | -€8,158 | -€61,123 | ▼ 649% |
| Financial income75/76B | €1 | - | - | €16,513 | €737 | ▼ 95.5% |
| Recurring financial income75 | €1 | - | - | €16,513 | €737 | ▼ 95.5% |
| Financial charges65/66B | €20,708 | €16,732 | €29,966 | €43,514 | €48,613 | ▲ 11.7% |
| Recurring financial charges65 | €20,708 | €16,732 | €29,966 | €43,514 | €48,613 | ▲ 11.7% |
| Profit (loss) for the period before taxes9903 | €130,167 | €65,540 | €63,547 | -€35,159 | -€108,999 | ▼ 210% |
| Income taxes67/77 | €30,462 | €14,363 | €22,391 | - | - | - |
| Profit (loss) for the period9904 | €99,706 | €51,178 | €41,156 | -€35,159 | -€108,999 | ▼ 210% |
| Profit (loss) for the period to be appropriated9905 | €99,706 | €51,178 | €41,156 | -€35,159 | -€108,999 | ▼ 210% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €2.2m | €2.3m | €2.9m | €2.8m | ▼ 4.4% |
| Fixed assets21/28 | €1.6m | €2.0m | €2.0m | €2.7m | €2.7m | ▼ 1.0% |
| Tangible fixed assets22/27 | €1.3m | €1.7m | €1.7m | €2.4m | €2.4m | ▼ 1.1% |
| Land and buildings22 | €1.2m | €1.4m | €1.3m | €1.3m | €2.1m | ▲ 64.5% |
| Plant, machinery and equipment23 | €28,430 | €17,565 | €6,700 | €4,762 | €97,601 | ▲ 1,949% |
| Furniture and vehicles24 | - | €35,805 | €28,549 | €21,292 | €139,638 | ▲ 556% |
| Assets under construction and advance payments27 | €42,500 | €263,596 | €352,996 | €1.1m | €0 | ▼ 100% |
| Financial fixed assets28 | €329,193 | €329,193 | €330,693 | €330,693 | €330,693 | = |
| Current assets29/58 | €230,710 | €207,835 | €267,580 | €179,301 | €77,732 | ▼ 56.6% |
| Amounts receivable within one year40/41 | €57,599 | €71,301 | €91,005 | €23,232 | €35,943 | ▲ 54.7% |
| Trade receivables40 | €57,443 | €57,421 | €91,005 | €23,232 | €35,737 | ▲ 53.8% |
| Other amounts receivable41 | €156 | €13,880 | - | - | €206 | - |
| Current investments50/53 | €46,747 | €58,746 | €70,746 | €10,000 | €10,000 | = |
| Cash at bank and in hand54/58 | €112,141 | €74,155 | €101,884 | €142,819 | €29,208 | ▼ 79.5% |
| Deferred charges and accrued income490/1 | €14,223 | €3,633 | €3,945 | €3,250 | €2,582 | ▼ 20.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €2.2m | €2.3m | €2.9m | €2.8m | ▼ 4.4% |
| Equity10/15 | €825,230 | €876,407 | €917,563 | €882,405 | €773,405 | ▼ 12.4% |
| Contributions10/11 | €440,583 | €440,583 | €440,583 | €440,583 | €440,583 | = |
| Capital10 | €440,583 | €440,583 | €440,583 | €440,583 | €440,583 | = |
| Issued capital100 | €460,583 | €460,583 | €460,583 | €460,583 | €460,583 | = |
| Uncalled capital101 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €19,709 | €22,268 | €22,268 | €22,268 | €22,268 | = |
| Non-distributable reserves130/1 | €19,709 | €22,268 | €22,268 | €22,268 | €22,268 | = |
| Legal reserve130 | €19,709 | €22,268 | €22,268 | €22,268 | €22,268 | = |
| Profit (loss) carried forward14 | €364,939 | €413,557 | €454,713 | €419,554 | €310,555 | ▼ 26.0% |
| Amounts payable17/49 | €1.0m | €1.3m | €1.4m | €2.0m | €2.0m | ▼ 0.9% |
| Amounts payable after more than one year17 | €592,339 | €900,897 | €832,342 | €1.4m | €1.3m | ▼ 8.6% |
| Financial debts170/4 | €592,339 | €900,897 | €832,342 | €1.4m | €1.3m | ▼ 8.6% |
| Amounts payable within one year42/48 | €417,037 | €438,241 | €565,941 | €646,622 | €746,800 | ▲ 15.5% |
| Current portion of amounts payable after more than one year42 | €59,836 | €85,709 | €70,031 | €78,177 | €105,644 | ▲ 35.1% |
| Trade debts44 | €11,417 | €21,703 | €90,491 | €6,826 | €20,828 | ▲ 205% |
| Suppliers440/4 | €11,417 | €21,703 | €90,491 | €6,826 | €20,828 | ▲ 205% |
| Taxes, remuneration and social security45 | €45,019 | €39,765 | €28,551 | €19,023 | - | - |
| Taxes450/3 | €39,403 | €39,765 | €21,631 | €19,023 | - | - |
| Remuneration and social security454/9 | €5,616 | - | €6,920 | - | - | - |
| Other amounts payable47/48 | €300,765 | €291,064 | €376,869 | €542,595 | €620,328 | ▲ 14.3% |
| Accrued charges and deferred income492/3 | - | - | - | €294 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €99,706 | €51,178 | €41,156 | -€35,159 | -€108,999 | ▼ 210% |
| + Depreciation and write-downs630 | €44,367 | €66,668 | €50,344 | €41,416 | €92,552 | ▲ 123% |
| Operating cash flow (approximation) | €144,072 | €117,846 | €91,499 | €6,258 | -€16,447 | ▼ 363% |
| Investment in fixed assets (approximation) | - | -€470,482 | -€90,900 | -€720,319 | -€66,620 | ▲ 90.8% |
| Change in cash | - | -€37,987 | €27,729 | €40,935 | -€113,611 | ▼ 378% |
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
19-03
State Gazette act
Resignations: Michael STORME (manager) and Annemiek VRANKEN (manager)Appointments: Michael STORME (non-statutory director) and Annemiek VRANKEN (non-statutory director) · Statutes amendment · Capital13 facts ▸
- General meeting, 12 maart 2026
- Statutes amendment
- Statutes amendment
- Capital
- Reserve release, Statutory unavailable equity account and unpaid capital account abolished/made available
- Name change, ELBARO
- Registered-office move, 9820 Merelbeke-Melle (Melsen), Gaversesteenweg 857
- Director resignation, Michael STORME (manager)
- Director resignation, Annemiek VRANKEN (manager)
- Director appointment, Michael STORME (non-statutory director)
- Director appointment, Annemiek VRANKEN (non-statutory director)
- Power of attorney, bestuurders
- +1 further facts in this act
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Directors · office · real estate
Not every act has been read: a resignation may be missing here
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44041A0768/00X003 | Flanders | 588 m² | 1 · 298 m² | - |
Linked by address, not proof of ownership
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Annemiek VRANKEN |
|
| Michael Storme |
|
Articles of association
Full purpose
A/ Zowel in het binnen- als in het buitenland, onder welke vorm en op welke wijze ook, en dit zowel voor eigen rekening als voor rekening van derden: 1) Het oprichten, overnemen en uitbaten van apotheken, aankoop en verkoop, in- en uitvoer, fabricatie in 't groot en in 't klein van scheikundige, farmaceutische en parafarmaceutische artikelen; 2) De handel in kruiden, drogisterij-, parfumerie-, schoonheids-, toilet-, verband-, dieet-, laboratorium-, optische en onderhoudsartikelen en aanverwante producten of diensten; 3) Het ondernemen van industriële en klinische ontledingen; 4) Iedere handelsbedrijvigheid welke met de gezondheidszorg verband houdt, in de ruimste zin genomen; 5) Het waarnemen van bestuursmandaten, begeleiding, management en consultancy in de geneesmiddelen- en apotheeksector. Deze opsomming is niet beperkend. B/ Voor eigen rekening: 1) Het aanleggen, het oordeelkundig uitbouwen en beheren van een onroerend vermogen... 2) Het aanleggen, het oordeelkundig uitbouwen en beheren van een roerend patrimonium...
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
63%
According to the 2025 annual accounts of ELBARO 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
1 connected companyThe connected companies are in the list below.
Similar companies · same sector, comparable size
Identification & contact
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.