PHARMA FLEX
ActivePHARMA FLEX has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.49M and a net result of €4.33M. Equity is shrinking by ~3.4% per year across the filed fiscal years. Its solvency ranks better than 90% of 311 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
84
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability78▲+29
Solvency98▲+3
Growth38=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €210k at 30 days acceptable
Liquidity short (current ratio 0.84 against 0.66 in 2024; short-term debt: 26.2% and cash: 10.6% of total assets), and 26.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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
73.3%
Return on assets
30.3%
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
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €10.49M
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 27-03-2026, 126 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
126 d early
2024
107 d early
2023
42 d early
2022
32 d early
2021
3 d early
2020
3 d early
2019
21 d early
← before the deadline
after the deadline →
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
19-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€2.10M▲ 10.4%
2024 · €1.90M
2018: €12.17M
2019: €13.42M
2020: €11.48M
2021: €13.20M
2022: €12.74M
2023: €2.27M
2024: €1.90M
2018 → 2025
EBIT margin
1.9%▲ 2.1pp
2024 · -0.3%
2018: 11.8%
2019: 13.2%
2020: 6.4%
2021: 10.0%
2022: 1.2%
2023: -3.5%
2024: -0.3%
2018 → 2025
Net result
€4.33M▼ 41.4%
2024 · €7.39M
2018: €1.33M
2019: €2.32M
2020: €3.28M
2021: €4.56M
2022: €3.68M
2023: €5.46M
2024: €7.39M
2018 → 2025
Working capital
€-595k▲ 56.1%
2024 · €-1.36M
2018: €3.09M
2019: €5.34M
2020: €3.36M
2021: €7.48M
2022: €6.53M
2023: €-5.12M
2024: €-1.36M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€13.20M-€12.74M▼ 3.5%€2.27M▼ 82.2%€1.90M▼ 16.0%€2.10M▲ 10.4%
Equity€21.67M-€20.85M▼ 3.8%€6.08M▼ 70.8%€9.72M▲ 59.9%€10.49M▲ 7.9%
Operating result€1.32M-€156k▼ 88.2%€-80k€-5k▲ 93.3%€39k
Net result€4.56M-€3.68M▼ 19.2%€5.46M▲ 48.4%€7.39M▲ 35.2%€4.33M▼ 41.4%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €39k after a loss of €5k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.31M
Fixed assets
€11.15M▼ 0.3%
Current assets
€3.16M▲ 18.9%
Equity and liabilities €14.31M
Equity
€10.49M▲ 7.9%
Debt
€3.82M▼ 7.3%
The debt ratio falls from 29.8% to 26.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€80k▲
2024 · €28k
Cash flow
€4.37M▼
2024 · €7.42M
Solvency
73.3%▲
2024 · 70.2%
Current ratio
0.84▲
2024 · 0.66
Quick ratio
0.84▲
2024 · 0.66
Debt / equity
0.36▼
2024 · 0.42
ROE
41.3%▼
2024 · 76.0%
ROA
30.3%▼
2024 · 53.3%
Interest coverage
14.58▲
2024 · 1.22
Debt
€3.82M▼
2024 · €4.12M
Debt ≤ 1 year
€3.75M▼
2024 · €4.01M
Debt > 1 year
€69k▼
2024 · €97k
Income taxes
€1k▼
2024 · €4k
Staff costs
€541k▲
2024 · €515k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€13.85M€14.31M▲
Fixed assets21/28€11.19M€11.15M▼
Tangible fixed assets22/27€165k€124k▼
Plant, machinery and equipment23€2k€2k▲
Furniture and vehicles24€163k€122k▼
Financial fixed assets28€11.03M€11.03M=
Affiliated companies280/1€11.03M€11.03M=
Participating interests280€11.03M€11.03M=
Other financial fixed assets284/8-€2k
Amounts receivable and cash guarantees285/8-€2k
Current assets29/58€2.65M€3.16M▲
Amounts receivable within one year40/41€333k€318k▼
Trade receivables40€90k€240k▲
Other amounts receivable41€242k€78k▼
Current investments50/53€1.27M€1.30M▲
Other investments51/53€1.27M€1.30M▲
Cash at bank and in hand54/58€1.04M€1.52M▲
Deferred charges and accrued income490/1€16k€15k▼
Equity and liabilities
Total equity and liabilities10/49€13.85M€14.31M▲
Equity10/15€9.72M€10.49M▲
Contributions10/11€400k€400k=
Capital10€400k€400k=
Issued capital100€400k€400k=
Reserves13€917k€917k=
Non-distributable reserves130/1€50k€50k=
Legal reserve130€50k€50k=
Distributable reserves133€867k€867k=
Profit (loss) carried forward14€8.41M€9.17M▲
Amounts payable17/49€4.12M€3.82M▼
Amounts payable after more than one year17€97k€69k▼
Financial debts170/4€97k€69k▼
Credit institutions173€97k€69k▼
Amounts payable within one year42/48€4.01M€3.75M▼
Current portion of amounts payable after more than one year42€27k€28k▲
Financial debts43€759€2k▲
Credit institutions430/8€759€2k▲
Trade debts44€163k€72k▼
Suppliers440/4€163k€72k▼
Taxes, remuneration and social security45€54k€84k▲
Taxes450/3€11k€14k▲
Remuneration and social security454/9€43k€70k▲
Other amounts payable47/48€3.77M€3.57M▼
Accrued charges and deferred income492/3€14k-
Income statement
Code20242025
Operating income70/76A€1.92M€2.12M▲
Turnover70€1.90M€2.10M▲
Other operating income74€18k€16k▼
Operating charges60/66A€1.93M€2.08M▲
Goods for resale, raw materials and consumables60€1.07M€1.26M▲
Purchases600/8€1.07M€1.26M▲
Services and other goods61€263k€232k▼
Remuneration, social security and pensions62€515k€541k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€33k€41k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-18k-
Other operating charges640/8€67k€1k▼
Operating profit (loss)9901€-5k€39k▲
Financial income75/76B€7.44M€4.40M▼
Recurring financial income75€7.44M€4.40M▼
Income from financial fixed assets750€7.24M€4.36M▼
Income from current assets751€76k€25k▼
Other financial income752/9€125k€9k▼
Financial charges65/66B€49k€103k▲
Recurring financial charges65€49k€103k▲
Debt charges650€23k€5k▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€-51k-
Other financial charges652/9€77k€98k▲
Profit (loss) for the period before taxes9903€7.39M€4.33M▼
Income taxes67/77€4k€1k▼
Taxes670/3€14k€1k▼
Tax adjustments and reversals of tax provisions77€11k-
Profit (loss) for the period9904€7.39M€4.33M▼
Transfer from tax-exempt reserves789€842k-
Profit (loss) for the period to be appropriated9905€8.23M€4.33M▼
Appropriation of the result
Profit (loss) to be appropriated9906€12.99M€12.74M▼
Profit (loss) brought forward from the previous period14P€4.77M€8.41M▲
Transfer to equity691/2€842k-
To other reserves6921€842k-
Profit to be distributed694/7€3.74M€3.56M▼
Return on contributions (dividend)694€3.74M€3.56M▼
Social balance
Average headcount (FTE)90874.33.8▼
The notes to these accounts (43 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-03
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Equity above €10MEq €10.49M ▲7.9%
8 profitable years in a row build equity to €10.49M.
15-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €7.39M ▲35.2%
Net result €7.39M, the highest in the series.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Liquidity triplescurrent ratio 6.06
Current ratio from 1.98 to 6.06; short-term debt falls from €3.14M to €1.06M.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
16 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, Nivelles · 1 establishment unit since 2008
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Graham Bell 81402 NivellesGround area
1.2 ha
Building footprint
6,513 m²
Volume, LiDAR
47,506 m³
Parcel 25099D0044/00N000, Wallonia · tallest building 9.2 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Pharma Flex SA
since 20082.172.568.782
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25099D0044/00N000 | Wallonia | 1.2 ha | 1 · 6,513 m² | 9.2 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
549300367TP8JHKEGM05
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Of 346 companies in sector 28990 we hold annual accounts for 278. 88 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded04-04-2008
Fiscal year end31-12
Activities, NACEBEL
28299Manufacture of machinery and equipment not elsewhere classified
28990Manufacture of machinery and equipment not elsewhere classified
46180Agents specialised in the wholesale of other particular products
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.