ESTETRA

Active

Private limited companyfounded 2009active for 17 yearsRue Saint-Georges 5, 4000 Liège, BelgiumKBO/BCE: BE 0818.257.356

Summary

The computed 12-month bankruptcy probability of ESTETRA is 1.6% (moderate). The 2025 annual accounts show negative equity (-€2.0m) and a net result of -€18.1m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 13% of 239 sector peers (NACE 72, financial year 2025). The company has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals.

Risk analysisFollow Report Compare

ESTETRAActiveChecked score 54/100

Risk analysis Report Compare

Activity

Other research and development on natural sciences

NACE 72109

3rd fastest staff growth in Liège, Professional and technical services sector1 site

Size

€45.8moperating revenue 2025

Staff: 40.3 FTE
Equity: -€2.0m
Loss: -€18.1m

Financial health

54 Fair Checked score 2025

Bankruptcy probabilitywithin 12 months: 1.6%

Structure

Parent: Mithra Pharmaceuticals · 100%
Board: 6 members

Graham Keith DixonDaily manager

Auditor: FORVIS MAZARS REVISEURS D'ENTREPRISES SRL2025 accounts 37 days early14 of 47 deeds summarised

Why 54raises riskCapped at 59: negative equityLoss of €18.1m, the second in a row (financial year 2025)Negative equity -€2.0mFounded in 2009lowers riskSize: turnover €21.0m, 40.3 FTE, total assets €66.6mShow the evidence

Checked score

Score 2025

54 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially better than 27% of its sector peers (NACE 72, small)

Negative equity caps the score at 59. Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 22+22

equity -3.1% of total assets

Liquidity 19+7

short-term debt 95.3% · cash 15.3%

Profitability 21+21

return on assets -27.2%

Bankruptcy probability, 12 months

1.6% Moderate

0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (165 companies, NACE 72, small)

Last 24 months 11-2024: 2.3% 12-2024: 2.7%▲ +0.4 percentage points vs 11-2024 01-2025: 0.7%▼ -2.0 percentage points vs 12-2024 02-2025: 0.7%● unchanged vs 01-2025 03-2025: 0.7%● unchanged vs 02-2025 04-2025: 0.6%▼ -0.1 percentage points vs 03-2025 05-2025: 0.6%● unchanged vs 04-2025lowest value 06-2025: 0.7%▲ +0.1 percentage points vs 05-2025 07-2025: 0.7%● unchanged vs 06-2025 08-2025: 1.0%▲ +0.3 percentage points vs 07-2025 09-2025: 1.2%▲ +0.2 percentage points vs 08-2025 10-2025: 1.6%▲ +0.4 percentage points vs 09-2025 11-2025: 1.7%▲ +0.1 percentage points vs 10-2025 12-2025: 2.0%▲ +0.3 percentage points vs 11-2025 01-2026: 3.3%▲ +1.3 percentage points vs 12-2025 02-2026: 3.3%● unchanged vs 01-2026highest value 03-2026: 3.2%▼ -0.1 percentage points vs 02-2026 04-2026: 3.2%● unchanged vs 03-2026 05-2026: 3.1%▼ -0.1 percentage points vs 04-2026 06-2026: 3.1%● unchanged vs 05-2026 07-2026: 1.6%▼ -1.5 percentage points vs 06-2026 08-2026: 1.6%● unchanged vs 07-2026 09-2026: 1.6%● unchanged vs 08-2026 10-2026: 1.6%● unchanged vs 09-2026

No credit on open account

Liquidity insufficient (current ratio 0.64, compared with 0.55 in 2024, below 1; short-term debt: 95.3% and cash: 15.3% of total assets), and equity is negative.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 72, small): better than 11% on solvency, 12% on liquidity, 37% on profitability and 48% on growth.

The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.

lowers riskraises riskneutral

Loss of €18.1m, the second in a row (financial year 2025)

NBB · annual accounts

Negative equity -€2.0m

NBB · annual accounts

Size: turnover €21.0m, 40.3 FTE, total assets €66.6m

Companies of this size fail less often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Founded in 2009

Companies of this age fail more often than older ones; how much that weighs depends on the rest of its profile.

KBO

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€2.0m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-06-2026, 37 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

37 days early

2024

139 days late

2023

142 days late

2022

20 days early

2021

4 days early

2020

5 days early

2019

18 days 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 28 days after the deadline; the sector median (NACE 72) for financial year 2024 is 13 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 July (4 of the last 5 filed years within 143 days of that day).

Companies Code · seven months

Where today falls in the filing period

29-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

29-09-2026 Resignation: Gábor Szcs (director)Appointments: Imre Bencze, András Trompler…
24-06-2026 Annual accounts filedfinancial year 2025 · full…
02-01-2026 MiscellaneousAuditor report · Capital contribution…

Key points

Risk: Negative equityfinancial year 2025: debts exceed assets -€2.0m View
Risk: 7 loss-making years in a rowloss financial year 2025 -€18.1m View
Caution: Among the weakest 5% on net resultsector median €3,198 · 237 companies -€18.1m View
Positive: Equity rose in 2025from -€23.5m to -€2.0m ▲ 91.3% View
Board changedlatest change 27-08-2026 · 6 in office 3 joined · 1 left View
Controlled by Mithra Pharmaceuticals 100% View

By topic

Financials

Financial year: 2025
Turnover: €21.0m
Loss: -€18.1m
Solvency: -3.1%

Turnover▼ 33.2%

Net result

20182025

Go to Financials

Board & ownership

Board: 6 members
Parent: Mithra Pharmaceuticals · 100%
Auditor: FORVIS MAZARS REVISEURS D'ENTREPRISES…

Dr. István GreinerDirector
Péter TurekDirector
Graham Keith DixonDaily manager
Gábor SzücsDirector
András TromplerDirector

and 1 other director

Go to Board & ownership

Network & group

Connected companies: 4

Go to Network & group

Timeline

Events: 32
Since: 2011
Next accounts: by 31-07-2027

17-12-2025Annual accounts filed
16-09-2025Appointment: Gábor Szücs (director)
03-06-2025Resignation: István Hamecz (director)

Go to Timeline

Company details

Sites: 1

Legal form: Private limited company
Activity: Other research and development on natural sciencesNACE 72109
Founded: 03-09-2009
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 2

See the provisions in the deeds

Go to Articles of association

Key facts about ESTETRA

What is the company number of ESTETRA?: 0818.257.356. In Belgium the VAT number is the company number with BE in front: BE 0818.257.356.
Where is ESTETRA based?: The registered office is at Rue Saint-Georges 5, 4000 Liège.Company details
What does ESTETRA do?: According to the KBO register, the main activity is other research and development on natural sciences (NACE 72109).
What is the legal form of ESTETRA?: Private limited company (BV).
When was ESTETRA founded?: On 03-09-2009.
Is ESTETRA still active?: Yes, ESTETRA is an active enterprise in the KBO register.
How many employees does ESTETRA have?: On average 40.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of ESTETRA?: €21.0m in financial year 2025, according to the filed annual accounts.
Is ESTETRA profitable?: In financial year 2025, ESTETRA made a loss of €18.1m.
Where can I find the annual accounts of ESTETRA?: ESTETRA filed 16 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of ESTETRA due?: By 31-07-2027, for financial year 2026.Timeline