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MICROBELCAPS

Active Public limited companyfounded 1995active for 31 yearsAllée des Noisetiers 2, 4031 LiègeKBO/BCE: BE 0454.591.191 #4 oldest company in the province of Liège, Pharmaceuticals sector
MICROBELCAPS
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Overview

Lifetime

20 annual accounts with figures on one time axis, 30 filings since 1996
peak €2.2m (2016)
€595,134▼ 35.1%
lowest -€20,208 (2006)
€9,025▼ 94.3%
peak €574,618 (2025)
€574,618▲ 1.6%
€252,436▼ 37.3%
peak 6.2 FTE (2014)
4.4 FTE▼ 6.4%
Board8 names since 2021
4 directorsS.A. Laboratoires S.M.B. and 3 others
Owners
  
Documentsfilings and deeds
08-07-202623 days before the deadline
2025financial year
Turnover from €916,925 to €595,134Gross margin from €577,621 to €354,668Result from €159,083 to €9,025Debts from €402,909 to €252,436Cash from €309,521 to €166,308

Key points

from the 2025 annual accounts

Equity

€574,618 ▲ 1.6%

MICROBELCAPS has made a profit without a break since 2017.

Result

€9,025 ▼ 94.3%
€159,0002024€9,0302025

The result fell in 2025 from €159,083 to €9,025.

Staff

5 employees on 31-12-2025
102021782022191920231716202417162025

In 2025, 17 people joined and 16 left.

Payment terms

29 days to suppliers
Suppliers
24 to 29
Customers
58 to 90

MICROBELCAPS pays its suppliers 5 days later than in 2024. Customers pay 32 days later.

Filings

30 annual accounts since 1996
AprilJune31 JulyOctober200020102020

Two of the last ten came late. The 2019 accounts came latest: 14 days after the end of the period.

Checked score

95
Excellent
Financially stronger than 58% of micro companies in pharmaceuticals (NACE 21)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.4% across 152 companies (NACE 21, micro).

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

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: 0.2%▲ +0.1 percentage points vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025highest value 07-2025: 0.1%▼ -0.1 percentage points vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged 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 12-2025 02-2026: < 0.1%▼ -0.1 percentage points 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 05-2026lowest value 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

Financial strength
Strong

94+11equity 69.5% of total assets
71-10short-term debt 16.0% · cash 20.1%
67-26return on assets 1.1%

Score breakdown

raises risk
Size: turnover €595,134, 4.4 FTE, total assets €827,054
lowers risk
Liquidity: current ratio 3.25, cash €166,308
Equity €574,618 (69.5% of total assets)
Founded in 1995
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 21, micro). It does better than 77% of them on solvency, 74% on liquidity, 53% on profitability and 28% on growth.

The bankruptcy probability was computed on 08-11-2026 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).

Comparable companies, two years later

In July 2024, 17,041 companies had the same profile as MICROBELCAPS has now. Each dot stands for 43 companies, two years later.

94.4%
were still trading
4.9%
stopped another way
0.5%
went bankrupt
  • Micro
  • 20 years or older
  • solvency 30% or more
  • a profit under 5% of the balance sheet

Another 0.2% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of MICROBELCAPS itself: < 0.1% within 12 months.

Test of the method

The method was tested on the 497,447 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 17,041 companies, not a prediction for MICROBELCAPS. 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.

Credit verdict

Credit of up to €50,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 3.25 (2.45 in 2024), above the usual 1.5. Short-term debt is 16% and cash 20.1% of total assets. 30.5% of the assets are financed with debt and provisions.

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 riskraises riskneutral
lowers risk · Liquidity: current ratio 3.25, cash €166,308
NBB · annual accounts
lowers risk · Equity €574,618 (69.5% of total assets)
NBB · annual accounts
lowers risk · Founded in 1995
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
raises risk · Size: turnover €595,134, 4.4 FTE, total assets €827,054
Companies of this size fail more often. How much that weighs depends on the rest of the company's profile.
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 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
23 days early
2024
35 days early
2023
28 days early
2022
17 days early
2021
12 days late
2020
37 days early
2019
14 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 16 days before the deadline. In the sector (NACE 21), 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 8 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
09-11-2026 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

Board and ownership

ZS
ZGOULLI Slim
Managing director
SA
S.A. Laboratoires S.M.B.
Director, since 10-06-2021
TP
THONART Philippe
Director, since 10-06-2021
VC
VENTURE COACHING
Director, Eric FELLER, since 10-06-2021
MA
Marie-Anne HENRARD
Director, since 29-06-2023
  • GESVAL 10%score 96equity €12.9m (2025) · 2021 annual accounts of GESVAL
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0454591191
Amendment of the articles Registered office clause: Liège (4031-Angleur, Allée des Noisetiers 2D · Gazette deed
Appointment: Marie-Anne HENRARD (director) General meeting of 29-06-2023 · Gazette deed
1 director resigning Pascale AZZAM · Permanent representatives: Lucas FOTSING and Bruno STREEL · General meeting of 22-06-2022 · Gazette deed
All 45 events

Comparable companies

same main activity, similar in size and age
Company
MICROBELCAPS Liège €0.8m €0.4m 69.5% 4.4
NAQI Halen €1.2m €0.5m 8.5% 6.3
Brussels Medical Center Oostkamp €0.3m €0.2m 5.8% 4.3
Titamed Kontich €1.4m €1.4m 32.3% 6.1
CEREPHARMA Ath €1.5m €0.6m 61.2% 6.3
PHARMA 2424 Charleroi €0.6m €0.2m 55.3% 1.1
VITONA Ghent €0.9m €0.2m 93.0% -

These companies have the same main activity as MICROBELCAPS: manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21209). They are comparable in size and age: total assets between €272,000 and €1.5m, founded between 1986 and 2011.

Official details

Source: KBO
Status
Active since 07-02-1995Normal situation
Registered office
11 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
Activity
Manufacture of basic pharmaceutical products and pharmaceutical preparationsNACE 21209and 2 others
Joint committees
116Chemical industry
207White-collar workers in the chemical industry · annual accounts 2025
Establishment unit
2.102.983.8534031 Liège, since 13-03-1995
Financial year end
31 December
Peppol
Reachable since 16-06-2026
Company details

Annual accounts 2025

€595,134▼ 35.1%
€9,025▼ 94.3%
€574,618▲ 1.6%
€827,054▼ 14.6%
Employeeson 31-12-2025
5=
Filing
Filed on 08-07-2026, 23 days before the end of the filing period
Financials

Insights on MICROBELCAPS

MICROBELCAPS has existed since 1995. Turnover fell from €2.1m in 2018 to €437,674 in 2019. The accounts now follow the micro format, last year the full format.

Solvency rose in 2025 from 58.4% to 69.5% because of the retained profit and lower debts.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, filed on 08-07-2026, 23 days before the deadline
€595,134
▼ 35.1%
€17,658
▼ 92.1%
€61,847
▼ 76.4%
€53,214
▼ 73.1%
69.5%
▲ 11.1 percentage points
3.25
▲ 0.80
In the rankings #4 oldest company in the province of Liège, Pharmaceuticals sector

Money flows

of every €100 of turnover, €1.52 remains as profit in 2025

Balance sheet

balance sheet total €827,054 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

Compare with sector

69.5%

Higher than 75% of 95 companies in 2025.

3.25

Higher than 81% of 94 companies in 2025.

1.1%

Higher than 31% of 95 companies in 2025.

MICROBELCAPS Middle half of the sector 80% of the sector Full accounts in pharmaceuticals (NACE 21)

Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half · Staff: bottom quarter

Staff

€63,738

Staff costs divided by the average number of full-time equivalents.

+1 person

people who joined people who left

In 2025, 17 people joined and 16 left.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
Balance sheet: assets
20/58 827,054968,502967,941998,233796,195985,761800,127927,6071.6m1.7m2.0m1.7m500,269765,937553,813809,209615,589614,156465,218455,905
21/28 395,882392,653421,782462,501502,466524,427539,806576,904617,446659,120699,360675,12330,13048,22875,216102,668146,677184,185157,812165,504
21 ----0----------64622,81943,053--
22/27 395,733392,504421,633462,352502,317524,278539,657576,755617,297658,971699,211674,97422,03743,71165,25092,365114,201137,674157,663165,355
22 350,448378,992407,538436,082464,626493,171521,715550,260578,805607,349635,894664,439--------
23 45,28513,12113,23523,80834,86026,57816,28422,39636,11650,00360,4297,69621,81843,27462,35387,645112,565134,791157,000164,896
24 -3918602,4622,8314,5291,6584,0992,3761,6192,8882,8392194372,8974,7201,6362,883663459
28 1491491491491491491491491491491491498,0934,5179,9669,6579,6573,458149149
29/58 431,172575,849546,159535,732293,729461,334260,321350,703977,8621.1m1.3m999,536470,139717,709478,597706,541468,912429,971307,406290,401
3 81,78281,21890,552143,405123,04694,32291,80891,314589,150204,068522,100392,51267,231553,230310,616202,279129,40845,4004,64314,945
30/36 81,78281,21890,552143,405123,04694,32291,80891,314589,150204,068522,100392,51267,231553,230310,616202,279129,40845,4004,64314,945
40/41 165,108170,678142,69148,09098,360105,16216,59732,98690,999383,746643,621206,88213,785113,96761,431489,605271,484361,305270,276231,013
40 146,373145,382110,25521,09097,911105,16216,5971,7028,675243,754269,96422,45010,5657,25014,047489,605254,141361,305259,528231,013
41 18,73525,29632,43627,000449--31,28482,324139,992373,657184,4323,220106,71747,384-17,343-10,748-
50/53 3433433433433433433433466,0436,044350349349825814807798788786776
54/58 166,308309,521291,799315,22334,238215,10667,310122,017167,916345,52817,630209,152381,78238,320105,73613,85067,01121,26128,67938,071
490/1 17,63114,08920,77428,67137,74246,40184,263104,040123,754145,273165,612190,6416,99211,367--2111,2173,0225,596
Balance sheet: equity and liabilities
10/49 827,054968,502967,941998,233796,195985,761800,127927,6071.6m1.7m2.0m1.7m500,269765,937553,813809,209615,589614,156465,218455,905
10/15 574,618565,593486,509425,808345,795332,136275,278266,994221,533218,212230,982211,268181,240139,173120,796117,363108,307106,955105,05079,735
10/11 62,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,000
10 62,00062,00062,00062,00062,000---------------
100 62,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,00062,000
13 6,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,200
130/1 6,2006,2006,2006,2006,2006,200--------------
130 6,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,2006,200
14 506,418497,393418,309357,608277,595263,936207,078198,794153,333150,012162,782143,068113,04070,97352,59649,16340,10738,75536,85011,535
17/49 252,436402,909481,432572,425450,400653,625524,849660,6131.4m1.5m1.8m1.5m319,029626,764433,017691,846507,282507,201360,168376,170
17 119,601167,442215,282263,122310,963358,803429,991493,357558,778624,199676,309733,75881,964114,749---14,67436,69658,728
170/4 119,601167,442215,282263,122310,963358,803429,991491,704557,125622,546674,656732,10581,964114,749---14,67436,69658,728
178/9 -------1,6531,6531,6531,6531,653--------
42/48 132,660235,292265,916307,539137,673294,82294,858138,990786,732901,1341.1m649,238234,256486,695407,931666,760507,282492,527323,472317,442
42 51,82747,84047,84047,84047,84047,84061,71365,42165,42181,814140,32083,37332,78532,785--14,67522,02122,03222,043
43 ---125,000-125,000--350,000675,000125,000125,000125,000350,000125,000125,000125,000---
430/8 ---125,000-125,000--350,000675,000125,000125,000125,000350,000125,000125,000125,000---
44 24,27624,3588,29422,47360,01034,83123,79730,608310,70498,052755,560368,38912,22064,934245,129511,126323,815425,219282,272281,866
440/4 24,27624,3588,29422,47360,01034,83123,79730,608310,70498,052755,560368,38912,22064,934245,129511,126323,815425,219282,272281,866
45 56,557107,094156,11261,62618,42373,1519,34842,96160,06945,73039,62871,99764,25138,97637,80230,63443,79245,28719,16813,533
450/3 25,82574,798133,28843,4593,33150,5774,5107,6317,8148,3557,58232,44132,0118,8116,4866,38720,17421,6662,8357,704
454/9 30,73232,29622,82418,16715,09222,5744,83835,33052,25537,37532,04639,55632,24030,16531,31624,24723,61823,62116,3335,830
47/48 -56,00053,67050,60011,40014,000--538538479479--------
492/3 1751752341,7641,764--28,26628,26523480,39580,3952,80925,32025,08625,086----
Income statement
70 595,134916,925777,475725,076485,619626,593437,6742.1m2.0m2.2m1.4m1.4m1.9m933,6631.2m1.2m729,077669,194584,488358,439
76A 12,930---601,057-1,3196,462119,71479,000-212---18,165-500675
9900 354,668577,621445,785409,738235,550351,341245,021426,028378,794359,540306,268432,669345,565299,816261,624248,566216,593221,624150,05450,919
60/61 308,354367,475390,747315,338250,129276,308192,6521.7m1.6m1.8m1.1m934,6361.6m633,847911,601974,660512,484447,570434,434307,520
62 280,448265,987216,655190,980159,904210,552175,158278,709284,119286,582280,381306,475247,050234,027221,815177,234167,527166,81285,48235,482
630 44,18939,08240,71941,37337,96137,14937,09845,51644,02443,92943,55751,90921,67424,16029,61952,15950,55548,35529,51928,912
631/4 -------9,6754,521----7,698-4,562466-5,423-
640/8 12,37312,84512,91710,71711,83911,3993,0603,2205,1466229,8523,4429522,1291,7341,169620671667734
66A -36,448----2,210-------------
9901 17,658223,259175,494166,66825,84692,24127,49588,90840,98428,407-27,52270,84375,88931,8028,45613,442-2,5755,78628,963-14,209
75/76B 1,3581,391---98-2617284552348209176705554149138
75 1,3581,391---98-2617284552348209176705554149138
65/66B 6,3787,66010,79312,75512,18715,48119,21143,44937,66941,19031,91423,46910,32511,6065,1834,44714,3153,9274,3406,604
65 6,1947,66010,79312,75512,18715,48119,21143,44937,66941,19031,91423,46910,32511,6065,1834,44714,3153,9274,3406,604
66B 184-------------------
9903 12,638216,990164,701153,91313,65976,8588,28445,4613,321-12,76619,84847,92666,12420,4053,4499,0651,3301,91325,272-20,000
67/77 3,61357,90744,00017,900-----413417,89824,0572,028169-228-43208
9904 9,025159,083120,701136,01313,65976,8588,28445,4613,321-12,77019,71430,02842,06718,3773,4339,0561,3521,90525,315-20,208
9905 9,025159,083120,701136,01313,65976,8588,28445,4613,321-12,77019,71430,02842,06718,3773,4339,0561,3521,90525,315-20,208
Appropriation of the result
9906 506,418577,393478,309413,608277,595283,936207,078198,794153,333150,012162,782143,068113,04070,97352,59649,16340,10738,75536,85011,535
14P 497,393418,310357,608277,595263,936---------------
694/7 -80,00060,00056,000-20,000--------------
694 -80,00060,00056,000-20,000--------------
Social balance sheet
9087 4.44.7443.94.75.25.8665.66.265.15.34442.61
Hours worked1013 8,0378,5457,0256,4656,0687,5145,8109,0999,96810,3489,91411,1999,1738,4848,3666,9546,8327,0914,5251,824
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 10 older financial years (1996-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 12 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 08-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 08-07-2026 2026-00292935 PDF
31-12-2024 full format 26-06-2025 2025-00181294 PDF
31-12-2023 full format 03-07-2024 2024-00200222 PDF
31-12-2022 micro format 14-07-2023 2023-00235870 PDF
31-12-2021 micro format 12-08-2022 2022-20285046 PDF
31-12-2020 micro format 24-06-2021 2021-23900207 PDF
31-12-2019 micro format 14-08-2020 2020-41300121 PDF
31-12-2018 full format 02-07-2019 2019-26900303 PDF
31-12-2017 full format 05-07-2018 2018-29000228 PDF
31-12-2016 full format 05-07-2017 2017-27100600 PDF
31-12-2015 full format 05-07-2016 2016-27100561 PDF
31-12-2014 full format 15-07-2015 2015-30700222 PDF
31-12-2013 full format 10-07-2014 2014-28800560 PDF
31-12-2012 full format 08-07-2013 2013-27700229 PDF
31-12-2011 full format 03-07-2012 2012-24800318 PDF
31-12-2010 full format 22-06-2011 2011-20300115 PDF
31-12-2009 full format 14-06-2010 2010-17500550 PDF
31-12-2008 full format 20-05-2009 2009-15700253 PDF
31-12-2007 full format 31-05-2008 2008-17800334 PDF
31-12-2006 full format 21-05-2007 2007-15000066 PDF
31-12-2005 full format 10-05-2006 2006-14200185 PDF
31-12-2004 full format 10-06-2005 2005-25103684 PDF
31-12-2003 full format 27-05-2004 2004-18501840 PDF
31-12-2002 full format 13-05-2003 2003-14403875 PDF
30-06-2001 full format 29-11-2001 2001-72802266 PDF
30-06-2000 full format 18-12-2000 2000-76404512 PDF
30-06-1999 full format 03-12-1999 1999-61803298 PDF
30-06-1998 full format 27-11-1998 1998-59405363 PDF
30-06-1997 full format 30-10-1997 1997-51300757 PDF
30-06-1996 full format 30-10-1996 1996-49301471 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
61,847262,341216,213208,04163,807129,39064,593134,42485,00872,33616,035122,75297,56355,96238,07565,60147,98054,14158,48214,703
53,214198,165161,420177,38651,620114,00745,38290,97747,34531,15963,27181,93763,74142,53733,05261,21551,90750,26054,8348,703
47,4189,95301,40816,00021,77004,9742,3503,68967,794704,8463,5762,6212,1678,15013,04774,72821,8288,910
-143,21317,722-23,424280,985-180,868147,796-54,707-45,899-177,612327,898-191,522-172,630343,462-67,41691,886-53,16145,750-7,418-9,392-
298,512340,557280,243228,193156,056166,512165,463211,713191,130183,525288,326350,298235,883231,01470,66639,781-38,370-62,556-16,066-27,041
3.0%24.3%22.6%23.0%5.3%14.7%6.3%4.2%2.0%1.3%-2.0%5.2%3.9%3.4%0.7%1.1%-0.4%0.9%5.0%-4.0%
69.5%58.4%50.3%42.7%43.4%33.7%34.4%28.8%13.9%12.5%11.3%12.6%36.2%18.2%21.8%14.5%17.6%17.4%22.6%17.5%
3.252.452.051.742.131.562.742.521.241.201.271.542.011.471.171.060.920.870.950.91
2.632.101.711.281.241.241.781.870.490.980.780.931.720.340.410.760.670.780.940.87
0.440.710.991.341.301.971.912.476.206.997.876.931.764.503.585.894.684.743.434.72
1.6%28.1%24.8%31.9%4.0%23.1%3.0%17.0%1.5%-5.9%8.5%14.2%23.2%13.2%2.8%7.7%1.2%1.8%24.1%-25.3%
1.1%16.4%12.5%13.6%1.7%7.8%1.0%4.9%0.2%-0.7%1.0%1.8%8.4%2.4%0.6%1.1%0.2%0.3%5.4%-4.4%
9.9834.2520.0316.315.24---------------
90 days58 days52 days11 days74 days61 days14 days0 days2 days40 days71 days6 days2 days3 days4 days146 days127 days197 days162 days235 days
29 days24 days8 days26 days88 days46 days45 days7 days70 days19 days256 days144 days3 days37 days98 days191 days231 days347 days237 days335 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202531-12-202431-12-202331-12-202231-12-2021
Employees at the balance-sheet date55445
full-time33333
part-time22112
in full-time equivalents4.24.23.73.54.3
4.44.7443.9
On a permanent contract55445
Joined17171971
Left16161980

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€47,418€9,953-€1,408€16,000
€44,189€39,082€40,719€41,373€37,961

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

Insights on MICROBELCAPS

The operating result for 2025 is 92% lower than in 2024 and the lowest since 2015.

Debt's share of the balance-sheet total falls from 41.6% to 30.5%. Equity is higher and debt is lower.

Board & ownership

Board

4 directors, 1 in day-to-day management, last change in 2023
S.A. Laboratoires S.M.B.
Director
since 10-06-2021 term until 15-06-2027
listed in the 2025 annual accounts, filed on 08-07-2026
THONART Philippe
Director
since 10-06-2021 term until 15-06-2027
listed in the 2025 annual accounts, filed on 08-07-2026
VENTURE COACHING
Director, permanent representative Eric FELLER
since 10-06-2021 term until 15-06-2027
listed in the 2025 annual accounts, filed on 08-07-2026
2 other companies bankrupt
Marie-Anne HENRARD
Director
since 29-06-2023 term until 15-06-2027
listed in the 2025 annual accounts, filed on 08-07-2026
ZGOULLI Slim
Managing director
in office according to the deed of 05-11-2021
ZGOULLI Slim
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Two directors jointly
deed of 31-01-2024
Permanent representatives 1
Eric FELLER
Permanent representative, for VENTURE COACHING
appointed by deed of 05-11-2021

Office holders in the KBO →

Mandates through the years

8 names, the dashed line is today
S.A. Laboratoires S.M.B.
Director
THONART Philippe
Director
VENTURE COACHING
Director
Marie-Anne HENRARD
Director
ZGOULLI Slim
Managing director
Pascale AZZAM
Director
GESVAL
Director
Laboratoires S.M.B.S.A
Director
LeadershipBoardEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
  • S.A. Laboratoires S.M.B.
    • Director, from 10-06-2021 to date
  • THONART Philippe
    • Director, from 10-06-2021 to date
  • VENTURE COACHING
    • Director, from 10-06-2021 to date
  • Marie-Anne HENRARD
    • Director, from 29-06-2023 to date
  • ZGOULLI Slim
    • Managing director, from 10-06-2021 to date
  • Pascale AZZAM
    • Director, from 10-06-2021 to 20-10-2022
  • GESVAL
    • Director, until 05-11-2021
  • Laboratoires S.M.B.S.A
    • Director, from before 05-11-2021, no longer listed in the 2025 annual accounts

See the board, name and registered office on a given date →

Control

Shareholder
GESVAL
Equity €12.9m
Profit €1.1m in 2025 (profit €4.5m in 2024)
Checked score 96
Source: accounts GESVAL 2021
10%
This company
MICROBELCAPS
Equity €574,618
Profit €9,025 in 2025

Capital

Capital
€62,000
Shares
100
Contribution per share
€620
Equity per share
€5,746 in 2025
Source
deed of 31-01-2024

Owners through the years

as the annual accounts name them
GESVAL
11%10%
10%
Owners as a list

Source: lists of holdings in the owners' accounts

Articles of association

deed of 31-01-2024 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
At most 6 directors
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
15 June
Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
“Toutes opérations prévues par loi, assemblée générale à majorité des voix”

The directors' other companies

1 current director with another company that went bankrupt, was dissolved or struck off
VENTURE COACHING

2 other companies of this director went bankrupt (2025, 2026).

Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.

Network & group

No group

MICROBELCAPS has no parent and no holdings in its annual accounts.

At the same address

Allée des Noisetiers 2, 4031 Liège · 10 other companies
THONART-HENRARD PRODUCTION
establishment since 11-01-2021 · founded in 2010
 0.9 FTE (2025)
0826.536.901
OPEN ENGINEERING
establishment since 12-02-2002 · founded in 2001
 7.4 FTE (2025)
0476.335.227
PEPS ENGINEERING
establishment since 15-01-2018 · founded in 2018
 5.2 FTE (2025)
0687.596.079
PEOPLE SERVICE
establishment since 01-11-2009 · founded in 2009
 total assets €91,090 (2024)
0819.442.637
Business Solutions and Services
establishment since 18-04-2006 · founded in 2006 · negative equity (2025)
 total assets €33,575 (2025)
0880.691.308
La Conciergerie Liégeoise
establishment since 01-10-2015 · founded in 2015
 total assets €30,304 (2023)
0639.814.869
TALENT COMMUNICATION
registered office since 29-10-1991 · founded in 1991 · accounts filed late
 total assets €5,560 (2024)
0445.784.581
PEPS GROUP
establishment since 20-05-2021 · founded in 2021 · negative equity (2025)
 total assets €1,155 (2025)
0768.607.907
Patrimoine de l'Université de Liège
establishment since 01-12-2009
 founded in 1920
0325.777.171
Université de Liège - Communauté française
establishment since 01-12-2009
 founded in 1989
0807.970.507

Connections & network

4 current directors
Depth

The network starts from the directors of MICROBELCAPS. Every other company they run is a node.

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

Timeline

45 events since 1995

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBfull format · 23 days before the deadline
Registered in the Peppol Directory Reachable for e-invoices through 0208:0454591191
2025
Annual accounts 2024 filed PDFfull format · 35 days before the deadline
2024
Highest result from 2006 to 2025 net €159,083 ▲31.8% The operating result of €223,259 and the net result of €159,083 are both a record.
Equity above €500,000 equity €565,593 ▲16.3% After 8 profitable years in a row, equity reaches €565,593.
Annual accounts 2023 filed PDFfull format · 28 days before the deadline
Amendment of the articlesRegistered office clause: Liège (4031-Angleur, Allée des Noisetiers 2D2 points ▸
  • Capital, €62,000, 100 shares
  • Registered office clause, Liège (4031-Angleur, Allée des Noisetiers 2D
  • The deed holds 2 more points.

Open the deed in the Belgian Official Gazette

2023
Appointment: Marie-Anne HENRARD (director)General meeting of 29-06-20232 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFmicro format · 17 days before the deadline
2022
1 director resigningPascale AZZAM · Permanent representatives: Lucas FOTSING and Bruno STREEL · General meeting of 22-06-20224 points ▸
  • General meeting, 22-06-2022
  • Director resignation, Pascale AZZAM
  • Permanent representative, Lucas FOTSING
  • Permanent representative, Bruno STREEL

Open the deed in the Belgian Official Gazette

Annual accounts 2021 filed PDFmicro format · 12 days late
2021
1 director appointed, 1 resignation, 4 reappointmentsResignation: GESVAL · Appointment: VENTURE COACHING · Permanent representatives: Eric FELLER and Lucas FOTSING · General meeting of 10-06-20219 points ▸
  • General meeting, 10-06-2021
  • Director resignation, GESVAL
  • Director appointment, VENTURE COACHING
  • Permanent representative, Eric FELLER
  • Director reappointment, THONART Philippe
  • Director reappointment, AZZAM Pascale
  • Director reappointment, ZGOULLI Slim (managing director)
  • Director reappointment, Laboratoires S.M.B.S.A
  • Permanent representative, Lucas FOTSING
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2020 filed PDFmicro format · 37 days before the deadline
2020
Annual accounts 2019 filed PDFmicro format · 14 days late
2019
Annual accounts 2018 filed PDFfull format · 29 days before the deadline
2018
Liquidity doubles current ratio 2.52 The current ratio rises from 1.24 to 2.52. Short-term debt falls from €786,732 to €138,990.
Annual accounts 2017 filed PDFfull format · 26 days before the deadline
2017
Back to profit net €3,321 The net result is €3,321, after one loss-making year.
Annual accounts 2016 filed PDFfull format · 26 days before the deadline
2016
Annual accounts 2015 filed PDFfull format · 26 days before the deadline
2015
Annual accounts 2014 filed PDFfull format · 16 days before the deadline
2014
Equity above €200,000 equity €211,268 ▲16.6% After 8 profitable years in a row, equity reaches €211,268.
Annual accounts 2013 filed PDFfull format · 21 days before the deadline
2013
Equity above €150,000 equity €181,240 ▲30.2% After 7 profitable years in a row, equity reaches €181,240.
Annual accounts 2012 filed PDFfull format · 23 days before the deadline
2012
Annual accounts 2011 filed PDFfull format · 28 days before the deadline
2011
Annual accounts 2010 filed PDFfull format · 39 days before the deadline
2010
Annual accounts 2009 filed PDFfull format · 47 days before the deadline
2009
Annual accounts 2008 filed PDFfull format · 72 days before the deadline
2008
Annual accounts 2007 filed PDFfull format · 61 days before the deadline
2007
Back to profit net €25,315 The net result is €25,315, after one loss-making year.
Equity above €100,000 equity €105,050 ▲31.7% Equity rises from €79,735 to €105,050.
Annual accounts 2006 filed PDFfull format · 71 days before the deadline
2006
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFfull format
2004
Annual accounts 2003 filed PDFfull format
2003
Annual accounts 2002 filed PDFfull format
2001
Annual accounts 2001 filed PDFfull format
2000
Annual accounts 2000 filed PDFfull format
1999
Annual accounts 1999 filed PDFfull format
1998
Annual accounts 1998 filed PDFfull format
1997
Annual accounts 1997 filed PDFfull format
1996
Annual accounts 1996 filed PDFfull format
1995
First establishment Allée des Noisetiers 2, Liège
Incorporation published on 14-03-1995

Financial milestones sit on the financial year-end date, not the filing date.

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

History

MICROBELCAPS was incorporated on 7 February 1995.1 Turnover fell from €2.1m in 2018 to €595,134 in 2025 and headcount from 5.8 to 4.4 full-time equivalents.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0454.591.191
VAT number
BE 0454.591.191
Peppol ID
0208:0454591191
Other Peppol ID
9925:BE0454591191
Legal form
Public limited company
Status
Active, normal situation
Founded
07-02-1995
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
15 June
deed of 31-01-2024 (in French)
Peppol
Reachable since 16-06-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
MICROBELCAPS in French
Abbreviation
MBC in French
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 31-01-2024 (in French)

Activities

NACEBEL 2025
VAT activities
21209 Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
20590 Manufacture of chemicals and chemical products
72109 Other research and development on natural sciences
Social security (RSZ) activities
20590 Manufacture of chemicals and chemical products main activity
Joint committees annual accounts 2025
JC 116 Chemical industry
JC 207 White-collar workers in the chemical industry
Codes under NACEBEL 2008
VAT activities
21209 Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
20530 Manufacture of chemicals and chemical products
72190 Scientific research and development
Social security (RSZ) activities
20530 Manufacture of chemicals and chemical products main activity
Codes under NACEBEL 2003
24630 main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“La société a pour objet le conditionnement de tout produit chimique et spécialement des produits biologiques,la commercialisation de ceux-ci…”
3 activities
  1. La société a pour objet le conditionnement de tout produit chimique et spécialement des produits biologiques,la commercialisation de ceux-ci et la réalisation d‘études.
  2. Elle peut accomplir toutes opérations généralement quelconques,commerciales,industrielles,financières,mobilières ou immobilières,se rapportant directement ou indirectement à son objet.
  3. La société peut s’intéresser par toutes voies dans toutes affaires,entreprises ou sociétés ayant un objet identique,similaire ou connexe,ou qui sont de nature à favoriser le développement de son entreprise,à lui procurer des matières premières ou à faciliter l’écoulement de ses produits.
deed of 31-01-2024 (in French)

Registered office and establishments

1 establishment
Establishment Since Unit number
Allée des Noisetiers 2 registered office 4031 Liège 20590 Manufacture of chemicals and chemical products 13-03-1995 2.102.983.853

Buildings and parcels at the address

Ground area
2,500 m²
Buildings
439 m²
Volume, LiDAR
3,455 m³
Tallest building
9.0 m
Buildings to scale, each on its own parcel
439 m², 9.0 m 439 m², 9.0 m

Location

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

Parcels

Cadastral parcelArea Buildings Height / floors
62002C0005/00Z0062,500 m² 1 · 439 m² 9.0 m · 3

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