NUPHAR TECH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 7 filings
Equity
-€216,475▼ 5.9%
2024 · -€204,355
Total assets
€20,308▼ 3.2%
2024 · €20,968
Net result
-€12,121▲ 10.6%
2024 · -€13,561
Working capital
-€216,475▼ 5.9%
2024 · -€204,355
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€12,075
▲ 7.4%
2025
20192025
Net result
-€12,121
▲ 10.6%
2025
lowest quarter of the sector
20192025
Equity
-€216,475
▼ 5.9%
2025
lowest quarter of the sector
20192025
Total assets
€20,308
▼ 3.2%
2025
lowest quarter of the sector
20192025
Debt
€236,783
▲ 5.1%
2025
20192025
Working capital
-€216,475
▼ 5.9%
2025
lowest quarter of the sector
20192025
Solvency
no figure
2025
20192025
Current ratio
0.09
▼ 0.01
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-59.7%
▲ 5.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€44,226--€18,061▲ 59.2%-€66,055▼ 266%-€127,340▼ 92.8%€5,831-€13,035-€12,075▲ 7.4%
Net result-€44,874--€20,215within the sector's middle half▲ 55.0%-€75,121within the sector's middle half▼ 272%-€131,660below the sector's middle half▼ 75.3%€1,077within the sector's middle half-€13,561below the sector's middle half-€12,121below the sector's middle half▲ 10.6%
Equity€35,126-€14,911below the sector's middle half▼ 57.6%-€60,210below the sector's middle half-€191,870below the sector's middle half▼ 219%-€190,793below the sector's middle half▲ 0.6%-€204,355below the sector's middle half▼ 7.1%-€216,475below the sector's middle half▼ 5.9%
Total assets€36,296-€216,943below the sector's middle half▲ 498%€142,385below the sector's middle half▼ 34.4%€39,626below the sector's middle half▼ 72.2%€27,252below the sector's middle half▼ 31.2%€20,968below the sector's middle half▼ 23.1%€20,308below the sector's middle half▼ 3.2%
Debt€1,170-€202,033▲ 173×€202,594▲ 0.3%€231,496▲ 14.3%€218,045▼ 5.8%€225,323▲ 3.3%€236,783▲ 5.1%
Working capital€14,782-€161,995within the sector's middle half▲ 996%€70,679within the sector's middle half▼ 56.4%€17,265within the sector's middle half▼ 75.6%-€86,808below the sector's middle half-€204,355below the sector's middle half▼ 135%-€216,475below the sector's middle half▼ 5.9%
Solvency96.8%-6.9%below the sector's middle half▼ 89.9pp-42.3%below the sector's middle half▼ 49.2pp-484.2%below the sector's middle half▼ 441.9pp-700.1%below the sector's middle half▼ 215.9pp-974.6%below the sector's middle half▼ 274.5pp
Current ratio13.64-32.46above the sector's middle half1.78within the sector's middle half▼ 30.680.24below the sector's middle half▼ 1.540.09below the sector's middle half▼ 0.150.09below the sector's middle half▼ 0.01
Return on assets (ROA)-123.6%--9.3%below the sector's middle half▲ 114.3pp-52.8%below the sector's middle half▼ 43.4pp-332.3%below the sector's middle half▼ 279.5pp4.0%within the sector's middle half▲ 336.2pp-64.7%below the sector's middle half▼ 68.6pp-59.7%below the sector's middle half▲ 5.0pp
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). 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 a loss of €12,075, smaller than the loss of €13,035 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Key figures and ratios
Debt ≤ 1 year
€236,783▲
2024 · €225,323
A ratio outside any meaningful range has been withheld (balance sheet total €20,308, equity -€216,475).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €41,114 | - | - | - | - |
| Depreciation and write-downs of the year | €19,486 | €244 | €142 | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,043 | €5,803 | €19,486 | €244 | €142 | €0 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €10,875 | €43,200 | -€2,000 | €0 | -€41,200 | - |
| Other operating charges640/8 | - | - | €4,730 | €122 | €195 | €206 | €190 | ▼ 7.8% |
| Non-recurring operating charges66A | - | - | - | €51,970 | €0 | - | - | - |
| Gross operating margin9900 | -€35,305 | -€11,791 | -€30,964 | -€31,804 | €4,169 | -€12,829 | -€53,085 | ▼ 314% |
| Operating profit (loss)9901 | -€44,226 | -€18,061 | -€66,055 | -€127,340 | €5,831 | -€13,035 | -€12,075 | ▲ 7.4% |
| Financial income75/76B | - | - | - | €3,725 | €61 | €0 | €91 | - |
| Recurring financial income75 | - | - | - | €3,725 | €61 | €0 | €91 | - |
| Financial charges65/66B | - | - | €9,066 | €8,045 | €4,816 | €526 | €137 | ▼ 73.9% |
| Recurring financial charges65 | €648 | €2,154 | €9,066 | €8,045 | €4,816 | €526 | €137 | ▼ 73.9% |
| Profit (loss) for the period before taxes9903 | -€44,874 | -€20,215 | -€75,121 | -€131,660 | €1,077 | -€13,561 | -€12,121 | ▲ 10.6% |
| Profit (loss) for the period9904 | -€44,874 | -€20,215 | -€75,121 | -€131,660 | €1,077 | -€13,561 | -€12,121 | ▲ 10.6% |
| Profit (loss) for the period to be appropriated9905 | -€44,874 | -€20,215 | -€75,121 | -€131,660 | €1,077 | -€13,561 | -€12,121 | ▲ 10.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €36,296 | €216,943 | €142,385 | €39,626 | €27,252 | €20,968 | €20,308 | ▼ 3.2% |
| Formation expenses20 | €873 | €630 | €386 | €142 | €0 | - | - | - |
| Fixed assets21/28 | €19,471 | €53,544 | €69,073 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €19,471 | €53,544 | €69,073 | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | €68,706 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | €367 | €0 | - | - | - | - |
| Current assets29/58 | €15,952 | €162,770 | €72,925 | €39,484 | €27,252 | €20,968 | €20,308 | ▼ 3.2% |
| Stocks and contracts in progress3 | - | €65,200 | €54,325 | €5,000 | €5,000 | €5,000 | €0 | ▼ 100% |
| Stocks30/36 | - | - | €54,325 | €5,000 | €5,000 | €5,000 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €1,597 | €2,626 | €3,643 | €5,398 | €4,594 | €9,018 | €16,132 | ▲ 78.9% |
| Trade receivables40 | - | - | €2,210 | €3,509 | €4,594 | €3,744 | €10,855 | ▲ 190% |
| Other amounts receivable41 | - | - | €1,433 | €1,889 | €0 | €5,275 | €5,277 | = |
| Cash at bank and in hand54/58 | €14,063 | €94,651 | €13,926 | €28,680 | €17,253 | €6,545 | €3,771 | ▼ 42.4% |
| Deferred charges and accrued income490/1 | - | - | €1,032 | €405 | €405 | €405 | €405 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €36,296 | €216,943 | €142,385 | €39,626 | €27,252 | €20,968 | €20,308 | ▼ 3.2% |
| Equity10/15 | €35,126 | €14,911 | -€60,210 | -€191,870 | -€190,793 | -€204,355 | -€216,475 | ▼ 5.9% |
| Contributions10/11 | €80,000 | - | €80,000 | €80,000 | €80,000 | €80,000 | €80,000 | = |
| Profit (loss) carried forward14 | -€44,874 | -€65,089 | -€140,210 | -€271,870 | -€270,793 | -€284,355 | -€296,475 | ▼ 4.3% |
| Amounts payable17/49 | €1,170 | €202,033 | €202,594 | €231,496 | €218,045 | €225,323 | €236,783 | ▲ 5.1% |
| Amounts payable after more than one year17 | - | €200,000 | €200,000 | €200,000 | €90,000 | €0 | - | - |
| Financial debts170/4 | - | - | €200,000 | €200,000 | €90,000 | €0 | - | - |
| Amounts payable within one year42/48 | €1,170 | €775 | €2,247 | €22,218 | €114,060 | €225,323 | €236,783 | ▲ 5.1% |
| Trade debts44 | €1,170 | €775 | €329 | €4,218 | €115 | €401 | €5,629 | ▲ 14× |
| Suppliers440/4 | - | - | €329 | €4,218 | €115 | €401 | €5,629 | ▲ 14× |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €3,215 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €945 | €982 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | - | €945 | €982 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €1,917 | €18,000 | €113,000 | €223,939 | €227,939 | ▲ 1.8% |
| Accrued charges and deferred income492/3 | - | - | €348 | €9,277 | €13,985 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€44,874 | -€20,215 | -€75,121 | -€131,660 | €1,077 | -€13,561 | -€12,121 | ▲ 10.6% |
| + Depreciation and write-downs630 | €8,043 | €5,803 | €19,486 | €244 | €142 | €0 | - | - |
| Operating cash flow (approximation) | -€36,831 | -€14,412 | -€55,635 | -€131,416 | €1,219 | -€13,561 | -€12,121 | ▲ 10.6% |
| Investment in fixed assets (approximation) | - | -€39,876 | -€35,015 | €68,830 | - | - | - | - |
| Change in cash | - | €80,588 | -€80,726 | €14,755 | -€11,427 | -€10,708 | -€2,774 | ▲ 74.1% |
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, 6,008 companies had the same profile as NUPHAR TECH has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NUPHAR TECH itself: 1.7% 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 6,008 companies, not a prediction for NUPHAR TECH. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00133286 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00190318 | |
| 31-12-2023 | micro format | 14-03-2024 | 2024-00044301 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00230656 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20162463 | |
| 31-12-2020 | abbreviated format | 07-07-2021 | 2021-32500398 | |
| 31-12-2019 | abbreviated format | 22-07-2020 | 2020-32800102 |