Summary
ExpansionPharma is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €6.6m and a net result of €500,241. Equity is growing by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 64% of 5565 sector peers (fiscal year 2025). The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
20 d late
2024
72 d early
2023
19 d late
2022
6 d early
2021
18 d late
2020
29 d early
2019
28 d late
← 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 3 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#3 company by equity in Arlon, Finance and insurance sector#4 company by total assets in Arlon, Finance and insurance sector
Equity
€6.6m▲ 8.2%
2024 · €6.1m
Net result
€500,241▲ 52.2%
2024 · €328,759
Total assets
€9.9m▲ 3.8%
2024 · €9.6m
Solvency
66.3%▲ 2.7pp
2024 · 63.6%
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
Line20212022202320242025
Turnover
Operating result-€30,753▼ 51.1%-€37,357▼ 21.5%€99,146€436,574▲ 340%€737,357▲ 68.9%
Net result-€48,927▼ 316%€72,050€390,728▲ 442%€328,759▼ 15.9%€500,241▲ 52.2%
Equity€5.3m▼ 0.9%€5.4m▲ 1.4%€5.7m▲ 7.3%€6.1m▲ 5.7%€6.6m▲ 8.2%
Total assets€7.2m▲ 2.2%€7.7m▲ 7.1%€9.4m▲ 22.3%€9.6m▲ 1.4%€9.9m▲ 3.8%
Debt€1.9m▲ 11.9%€2.4m▲ 23.1%€3.7m▲ 56.3%€3.5m▼ 5.4%€3.3m▼ 3.9%
Working capital-€530,949▼ 24.5%-€674,549▼ 27.0%-€434,295▲ 35.6%-€309,199▲ 28.8%-€219,339▲ 29.1%
Solvency73.4%▼ 2.3pp69.5%▼ 4.0pp61.0%▼ 8.5pp63.6%▲ 2.6pp66.3%▲ 2.7pp
Staff (FTE)00.52.1▲ 320%3▲ 42.9%4.8▲ 60.0%
Why a figure moved sharply
- 2025 Net result +52% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 69% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.9m
Fixed assets
€7.6m ▲ 1.8%
Current assets
€2.3m ▲ 11.1%
Equity and liabilities €9.9m
Equity
€6.6m ▲ 8.2%
Debt
€3.3m ▼ 3.9%
Debt's share of the balance-sheet total falls from 36.4% to 33.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
7.6%▲
2024 · 5.4%
ROA
5.0%▲
2024 · 3.4%
Debt ≤ 1 year
€2.5m▲
2024 · €2.4m
Debt > 1 year
€809,725▼
2024 · €1.1m
Income taxes
€182,176▲
2024 · €48,413
Staff costs
€167,908▲
2024 · €151,936
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,513 | €58,506 | €130,486 | €151,936 | €167,908 | ▲ 10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,363 | €11,625 | €32,922 | €43,779 | €58,175 | ▲ 32.9% |
| Other operating charges640/8 | €2,373 | €1,171 | €2,798 | €3,666 | €9,726 | ▲ 165% |
| Gross operating margin9900 | -€23,504 | €33,945 | €265,352 | €635,953 | €973,166 | ▲ 53.0% |
| Operating profit (loss)9901 | -€30,753 | -€37,357 | €99,146 | €436,574 | €737,357 | ▲ 68.9% |
| Financial income75/76B | €0 | €122,750 | €347,920 | €136 | €0 | ▼ 99.9% |
| Recurring financial income75 | €0 | €122,750 | €347,920 | €136 | €0 | ▼ 99.9% |
| Financial charges65/66B | €18,174 | €13,343 | €56,058 | €59,537 | €54,940 | ▼ 7.7% |
| Recurring financial charges65 | €18,174 | €13,343 | €56,058 | €59,537 | €54,940 | ▼ 7.7% |
| Profit (loss) for the period before taxes9903 | -€48,927 | €72,050 | €391,008 | €377,173 | €682,417 | ▲ 80.9% |
| Income taxes67/77 | - | - | €280 | €48,413 | €182,176 | ▲ 276% |
| Profit (loss) for the period9904 | -€48,927 | €72,050 | €390,728 | €328,759 | €500,241 | ▲ 52.2% |
| Profit (loss) for the period to be appropriated9905 | -€48,927 | €72,050 | €390,728 | €328,759 | €500,241 | ▲ 52.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.2m | €7.7m | €9.4m | €9.6m | €9.9m | ▲ 3.8% |
| Fixed assets21/28 | €6.4m | €6.5m | €7.5m | €7.5m | €7.6m | ▲ 1.8% |
| Intangible fixed assets21 | €8,634 | €17,988 | €41,522 | €23,091 | €125,783 | ▲ 445% |
| Tangible fixed assets22/27 | €16,885 | €89,555 | €133,472 | €122,956 | €155,307 | ▲ 26.3% |
| Land and buildings22 | €11,503 | €72,162 | €92,879 | €95,280 | €130,101 | ▲ 36.5% |
| Plant, machinery and equipment23 | - | €6,739 | €24,070 | €18,668 | €19,389 | ▲ 3.9% |
| Furniture and vehicles24 | €5,382 | €10,654 | €16,523 | €9,008 | €5,817 | ▼ 35.4% |
| Financial fixed assets28 | €6.4m | €6.4m | €7.4m | €7.4m | €7.4m | = |
| Current assets29/58 | €820,689 | €1.3m | €1.9m | €2.1m | €2.3m | ▲ 11.1% |
| Stocks and contracts in progress3 | - | - | €349,782 | €357,256 | €399,987 | ▲ 12.0% |
| Stocks30/36 | - | - | €349,782 | €357,256 | €399,987 | ▲ 12.0% |
| Amounts receivable within one year40/41 | €769,595 | €1.1m | €1.4m | €1.6m | €1.7m | ▲ 6.5% |
| Trade receivables40 | €2,559 | €6,443 | €39,329 | €31,329 | €23,119 | ▼ 26.2% |
| Other amounts receivable41 | €767,037 | €1.1m | €1.3m | €1.6m | €1.7m | ▲ 7.2% |
| Cash at bank and in hand54/58 | €2,336 | €1,009 | €35,474 | €36,018 | €57,257 | ▲ 59.0% |
| Deferred charges and accrued income490/1 | €48,758 | €123,613 | €141,182 | €78,340 | €138,482 | ▲ 76.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.2m | €7.7m | €9.4m | €9.6m | €9.9m | ▲ 3.8% |
| Equity10/15 | €5.3m | €5.4m | €5.7m | €6.1m | €6.6m | ▲ 8.2% |
| Contributions10/11 | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Reserves13 | €14,182 | €14,182 | €14,182 | €14,182 | €14,182 | = |
| Non-distributable reserves130/1 | €14,182 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €14,182 | €0 | - | - | - | - |
| Distributable reserves133 | - | €14,182 | €14,182 | €14,182 | €14,182 | = |
| Profit (loss) carried forward14 | €415,800 | €487,851 | €878,579 | €1.2m | €1.7m | ▲ 41.4% |
| Amounts payable17/49 | €1.9m | €2.4m | €3.7m | €3.5m | €3.3m | ▼ 3.9% |
| Amounts payable after more than one year17 | €557,342 | €419,930 | €1.3m | €1.1m | €809,725 | ▼ 23.1% |
| Financial debts170/4 | €319,342 | €193,930 | €1.1m | €904,353 | €700,725 | ▼ 22.5% |
| Other amounts payable178/9 | €238,000 | €226,000 | €187,000 | €148,000 | €109,000 | ▼ 26.4% |
| Amounts payable within one year42/48 | €1.4m | €1.9m | €2.3m | €2.4m | €2.5m | ▲ 5.8% |
| Current portion of amounts payable after more than one year42 | €219,039 | €137,412 | €228,623 | €241,025 | €249,128 | ▲ 3.4% |
| Financial debts43 | - | - | - | €503 | €22,032 | ▲ 4,282% |
| Credit institutions430/8 | - | - | - | €503 | €22,032 | ▲ 4,282% |
| Trade debts44 | €24,602 | €18,211 | €345,874 | €638,835 | €627,841 | ▼ 1.7% |
| Suppliers440/4 | €24,602 | €18,211 | €345,874 | €638,835 | €627,841 | ▼ 1.7% |
| Advances received on contracts in progress46 | - | - | €3,575 | €0 | - | - |
| Taxes, remuneration and social security45 | €0 | €318 | €8,159 | €61,662 | €143,710 | ▲ 133% |
| Taxes450/3 | €0 | - | €1,784 | €48,693 | €129,509 | ▲ 166% |
| Remuneration and social security454/9 | - | €318 | €6,374 | €12,970 | €14,201 | ▲ 9.5% |
| Other amounts payable47/48 | €1.1m | €1.8m | €1.8m | €1.4m | €1.5m | ▲ 2.6% |
| Accrued charges and deferred income492/3 | €3,600 | €7,385 | €57,414 | €59,330 | €26,619 | ▼ 55.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€48,927 | €72,050 | €390,728 | €328,759 | €500,241 | ▲ 52.2% |
| + Depreciation and write-downs630 | €3,363 | €11,625 | €32,922 | €43,779 | €58,175 | ▲ 32.9% |
| Operating cash flow (approximation) | -€45,564 | €83,675 | €423,650 | €372,538 | €558,417 | ▲ 49.9% |
| Investment in fixed assets (approximation) | - | -€93,649 | -€1.1m | -€14,832 | -€193,219 | ▼ 1,203% |
| Change in cash | - | -€1,327 | €34,464 | €544 | €21,239 | ▲ 3,802% |
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 2026, expected by
2026
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 20 days late
2025
31-12
Financial
Highest result since 2018net €500,241 ▲52.2%
Operating result €737,357, net result €500,241, both a record.
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
19-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 19 days late
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €72,050
Net result €72,050 after 2 loss-making years.
18-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 18 days late
2021
31-12
Financial
Weakest financial yearnet -€48,927
Net result drops to -€48,927, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 28 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 59 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Arlon · 1 establishment unit since 2013
Ground area
1,944 m²
Building footprint
449 m²
Parcel 81001A1339/00Y000, Wallonia. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Rue de l'Abattoir 1, 6700 Arlon
since 20132.224.270.079
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81001A1339/00Y000 | Wallonia | 1,944 m² | 1 · 449 m² | - |
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.
Structure & network
Owners and holdings
7 holdings · 8 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 7
-
100%
-
100%
-
100%
-
100%
-
99.92%
-
99%
-
98%
All subsidiaries, including indirect ones 8
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- PHARMACIE BASTOGNE 100%
- Pharmacie BODARD 100%
- Pharmacie Forthomme 100%
- PHARMACIE HITTELET 100%
- PHARMADEFI 99.92%
- DYNAMIC PHARMA 99%
PHARMALORRAINE 98%1 subsidiary
- delta SUD PHARMA 99.9%
According to the 2025 annual accounts of ExpansionPharma 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
No current directors or connected companies found in the register.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 7,296 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
Founded10-07-2013
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536620925
Also
9925:BE0536620925
Registered
26-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.