KEYPHARM
ActiveSummary
KEYPHARM has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.2m and a net result of €1.6m. Equity is growing by ~14.8% per year across the filed fiscal years. Its solvency ranks better than 61% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▲+8
Solvency80▲+2
Growth71▲+1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €380,000 at 30 days acceptable
Liquidity ample (current ratio 2.25 against 2.13 in 2024; short-term debt: 40.4% and cash: 0.6% of total assets), and 45.2% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
54.8%
Return on assets
16.5%
Age of the figures
9 mo
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
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 →
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
40 d late
2023
8 d early
2022
5 d early
2021
32 d early
2020
8 d early
2019
14 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 7 days before 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, full schema
In the rankings
#3 company by equity in Oostkamp, Wholesale and retail trade sector#4 company by total assets in Oostkamp, Wholesale and retail trade sector
Turnover
€14.9m▲ 10.3%
2024 · €13.5m
EBIT margin
13.2%▲ 3.4pp
2024 · 9.8%
Net result
€1.6m▲ 58.0%
2024 · €990,366
Working capital
€4.8m▲ 17.2%
2024 · €4.1m
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€11.1m€11.4m▲ 2.9%€12.4m▲ 8.5%€13.5m▲ 8.8%€14.9m▲ 10.3%
Operating result€1.5m▼ 1.3%€1.1m▼ 24.4%€1.1m▲ 0.4%€1.3m▲ 15.9%€2.0m▲ 48.0%
Net result€1.1mabove the sector's middle half▲ 1.6%€825,489above the sector's middle half▼ 25.4%€802,767above the sector's middle half▼ 2.8%€990,366above the sector's middle half▲ 23.4%€1.6mabove the sector's middle half▲ 58.0%
EBIT margin13.6%10.0%▼ 3.6pp9.2%▼ 0.7pp9.8%▲ 0.6pp13.2%▲ 3.4pp
Equity€3.4mwithin the sector's middle half▲ 32.9%€3.8mwithin the sector's middle half▲ 13.5%€4.1mwithin the sector's middle half▲ 7.3%€4.5mwithin the sector's middle half▲ 9.8%€5.2mwithin the sector's middle half▲ 14.7%
Total assets€7.3mwithin the sector's middle half▲ 4.4%€7.5mwithin the sector's middle half▲ 3.1%€8.1mwithin the sector's middle half▲ 8.1%€8.5mwithin the sector's middle half▲ 5.2%€9.5mwithin the sector's middle half▲ 11.0%
Debt€3.9m▼ 12.0%€3.7m▼ 5.9%€4.0m▲ 8.8%€4.0m▲ 0.4%€4.3m▲ 6.8%
Working capital€2.7m▲ 40.6%€3.3m▲ 22.7%€3.4m▲ 5.1%€4.1m▲ 19.1%€4.8m▲ 17.2%
Solvency46.5%within the sector's middle half▲ 10.0pp51.2%within the sector's middle half▲ 4.7pp50.8%within the sector's middle half▼ 0.3pp53.0%within the sector's middle half▲ 2.2pp54.8%within the sector's middle half▲ 1.8pp
Staff (FTE)13.2within the sector's middle half▼ 8.3%17.1within the sector's middle half▲ 29.5%18.1within the sector's middle half▲ 5.8%17.9within the sector's middle half▼ 1.1%18within the sector's middle half▲ 0.6%
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
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 48% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.5m
Fixed assets
€877,869 ▲ 1.1%
Current assets
€8.6m ▲ 12.1%
Equity and liabilities €9.5m
Equity
€5.2m ▲ 14.7%
Debt
€4.3m ▲ 6.8%
Debt's share of the balance-sheet total falls from 47.0% to 45.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.3m▲
2024 · €1.6m
Cash flow
€1.9m▲
2024 · €1.3m
Current ratio
2.25▲
2024 · 2.13
Quick ratio
0.64▼
2024 · 0.73
Debt to equity
0.82▼
2024 · 0.89
ROE
30.1%▲
2024 · 21.8%
ROA
16.5%▲
2024 · 11.6%
Interest coverage
23.41▲
2024 · 12.07
Debt ≤ 1 year
€3.8m▲
2024 · €3.6m
Debt > 1 year
€451,355▲
2024 · €396,569
Income taxes
€237,250▲
2024 · €149,278
Staff costs
€1.4m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 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 0.3% 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 497,662 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% | 1.7% |
| 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 75% 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 20,129 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 | €11.9m | €10.9m | €12.8m | €14.1m | €16.1m | ▲ 14.0% |
| Turnover70 | €11.1m | €11.4m | €12.4m | €13.5m | €14.9m | ▲ 10.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €577,901 | -€918,101 | €158,828 | €334,256 | €914,173 | ▲ 173% |
| Other operating income74 | €168,794 | €380,489 | €264,573 | €310,493 | €316,433 | ▲ 1.9% |
| Non-recurring operating income76A | €25,650 | €5,000 | - | - | €2,582 | - |
| Operating charges60/66A | €10.4m | €9.7m | €11.7m | €12.8m | €14.1m | ▲ 10.5% |
| Goods for resale, raw materials and consumables60 | €6.5m | €5.6m | €7.2m | €8.0m | €9.2m | ▲ 14.7% |
| Purchases600/8 | €6.9m | €5.8m | €7.6m | €7.8m | €9.5m | ▲ 22.0% |
| Change in stocks: decrease (increase)609 | -€363,828 | -€175,263 | -€424,789 | €213,384 | -€329,121 | ▼ 254% |
| Services and other goods61 | €2.5m | €2.7m | €3.0m | €3.1m | €3.2m | ▲ 3.4% |
| Remuneration, social security and pensions62 | €924,246 | €1.1m | €1.2m | €1.3m | €1.4m | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €336,830 | €291,976 | €283,131 | €296,745 | €287,760 | ▼ 3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €26,977 | €27,515 | €33,781 | €1,720 | €39,154 | ▲ 2,176% |
| Other operating charges640/8 | €16,099 | €15,861 | €16,410 | €31,336 | €21,283 | ▼ 32.1% |
| Non-recurring operating charges66A | - | - | - | €171 | - | - |
| Operating profit (loss)9901 | €1.5m | €1.1m | €1.1m | €1.3m | €2.0m | ▲ 48.0% |
| Financial income75/76B | €4,186 | €16,814 | €17,165 | €10,261 | €8,348 | ▼ 18.6% |
| Recurring financial income75 | €4,186 | €16,814 | €17,165 | €10,261 | €8,348 | ▼ 18.6% |
| Income from current assets751 | - | - | €8,273 | €4,378 | €3,434 | ▼ 21.6% |
| Other financial income752/9 | €4,186 | €16,814 | €8,893 | €5,882 | €4,913 | ▼ 16.5% |
| Financial charges65/66B | €118,742 | €134,828 | €185,169 | €198,526 | €171,529 | ▼ 13.6% |
| Recurring financial charges65 | €118,742 | €134,828 | €185,169 | €198,526 | €171,529 | ▼ 13.6% |
| Debt charges650 | €63,168 | €61,741 | €119,945 | €134,597 | €96,240 | ▼ 28.5% |
| Other financial charges652/9 | €55,574 | €73,087 | €65,225 | €63,929 | €75,289 | ▲ 17.8% |
| Profit (loss) for the period before taxes9903 | €1.4m | €1.0m | €977,927 | €1.1m | €1.8m | ▲ 58.1% |
| Income taxes67/77 | €288,868 | €197,645 | €175,160 | €149,278 | €237,250 | ▲ 58.9% |
| Taxes670/3 | €288,868 | €197,645 | €175,160 | €149,278 | €237,250 | ▲ 58.9% |
| Profit (loss) for the period9904 | €1.1m | €825,489 | €802,767 | €990,366 | €1.6m | ▲ 58.0% |
| Profit (loss) for the period to be appropriated9905 | €1.1m | €825,489 | €802,767 | €990,366 | €1.6m | ▲ 58.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.3m | €7.5m | €8.1m | €8.5m | €9.5m | ▲ 11.0% |
| Fixed assets21/28 | €873,126 | €764,916 | €946,723 | €868,411 | €877,869 | ▲ 1.1% |
| Intangible fixed assets21 | €509,575 | €451,050 | €425,176 | €435,303 | €466,531 | ▲ 7.2% |
| Tangible fixed assets22/27 | €355,660 | €304,697 | €492,792 | €423,756 | €397,348 | ▼ 6.2% |
| Land and buildings22 | €121,311 | - | - | - | - | - |
| Plant, machinery and equipment23 | €148,745 | €151,800 | €145,168 | €118,871 | €112,737 | ▼ 5.2% |
| Furniture and vehicles24 | €73,589 | €57,614 | €81,964 | €71,319 | €55,911 | ▼ 21.6% |
| Leasing and similar rights25 | €12,015 | - | - | - | - | - |
| Other tangible fixed assets26 | - | €95,283 | €265,660 | €233,566 | €204,641 | ▼ 12.4% |
| Assets under construction and advance payments27 | - | - | - | - | €24,058 | - |
| Financial fixed assets28 | €7,892 | €9,169 | €28,756 | €9,352 | €13,990 | ▲ 49.6% |
| Other financial fixed assets284/8 | €7,892 | €9,169 | €28,756 | €9,352 | €13,990 | ▲ 49.6% |
| Amounts receivable and cash guarantees285/8 | €7,892 | €9,169 | €28,756 | €9,352 | €13,990 | ▲ 49.6% |
| Current assets29/58 | €6.4m | €6.8m | €7.2m | €7.7m | €8.6m | ▲ 12.1% |
| Stocks and contracts in progress3 | €4.9m | €4.2m | €4.7m | €5.0m | €6.2m | ▲ 22.4% |
| Stocks30/36 | €4.9m | €4.2m | €4.7m | €5.0m | €6.2m | ▲ 22.4% |
| Raw materials and consumables30/31 | €1.5m | €1.4m | €1.7m | €1.7m | €1.9m | ▲ 12.4% |
| Work in progress32 | €284,986 | €447,301 | €431,655 | €347,101 | €710,200 | ▲ 105% |
| Finished goods33 | €2.9m | €1.8m | €2.0m | €2.4m | €2.9m | ▲ 21.5% |
| Goods purchased for resale34 | €189,133 | €518,051 | €630,552 | €398,692 | €515,914 | ▲ 29.4% |
| Advance payments36 | - | - | - | €200,500 | €123,966 | ▼ 38.2% |
| Amounts receivable within one year40/41 | €1.3m | €2.3m | €2.1m | €2.4m | €2.3m | ▼ 6.5% |
| Trade receivables40 | €1.2m | €1.6m | €1.4m | €1.9m | €1.9m | = |
| Other amounts receivable41 | €83,978 | €757,985 | €676,587 | €548,603 | €393,761 | ▼ 28.2% |
| Cash at bank and in hand54/58 | €73,971 | €127,673 | €188,111 | €93,587 | €57,871 | ▼ 38.2% |
| Deferred charges and accrued income490/1 | €104,221 | €128,042 | €142,751 | €141,282 | €135,254 | ▼ 4.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.3m | €7.5m | €8.1m | €8.5m | €9.5m | ▲ 11.0% |
| Equity10/15 | €3.4m | €3.8m | €4.1m | €4.5m | €5.2m | ▲ 14.7% |
| Contributions10/11 | €800,000 | €800,000 | €800,000 | €800,000 | €800,000 | = |
| Capital10 | €800,000 | €800,000 | €800,000 | €800,000 | €800,000 | = |
| Issued capital100 | €800,000 | €800,000 | €800,000 | €800,000 | €800,000 | = |
| Reserves13 | €2.6m | €3.0m | €3.3m | €3.7m | €4.4m | ▲ 17.4% |
| Non-distributable reserves130/1 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Legal reserve130 | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Distributable reserves133 | €2.5m | €3.0m | €3.2m | €3.7m | €4.3m | ▲ 17.8% |
| Profit (loss) carried forward14 | €10,048 | €17,537 | €50,304 | €3,670 | €22,102 | ▲ 502% |
| Amounts payable17/49 | €3.9m | €3.7m | €4.0m | €4.0m | €4.3m | ▲ 6.8% |
| Amounts payable after more than one year17 | €112,504 | €164,564 | €224,449 | €396,569 | €451,355 | ▲ 13.8% |
| Financial debts170/4 | €112,504 | €164,564 | €224,449 | €396,569 | €451,355 | ▲ 13.8% |
| Credit institutions173 | €112,504 | €164,564 | €224,449 | €396,569 | €451,355 | ▲ 13.8% |
| Amounts payable within one year42/48 | €3.8m | €3.5m | €3.8m | €3.6m | €3.8m | ▲ 6.4% |
| Current portion of amounts payable after more than one year42 | €126,364 | €190,659 | €138,740 | €143,719 | €165,503 | ▲ 15.2% |
| Financial debts43 | €1.3m | €1.2m | €920,264 | €542,500 | €677,000 | ▲ 24.8% |
| Credit institutions430/8 | €1.3m | €1.2m | €920,264 | €542,500 | €677,000 | ▲ 24.8% |
| Trade debts44 | €1.5m | €1.4m | €1.9m | €2.0m | €1.9m | ▼ 3.0% |
| Suppliers440/4 | €1.5m | €1.4m | €1.9m | €2.0m | €1.9m | ▼ 3.0% |
| Advances received on contracts in progress46 | - | - | - | €40,258 | - | - |
| Taxes, remuneration and social security45 | €135,156 | €180,761 | €193,151 | €211,082 | €196,945 | ▼ 6.7% |
| Taxes450/3 | €29,504 | €34,287 | €50,256 | €47,633 | €38,492 | ▼ 19.2% |
| Remuneration and social security454/9 | €105,653 | €146,474 | €142,895 | €163,449 | €158,453 | ▼ 3.1% |
| Other amounts payable47/48 | €767,630 | €519,029 | €643,000 | €710,000 | €896,000 | ▲ 26.2% |
| Accrued charges and deferred income492/3 | €26,863 | €11,589 | €17,018 | €15,732 | €3,098 | ▼ 80.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.1m | €825,489 | €802,767 | €990,366 | €1.6m | ▲ 58.0% |
| + Depreciation and write-downs630 | €336,830 | €291,976 | €283,131 | €296,745 | €287,760 | ▼ 3.0% |
| Operating cash flow (approximation) | €1.4m | €1.1m | €1.1m | €1.3m | €1.9m | ▲ 43.9% |
| Investment in fixed assets (approximation) | - | -€183,766 | -€464,938 | -€218,433 | -€297,218 | ▼ 36.1% |
| Change in cash | - | €53,702 | €60,438 | -€94,524 | -€35,716 | ▲ 62.2% |
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 2018net €1.6m ▲58%
Operating result €2.0m, net result €1.6m, both a record.
31-12
Financial
Equity above €5mEq €5.2m ▲14.7%
8 profitable years in a row build equity to €5.2m.
09-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 40 days late
2024
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €2mEq €2.6m ▲54.9%
3 profitable years in a row build equity to €2.6m.
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Oostkamp · 1 establishment unit since 2006
Ground area
5,327 m²
Building footprint
3,189 m²
Volume, LiDAR
17,473 m³
Parcel 31022I0613/00H000, Flanders · tallest building 10.1 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
KEYPHARM
since 20062.157.247.534
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31022I0613/00H000 | Flanders | 5,327 m² | 1 · 3,189 m² | 10.1 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.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 5 entries · 15,904 EUR awarded · 16,278 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 8,187 EUR | 8,040 EUR |
| 2024 | 2 | 7,627 EUR | 7,627 EUR |
| 2023 | 1 | 90 EUR | 611 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteOostkamp2.157.247.534
Legal Entity Identifier
967600PVDRDBG9F0UL51
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Identification & contact
Identification
Legal formPublic limited company
Founded08-09-2006
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0883397311
Registered
29-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.