GRUNENTHAL
ActiveSummary
GRUNENTHAL has been active since 1966 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.1m and a net result of €2.2m. Equity remains stable across the filed fiscal years (±1.7% per year). Its solvency ranks better than 35% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▲+7
Solvency57▼-3
Growth66▼-6
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €330,000 at 30 days acceptable
Liquidity tight (current ratio 1.43 against 1.49 in 2024; short-term debt: 68.4% of total assets), and 68.4% 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
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
31.6%
Return on assets
13.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year €5.1m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
15 d early
2023
345 d late
2022
31 d early
2021
52 d early
2020
29 d early
2019
43 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 22 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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, full schema
Turnover
€39.3m▲ 2.0%
2024 · €38.5m
EBIT margin
7.2%▲ 2.3pp
2024 · 4.9%
Net result
€2.2m▲ 59.3%
2024 · €1.4m
Working capital
€4.7m▲ 5.1%
2024 · €4.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€22.3m-€22.7m▲ 1.7%€33.8m▲ 49.3%€38.5m▲ 13.8%€39.3m▲ 2.0%
Operating result€1.3m-€1.6m▲ 19.8%€1.6m▲ 2.9%€1.9m▲ 14.5%€2.8m▲ 51.1%
Net result€1.2mabove the sector's middle half-€1.1mabove the sector's middle half▼ 3.1%€1.1mabove the sector's middle half▼ 1.8%€1.4mabove the sector's middle half▲ 26.5%€2.2mabove the sector's middle half▲ 59.3%
EBIT margin6.0%-7.0%▲ 1.1pp4.8%▼ 2.2pp4.9%=7.2%▲ 2.3pp
Equity€5.3mabove the sector's middle half-€6.4mabove the sector's middle half▲ 21.1%€3.5mwithin the sector's middle half▼ 45.2%€4.9mwithin the sector's middle half▲ 39.6%€5.1mwithin the sector's middle half▲ 4.4%
Total assets€8.4mwithin the sector's middle half-€13.4mabove the sector's middle half▲ 59.9%€14.4mabove the sector's middle half▲ 7.5%€14.0mabove the sector's middle half▼ 2.3%€16.2mabove the sector's middle half▲ 15.6%
Debt€3.1m-€7.0m▲ 127%€10.9m▲ 55.9%€9.1m▼ 15.9%€11.1m▲ 21.6%
Working capital€5.3m-€5.9m▲ 12.0%€3.0m▼ 48.6%€4.5m▲ 48.3%€4.7m▲ 5.1%
Solvency63.3%above the sector's middle half-47.9%within the sector's middle half▼ 15.3pp24.4%within the sector's middle half▼ 23.5pp34.9%within the sector's middle half▲ 10.5pp31.6%within the sector's middle half▼ 3.4pp
Staff (FTE)27.6within the sector's middle half-22.3within the sector's middle half▼ 19.2%22.4within the sector's middle half▲ 0.4%23.2within the sector's middle half▲ 3.6%28.8above the sector's middle half▲ 24.1%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 51% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.2m
Fixed assets
€398,623 ▼ 8.5%
Current assets
€15.8m ▲ 16.4%
Equity and liabilities €16.2m
Equity
€5.1m ▲ 4.4%
Debt
€11.1m ▲ 21.6%
Debt's share of the balance-sheet total rises from 65.1% to 68.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.9m▲
2024 · €1.9m
Cash flow
€2.3m▲
2024 · €1.5m
Current ratio
1.43▼
2024 · 1.49
Quick ratio
0.53▲
2024 · 0.49
Debt to equity
2.17▲
2024 · 1.86
ROE
43.3%▲
2024 · 28.4%
ROA
13.7%▲
2024 · 9.9%
Interest coverage
41.81▼
2024 · 60.49
Debt ≤ 1 year
€11.1m▲
2024 · €9.1m
Income taxes
€504,397▲
2024 · €438,525
Staff costs
€4.6m▲
2024 · €3.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% 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 20,082 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €22.7m | €23.5m | €35.6m | €40.9m | €43.7m | ▲ 6.8% |
| Turnover70 | €22.3m | €22.7m | €33.8m | €38.5m | €39.3m | ▲ 2.0% |
| Other operating income74 | €418,178 | €882,235 | €1.8m | €2.4m | €4.4m | ▲ 83.8% |
| Operating charges60/66A | €21.4m | €21.9m | €34.0m | €39.1m | €40.9m | ▲ 4.7% |
| Goods for resale, raw materials and consumables60 | €12.2m | €14.0m | €23.8m | €27.6m | €27.1m | ▼ 1.9% |
| Purchases600/8 | €10.9m | €13.3m | €31.1m | €27.4m | €28.0m | ▲ 1.9% |
| Change in stocks: decrease (increase)609 | €1.3m | €645,370 | -€7.3m | €166,172 | -€873,966 | ▼ 626% |
| Services and other goods61 | €4.1m | €4.4m | €5.0m | €5.0m | €6.0m | ▲ 20.3% |
| Remuneration, social security and pensions62 | €3.7m | €2.3m | €3.1m | €3.6m | €4.6m | ▲ 29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,837 | €16,055 | €71,660 | €68,262 | €64,718 | ▼ 5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €39,012 | -€203 | €870 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€86,922 | -€84,657 | ▲ 2.6% |
| Other operating charges640/8 | €1.3m | €1.2m | €2.1m | €2.9m | €3.1m | ▲ 10.1% |
| Operating profit (loss)9901 | €1.3m | €1.6m | €1.6m | €1.9m | €2.8m | ▲ 51.1% |
| Financial income75/76B | €223 | €18,821 | €42,538 | €23,553 | - | - |
| Recurring financial income75 | €223 | €18,821 | €42,063 | €23,553 | - | - |
| Income from current assets751 | €223 | €18,821 | €42,063 | €23,553 | - | - |
| Non-recurring financial income76B | - | - | €475 | €0 | - | - |
| Financial charges65/66B | €25,644 | €60,760 | €103,355 | €69,191 | €112,062 | ▲ 62.0% |
| Recurring financial charges65 | €25,644 | €19,021 | €102,651 | €68,499 | €111,473 | ▲ 62.7% |
| Debt charges650 | - | - | €83,588 | €32,132 | €69,308 | ▲ 116% |
| Other financial charges652/9 | €25,644 | €19,021 | €19,062 | €36,368 | €42,165 | ▲ 15.9% |
| Non-recurring financial charges66B | - | €41,739 | €705 | €692 | €589 | ▼ 14.8% |
| Profit (loss) for the period before taxes9903 | €1.3m | €1.6m | €1.6m | €1.8m | €2.7m | ▲ 48.7% |
| Income taxes67/77 | €148,500 | €431,088 | €477,721 | €438,525 | €504,397 | ▲ 15.0% |
| Taxes670/3 | €400,000 | €450,000 | €500,000 | €500,000 | €504,397 | ▲ 0.9% |
| Tax adjustments and reversals of tax provisions77 | €251,500 | €18,912 | €22,279 | €61,475 | - | - |
| Profit (loss) for the period9904 | €1.2m | €1.1m | €1.1m | €1.4m | €2.2m | ▲ 59.3% |
| Profit (loss) for the period to be appropriated9905 | €1.2m | €1.1m | €1.1m | €1.4m | €2.2m | ▲ 59.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.4m | €13.4m | €14.4m | €14.0m | €16.2m | ▲ 15.6% |
| Fixed assets21/28 | €94,254 | €542,372 | €485,872 | €435,792 | €398,623 | ▼ 8.5% |
| Tangible fixed assets22/27 | €84,944 | €533,072 | €474,372 | €424,292 | €387,123 | ▼ 8.8% |
| Furniture and vehicles24 | €67,313 | €133,098 | €99,938 | €77,055 | €67,084 | ▼ 12.9% |
| Other tangible fixed assets26 | €17,630 | €399,974 | €374,434 | €347,237 | €320,040 | ▼ 7.8% |
| Financial fixed assets28 | €9,310 | €9,300 | €11,500 | €11,500 | €11,500 | = |
| Other financial fixed assets284/8 | €9,310 | €9,300 | €11,500 | €11,500 | €11,500 | = |
| Amounts receivable and cash guarantees285/8 | €9,310 | €9,300 | €11,500 | €11,500 | €11,500 | = |
| Current assets29/58 | €8.3m | €12.8m | €13.9m | €13.6m | €15.8m | ▲ 16.4% |
| Stocks and contracts in progress3 | €2.7m | €2.0m | €9.3m | €9.1m | €10.0m | ▲ 9.6% |
| Stocks30/36 | €2.7m | €2.0m | €9.3m | €9.1m | €10.0m | ▲ 9.6% |
| Goods purchased for resale34 | €2.7m | €2.0m | €9.3m | €9.1m | €10.0m | ▲ 9.6% |
| Amounts receivable within one year40/41 | €5.5m | €10.8m | €4.6m | €4.4m | €5.8m | ▲ 30.2% |
| Trade receivables40 | €2.7m | €3.4m | €4.6m | €4.3m | €5.7m | ▲ 32.3% |
| Other amounts receivable41 | €2.9m | €7.4m | €7,582 | €141,677 | €94,401 | ▼ 33.4% |
| Deferred charges and accrued income490/1 | €79,891 | €21,685 | €42,405 | €46,784 | €60,585 | ▲ 29.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.4m | €13.4m | €14.4m | €14.0m | €16.2m | ▲ 15.6% |
| Equity10/15 | €5.3m | €6.4m | €3.5m | €4.9m | €5.1m | ▲ 4.4% |
| Contributions10/11 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Capital10 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Issued capital100 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Reserves13 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Non-distributable reserves130/1 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Legal reserve130 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Profit (loss) carried forward14 | €3.1m | €4.2m | €1.3m | €2.7m | €2.9m | ▲ 8.0% |
| Amounts payable17/49 | €3.1m | €7.0m | €10.9m | €9.1m | €11.1m | ▲ 21.6% |
| Amounts payable within one year42/48 | €3.0m | €6.9m | €10.9m | €9.1m | €11.1m | ▲ 21.9% |
| Trade debts44 | €2.3m | €6.3m | €2.9m | €5.0m | €4.1m | ▼ 16.9% |
| Suppliers440/4 | €2.3m | €6.3m | €2.9m | €5.0m | €4.1m | ▼ 16.9% |
| Bills of exchange payable441 | - | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | €663,396 | €681,431 | €832,386 | €1.0m | €1.3m | ▲ 31.1% |
| Taxes450/3 | €181,822 | €141,147 | €147,707 | €168,599 | €141,060 | ▼ 16.3% |
| Remuneration and social security454/9 | €481,575 | €540,284 | €684,679 | €839,586 | €1.2m | ▲ 40.6% |
| Other amounts payable47/48 | - | - | €7.1m | €3.1m | €5.7m | ▲ 80.6% |
| Accrued charges and deferred income492/3 | €61,845 | €21,977 | €1,879 | €23,745 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.2m | €1.1m | €1.1m | €1.4m | €2.2m | ▲ 59.3% |
| + Depreciation and write-downs630 | €35,837 | €16,055 | €71,660 | €68,262 | €64,718 | ▼ 5.2% |
| Operating cash flow (approximation) | €1.2m | €1.1m | €1.2m | €1.5m | €2.3m | ▲ 56.3% |
| Investment in fixed assets (approximation) | - | -€464,173 | -€15,160 | -€18,182 | -€27,549 | ▼ 51.5% |
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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2021net €2.2m ▲59.3%
Operating result €2.8m, net result €2.2m, both a record.
31-12
Financial
Equity above €5mEq €5.1m ▲4.4%
5 profitable years in a row build equity to €5.1m.
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 345 days late
2023
31-12
Financial
Weakest financial yearnet €1.1m ▼1.8%
Net result drops to €1.1m, the lowest in the series; recovery starts the following year.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
20-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 32 acts read
About the unread acts
We know of 32 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
32 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, Zaventem · 1 establishment unit since 1967
Ground area
6,351 m²
Building footprint
2,283 m²
Volume, LiDAR
54,168 m³
Parcel 23078C0183/00Z000, Flanders · tallest building 30.1 m, ±8 floors. Linked by address, not a title deed.
18
companies at this address
See who is registered here
1 establishment unit
GRUNENTHAL NV
since 19672.001.459.594
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23078C0183/00Z000 | Flanders | 6,351 m² | 1 · 2,283 m² | 30.1 m · 8 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.
Structure & network
Owners and holdings
2 ownersOwners 2
- Grünenthal GmbH NVDEparentSourceown accounts 202599%
- Proto-Chemicals AG NVCHSourceown accounts 20251%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of GRUNENTHAL 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteZaventem2.001.459.594
Legal Entity Identifier
967600ZKR3Z5C8QJV367
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Of 1,903 companies in sector 46460 we hold annual accounts for 1,126. 567 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded12-10-1966
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0403085874
Also
9925:BE0403085874
Registered
12-08-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.