IGS PHARMA
Judicial reorganisationSummary
The file of IGS PHARMA contains 1 judicial reorganisation, as published in the Belgian State Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show negative equity (-€155,693) and a net result of -€97,048. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 16% of 18606 sector peers (fiscal year 2025).
Are you a creditor?
Judicial reorganisation
Source: Belgian Official Gazette
Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.
The procedure
- Court
- French-language Enterprise Court of Brussels
- Opened
- 7 August 2026
- Track
- Reorganisation by collective agreement
- Docket number
- 20260184
- Moratorium until
- 2 December 2026
- Delegated judge
- Raphael Pieters
- Official Gazette
- 08-09-2026 (pdf) ↗search the document for 2026/134467
What to do now
- Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
- Check the amount the company lists you for: it has to tell you. If it is wrong, dispute it in writing.
- The company files a reorganisation plan and creditors vote on it at a hearing. A plan approved and confirmed by the court also binds those who voted against.
- What you deliver after the opening is not covered by the moratorium: agree clear payment terms.
- The file is in RegSol, where you can read the documents of the procedure.
Deadlines: the moratorium runs until 2 December 2026, unless the court extends or ends it earlier. The date of the vote on the plan is in the judgment and in RegSol.
View the file in RegSol ↗
Watch
Follow this reorganisation: you are alerted to an extension, the court's approval, the closure or a bankruptcy.
General information, not legal advice. If in doubt, your lawyer or your accountant can help.Creditor guide for this company
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Checked score
Score 2025
Axes · tick = 2024
Profitability3▲+2
Solvency1▼-18
Growth32=
Track record60
Credit verdict
No credit on open account during an ongoing judicial reorganisation
Liquidity short (current ratio 0.7 against 1.02 in 2024; short-term debt: 42.5% and cash: 1.5% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
202122232425
2020 to 2025 · latest year -€155,693
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 09-06-2026, 52 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
52 d early
2024
399 d late
2023
764 d late
2022
80 d late
2021
79 d late
2020
30 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 217 days after 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
What should you check before you do business with this company?Supplier due diligence What held for this company on a given day: board, seat, name?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Retail sale of pharmaceutical products sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€97,048▲ 29.7%
2024 · -€138,038
Working capital
-€83,219
2024 · €7,729
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail 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
Operating result€45,184▲ 34.2%€22,895▼ 49.3%€22,796▼ 0.4%-€122,501-€59,637▲ 51.3%
Net result€37,563within the sector's middle half▲ 93.0%€12,480within the sector's middle half▼ 66.8%€10,484within the sector's middle half▼ 16.0%-€138,038below the sector's middle half-€97,048below the sector's middle half▲ 29.7%
Equity€56,429within the sector's middle half▲ 176%€68,909within the sector's middle half▲ 22.1%€79,393within the sector's middle half▲ 15.2%-€58,645below the sector's middle half-€155,693below the sector's middle half▼ 165%
Total assets€1.0mwithin the sector's middle half▲ 43.8%€1.0mabove the sector's middle half▼ 0.3%€991,527above the sector's middle half▼ 3.5%€949,580above the sector's middle half▼ 4.2%€656,335above the sector's middle half▼ 30.9%
Debt€974,394▲ 39.9%€958,415▼ 1.6%€912,134▼ 4.8%€1.0m▲ 10.5%€812,028▼ 19.5%
Working capital€28,253within the sector's middle half▲ 33.6%€56,907within the sector's middle half▲ 101%€112,601above the sector's middle half▲ 97.9%€7,729within the sector's middle half▼ 93.1%-€83,219below the sector's middle half
Solvency5.5%below the sector's middle half▲ 2.6pp6.7%within the sector's middle half▲ 1.2pp8.0%within the sector's middle half▲ 1.3pp-6.2%below the sector's middle half▼ 14.2pp-23.7%below the sector's middle half▼ 17.5pp
Current ratio1.11within the sector's middle half▼ 0.031.20within the sector's middle half▲ 0.091.40within the sector's middle half▲ 0.201.02within the sector's middle half▼ 0.380.70below the sector's middle half▼ 0.32
Return on assets (ROA)3.6%within the sector's middle half▲ 0.9pp1.2%within the sector's middle half▼ 2.4pp1.1%within the sector's middle half▼ 0.2pp-14.5%below the sector's middle half▼ 15.6pp-14.8%below the sector's middle half▼ 0.2pp
Staff (FTE)0.8below the sector's middle half▲ 700%1▲ 25.0%1.5▲ 50.0%1▼ 33.3%1=
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €59,637 in 2025 against €122,501 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €656,335
Fixed assets
€460,666 ▼ 13.0%
Current assets
€195,669 ▼ 53.4%
Key figures and ratios
EBITDA
€9,330▲
2024 · -€53,534
Cash flow
-€28,081▲
2024 · -€69,071
Quick ratio
0.24▼
2024 · 0.69
Debt to equity
-5.22▲
2024 · -17.19
Interest coverage
0.34▲
2024 · -5.23
Debt ≤ 1 year
€278,888▼
2024 · €412,219
Debt > 1 year
€533,140▼
2024 · €591,045
Income taxes
€9,701▲
2024 · €5,309
Staff costs
€73,544▼
2024 · €100,568
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €6,697 | €5,375 | - | - |
| Remuneration, social security and pensions62 | €34,880 | €49,575 | €88,313 | €100,568 | €73,544 | ▼ 26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,810 | €70,641 | €89,800 | €68,967 | €68,967 | = |
| Other operating charges640/8 | €8,902 | €6,227 | €2,028 | €4,042 | €3,375 | ▼ 16.5% |
| Non-recurring operating charges66A | - | - | €2 | €0 | - | - |
| Gross operating margin9900 | €140,776 | €149,339 | €202,939 | €51,076 | €86,248 | ▲ 68.9% |
| Operating profit (loss)9901 | €45,184 | €22,895 | €22,796 | -€122,501 | -€59,637 | ▲ 51.3% |
| Financial income75/76B | €4,047 | €7,501 | - | - | - | - |
| Recurring financial income75 | €4,047 | €7,501 | - | - | - | - |
| Financial charges65/66B | €11,667 | €13,430 | €12,312 | €10,228 | €27,710 | ▲ 171% |
| Recurring financial charges65 | €11,667 | €13,430 | €12,312 | €10,228 | €27,710 | ▲ 171% |
| Profit (loss) for the period before taxes9903 | €37,563 | €16,966 | €10,484 | -€132,729 | -€87,347 | ▲ 34.2% |
| Income taxes67/77 | - | €4,486 | - | €5,309 | €9,701 | ▲ 82.7% |
| Profit (loss) for the period9904 | €37,563 | €12,480 | €10,484 | -€138,038 | -€97,048 | ▲ 29.7% |
| Profit (loss) for the period to be appropriated9905 | €37,563 | €12,480 | €10,484 | -€138,038 | -€97,048 | ▲ 29.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.0m | €991,527 | €949,580 | €656,335 | ▼ 30.9% |
| Fixed assets21/28 | €753,940 | €688,399 | €598,599 | €529,632 | €460,666 | ▼ 13.0% |
| Intangible fixed assets21 | €151,125 | €131,625 | €112,125 | €92,625 | €73,125 | ▼ 21.1% |
| Tangible fixed assets22/27 | €602,815 | €556,774 | €486,474 | €437,007 | €387,541 | ▼ 11.3% |
| Land and buildings22 | €240,215 | €232,722 | €204,396 | €196,904 | €189,411 | ▼ 3.8% |
| Plant, machinery and equipment23 | €249,349 | €227,323 | €199,995 | €172,667 | €145,340 | ▼ 15.8% |
| Furniture and vehicles24 | €113,251 | €96,729 | €82,083 | €67,436 | €52,789 | ▼ 21.7% |
| Current assets29/58 | €276,883 | €338,926 | €392,928 | €419,948 | €195,669 | ▼ 53.4% |
| Stocks and contracts in progress3 | €124,504 | €120,019 | €107,876 | €137,054 | €130,000 | ▼ 5.1% |
| Stocks30/36 | €124,504 | €120,019 | €107,876 | €137,054 | €130,000 | ▼ 5.1% |
| Amounts receivable within one year40/41 | €137,177 | €187,698 | €251,685 | €281,114 | €55,512 | ▼ 80.3% |
| Trade receivables40 | €44,187 | €92,340 | €98,959 | €143,222 | €55,319 | ▼ 61.4% |
| Other amounts receivable41 | €92,990 | €95,357 | €152,725 | €137,892 | €193 | ▼ 99.9% |
| Cash at bank and in hand54/58 | €10,478 | €28,254 | €33,368 | €1,779 | €10,157 | ▲ 471% |
| Deferred charges and accrued income490/1 | €4,724 | €2,955 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €991,527 | €949,580 | €656,335 | ▼ 30.9% |
| Equity10/15 | €56,429 | €68,909 | €79,393 | -€58,645 | -€155,693 | ▼ 165% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | €55,429 | €67,909 | €78,393 | -€59,645 | -€156,693 | ▼ 163% |
| Amounts payable17/49 | €974,394 | €958,415 | €912,134 | €1.0m | €812,028 | ▼ 19.5% |
| Amounts payable after more than one year17 | €725,764 | €676,397 | €631,807 | €591,045 | €533,140 | ▼ 9.8% |
| Financial debts170/4 | €546,838 | €525,879 | €481,289 | €449,802 | €408,484 | ▼ 9.2% |
| Other amounts payable178/9 | €178,927 | €150,518 | €150,518 | €141,243 | €124,656 | ▼ 11.7% |
| Amounts payable within one year42/48 | €248,629 | €282,018 | €280,328 | €412,219 | €278,888 | ▼ 32.3% |
| Current portion of amounts payable after more than one year42 | €69,450 | €72,945 | €55,340 | €51,812 | €49,362 | ▼ 4.7% |
| Financial debts43 | €25,000 | €25,000 | €25,000 | €25,000 | €24,671 | ▼ 1.3% |
| Other loans439 | €25,000 | €25,000 | €25,000 | €25,000 | €24,671 | ▼ 1.3% |
| Trade debts44 | €138,738 | €172,173 | €157,625 | €203,345 | €83,024 | ▼ 59.2% |
| Suppliers440/4 | €138,738 | €75,242 | €157,625 | €203,345 | €83,024 | ▼ 59.2% |
| Bills of exchange payable441 | - | €96,931 | - | - | - | - |
| Taxes, remuneration and social security45 | €13,842 | €10,300 | €40,763 | €46,573 | €17,360 | ▼ 62.7% |
| Taxes450/3 | €11,428 | €4,524 | €30,408 | €18,870 | €9,832 | ▼ 47.9% |
| Remuneration and social security454/9 | €2,414 | €5,776 | €10,355 | €27,703 | €7,528 | ▼ 72.8% |
| Other amounts payable47/48 | €1,600 | €1,600 | €1,600 | €85,488 | €104,471 | ▲ 22.2% |
| Accrued charges and deferred income492/3 | - | - | - | €4,961 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,563 | €12,480 | €10,484 | -€138,038 | -€97,048 | ▲ 29.7% |
| + Depreciation and write-downs630 | €51,810 | €70,641 | €89,800 | €68,967 | €68,967 | = |
| Operating cash flow (approximation) | €89,374 | €83,121 | €100,284 | -€69,071 | -€28,081 | ▲ 59.3% |
| Investment in fixed assets (approximation) | - | -€5,100 | €0 | €0 | €0 | - |
| Change in cash | - | €17,776 | €5,114 | -€31,588 | €8,378 | ▲ 127% |
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
08-09
Judicial reorganisation
Opening
Tribunal de l’entreprise francophone de Bruxelles · collective agreement (SME) · event 07-08-2026
03-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 399 days late
03-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 764 days late
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€138,038
Net result drops to -€138,038, the lowest in the series; recovery starts the following year.
2023
19-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 80 days late
2022
18-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 79 days late
2021
31-12
Financial
Highest result since 2020net €37,563 ▲93%
Operating result €45,184, net result €37,563, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Sint-Gillis (bij-Brussel) · 1 establishment unit since 2020
Ground area
146 m²
Building footprint
146 m²
Volume, LiDAR
2,913 m³
Parcel 21562A0227/00E005, Brussels · tallest building 23.3 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Ikram Laâroussi
since 20202.309.483.094
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21562A0227/00E005 | Brussels | 146 m² | 1 · 146 m² | 23.3 m · 7 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 siteSint-Gillis2.309.483.094
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 3,235 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
Founded18-12-2019
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0739742487
Registered
15-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.