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MELLOW PHARMA

Active
Private limited companyfounded 2020active for 6 yearsFazantenlaan 25, 8200 Bruges, BelgiumKBO/BCE: BE 0754.801.045
Summary

MELLOW PHARMA has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €245,952 and a net result of €101,364. Equity grew by about 23% per year on average since 2021. In 2025 it fell by 20.6%. Its solvency ranks better than 34% of 39,293 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).

Overview

Overview

Official details

Source: KBO
Status
Active since 24-09-2020 Normal situation
Activity
Activities of head offices NACE 70100
Establishment unit
2.308.992.255 8200 Bruges, since 24-09-2020
Financial year end
31 December
Peppol
Reachable since 22-04-2026

Board and ownership

Board
  • Lowagie MélanieDirector · since 24-09-2020

Financial position

93 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
< 0.1%
Annual accounts 2025
Gross margin
€160,739
▲ 40.2%
Turnover
≈ €270,000
estimated
Profit
€101,364
▲ 54.4%
Equity
€245,952
▼ 20.6%
Total assets
€690,049
▲ 12.0%
Score breakdownlowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Size: total assets €690,049Figures for financial year 2025 (filed on 16-07-2026)Liquidity: current ratio 0.98, cash €224,506Show the evidence

Checked score

Score 2025
93 / 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 44% of micro companies in head offices and management consultancy (NACE 70)
Financial strength · tick: 2024
Strong
Solvency 61-14
equity 35.6% of total assets
Liquidity 72-5
short-term debt 39.2% · cash 32.5%
Profitability 87+5
return on assets 14.7%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (48,544 companies, NACE 70, micro)
Last 24 months 12-2024: < 0.1% 01-2025: < 0.1%● unchanged vs 12-2024 02-2025: < 0.1%● unchanged vs 01-2025 03-2025: < 0.1%● unchanged vs 02-2025 04-2025: < 0.1%● unchanged vs 03-2025 05-2025: 0.1%▲ +0.1 percentage points vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.2%▲ +0.1 percentage points vs 07-2025highest value 09-2025: < 0.1%▼ -0.2 percentage points vs 08-2025 10-2025: < 0.1%● unchanged vs 09-2025 11-2025: < 0.1%● unchanged vs 10-2025 12-2025: < 0.1%● unchanged vs 11-2025 01-2026: < 0.1%● unchanged vs 12-2025lowest value 02-2026: < 0.1%● unchanged vs 01-2026 03-2026: < 0.1%● unchanged vs 02-2026 04-2026: < 0.1%● unchanged vs 03-2026 05-2026: < 0.1%● unchanged vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: < 0.1%● unchanged vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026 10-2026: < 0.1%● unchanged vs 09-2026 11-2026: < 0.1%● unchanged vs 10-2026
Credit of up to €22,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.98 (2.21 in 2024), below 1. Short-term debt is 39.2% and cash 32.5% of total assets. 64.4% of the assets are financed with debt and provisions.
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 34% of them on solvency, 64% on liquidity, 56% on profitability and 22% on growth.

The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskneutral
lowers risk · Sector: Activities of head offices; management consultancy activities (NACE 70)
KBO
lowers risk · Size: total assets €690,049
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Figures for financial year 2025 (filed on 16-07-2026)
NBB · annual accounts
lowers risk · Liquidity: current ratio 0.98, cash €224,506
NBB · annual accounts
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 16-07-2026, 15 days ahead of the deadline.
NBB · 5 filings
Deviation from the deadline
2025
15 days early
2024
29 days late
2023
2 days early
2022
5 days early
2021
30 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 5 accounts on average 7 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Financials

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 16-07-2026 at the NBB all 5 filings

Turnover
≈ €270,000
Estimated: probably between €230,000 and €320,000
Total assets
€690,049▲ 12.0%
2024 · €616,087
Net result
€101,364▲ 54.4%
2024 · €65,655
Working capital
-€6,513
2024 · €95,228
Multi-year overview
2021 to 2025, 5 financial years
Operating result
€142,288
▲ 48.5% 2025
20212025
Net result
€101,364
▲ 54.4% 2025
highest quarter of the sector
20212025
Equity
€245,952
▼ 20.6% 2025
highest quarter of the sector
20212025
Total assets
€690,049
▲ 12.0% 2025
highest quarter of the sector
20212025
Debt
€444,097
▲ 45.0% 2025
20212025
Working capital
-€6,513
2025
lowest quarter of the sector
20212025
Solvency
35.6%
▼ 14.7pp 2025
middle half of the sector
20212025
Current ratio
0.98
▼ 1.24 2025
lowest quarter of the sector
20212025
Return on assets (ROA)
14.7%
▲ 4.0pp 2025
middle half of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20212022202320242025
Operating result€110,311-€141,938▲ 28.7%€79,465▼ 44.0%€95,842▲ 20.6%€142,288▲ 48.5%
Net result€68,858within the sector's middle half-€92,492within the sector's middle half▲ 34.3%€48,402within the sector's middle half▼ 47.7%€65,655above the sector's middle half▲ 35.6%€101,364above the sector's middle half▲ 54.4%
Equity€108,058within the sector's middle half-€198,550within the sector's middle half▲ 83.7%€245,952above the sector's middle half▲ 23.9%€309,889above the sector's middle half▲ 26.0%€245,952above the sector's middle half▼ 20.6%
Total assets€505,232within the sector's middle half-€589,450within the sector's middle half▲ 16.7%€631,006above the sector's middle half▲ 7.0%€616,087above the sector's middle half▼ 2.4%€690,049above the sector's middle half▲ 12.0%
Debt€397,174-€390,900▼ 1.6%€385,053▼ 1.5%€306,197▼ 20.5%€444,097▲ 45.0%
Working capital€25,479within the sector's middle half-€77,542within the sector's middle half▲ 204%€72,195within the sector's middle half▼ 6.9%€95,228within the sector's middle half▲ 31.9%-€6,513below the sector's middle half
Solvency21.4%below the sector's middle half-33.7%within the sector's middle half▲ 12.3pp39.0%within the sector's middle half▲ 5.3pp50.3%within the sector's middle half▲ 11.3pp35.6%within the sector's middle half▼ 14.7pp
Current ratio1.28within the sector's middle half-1.64within the sector's middle half▲ 0.361.70within the sector's middle half▲ 0.052.21within the sector's middle half▲ 0.520.98below the sector's middle half▼ 1.24
Return on assets (ROA)13.6%above the sector's middle half-15.7%above the sector's middle half▲ 2.1pp7.7%within the sector's middle half▼ 8.0pp10.7%within the sector's middle half▲ 3.0pp14.7%within the sector's middle half▲ 4.0pp
Staff (FTE)0below the sector's middle half
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 2025 is 48% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.

Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €690,049
Fixed assets €426,132 ▼ 3.7%
Current assets €263,918 ▲ 52.0%
Equity and liabilities €690,049
Equity €245,952 ▼ 20.6%
Debt €444,097 ▲ 45.0%
Debt's share of the balance-sheet total rises from 49.7% to 64.4%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€158,637▲
2024 · €112,031
Cash flow
€117,714▲
2024 · €81,844
Debt to equity
1.81▲
2024 · 0.99
ROE
41.2%▲
2024 · 21.2%
Interest coverage
32.15▲
2024 · 20.32
Debt ≤ 1 year
€270,430▲
2024 · €78,378
Debt > 1 year
€173,442▼
2024 · €227,551
Income taxes
€35,990▲
2024 · €24,675
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts guaranteed by Belgian public bodies€175,000€175,000---
Carrying value of the other pledged assets--€390,000€390,000€390,000

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets-€1,860€75,694€3,410-
Financial fixed assets€390,000----
Depreciation and write-downs of the year€4,628€298€11,996€16,189€16,349

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 51 lines
Balance sheet Code20242025
Assets
Total assets20/58€616,087€690,049▲
Fixed assets21/28€442,481€426,132▼
Tangible fixed assets22/27€52,481€36,132▼
Furniture and vehicles24€4,101€2,656▼
Leasing and similar rights25€48,380€33,476▼
Financial fixed assets28€390,000€390,000=
Current assets29/58€173,606€263,918▲
Amounts receivable within one year40/41€32,014€38,661▲
Trade receivables40€31,985€38,661▲
Other amounts receivable41€29€0▼
Cash at bank and in hand54/58€140,631€224,506▲
Deferred charges and accrued income490/1€961€750▼
Equity and liabilities
Total equity and liabilities10/49€616,087€690,049▲
Equity10/15€309,889€245,952▼
Contributions10/11€40,000€40,000=
Reserves13€269,889€205,952▼
Distributable reserves133€269,889€205,952▼
Profit (loss) carried forward14€0€0=
Amounts payable17/49€306,197€444,097▲
Amounts payable after more than one year17€227,551€173,442▼
Financial debts170/4€227,551€173,442▼
Amounts payable within one year42/48€78,378€270,430▲
Current portion of amounts payable after more than one year42€56,258€57,331▲
Financial debts43-€46
Credit institutions430/8-€46
Trade debts44€561€635▲
Suppliers440/4€561€635▲
Taxes, remuneration and social security45€19,615€46,439▲
Taxes450/3€17,598€44,422▲
Remuneration and social security454/9€2,016€2,016=
Other amounts payable47/48€1,944€165,980▲
Accrued charges and deferred income492/3€268€224▼
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16,189€16,349▲
Other operating charges640/8€2,459€2,102▼
Non-recurring operating charges66A€189€0▼
Gross operating margin9900€114,679€160,739▲
Operating profit (loss)9901€95,842€142,288▲
Financial income75/76B€0€0▲
Recurring financial income75€0€0▲
Financial charges65/66B€5,512€4,934▼
Recurring financial charges65€5,512€4,934▼
Profit (loss) for the period before taxes9903€90,330€137,355▲
Income taxes67/77€24,675€35,990▲
Profit (loss) for the period9904€65,655€101,364▲
Profit (loss) for the period to be appropriated9905€65,655€101,364▲
Appropriation of the result
Profit (loss) to be appropriated9906€65,655€101,364▲
Transfer from equity791/2-€63,937
Transfer to equity691/2€63,937€0▼
To other reserves6921€63,937€0▼
Profit to be distributed694/7€1,718€165,301▲
Return on contributions (dividend)694€1,718€165,301▲

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 16-07-2026.

Line20212022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4,628€298€11,996€16,189€16,349▲ 1.0%
Other operating charges640/8€444€436€2,265€2,459€2,102▼ 14.5%
Non-recurring operating charges66A-€431€126€189€0▼ 100%
Gross operating margin9900€115,383€143,103€93,851€114,679€160,739▲ 40.2%
Operating profit (loss)9901€110,311€141,938€79,465€95,842€142,288▲ 48.5%
Financial income75/76B-€59€80€0€0-
Recurring financial income75-€59€80€0€0-
Financial charges65/66B€8,481€4,624€6,369€5,512€4,934▼ 10.5%
Recurring financial charges65€8,481€4,624€6,369€5,512€4,934▼ 10.5%
Profit (loss) for the period before taxes9903€101,830€137,373€73,176€90,330€137,355▲ 52.1%
Income taxes67/77€32,973€44,880€24,773€24,675€35,990▲ 45.9%
Profit (loss) for the period9904€68,858€92,492€48,402€65,655€101,364▲ 54.4%
Profit (loss) for the period to be appropriated9905€68,858€92,492€48,402€65,655€101,364▲ 54.4%
Line20212022202320242025Change
Assets
Total assets20/58€505,232€589,450€631,006€616,087€690,049▲ 12.0%
Fixed assets21/28€390,000€391,562€455,260€442,481€426,132▼ 3.7%
Tangible fixed assets22/27-€1,562€65,260€52,481€36,132▼ 31.2%
Furniture and vehicles24-€1,562€1,975€4,101€2,656▼ 35.2%
Leasing and similar rights25--€63,285€48,380€33,476▼ 30.8%
Financial fixed assets28€390,000€390,000€390,000€390,000€390,000=
Current assets29/58€115,232€197,888€175,746€173,606€263,918▲ 52.0%
Amounts receivable within one year40/41€77,934€38,454€82,771€32,014€38,661▲ 20.8%
Trade receivables40€77,904€37,068€82,100€31,985€38,661▲ 20.9%
Other amounts receivable41€30€1,386€671€29€0▼ 100%
Cash at bank and in hand54/58€36,914€159,043€92,014€140,631€224,506▲ 59.6%
Deferred charges and accrued income490/1€383€392€961€961€750▼ 21.9%
Equity and liabilities
Total equity and liabilities10/49€505,232€589,450€631,006€616,087€690,049▲ 12.0%
Equity10/15€108,058€198,550€245,952€309,889€245,952▼ 20.6%
Contributions10/11€40,000€40,000€40,000€40,000€40,000=
Reserves13€68,058€158,550€205,952€269,889€205,952▼ 23.7%
Distributable reserves133€68,058€158,550€205,952€269,889€205,952▼ 23.7%
Profit (loss) carried forward14€0€0€0€0€0-
Amounts payable17/49€397,174€390,900€385,053€306,197€444,097▲ 45.0%
Amounts payable after more than one year17€307,025€269,640€280,632€227,551€173,442▼ 23.8%
Financial debts170/4€307,025€269,640€280,632€227,551€173,442▼ 23.8%
Amounts payable within one year42/48€89,753€120,346€103,551€78,378€270,430▲ 245%
Current portion of amounts payable after more than one year42€39,928€40,478€55,210€56,258€57,331▲ 1.9%
Financial debts43----€46-
Credit institutions430/8----€46-
Trade debts44€1,252€1,272€404€561€635▲ 13.2%
Suppliers440/4€1,252€1,272€404€561€635▲ 13.2%
Taxes, remuneration and social security45€47,473€76,596€46,937€19,615€46,439▲ 137%
Taxes450/3€47,473€74,580€44,920€17,598€44,422▲ 152%
Remuneration and social security454/9-€2,016€2,016€2,016€2,016=
Other amounts payable47/48€1,101€2,000€1,000€1,944€165,980▲ 85×
Accrued charges and deferred income492/3€396€914€871€268€224▼ 16.3%
Line20212022202320242025Change
Profit (loss) for the period9904€68,858€92,492€48,402€65,655€101,364▲ 54.4%
+ Depreciation and write-downs630€4,628€298€11,996€16,189€16,349▲ 1.0%
Operating cash flow (approximation)€73,486€92,790€60,398€81,844€117,714▲ 43.8%
Investment in fixed assets (approximation)--€1,860-€75,694-€3,410€0-
Change in cash-€122,128-€67,029€48,617€83,875▲ 72.5%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (5)
Financial year Type Filed Reference Document
31-12-2025 micro format 16-07-2026 2026-00298561 PDF
31-12-2024 micro format 29-08-2025 2025-00433792 PDF
31-12-2023 micro format 29-07-2024 2024-00326685 PDF
31-12-2022 abbreviated format 26-07-2023 2023-00277206 PDF
31-12-2021 abbreviated format 30-08-2022 2022-20342936 PDF

Board & ownership

Directors

Directors
1 director
Lowagie Mélanie
Director · since 24-09-2020 · listed in the 2025 annual accounts, filed on 16-07-2026
Current

Owners and capital

Network & group

Holdings and subsidiaries

1 holding

Holdings 1

Holdings through the years 2021 to 2025
Holdings through the years
Name20212022202320242025
Apotheek Duinenwater 50%33.33%

Source: list of holdings in its own accounts

Board mandates elsewhere

1 board mandate
Board mandates of MELLOW PHARMAMELLOW PHARMA sits on their board1
Director
Founded in 2005 · 1.3 FTE (2025)

Companies at the same address

1 other company

Connections & network

1 current director
Depth

The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Deeds, filings and financial milestones

Deadline for the 2026 accounts: 31-07-2027
2026
16-07
NBB filing Annual accounts 2025 filedNBB
micro format · 15 days before the deadline
2025
31-12
Financial Highest result from 2021 to 2025net €101,364 ▲54.4%
The operating result of €142,288 and the net result of €101,364 are both a record.
29-08
NBB filing Annual accounts 2024 filedPDF
micro format · 29 days late
2024
29-07
NBB filing Annual accounts 2023 filedPDF
micro format · 2 days before the deadline
2023
31-12
Financial Weakest financial yearnet €48,402 ▼47.7%
The net result drops to €48,402, the lowest from 2021 to 2025. It recovers the following year.
31-12
Financial Equity above €200,000equity €245,952 ▲23.9%
With a profit in every financial year since 2021, equity grows to €245,952.
26-07
NBB filing Annual accounts 2022 filedPDF
abbreviated format · 5 days before the deadline
2022
31-12
Financial Equity above €150,000equity €198,550 ▲83.7%
With a profit in every financial year since 2021, equity grows to €198,550.
30-08
NBB filing Annual accounts 2021 filedPDF
abbreviated format · 30 days late
08-03
Gazette deed Registered office moved from Bruges to Sint - Andries
New registered office: Fazantenlaan 25, 8200 Sint - Andries · Previous registered office: Sint-Kristoffelstraat 22 bus A104, 8310 Brugge2 points ▸
  • General meeting, 10-01-2022
  • Registered-office move, Fazantenlaan 25, 8200 Sint - Andries

Open the deed in the Belgian Official Gazette

2020
28-09
Gazette deed IncorporationPDF
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official GazetteFilings with the National Bank

History

On 24 September 2020, MELLOW PHARMA was incorporated as a private limited company.1 In 2022 the registered office moved to Sint - Andries.2 Total assets went from €505,232 in 2021 to €690,049 in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 08-03-2022
  3. 3National Bank, annual accounts 2021 and 2025

Company details

Register details

Identity

KBO record
Name MELLOW PHARMA in Dutch
Enterprise number 0754.801.045
Legal form Private limited company
Status Active, normal situation
Founded 24-09-2020
Entity type Legal entity

Registered office and establishments

Registered office Fazantenlaan 25, 8200 Bruges, Belgium
1 former office
  • Sint-Kristoffelstraat 22 bus A104, 8310 Brugge until 10-01-2022 · deed of 08-03-2022
Establishment unit MELLOW PHARMA, Fazantenlaan 25, 8200 Bruges since 24-09-2020 · unit number 2.308.992.255

Activities

NACEBEL 2025
70100 Activities of head offices main activity
Codes under NACEBEL 2008
70100 Activities of head offices main activity

Invoicing and payment

VAT number BE 0754.801.045
E-invoicing via Peppol
Reachable via Peppol
Peppol ID 0208:0754801045
Other Peppol ID 9925:BE0754801045
Registered 22-04-2026

Follow this company and you will hear the next morning if it leaves the Peppol register.

Register as of 4 November 2026 · Peppol Directory

Financial year and general meeting

Accounts at the NBB
Financial year end 31-12

Sites & property

Location
registered office establishment The establishment unit on the map
2 companies at this address See who is registered here

Buildings and parcels at the address

Ground area
900 m²
Building footprint
181 m²
Building volume
826 m³
Cadastral parcel Region Area Buildings Height / floors
31425C0188/00G000 Flanders 900 m² 1 · 181 m² 7.3 m · 2