ETIS PHARMA
ActiveSummary
ETIS PHARMA has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €18,611 and a net result of €21,250. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 14% of 164 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2026
Axes · tick = 2025
Profitability73▲+4
Solvency28=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.88 against 0.87 in 2025; short-term debt: 61.6% and cash: 22.7% of total assets), and 96.9% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
3.1%
Return on assets
3.5%
Age of the figures
8 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 164 sector peers (2026).
NBB · sector comparisonPosition among 164 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-01-2026 was due by 31-08-2026 and was filed on 07-05-2026, 116 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2026
116 d early
2025
44 d early
2024
38 d early
2023
38 d early
2022
49 d late
2021
7 d early
2020
28 d 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 32 days before 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)
neutral · The next deadline is still running
The next financial year closes on 31-01-2027 and is due by 31-08-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-01-2027 close31-08-2027 deadline
History
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Financials · fiscal year 2026, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€21,250▲ 904%
2025 · €2,116
Working capital
-€45,602▲ 2.4%
2025 · -€46,728
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Operating result€149,878▲ 249%€73,112▼ 51.2%€60,137▼ 17.7%€12,868▼ 78.6%€36,241▲ 182%
Net result€114,729▲ 324%€47,046▼ 59.0%€38,733▼ 17.7%€2,116▼ 94.5%€21,250▲ 904%
Equity€132,633▲ 641%€191,879▲ 44.7%€143,946▼ 25.0%€20,761▼ 85.6%€18,611▼ 10.4%
Total assets€685,566▲ 34.4%€759,600▲ 10.8%€671,229▼ 11.6%€617,647▼ 8.0%€599,365▼ 3.0%
Debt€552,933▲ 12.3%€567,721▲ 2.7%€527,283▼ 7.1%€596,886▲ 13.2%€580,755▼ 2.7%
Working capital€71,828€118,809▲ 65.4%€76,226▼ 35.8%-€46,728-€45,602▲ 2.4%
Staff (FTE)2.6▲ 62.5%2.3▼ 11.5%2.6▲ 13.0%3.1▲ 19.2%3.5▲ 12.9%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2026; 2026 is 182% above 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €599,365
Fixed assets
€275,907 ▼ 13.2%
Current assets
€323,458 ▲ 7.9%
Equity and liabilities €599,365
Equity
€18,611 ▼ 10.4%
Debt
€580,755 ▼ 2.7%
Debt's share of the balance-sheet total rises from 96.6% to 96.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€82,327▲
2025 · €59,567
Cash flow
€67,336▲
2025 · €48,815
Current ratio
0.88▲
2025 · 0.87
Quick ratio
0.58▲
2025 · 0.54
Debt to equity
31.21▲
2025 · 28.75
ROE
114.2%▲
2025 · 10.2%
ROA
3.5%▲
2025 · 0.3%
Interest coverage
9.37▲
2025 · 6.02
Debt ≤ 1 year
€369,060▲
2025 · €346,617
Debt > 1 year
€211,695▼
2025 · €250,268
Income taxes
€6,207▲
2025 · €867
Staff costs
€175,864▲
2025 · €156,892
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,248 companies that looked in July 2024 the way this one looks now, 2.4% went bankrupt within 24 months and 94% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.4%
went bankrupt
2.6%
stopped otherwise
94%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 1,248 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.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €64,326 | €121,563 | €130,477 | €156,892 | €175,864 | ▲ 12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,347 | €41,234 | €48,418 | €46,700 | €46,086 | ▼ 1.3% |
| Other operating charges640/8 | €496 | €961 | €2,069 | €1,488 | €1,258 | ▼ 15.5% |
| Gross operating margin9900 | €255,048 | €236,870 | €241,102 | €217,947 | €259,449 | ▲ 19.0% |
| Operating profit (loss)9901 | €149,878 | €73,112 | €60,137 | €12,868 | €36,241 | ▲ 182% |
| Financial income75/76B | €45 | - | €301 | €11 | €0 | ▼ 99.8% |
| Recurring financial income75 | €45 | - | €301 | €11 | €0 | ▼ 99.8% |
| Financial charges65/66B | €14,117 | €14,403 | €11,372 | €9,896 | €8,784 | ▼ 11.2% |
| Recurring financial charges65 | €14,117 | €14,403 | €11,372 | €9,896 | €8,784 | ▼ 11.2% |
| Profit (loss) for the period before taxes9903 | €135,807 | €58,709 | €49,067 | €2,982 | €27,457 | ▲ 821% |
| Income taxes67/77 | €21,078 | €11,663 | €10,333 | €867 | €6,207 | ▲ 616% |
| Profit (loss) for the period9904 | €114,729 | €47,046 | €38,733 | €2,116 | €21,250 | ▲ 904% |
| Profit (loss) for the period to be appropriated9905 | €114,729 | €47,046 | €38,733 | €2,116 | €21,250 | ▲ 904% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €685,566 | €759,600 | €671,229 | €617,647 | €599,365 | ▼ 3.0% |
| Fixed assets21/28 | €402,275 | €404,180 | €358,978 | €317,757 | €275,907 | ▼ 13.2% |
| Intangible fixed assets21 | €100,067 | €84,867 | €69,667 | €54,467 | €39,267 | ▼ 27.9% |
| Tangible fixed assets22/27 | €302,208 | €319,313 | €289,311 | €263,291 | €236,640 | ▼ 10.1% |
| Land and buildings22 | €283,137 | €265,513 | €250,626 | €237,684 | €219,944 | ▼ 7.5% |
| Plant, machinery and equipment23 | €5,698 | €9,332 | €4,531 | €1,728 | €2,428 | ▲ 40.5% |
| Furniture and vehicles24 | €441 | €34,587 | €27,324 | €20,101 | €13,541 | ▼ 32.6% |
| Leasing and similar rights25 | €12,932 | €9,881 | €6,830 | €3,778 | €727 | ▼ 80.8% |
| Current assets29/58 | €283,291 | €355,420 | €312,252 | €299,890 | €323,458 | ▲ 7.9% |
| Stocks and contracts in progress3 | €84,002 | €107,862 | €123,705 | €111,148 | €107,658 | ▼ 3.1% |
| Stocks30/36 | €84,002 | €107,862 | €123,705 | €111,148 | €107,658 | ▼ 3.1% |
| Amounts receivable within one year40/41 | €54,072 | €92,901 | €62,945 | €93,887 | €74,465 | ▼ 20.7% |
| Trade receivables40 | €54,072 | €71,973 | €62,945 | €87,384 | €70,172 | ▼ 19.7% |
| Other amounts receivable41 | - | €20,929 | - | €6,503 | €4,293 | ▼ 34.0% |
| Cash at bank and in hand54/58 | €141,076 | €147,056 | €120,342 | €89,440 | €135,878 | ▲ 51.9% |
| Deferred charges and accrued income490/1 | €4,141 | €7,600 | €5,261 | €5,415 | €5,458 | ▲ 0.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €685,566 | €759,600 | €671,229 | €617,647 | €599,365 | ▼ 3.0% |
| Equity10/15 | €132,633 | €191,879 | €143,946 | €20,761 | €18,611 | ▼ 10.4% |
| Contributions10/11 | €6,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €126,233 | €173,279 | €125,346 | €2,161 | €11 | ▼ 99.5% |
| Amounts payable17/49 | €552,933 | €567,721 | €527,283 | €596,886 | €580,755 | ▼ 2.7% |
| Amounts payable after more than one year17 | €341,469 | €331,110 | €291,257 | €250,268 | €211,695 | ▼ 15.4% |
| Financial debts170/4 | €341,469 | €331,110 | €291,257 | €250,268 | €211,695 | ▼ 15.4% |
| Amounts payable within one year42/48 | €211,464 | €236,611 | €236,026 | €346,617 | €369,060 | ▲ 6.5% |
| Current portion of amounts payable after more than one year42 | €30,862 | €38,795 | €44,252 | €40,989 | €38,574 | ▼ 5.9% |
| Trade debts44 | €152,358 | €165,622 | €164,016 | €202,372 | €210,903 | ▲ 4.2% |
| Suppliers440/4 | €152,358 | €165,622 | €164,016 | €202,372 | €210,903 | ▲ 4.2% |
| Taxes, remuneration and social security45 | €23,360 | €32,194 | €25,096 | €24,553 | €32,199 | ▲ 31.1% |
| Taxes450/3 | €13,824 | €14,786 | €5,157 | €4,115 | €6,373 | ▲ 54.9% |
| Remuneration and social security454/9 | €9,536 | €17,408 | €19,938 | €20,439 | €25,826 | ▲ 26.4% |
| Other amounts payable47/48 | €4,884 | - | €2,662 | €78,703 | €87,384 | ▲ 11.0% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €114,729 | €47,046 | €38,733 | €2,116 | €21,250 | ▲ 904% |
| + Depreciation and write-downs630 | €40,347 | €41,234 | €48,418 | €46,700 | €46,086 | ▼ 1.3% |
| Operating cash flow (approximation) | €155,077 | €88,280 | €87,152 | €48,815 | €67,336 | ▲ 37.9% |
| Investment in fixed assets (approximation) | - | -€43,139 | -€3,216 | -€5,479 | -€4,236 | ▲ 22.7% |
| Change in cash | - | €5,980 | -€26,715 | -€30,901 | €46,437 | ▲ 250% |
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 2027, expected by
2026
07-05
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
2025
18-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
31-01
Financial
Equity above €150,000Eq €191,879 ▲44.7%
3 profitable years in a row build equity to €191,879.
2022
19-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 49 days late
31-01
Financial
Highest result since 2020net €114,729 ▲324%
Operating result €149,878, net result €114,729, both a record.
31-01
Financial
Liquidity doublescurrent ratio 1.34
Current ratio from 0.66 to 1.34.
31-01
Financial
Equity above €100,000Eq €132,633 ▲641%
2 profitable years in a row build equity to €132,633.
2021
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-01
Financial
Back to profitnet €27,060
Net result €27,060 after one loss-making year.
2020
03-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Pont-à-Celles · 1 establishment unit since 2018
Ground area
396 m²
Building footprint
83 m²
Volume, LiDAR
707 m³
Parcel 52055D0457/00L000, Wallonia · tallest building 9.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
ETIS PHARMA
since 20182.279.651.339
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52055D0457/00L000 | Wallonia | 396 m² | 1 · 83 m² | 9.5 m · 3 fl. |
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.
Recognitions · licences · registrations
Food safety, FASFC
1 sitePont-à-Celles2.279.651.339
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,860. 1,386 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
Founded07-09-2018
Fiscal year end31-01
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0702914656
Also
9925:BE0702914656
Registered
06-08-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.