PHARMA FLEX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-03-2026 PDF all 17 filings
Turnover
€2.1m▲ 10.4%
2024 · €1.9m
EBIT margin
1.9%▲ 2.1pp
2024 · -0.3%
Net result
€4.3m▼ 41.4%
2024 · €7.4m
Working capital
-€595,093▲ 56.1%
2024 · -€1.4m
In the rankings
#6 company by equity in Walloon Brabant, Machinery and equipment sector#8 company by total assets in Walloon Brabant, Machinery and equipment sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.1m
▲ 10.4%
2025
20182025
Operating result
€38,946
2025
20182025
Net result
€4.3m
▼ 41.4%
2025
highest quarter of the sector
20182025
EBIT margin
1.9%
▲ 2.1pp
2025
20182025
Equity
€10.5m
▲ 7.9%
2025
highest quarter of the sector
20182025
Total assets
€14.3m
▲ 3.3%
2025
middle half of the sector
20182025
Debt
€3.8m
▼ 7.3%
2025
20182025
Working capital
-€595,093
▲ 56.1%
2025
lowest quarter of the sector
20182025
Solvency
73.3%
▲ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
0.84
▲ 0.18
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
30.3%
▼ 23.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
3.8
▼ 11.6%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€12.2m-€13.4m▲ 10.3%€11.5m▼ 14.5%€13.2m▲ 15.0%€12.7m▼ 3.5%€2.3m▼ 82.2%€1.9m▼ 16.0%€2.1m▲ 10.4%
Operating result€1.4m-€1.8m▲ 23.8%€0.7m▼ 58.5%€1.3m▲ 78.7%€0.2m▼ 88.2%-€0.08m-€0.005m▲ 93.3%€0.04m
Net result€1.3m-€2.3m▲ 75.0%€3.3mabove the sector's middle half▲ 41.2%€4.6mabove the sector's middle half▲ 38.9%€3.7mabove the sector's middle half▼ 19.2%€5.5mabove the sector's middle half▲ 48.4%€7.4mabove the sector's middle half▲ 35.2%€4.3mabove the sector's middle half▼ 41.4%
EBIT margin11.8%-13.2%▲ 1.4pp6.4%▼ 6.8pp10.0%▲ 3.6pp1.2%▼ 8.8pp-3.5%▼ 4.7pp-0.3%▲ 3.2pp1.9%▲ 2.1pp
Equity€11.5m-€13.8m▲ 20.2%€17.1mabove the sector's middle half▲ 23.7%€21.7mabove the sector's middle half▲ 26.6%€20.9mabove the sector's middle half▼ 3.8%€6.1mwithin the sector's middle half▼ 70.8%€9.7mabove the sector's middle half▲ 59.9%€10.5mabove the sector's middle half▲ 7.9%
Total assets€14.9m-€15.0m▲ 0.9%€20.9mabove the sector's middle half▲ 39.7%€27.3mabove the sector's middle half▲ 30.4%€29.0mabove the sector's middle half▲ 6.1%€18.6mwithin the sector's middle half▼ 35.7%€13.8mwithin the sector's middle half▼ 25.6%€14.3mwithin the sector's middle half▲ 3.3%
Debt€3.3m-€1.2m▼ 65.3%€3.8m▲ 231%€5.6m▲ 47.1%€8.1m▲ 43.8%€12.5m▲ 54.5%€4.1m▼ 67.1%€3.8m▼ 7.3%
Working capital€3.1m-€5.3m▲ 73.0%€3.4mwithin the sector's middle half▼ 37.1%€7.5mabove the sector's middle half▲ 123%€6.5mabove the sector's middle half▼ 12.8%-€5.1mbelow the sector's middle half-€1.4mbelow the sector's middle half▲ 73.5%-€0.6mbelow the sector's middle half▲ 56.1%
Solvency77.5%-92.3%▲ 14.8pp81.7%above the sector's middle half▼ 10.6pp79.3%above the sector's middle half▼ 2.3pp72.0%above the sector's middle half▼ 7.4pp32.7%within the sector's middle half▼ 39.3pp70.2%above the sector's middle half▲ 37.6pp73.3%above the sector's middle half▲ 3.1pp
Current ratio1.98-6.06▲ 4.071.90within the sector's middle half▼ 4.162.36above the sector's middle half▲ 0.461.82within the sector's middle half▼ 0.540.59below the sector's middle half▼ 1.230.66below the sector's middle half▲ 0.070.84below the sector's middle half▲ 0.18
Return on assets (ROA)8.9%-15.5%▲ 6.6pp15.7%above the sector's middle half▲ 0.2pp16.7%above the sector's middle half▲ 1.0pp12.7%above the sector's middle half▼ 4.0pp29.3%above the sector's middle half▲ 16.6pp53.3%above the sector's middle half▲ 24.0pp30.3%above the sector's middle half▼ 23.1pp
Staff (FTE)2.1below the sector's middle half3.1below the sector's middle half▲ 47.6%3.9below the sector's middle half▲ 25.8%1below the sector's middle half▼ 74.4%4.3below the sector's middle half▲ 330%3.8below the sector's middle half▼ 11.6%
above
within
below
The sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 profit of €38,946, after a loss of €5,349 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.3m
Fixed assets
€11.2m ▼ 0.3%
Current assets
€3.2m ▲ 18.9%
Equity and liabilities €14.3m
Equity
€10.5m ▲ 7.9%
Debt
€3.8m ▼ 7.3%
Debt's share of the balance-sheet total falls from 29.8% to 26.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79,907▲
2024 · €28,017
Cash flow
€4.4m▼
2024 · €7.4m
Debt to equity
0.36▼
2024 · 0.42
ROE
41.3%▼
2024 · 76.0%
Interest coverage
14.58▲
2024 · 1.22
Debt ≤ 1 year
€3.8m▼
2024 · €4.0m
Debt > 1 year
€68,857▼
2024 · €96,837
Income taxes
€1,327▼
2024 · €3,579
Customer credit
42 days▲
2024 · 17 days
Supplier credit
21 days▼
2024 · 56 days
Staff costs
€540,770▲
2024 · €514,900
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | - | 4 | 4 |
| full-time | 4 | 4 | - | 4 | 4 |
| in full-time equivalents | 4 | 4 | - | 4 | 4 |
| Average over the year, in full-time equivalents | 3.1 | 3.9 | 1 | 4.3 | 3.8 |
| On a permanent contract | 4 | 4 | - | 4 | 4 |
| Joined | 1 | 1 | 0 | 5 | 1 |
| Left | 0 | 1 | 4 | 1 | 1 |
| Agency workers, average number | - | - | - | 0.5 | 0.2 |
| Training hours | 24 | 8 | - | 100 | 102 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €642,311 | €632,852 | - | €184,030 | €860 |
| Intangible fixed assets | €390,926 | €183,578 | - | - | - |
| Financial fixed assets | - | - | - | €25,000 | - |
| Depreciation and write-downs of the year | €494,276 | €555,998 | €15,798 | €33,366 | €40,962 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €5,400 | €6,480 | €6,480 | €6,480 | €8,550 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €13.7m | €13.4m | €2.6m | €1.9m | €2.1m | ▲ 10.3% |
| Turnover70 | €12.2m | €13.4m | €11.5m | €13.2m | €12.7m | €2.3m | €1.9m | €2.1m | ▲ 10.4% |
| Own construction capitalised72 | - | - | - | €0.4m | €0.5m | - | - | - | - |
| Other operating income74 | - | - | - | €0.2m | €0.2m | €0.4m | €0.02m | €0.02m | ▼ 9.9% |
| Operating charges60/66A | - | - | - | €12.4m | €13.2m | €2.7m | €1.9m | €2.1m | ▲ 7.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.5m | €7.8m | €2.1m | €1.1m | €1.3m | ▲ 18.5% |
| Purchases600/8 | - | - | - | €7.5m | €7.8m | €2.1m | €1.1m | €1.3m | ▲ 18.5% |
| Services and other goods61 | - | - | - | €4.1m | €4.4m | €0.3m | €0.3m | €0.2m | ▼ 11.8% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.5m | €0.1m | €0.5m | €0.5m | ▲ 5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.03m | €0.3m | €0.5m | €0.6m | €0.02m | €0.03m | €0.04m | ▲ 22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.02m | €0.01m | -€0.02m | - | - |
| Other operating charges640/8 | - | - | - | €0.002m | €0.002m | €0.2m | €0.07m | €0.001m | ▼ 98.4% |
| Operating profit (loss)9901 | €1.4m | €1.8m | €0.7m | €1.3m | €0.2m | -€0.08m | -€0.005m | €0.04m | - |
| Financial income75/76B | - | - | - | €3.6m | €4.2m | €5.7m | €7.4m | €4.4m | ▼ 40.9% |
| Recurring financial income75 | €0.4m | €1.3m | €3.0m | €3.6m | €4.2m | €5.7m | €7.4m | €4.4m | ▼ 40.9% |
| Income from financial fixed assets750 | - | - | - | €3.1m | €3.5m | €5.3m | €7.2m | €4.4m | ▼ 39.8% |
| Income from current assets751 | - | - | - | €0.03m | €0.1m | €0.1m | €0.08m | €0.02m | ▼ 67.8% |
| Other financial income752/9 | - | - | - | €0.4m | €0.5m | €0.3m | €0.1m | €0.009m | ▼ 92.8% |
| Financial charges65/66B | - | - | - | €0.05m | €0.5m | €0.1m | €0.05m | €0.1m | ▲ 113% |
| Recurring financial charges65 | €0.03m | €0.1m | €0.2m | €0.05m | €0.5m | €0.1m | €0.05m | €0.1m | ▲ 113% |
| Debt charges650 | €0.001m | €0.001m | €0.02m | €0.03m | €0.04m | €0.02m | €0.02m | €0.005m | ▼ 76.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.01m | €0.4m | -€0.4m | -€0.05m | - | - |
| Other financial charges652/9 | - | - | - | €0.005m | €0.008m | €0.5m | €0.08m | €0.1m | ▲ 27.8% |
| Profit (loss) for the period before taxes9903 | €1.8m | €2.9m | €3.6m | €4.9m | €3.9m | €5.5m | €7.4m | €4.3m | ▼ 41.4% |
| Income taxes67/77 | €0.4m | €0.6m | €0.3m | €0.3m | €0.2m | €0.003m | €0.004m | €0.001m | ▼ 62.9% |
| Taxes670/3 | - | - | - | €0.4m | €0.2m | €0.003m | €0.01m | €0.001m | ▼ 90.8% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.08m | - | - | €0.01m | - | - |
| Profit (loss) for the period9904 | €1.3m | €2.3m | €3.3m | €4.6m | €3.7m | €5.5m | €7.4m | €4.3m | ▼ 41.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €0.8m | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0.8m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €2.3m | €3.3m | €3.7m | €3.7m | €5.5m | €8.2m | €4.3m | ▼ 47.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14.9m | €15.0m | €20.9m | €27.3m | €29.0m | €18.6m | €13.8m | €14.3m | ▲ 3.3% |
| Fixed assets21/28 | €8.6m | €8.6m | €13.8m | €14.3m | €14.5m | €11.3m | €11.2m | €11.2m | ▼ 0.3% |
| Intangible fixed assets21 | - | - | €2.4m | €2.4m | €2.2m | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.4m | €0.9m | €1.3m | €0.3m | €0.2m | €0.1m | ▼ 24.4% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.4m | - | €0.002m | €0.002m | ▲ 9.4% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.06m | €0.04m | €0.2m | €0.1m | ▼ 24.8% |
| Leasing and similar rights25 | - | - | - | €0.05m | €0.02m | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.8m | €0.3m | - | - | - |
| Financial fixed assets28 | €8.5m | €8.5m | €11.0m | €11.0m | €11.0m | €11.0m | €11.0m | €11.0m | = |
| Affiliated companies280/1 | - | - | - | €11.0m | €11.0m | €11.0m | €11.0m | €11.0m | = |
| Participating interests280 | - | - | - | €11.0m | €11.0m | €11.0m | €11.0m | €11.0m | = |
| Other financial fixed assets284/8 | - | - | - | - | - | - | - | €0.002m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | - | €0.002m | - |
| Current assets29/58 | €6.2m | €6.4m | €7.1m | €13.0m | €14.5m | €7.3m | €2.7m | €3.2m | ▲ 18.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.5m | €0.5m | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.5m | €0.5m | - | - | - | - |
| Amounts receivable within one year40/41 | €3.3m | €3.1m | €1.8m | €3.5m | €2.7m | €0.9m | €0.3m | €0.3m | ▼ 4.5% |
| Trade receivables40 | - | - | - | €3.1m | €2.5m | €0.3m | €0.09m | €0.2m | ▲ 165% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.2m | €0.6m | €0.2m | €0.08m | ▼ 67.9% |
| Current investments50/53 | - | €0.8m | €2.6m | €3.1m | €5.5m | €4.5m | €1.3m | €1.3m | ▲ 2.4% |
| Other investments51/53 | - | - | - | €3.1m | €5.5m | €4.5m | €1.3m | €1.3m | ▲ 2.4% |
| Cash at bank and in hand54/58 | €2.9m | €2.4m | €2.7m | €5.9m | €5.6m | €1.9m | €1.0m | €1.5m | ▲ 46.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.1m | €0.007m | €0.02m | €0.02m | ▼ 3.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14.9m | €15.0m | €20.9m | €27.3m | €29.0m | €18.6m | €13.8m | €14.3m | ▲ 3.3% |
| Equity10/15 | €11.5m | €13.8m | €17.1m | €21.7m | €20.9m | €6.1m | €9.7m | €10.5m | ▲ 7.9% |
| Contributions10/11 | €4.5m | €4.5m | €4.5m | €4.5m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €4.5m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €4.5m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €1.3m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Non-distributable reserves130/1 | - | - | - | €0.5m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.5m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Tax-exempt reserves132 | - | - | - | €0.8m | €0.8m | €0.8m | - | - | - |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.9m | €0.9m | = |
| Profit (loss) carried forward14 | €6.5m | €8.9m | €12.1m | €15.9m | €19.5m | €4.8m | €8.4m | €9.2m | ▲ 9.1% |
| Amounts payable17/49 | €3.3m | €1.2m | €3.8m | €5.6m | €8.1m | €12.5m | €4.1m | €3.8m | ▼ 7.3% |
| Amounts payable after more than one year17 | €0.1m | €0.07m | €0.08m | €0.008m | - | - | €0.1m | €0.07m | ▼ 28.9% |
| Financial debts170/4 | - | - | - | €0.008m | - | - | €0.1m | €0.07m | ▼ 28.9% |
| Credit institutions173 | - | - | - | €0.008m | - | - | €0.1m | €0.07m | ▼ 28.9% |
| Amounts payable within one year42/48 | €3.1m | €1.1m | €3.7m | €5.5m | €8.0m | €12.4m | €4.0m | €3.8m | ▼ 6.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.008m | - | €0.03m | €0.03m | ▲ 3.2% |
| Financial debts43 | - | - | - | - | - | €0.003m | €0.001m | €0.002m | ▲ 149% |
| Credit institutions430/8 | - | - | - | - | - | €0.003m | €0.001m | €0.002m | ▲ 149% |
| Trade debts44 | €2.6m | €0.9m | €1.5m | €1.4m | €7.8m | €0.03m | €0.2m | €0.07m | ▼ 55.9% |
| Suppliers440/4 | - | - | - | €1.4m | €7.8m | €0.03m | €0.2m | €0.07m | ▼ 55.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.002m | €0.05m | €0.08m | ▲ 55.0% |
| Taxes450/3 | - | - | - | €0.08m | €0.07m | - | €0.01m | €0.01m | ▲ 26.0% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.04m | €0.002m | €0.04m | €0.07m | ▲ 62.3% |
| Other amounts payable47/48 | - | - | - | €4.0m | €0.02m | €12.4m | €3.8m | €3.6m | ▼ 5.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.2m | €0.1m | €0.01m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €2.3m | €3.3m | €4.6m | €3.7m | €5.5m | €7.4m | €4.3m | ▼ 41.4% |
| + Depreciation and write-downs630 | €0.04m | €0.03m | €0.3m | €0.5m | €0.6m | €0.02m | €0.03m | €0.04m | ▲ 22.8% |
| Operating cash flow (approximation) | €1.4m | €2.4m | €3.6m | €5.1m | €4.2m | €5.5m | €7.4m | €4.4m | ▼ 41.1% |
| Investment in fixed assets (approximation) | - | €0 | -€5.5m | -€1.0m | -€0.7m | €3.2m | €0.09m | -€0.002m | - |
| Change in cash | - | -€0.5m | €0.3m | €3.2m | -€0.3m | -€3.8m | -€0.8m | €0.5m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-03-2026 | 2026-00064309 | |
| 31-12-2024 | full format | 15-04-2025 | 2025-00069739 | |
| 31-12-2023 | full format | 19-06-2024 | 2024-00141667 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00190201 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20233866 | |
| 31-12-2020 | full format | 28-07-2021 | 2021-41700550 | |
| 31-12-2019 | full format | 10-07-2020 | 2020-28200099 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-39800400 | |
| 31-12-2017 | full format | 24-07-2018 | 2018-37300481 | |
| 31-12-2016 | full format | 26-07-2017 | 2017-35900194 |