PHARDA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 17-03-2026 PDF all 24 filings
Turnover
≈ €1.0m
Estimated: probably between €800,000 and €1.7m
EBIT margin
Not included in this filing
Net result
€113,407▲ 42.3%
2024 · €79,702
Working capital
€183,377▲ 18.1%
2024 · €155,297
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€167,834
▲ 48.7%
2025
20192025
Net result
€113,407
▲ 42.3%
2025
middle half of the sector
20192025
Equity
€336,326
▲ 0.7%
2025
middle half of the sector
20192025
Total assets
€575,327
▼ 11.2%
2025
lowest quarter of the sector
20192025
Debt
€239,001
▼ 23.9%
2025
20192025
Working capital
€183,377
▲ 18.1%
2025
middle half of the sector
20192025
Solvency
58.5%
▲ 6.9pp
2025
middle half of the sector
20192025
Current ratio
1.83
▲ 0.28
2025
middle half of the sector
20192025
Return on assets (ROA)
19.7%
▲ 7.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1.5
▼ 6.3%
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€33,834-€20,802▼ 38.5%€21,667▲ 4.2%€139,664▲ 545%€80,425▼ 42.4%€112,846▲ 40.3%€167,834▲ 48.7%
Net result€21,337-€14,076within the sector's middle half▼ 34.0%€16,226within the sector's middle half▲ 15.3%€96,043above the sector's middle half▲ 492%€57,479above the sector's middle half▼ 40.2%€79,702within the sector's middle half▲ 38.7%€113,407within the sector's middle half▲ 42.3%
Equity€179,392-€193,469above the sector's middle half▲ 7.8%€209,695above the sector's middle half▲ 8.4%€305,738above the sector's middle half▲ 45.8%€274,217above the sector's middle half▼ 10.3%€333,919within the sector's middle half▲ 21.8%€336,326within the sector's middle half▲ 0.7%
Total assets€317,482-€320,065above the sector's middle half▲ 0.8%€449,122above the sector's middle half▲ 40.3%€557,399above the sector's middle half▲ 24.1%€539,566above the sector's middle half▼ 3.2%€647,843within the sector's middle half▲ 20.1%€575,327below the sector's middle half▼ 11.2%
Debt€138,090-€126,595▼ 8.3%€239,427▲ 89.1%€251,662▲ 5.1%€265,349▲ 5.4%€313,924▲ 18.3%€239,001▼ 23.9%
Working capital€52,908-€45,323within the sector's middle half▼ 14.3%€72,517within the sector's middle half▲ 60.0%€137,536above the sector's middle half▲ 89.7%€79,035within the sector's middle half▼ 42.5%€155,297within the sector's middle half▲ 96.5%€183,377within the sector's middle half▲ 18.1%
Solvency56.5%-60.4%above the sector's middle half▲ 3.9pp46.7%within the sector's middle half▼ 13.8pp54.9%within the sector's middle half▲ 8.2pp50.8%within the sector's middle half▼ 4.0pp51.5%within the sector's middle half▲ 0.7pp58.5%within the sector's middle half▲ 6.9pp
Current ratio1.50-1.41within the sector's middle half▼ 0.091.44within the sector's middle half▲ 0.031.71within the sector's middle half▲ 0.271.35within the sector's middle half▼ 0.361.54within the sector's middle half▲ 0.191.83within the sector's middle half▲ 0.28
Return on assets (ROA)6.7%-4.4%within the sector's middle half▼ 2.3pp3.6%within the sector's middle half▼ 0.8pp17.2%above the sector's middle half▲ 13.6pp10.7%within the sector's middle half▼ 6.6pp12.3%above the sector's middle half▲ 1.6pp19.7%above the sector's middle half▲ 7.4pp
Staff (FTE)1.1-1.11.3▲ 18.2%1.9▲ 46.2%1.6below the sector's middle half▼ 15.8%1.5below the sector's middle half▼ 6.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 49% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €575,327
Fixed assets
€169,732 ▼ 18.0%
Current assets
€405,595 ▼ 8.0%
Equity and liabilities €575,327
Equity
€336,326 ▲ 0.7%
Debt
€239,001 ▼ 23.9%
Debt's share of the balance-sheet total falls from 48.5% to 41.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€205,073▲
2024 · €151,187
Cash flow
€150,646▲
2024 · €118,043
Quick ratio
1.43▲
2024 · 1.36
Debt to equity
0.71▼
2024 · 0.94
ROE
33.7%▲
2024 · 23.9%
Interest coverage
24.65▼
2024 · 35.25
Debt ≤ 1 year
€222,218▼
2024 · €285,575
Debt > 1 year
€16,737▼
2024 · €28,285
Income taxes
€48,947▲
2024 · €32,319
Staff costs
€46,122▲
2024 · €43,684
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | - |
| in full-time equivalents | 1.1 | 1.1 | 1.1 | 1 |
| Average over the year, in full-time equivalents | 1.3 | 1.9 | 1.6 | 1.5 |
| On a permanent contract | 1 | 2 | 2 | 1 |
| Joined | 7 | 13 | 5 | 11 |
| Left | 0 | 13 | 5 | 11 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2020 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20,304 | €37,957 | €60,143 | €8,008 | - |
| Depreciation and write-downs of the year | €15,001 | €24,501 | €31,575 | €38,341 | €37,239 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €41,541 | - | €21,208 | €43,891 | €43,684 | €46,122 | ▲ 5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,114 | €15,001 | €22,759 | €24,501 | €31,575 | €38,341 | €37,239 | ▼ 2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €30,533 | - |
| Other operating charges640/8 | - | €3,419 | - | €3,140 | €4,885 | €4,007 | €82 | ▼ 98.0% |
| Non-recurring operating charges66A | - | - | - | €513 | €0 | - | - | - |
| Gross operating margin9900 | €101,498 | €80,763 | €82,687 | €189,027 | €160,776 | €198,879 | €281,810 | ▲ 41.7% |
| Operating profit (loss)9901 | €33,834 | €20,802 | €21,667 | €139,664 | €80,425 | €112,846 | €167,834 | ▲ 48.7% |
| Financial income75/76B | - | €0 | - | €326 | €834 | €3,464 | €2,840 | ▼ 18.0% |
| Recurring financial income75 | €13 | €0 | €0 | €326 | €834 | €3,464 | €2,840 | ▼ 18.0% |
| Financial charges65/66B | - | €2,132 | - | €4,930 | €3,817 | €4,289 | €8,320 | ▲ 94.0% |
| Recurring financial charges65 | €2,352 | €2,132 | €4,152 | €4,930 | €3,817 | €4,289 | €8,320 | ▲ 94.0% |
| Profit (loss) for the period before taxes9903 | €31,496 | €18,670 | €17,514 | €135,060 | €77,442 | €112,021 | €162,354 | ▲ 44.9% |
| Income taxes67/77 | €10,159 | €4,594 | €1,288 | €39,017 | €19,963 | €32,319 | €48,947 | ▲ 51.4% |
| Profit (loss) for the period9904 | €21,337 | €14,076 | €16,226 | €96,043 | €57,479 | €79,702 | €113,407 | ▲ 42.3% |
| Profit (loss) for the period to be appropriated9905 | €21,337 | - | €16,226 | €96,043 | €57,479 | €79,702 | €113,407 | ▲ 42.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €317,482 | €320,065 | €449,122 | €557,399 | €539,566 | €647,843 | €575,327 | ▼ 11.2% |
| Fixed assets21/28 | €159,249 | €164,552 | €213,531 | €226,225 | €237,304 | €206,971 | €169,732 | ▼ 18.0% |
| Tangible fixed assets22/27 | €159,249 | €164,552 | €213,531 | €226,225 | €237,304 | €206,971 | €169,732 | ▼ 18.0% |
| Land and buildings22 | - | €128,339 | - | €110,131 | €101,027 | €91,924 | €83,116 | ▼ 9.6% |
| Plant, machinery and equipment23 | - | €32,290 | - | €92,306 | €86,119 | €75,875 | €58,430 | ▼ 23.0% |
| Furniture and vehicles24 | - | €3,923 | - | €23,787 | €50,158 | €39,171 | €28,185 | ▼ 28.0% |
| Current assets29/58 | €158,233 | €155,513 | €235,591 | €331,175 | €302,262 | €440,872 | €405,595 | ▼ 8.0% |
| Stocks and contracts in progress3 | €88,137 | €88,164 | €42,974 | €55,951 | €57,952 | €51,650 | €87,090 | ▲ 68.6% |
| Stocks30/36 | - | €88,164 | - | €55,951 | €57,952 | €51,650 | €87,090 | ▲ 68.6% |
| Amounts receivable within one year40/41 | €31,554 | €38,730 | €38,137 | €46,910 | €34,658 | €53,414 | €65,687 | ▲ 23.0% |
| Trade receivables40 | - | €32,343 | - | €45,089 | €34,658 | €53,414 | €65,687 | ▲ 23.0% |
| Other amounts receivable41 | - | €6,387 | - | €1,820 | €0 | - | - | - |
| Current investments50/53 | - | - | - | - | €100,000 | €132,500 | €102,666 | ▼ 22.5% |
| Cash at bank and in hand54/58 | €34,934 | €24,705 | €151,388 | €225,947 | €104,378 | €196,984 | €148,121 | ▼ 24.8% |
| Deferred charges and accrued income490/1 | - | €3,914 | - | €2,368 | €5,275 | €6,324 | €2,031 | ▼ 67.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €317,482 | €320,065 | €449,122 | €557,399 | €539,566 | €647,843 | €575,327 | ▼ 11.2% |
| Equity10/15 | €179,392 | €193,469 | €209,695 | €305,738 | €274,217 | €333,919 | €336,326 | ▲ 0.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €110,860 | €120,860 | €131,860 | €221,860 | €268,017 | €327,719 | €329,719 | ▲ 0.6% |
| Non-distributable reserves130/1 | - | €1,860 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | - | €0 | - | - | - | - |
| Distributable reserves133 | - | €119,000 | - | €221,860 | €268,017 | €327,719 | €329,719 | ▲ 0.6% |
| Profit (loss) carried forward14 | €62,332 | €66,409 | €71,635 | €77,678 | €0 | €0 | €407 | - |
| Amounts payable17/49 | €138,090 | €126,595 | €239,427 | €251,662 | €265,349 | €313,924 | €239,001 | ▼ 23.9% |
| Amounts payable after more than one year17 | €32,727 | €16,388 | €74,373 | €57,925 | €42,041 | €28,285 | €16,737 | ▼ 40.8% |
| Financial debts170/4 | - | €16,388 | - | €57,925 | €42,041 | €28,285 | €16,737 | ▼ 40.8% |
| Amounts payable within one year42/48 | €105,325 | €110,190 | €163,074 | €193,638 | €223,227 | €285,575 | €222,218 | ▼ 22.2% |
| Current portion of amounts payable after more than one year42 | - | €17,652 | - | €15,566 | €15,884 | €13,755 | €12,500 | ▼ 9.1% |
| Financial debts43 | - | €2,517 | - | - | - | - | - | - |
| Credit institutions430/8 | - | €2,517 | - | - | - | - | - | - |
| Trade debts44 | €34,123 | €48,992 | €61,845 | €73,739 | €43,250 | €58,350 | €44,839 | ▼ 23.2% |
| Suppliers440/4 | - | €48,992 | - | €73,739 | €43,250 | €58,350 | €44,839 | ▼ 23.2% |
| Taxes, remuneration and social security45 | - | €10,582 | - | €31,086 | €14,528 | €43,137 | €31,636 | ▼ 26.7% |
| Taxes450/3 | - | €3,921 | - | €27,300 | €7,667 | €20,509 | €26,661 | ▲ 30.0% |
| Remuneration and social security454/9 | - | €6,661 | - | €3,786 | €6,861 | €22,628 | €4,975 | ▼ 78.0% |
| Other amounts payable47/48 | - | €30,447 | - | €73,248 | €149,566 | €170,333 | €133,243 | ▼ 21.8% |
| Accrued charges and deferred income492/3 | - | €17 | - | €99 | €81 | €64 | €46 | ▼ 27.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,337 | €14,076 | €16,226 | €96,043 | €57,479 | €79,702 | €113,407 | ▲ 42.3% |
| + Depreciation and write-downs630 | €23,114 | €15,001 | €22,759 | €24,501 | €31,575 | €38,341 | €37,239 | ▼ 2.9% |
| Operating cash flow (approximation) | €44,451 | €29,077 | €38,985 | €120,544 | €89,054 | €118,043 | €150,646 | ▲ 27.6% |
| Investment in fixed assets (approximation) | - | -€20,304 | -€71,739 | -€37,194 | -€42,655 | -€8,008 | €0 | - |
| Change in cash | - | -€10,229 | €126,683 | €74,559 | -€121,568 | €92,605 | -€48,863 | - |
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, 31,368 companies had the same profile as PHARDA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHARDA 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 31,368 companies, not a prediction for PHARDA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 17-03-2026 | 2026-00055855 | |
| 30-09-2024 | full format | 16-12-2024 | 2024-00618309 | |
| 30-09-2023 | micro format | 21-12-2023 | 2023-00538927 | |
| 30-09-2022 | micro format | 10-01-2023 | 2023-20556908 | |
| 30-09-2021 | micro format | 12-01-2022 | 2022-00900394 | |
| 30-09-2020 | micro format | 15-12-2020 | 2020-75800573 | |
| 30-09-2019 | micro format | 06-01-2020 | 2020-00400349 | |
| 30-09-2018 | micro format | 20-02-2019 | 2019-05600263 | |
| 30-09-2017 | micro format | 20-02-2018 | 2018-05300064 | |
| 30-09-2016 | full format | 23-01-2017 | 2017-02100333 |