Immo Pharma Pas
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 02-09-2026 at the NBB all 35 filings
Equity
€192,530▼ 20.5%
2025 · €242,141
Total assets
€204,009▼ 16.0%
2025 · €242,974
Net result
-€14,718▼ 13.2%
2025 · -€13,002
Working capital
€180,715▼ 17.0%
2025 · €217,634
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€14,079
▼ 14.5%
2026
20192026
Net result
-€14,718
▼ 13.2%
2026
20192026
Equity
€192,530
▼ 20.5%
2026
20192026
Total assets
€204,009
▼ 16.0%
2026
20192026
Debt
€11,479
▲ 14×
2026
20192026
Working capital
€180,715
▼ 17.0%
2026
20192026
Solvency
94.4%
▼ 5.3pp
2026
20192026
Current ratio
16.74
2026
20192026
Return on assets (ROA)
-7.2%
▼ 1.9pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€20,833-€39,613▲ 90.1%€161,687▲ 308%€19,176▼ 88.1%€12,137▼ 36.7%€4,394▼ 63.8%-€12,294-€14,079▼ 14.5%
Net result€10,193-€24,416▲ 140%€112,272within the sector's middle half▲ 360%€12,541within the sector's middle half▼ 88.8%€6,942within the sector's middle half▼ 44.6%-€4,415below the sector's middle half-€13,002below the sector's middle half▼ 195%-€14,718▼ 13.2%
Equity€168,432-€192,847▲ 14.5%€305,120within the sector's middle half▲ 58.2%€317,661within the sector's middle half▲ 4.1%€287,353above the sector's middle half▼ 9.5%€255,143above the sector's middle half▼ 11.2%€242,141above the sector's middle half▼ 5.1%€192,530▼ 20.5%
Total assets€307,470-€312,684▲ 1.7%€358,191below the sector's middle half▲ 14.6%€349,270below the sector's middle half▼ 2.5%€314,426within the sector's middle half▼ 10.0%€281,725within the sector's middle half▼ 10.4%€242,974within the sector's middle half▼ 13.8%€204,009▼ 16.0%
Debt€139,038-€119,837▼ 13.8%€53,071▼ 55.7%€31,609▼ 40.4%€27,074▼ 14.3%€26,582▼ 1.8%€833▼ 96.9%€11,479▲ 14×
Working capital-€109,133-€168,685€308,787within the sector's middle half▲ 83.1%€257,060within the sector's middle half▼ 16.8%€237,463above the sector's middle half▼ 7.6%€217,945above the sector's middle half▼ 8.2%€217,634above the sector's middle half▼ 0.1%€180,715▼ 17.0%
Solvency54.8%-61.7%▲ 6.9pp85.2%above the sector's middle half▲ 23.5pp90.9%above the sector's middle half▲ 5.8pp91.4%above the sector's middle half▲ 0.4pp90.6%above the sector's middle half▼ 0.8pp99.7%above the sector's middle half▲ 9.1pp94.4%▼ 5.3pp
Current ratio0.14-2.52▲ 2.387.25above the sector's middle half▲ 4.739.13above the sector's middle half▲ 1.889.77above the sector's middle half▲ 0.649.20above the sector's middle half▼ 0.5716.74
Return on assets (ROA)3.3%-7.8%▲ 4.5pp31.3%above the sector's middle half▲ 23.5pp3.6%within the sector's middle half▼ 27.8pp2.2%within the sector's middle half▼ 1.4pp-1.6%below the sector's middle half▼ 3.8pp-5.4%below the sector's middle half▼ 3.8pp-7.2%▼ 1.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is a loss of €14,079, larger than the loss of €12,294 in 2025. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €204,009
Fixed assets
€11,816 ▼ 51.8%
Current assets
€192,194 ▼ 12.0%
Equity and liabilities €204,009
Equity
€192,530 ▼ 20.5%
Debt
€11,479 ▲ 14×
Debt's share of the balance-sheet total rises from 0.3% to 5.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€1,387▼
2025 · €398
Cash flow
-€2,026▼
2025 · -€310
Debt to equity
0.06▲
2025 · 0.00
ROE
-7.6%▼
2025 · -5.4%
Interest coverage
-3.17▼
2025 · 0.81
Debt ≤ 1 year
€11,479▲
2025 · €833
Income taxes
€201▼
2025 · €220
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €61,470 | €1,988 | - | - | - |
| Depreciation and write-downs of the year | €868 | €12,699 | €12,691 | €12,691 | €12,691 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €7,692 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,094 | €8,094 | €0 | €868 | €12,699 | €12,691 | €12,691 | €12,691 | = |
| Other operating charges640/8 | - | - | - | €942 | €777 | €2,373 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | €31,477 | €50,734 | €163,200 | €20,987 | €25,613 | €19,459 | €903 | -€868 | - |
| Operating profit (loss)9901 | €20,833 | €39,613 | €161,687 | €19,176 | €12,137 | €4,394 | -€12,294 | -€14,079 | ▼ 14.5% |
| Financial income75/76B | - | - | - | €0 | - | - | - | €0 | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €1,784 | €1,409 | €458 | €488 | €438 | ▼ 10.2% |
| Recurring financial charges65 | €5,981 | €5,196 | €3,115 | €1,784 | €1,409 | €458 | €488 | €438 | ▼ 10.2% |
| Profit (loss) for the period before taxes9903 | €14,851 | €34,417 | €158,573 | €17,392 | €10,727 | €3,936 | -€12,782 | -€14,517 | ▼ 13.6% |
| Income taxes67/77 | €4,658 | €10,001 | €46,300 | €4,852 | €3,785 | €8,350 | €220 | €201 | ▼ 8.6% |
| Profit (loss) for the period9904 | €10,193 | €24,416 | €112,272 | €12,541 | €6,942 | -€4,415 | -€13,002 | -€14,718 | ▼ 13.2% |
| Profit (loss) for the period to be appropriated9905 | €10,193 | €24,416 | €112,272 | €12,541 | €6,942 | -€4,415 | -€13,002 | -€14,718 | ▼ 13.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €307,470 | €312,684 | €358,191 | €349,270 | €314,426 | €281,725 | €242,974 | €204,009 | ▼ 16.0% |
| Fixed assets21/28 | €289,123 | €33,135 | - | €60,601 | €49,890 | €37,199 | €24,507 | €11,816 | ▼ 51.8% |
| Tangible fixed assets22/27 | €41,229 | €33,135 | - | €60,601 | €49,890 | €37,199 | €24,507 | €11,816 | ▼ 51.8% |
| Plant, machinery and equipment23 | - | - | - | - | €1,583 | €1,185 | €788 | €390 | ▼ 50.5% |
| Furniture and vehicles24 | - | - | - | €60,601 | €48,307 | €36,013 | €23,720 | €11,426 | ▼ 51.8% |
| Financial fixed assets28 | €247,894 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €18,347 | €279,549 | €358,191 | €288,668 | €264,537 | €244,527 | €218,467 | €192,194 | ▼ 12.0% |
| Amounts receivable within one year40/41 | €17,829 | €12,728 | €24,557 | €29,457 | €32,817 | €34,147 | €30,457 | €30,549 | ▲ 0.3% |
| Trade receivables40 | - | - | - | €3,388 | €3,388 | €1,029 | €1,029 | €1,069 | ▲ 3.9% |
| Other amounts receivable41 | - | - | - | €26,069 | €29,429 | €33,118 | €29,429 | €29,480 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €518 | €265,677 | €332,982 | €258,378 | €231,060 | €209,674 | €187,335 | €157,493 | ▼ 15.9% |
| Deferred charges and accrued income490/1 | - | - | - | €833 | €660 | €706 | €675 | €4,151 | ▲ 515% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €307,470 | €312,684 | €358,191 | €349,270 | €314,426 | €281,725 | €242,974 | €204,009 | ▼ 16.0% |
| Equity10/15 | €168,432 | €192,847 | €305,120 | €317,661 | €287,353 | €255,143 | €242,141 | €192,530 | ▼ 20.5% |
| Contributions10/11 | €99,250 | €99,250 | €99,250 | €99,250 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €99,250 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €99,250 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €69,182 | €93,597 | €205,870 | €218,411 | €225,353 | €197,558 | €197,558 | €162,665 | ▼ 17.7% |
| Non-distributable reserves130/1 | - | - | - | €9,925 | €9,925 | €8,475 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €9,925 | €9,925 | €8,475 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €208,486 | €215,428 | €189,083 | €191,358 | €156,465 | ▼ 18.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€4,415 | -€17,417 | -€32,135 | ▼ 84.5% |
| Amounts payable17/49 | €139,038 | €119,837 | €53,071 | €31,609 | €27,074 | €26,582 | €833 | €11,479 | ▲ 14× |
| Amounts payable after more than one year17 | €9,692 | €6,601 | €3,372 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €127,480 | €110,865 | €49,404 | €31,609 | €27,074 | €26,582 | €833 | €11,479 | ▲ 14× |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,372 | - | - | - | - | - |
| Trade debts44 | €1,066 | €2,818 | €288 | €361 | €126 | €176 | €26 | €4,273 | ▲ 164× |
| Suppliers440/4 | - | - | - | €361 | €126 | €176 | €26 | €4,273 | ▲ 164× |
| Taxes, remuneration and social security45 | - | - | - | €5,199 | €1,195 | €0 | €788 | €201 | ▼ 74.5% |
| Taxes450/3 | - | - | - | €5,199 | €1,195 | €0 | €788 | €201 | ▼ 74.5% |
| Other amounts payable47/48 | - | - | - | €22,677 | €25,753 | €26,406 | €19 | €7,005 | ▲ 375× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,193 | €24,416 | €112,272 | €12,541 | €6,942 | -€4,415 | -€13,002 | -€14,718 | ▼ 13.2% |
| + Depreciation and write-downs630 | €8,094 | €8,094 | €0 | €868 | €12,699 | €12,691 | €12,691 | €12,691 | = |
| Operating cash flow (approximation) | €18,287 | €32,510 | €112,272 | €13,409 | €19,641 | €8,277 | -€310 | -€2,026 | ▼ 553% |
| Investment in fixed assets (approximation) | - | €247,894 | - | - | -€1,988 | €0 | €0 | €0 | - |
| Change in cash | - | €265,159 | €67,305 | -€74,603 | -€27,318 | -€21,386 | -€22,339 | -€29,842 | ▼ 33.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as Immo Pharma Pas has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Immo Pharma Pas itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for Immo Pharma Pas. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 02-09-2026 | 2026-00493765 | |
| 31-03-2025 | micro format | 06-10-2025 | 2025-00531660 | |
| 31-03-2024 | micro format | 17-07-2024 | 2024-00259475 | |
| 31-03-2023 | micro format | 26-09-2023 | 2023-00456193 | |
| 31-03-2022 | abbreviated format | 22-09-2022 | 2022-20434273 | |
| 31-03-2021 | abbreviated format | 23-07-2021 | 2021-40500105 | |
| 31-03-2020 | abbreviated format | 30-07-2020 | 2020-36600142 | |
| 31-03-2019 | abbreviated format | 11-07-2019 | 2019-32400114 | |
| 31-03-2018 | abbreviated format | 25-06-2018 | 2018-23200294 | |
| 31-03-2017 | abbreviated format | 11-07-2017 | 2017-30500283 |