ESTETRA

Active

Private limited companyfounded 200917 yrs activeRue Saint-Georges 5, 4000 Liège, BelgiumKBO/BCE: BE 0818.257.356

ESTETRA has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-23.53M) and a net result of €-76.32M. The figures fluctuate too strongly year-on-year for a reliable trend projection. The computed 12-month bankruptcy probability is 0.6% (low).

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Checked score

Score 2024

0 / 100

Critical▼ -49 vs 2023

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability33▼-5

Solvency35▼-18

Growth31▼-18

Stability100

Bankruptcy probability, 12 months

0.6% Low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity short (current ratio 0.55 against 0.87 in 2023), and equity is negative.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

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

−lowers risk+raises risk○neutral

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 2024

Solvency, return and age of the figures

Solvency

-30.6%

Return on assets

-99.4%

Age of the figures

20 mo

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 72

Relative position

BE, all sectors

reference

Sector 72

lower

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Filed more than 90 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 17-12-2025, 139 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

139 d late

2023

142 d late

2022

20 d early

2021

4 d early

2020

5 d early

2019

18 d early

← before the deadline after the 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

Financials · fiscal year 2024, unclassified schema

Turnover

€31.47M▼ 52.9%

2023 · €66.88M

2018: €33.99M 2019: €42.65M 2020: €9.12M 2021: €58.83M 2022: €16.37M 2023: €66.88M

2018 → 2024

EBIT margin

-193.6%▼ 210.5pp

2023 · 16.9%

2018: 52.3% 2019: -9.7% 2020: -581.1% 2021: -60.7% 2022: -265.3% 2023: 16.9%

2018 → 2024

Net result

€-76.32M▼ 4,502%

2023 · €-1.66M

2018: €18.39M 2019: €-5.01M 2020: €-51.90M 2021: €-35.69M 2022: €-76.36M 2023: €-1.66M

2018 → 2024

Working capital

€-43.41M▼ 536%

2023 · €-6.82M

2018: €32.44M 2019: €-7.22M 2020: €-62.97M 2021: €-120.75M 2022: €-27.03M 2023: €-6.82M

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Turnover€9.12M-€58.83M▲ 545%€16.37M▼ 72.2%€66.88M▲ 308%€31.47M▼ 52.9%

Equity€-6.04M-€-42.00M▼ 595%€31.25M€29.20M▼ 6.6%€-23.53M

Operating result€-53.00M-€-35.72M▲ 32.6%€-43.44M▼ 21.6%€11.30M€-60.93M

Net result€-51.90M-€-35.69M▲ 31.2%€-76.36M▼ 114%€-1.66M▲ 97.8%€-76.32M▼ 4,502%

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2024: a loss of €60.93M after €11.30M in 2023, the lowest year so far.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €76.78M

29.6%

70.4%

Fixed assets €22.74M▼ 36.9%

Current assets €54.04M▲ 18.1%

Key figures and ratios

2024 value · change against 2023

EBITDA

€-27.30M▼

2023 · €41.92M

Cash flow

€-42.70M▼

2023 · €28.96M

Solvency

-30.6%▼

2023 · 35.7%

Current ratio

0.55▼

2023 · 0.87

Quick ratio

0.48▲

2023 · 0.48

Debt / equity

-4.26▼

2023 · 1.80

ROE

324.4%▲

2023 · -5.7%

ROA

-99.4%▼

2023 · -2.0%

Interest coverage

-10.30▼

2023 · 19.54

Debt

€100.31M▲

2023 · €52.59M

Debt ≤ 1 year

€97.45M▲

2023 · €52.59M

Debt > 1 year

€951k

Income taxes

€-1.27M▲

2023 · €-1.41M

Staff costs

€6.64M▲

2023 · €4.13M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€81.79M€76.78M▼

Fixed assets21/28€36.02M€22.74M▼

Intangible fixed assets21€22.70M€22.24M▼

Tangible fixed assets22/27€470k€447k▼

Plant, machinery and equipment23€470k€424k▼

Assets under construction and advance payments27-€23k

Financial fixed assets28€12.85M€56k▼

Affiliated companies280/1€0-

Participating interests280€0-

Other financial fixed assets284/8€12.85M€56k▼

Shares284€12.85M€0▼

Amounts receivable and cash guarantees285/8€201€56k▲

Current assets29/58€45.77M€54.04M▲

Amounts receivable after more than one year29€6.96M€6.76M▼

Trade receivables290€215k€115k▼

Other amounts receivable291€6.74M€6.64M▼

Stocks and contracts in progress3€20.69M€6.85M▼

Stocks30/36€20.69M€6.85M▼

Raw materials and consumables30/31€20.07M€6.01M▼

Work in progress32€611k€844k▲

Amounts receivable within one year40/41€9.96M€33.05M▲

Trade receivables40€9.00M€19.11M▲

Other amounts receivable41€969k€13.94M▲

Cash at bank and in hand54/58€3.13M€7.29M▲

Deferred charges and accrued income490/1€5.04M€90k▼

Equity and liabilities

Total equity and liabilities10/49€81.79M€76.78M▼

Equity10/15€29.20M€-23.53M▼

Contributions10/11€23.02M€47.01M▲

Reserves13€1.05M€1.05M=

Non-distributable reserves130/1€1.05M€1.05M=

Reserves not available under the articles1311€1.05M€1.05M=

Profit (loss) carried forward14€-1.66M€-77.98M▼

Investment grants15€6.79M€6.40M▼

Amounts payable17/49€52.59M€100.31M▲

Amounts payable after more than one year17-€951k

Other amounts payable178/9-€951k

Amounts payable within one year42/48€52.59M€97.45M▲

Current portion of amounts payable after more than one year42-€765k

Financial debts43€14.25M€0▼

Credit institutions430/8€14.25M€0▼

Trade debts44€27.42M€8.35M▼

Suppliers440/4€27.42M€8.35M▼

Taxes, remuneration and social security45€938k€1.40M▲

Taxes450/3€62k€38k▼

Remuneration and social security454/9€876k€1.37M▲

Other amounts payable47/48€9.99M€86.93M▲

Accrued charges and deferred income492/3-€1.91M

Income statement Code20232024

Operating income70/76A€98.32M€76.11M▼

Turnover70€66.88M€31.47M▼

Change in stocks of work in progress, finished goods and contracts in progress71€-84k€484k▲

Own construction capitalised72€29.83M€32.83M▲

Other operating income74€1.70M€11.33M▲

Operating charges60/66A€87.02M€137.04M▲

Goods for resale, raw materials and consumables60€8.75M€24.05M▲

Purchases600/8€4.83M€11.77M▲

Change in stocks: decrease (increase)609€3.92M€12.28M▲

Services and other goods61€41.72M€42.84M▲

Remuneration, social security and pensions62€4.13M€6.64M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30.62M€33.62M▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€1.15M€2.04M▲

Other operating charges640/8€654k€2.29M▲

Non-recurring operating charges66A-€25.56M

Operating profit (loss)9901€11.30M€-60.93M▼

Financial income75/76B€15.04M€20.54M▲

Recurring financial income75€1.15M€867k▼

Income from current assets751-€133k

Other financial income752/9€1.15M€733k▼

Non-recurring financial income76B€13.89M€19.67M▲

Financial charges65/66B€29.41M€37.21M▲

Recurring financial charges65€4.19M€17.40M▲

Debt charges650€2.14M€2.65M▲

Other financial charges652/9€2.05M€14.75M▲

Non-recurring financial charges66B€25.21M€19.80M▼

Profit (loss) for the period before taxes9903€-3.07M€-77.60M▼

Income taxes67/77€-1.41M€-1.27M▲

Taxes670/3€9k€0▼

Tax adjustments and reversals of tax provisions77€1.42M€1.27M▼

Profit (loss) for the period9904€-1.66M€-76.32M▼

Profit (loss) for the period to be appropriated9905€-1.66M€-76.32M▼

Appropriation of the result

Profit (loss) to be appropriated9906€-1.66M€-77.98M▼

Profit (loss) brought forward from the previous period14P-€-1.66M

Social balance

Average headcount (FTE)908734.543.6▲

The notes to these accounts (80 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

2025

17-12

NBB filing Annual accounts filed

fiscal year 2024 · unclassified schema · 139 days late

2024

20-12

NBB filing Annual accounts filed

fiscal year 2023 · unclassified schema · 142 days late

2023

11-07

NBB filing Annual accounts filed

fiscal year 2022 · unclassified schema

2022

31-12

Financial Weakest financial yearnet €-76.36M

Net result drops to €-76.36M, the lowest in the series; recovery starts the following year.

31-12

Financial Equity above €25MEq €31.25M

Equity rises from €-42.00M to €31.25M.

27-07

NBB filing Annual accounts filed

fiscal year 2021 · unclassified schema

2021

26-07

NBB filing Annual accounts filed

fiscal year 2020 · unclassified schema

2020

13-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

28-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

04-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

22-06

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

31-08

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 31 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

21 directors, no change since 2025

Gábor Szűcs

Director · since 16-09-2025

Current

Florent Desmet

Auditor representative · since 24-04-2025

Current

Forvis Mazars Réviseurs d'entreprises SRL

Auditor · since 24-04-2025 · Legal entity

Current

Dr. István Greiner

Director · since 05-07-2024

Current

Graham Keith Dixon

Director · since 05-07-2024

Current

Péter Turek

Director · since 05-07-2024

Current

+ 7 not shown in this overview

16-09-2025 Gábor Szűcs: Appointed as Director

03-06-2025 Graham Keith Dixon: Appointed as Director

03-06-2025 István Hamecz: Resigned as Director

24-04-2025 Florent Desmet: Appointed as Auditor representative

24-04-2025 Forvis Mazars Réviseurs d'entreprises SRL: Appointed as Auditor

05-07-2024 Dr. István Greiner: Appointed as Director

05-07-2024 Graham Keith Dixon: Appointed as Daily management delegate

05-07-2024 Péter Turek: Appointed as Director

05-07-2024 István Hamecz: Appointed as Director

05-07-2024 Alexarıdre Zyngier: Resigned as Director

05-07-2024 Christophe Maréchal: Resigned as Director

05-07-2024 Christophe Maréchal: Resigned as Managing director

05-07-2024 Jacques Platieau: Resigned as Director

05-07-2024 Xavier Paoli: Resigned as Daily management delegate

15-04-2024 Xavier Paoli: Appointed as Co délégué à la gestion journalière

25-03-2024 Alexandre Zyngier: Appointed as Director

25-03-2024 C2M4E SRL: Appointed as Director

25-03-2024 CMM&C SRL: Appointed as Director

25-03-2024 CMM&C SRL: Appointed as Managing director

25-03-2024 Bronzet Management Srl: Resigned as Director

07-12-2023 David Horn Solomon: Resigned as Director

07-12-2023 David Horn Solomon: Appointed as Director

01-08-2023 David Horn Solomon: Appointed as Director

01-08-2023 Leon Van Rompay: Resigned as Director

+ 6 not shown in this overview

Location & real-estate footprint

Registered office, Liège · 1 establishment unit since 2012

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Rue Saint-Georges 54000 Liège

Ground area

126 m²

Building footprint

43 m²

Volume, LiDAR

649 m³

Parcel 62810C0909/00G000, Wallonia · tallest building 16.9 m, ±5 floors. Linked by address, not a title deed.

1 establishment unit

ESTETRA

Rue Saint-Georges 5-7, 4000 LiègeManufacture of basic pharmaceutical products and pharmaceutical preparations

since 20122.209.143.524

1 parcel

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62810C0909/00G000	Wallonia	126 m²	1 · 43 m²	16.9 m · 5 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Statutory auditor

4 auditors

Christophe PelzerCurrent

Commissaire

06-01-2023 → present

Show 3 earlier auditors

BDO Réviseurs d'Entreprises SCRL Commissaire succeeded by Christophe Pelzer in 2023	03-09-2015 → 06-01-2023
Cédric ANTONELLI Commissaire	29-08-2018 → 06-01-2023
PwC Réviseurs d'Entreprises SCCRL Commissaire	- → 03-09-2015