PHARMA FLEX
ActiveSummary
PHARMA FLEX has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.5m and a net result of €4.3m. Equity has been shrinking by about 3.4% per year since 2018. Its solvency ranks better than 88% of 384 sector peers (NACE 28, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 04-04-2008 Normal situation
- Activity
- Manufacture of machinery and equipment not elsewhere classified NACE 28990and 2 others
- Joint committee
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2025
- Establishment unit
- 2.172.568.782 1402 Nivelles, since 11-04-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Board and ownership
Board
- AdFines SrlDirector · since 09-02-2024
- ADFINITIS SRLDirector · since 09-02-2024 · permanent representative DOLLINGER Martial
- NextGen Invest SrlDirector · since 09-02-2024
- Auditor
- RdB SRL
Shareholders
- AdFinitis55%30-06-2025 annual accounts of AdFinitis
- NextGen Invest32%2025 annual accounts of NextGen Invest
- AdFines13%2025 annual accounts of AdFines
- Holdings
- Shares in 4 companies including PHARMA TECHNOLOGY - PHARMA FLEX GMBH and PHARMA TECHNOLOGY ASIA PACIFIC LTD
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Turnover
- €2.1m
- ▲ 10.4%
- Profit
- €4.3m
- ▼ 41.4%
- Equity
- €10.5m
- ▲ 7.9%
- Total assets
- €14.3m
- ▲ 3.3%
- Employees on 31-12-2025
- 4
- =
Score breakdownlowers riskFounded in 2008Size: turnover €2.1m, 3.8 FTE, total assets €14.3mFigures for financial year 2025 (filed on 27-03-2026)Equity €10.5m (73.3% of total assets)Show the evidence
Checked score
Score 2025
95
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 63% of micro companies in machinery and equipment (NACE 28)
Financial strength · tick: 2024
Strong
Solvency
98+3
equity 73.3% of total assets
Liquidity
53+5
short-term debt 26.2% · cash 10.6%
Profitability
78+29
return on assets 30.3%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
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 03-2025highest value
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged 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%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026lowest value
05-2026: 0.1%● unchanged vs 04-2026lowest value
06-2026: 0.1%● unchanged vs 05-2026lowest value
07-2026: 0.1%● unchanged vs 06-2026lowest value
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €210,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.84 (0.66 in 2024), below 1. Short-term debt is 26.2% and cash 10.6% of total assets. 26.7% of the assets are financed with debt and provisions.
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 28, micro). It does better than 77% of them on solvency, 50% on liquidity, 63% on profitability and 62% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskneutral
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 €10.5m
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 days early
2024
107 days early
2023
42 days early
2022
32 days early
2021
3 days early
2020
3 days early
2019
21 days early
← 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 48 days before the deadline. In the sector (NACE 28), the median for financial year 2024 was 11 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 20 June (4 of the last 5 accounts filed within 66 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · 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 |
Board & ownership
Directors
Directors
3 directors, last change in 2026
Act of 26-10-2026Reappointment: Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)
Board 3
AdFines Srl
Current
Director · since 09-02-2024 · Legal entity · listed in the 2025 annual accounts, filed on 27-03-2026
ADFINITIS SRL
Current
Director · since 09-02-2024 · Legal entity · permanent representative: DOLLINGER Martial · listed in the 2025 annual accounts, filed on 27-03-2026
NextGen Invest Srl
Current
Director · since 09-02-2024 · Legal entity · listed in the 2025 annual accounts, filed on 27-03-2026
Permanent representatives 1
DOLLINGER Martial
Current
Permanent representative · appointed in the act of 24-01-2025 · for ADFINITIS SRL
Statutory auditor 1
RdB SRL
Current
Owners and capital
Shareholders
3 ownersChain of control
- AdFinitis
- PHARMA FLEX
Owners 3
-
55%
- Equity €10.4m Profit of €819,002 in 2025 (profit of €8.3m in 2024)32%
-
13%
Capital transactions
Shareholders according to the deeds
Stated in the act
act of 09-02-2024 ↗
- DOLLINGER Martial Arthur Charles Benoit 155,048 shares
- BECKER Claire Andrée Ingrid 6,461 shares
Capital over time
- 09-02-2024 Capital stated in the deed · €400,000 · 24,000 shares
- 05-04-2022 Capital increase of €400,000 · to €4,900,000 · from reserves
- 05-04-2022 Capital reduction of €4,500,000 · to €400,000 · repaid to the shareholders
Mandate history
7 people, 4 in office
- Board
- Statutory auditor
- end not dated
| Name | Functions and periods |
|---|---|
| AdFines Srl |
|
| NextGen Invest Srl |
|
| ADFINITIS SRL |
|
| RdB SRL |
|
| DOLLINGER Martial Arthur Charles Benoit |
|
| BECKER Claire Andrée Ingrid |
|
| RENAUD DE BORMAN, REVISEUR D'ENTREPRISES-BEDRIJFSREVISOR |
|
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs au prorata, cessions entre vifs onéreuses ou gratuites volontaires ou forcées exclusion et retrait usufruit…”
Articles of association, deed of 09-02-2024 (in French)
Network & group
Holdings and subsidiaries
4 holdingsHoldings 4
Source for every holding own accounts 2025
- PHARMA TECHNOLOGY - PHARMA FLEX GMBHDEsubsidiaryEquity €51,597Result €22,714100%
- PHARMA TECHNOLOGY ASIA PACIFIC LTDCNsubsidiaryEquity HKD 8.9mResult HKD 2.2m100%
- PHARMA TECHNOLOGY INCUSsubsidiaryEquity USD 1.2mResult USD 135,258100%
- PHARMA TECHNOLOGYsubsidiaryEquity €16.3m Profit of €3.8m in 2025 (profit of €4.3m in 2024) Checked score 9799.96%
Companies at the same address
6 other companies- AdFinitis Registered office · since 2024 1012280815
- NextGen Invest Registered office · since 2024 1004718674
- DOLLIMMO BELGIUM Registered office · since 2021 0765300009
- PHARMA VAT UNIT Registered office · since 2016 0654817207
- DOLFINANCE Registered office · since 2010 0444022844
- PHARMA TECHNOLOGY Registered office · since 1992 0443803803
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
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Linked via shared directors
DOLFINANCE
Shared director
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Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
26-10
Gazette deed
Reappointment: Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)2 points ▸
Gazette deed
Reappointment: Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)
2 points ▸
- General meeting, 26-03-2025
- Auditor reappointment, Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)
27-03
full format · 126 days before the deadline
2025
31-12
Financial
Equity above €10mequity €10.5m ▲7.9%
With a profit in every financial year since 2018, equity grows to €10.5m.
15-04
full format · 107 days before the deadline
24-01
Gazette deed
Resignation: DOLLINGER Martial (director)Appointment: ADFINITIS SRL (director) · Power of attorney6 points ▸
Gazette deed
Resignation: DOLLINGER Martial (director)
Appointment: ADFINITIS SRL (director) · Power of attorney6 points ▸
- General meeting, 16-09-2024
- Director resignation, DOLLINGER Martial (director)
- Director appointment, ADFINITIS SRL (director)
- Power of attorney, FIDUCIAIRE DIGITALE SRL
- Power of attorney, Benoît Meurmans
- Power of attorney, Nicolas Widar
2024
31-12
Financial
Highest result from 2018 to 2025net €7.4m ▲35.2%
The net result of €7.4m is the highest of those years.
19-06
full format · 42 days before the deadline
09-02
Gazette deed
Appointments: DOLLINGER Martial Arthur Charles Benoit (statutory director) and BECKER Claire Andrée Ingrid (statutory director)Shareholding · Auditor report · Kind of shares26 points ▸
Gazette deed
Appointments: DOLLINGER Martial Arthur Charles Benoit (statutory director) and BECKER Claire Andrée Ingrid (statutory director)
Shareholding · Auditor report · Kind of shares26 points ▸
- General meeting, 25-01-2024
- Other provision, “président,exerce également secrétaire et scrutateur, bureau del’assemblée” (deed in French)
- DOLLINGER Martial Arthur Charles Benoit holds 155,048 shares
- BECKER Claire Andrée Ingrid holds 6,461 shares
- Other provision, “registre des actions nominatives”, 161509 (deed in French)
- Other provision, “ordre du jour modification del’objet rapport, rapport del’organe d’administration exposant justification détaillée” (deed in French)
- Other provision, 24000, “division du nombre d’actions” (deed in French), mentioned 2 times in the deed
- Other provision, “création de classes d’actions A,B et C rapports, article 7:155 du Code des Sociétés et des Associations” (deed in French)
- Auditor report, “évaluer si données financières et comptables du rapport del’organe d’administration sont fidèles et suffisantes pour éclairer l’assemblée appelée à voter, commi…” (deed in French)
- Kind of shares, 13200, 7680
- Amendment of the articles
- Other provision, “pouvoirs spéciaux” (deed in French)
- The act holds 14 more points.
2023
29-06
full format · 32 days before the deadline
2022
08-11
Gazette deed
Reappointment: Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)Power of attorney3 points ▸
Gazette deed
Reappointment: Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)
Power of attorney3 points ▸
- General meeting, 30-06-2022
- Auditor reappointment, Renaud de Borman,Réviseur d'entreprises-Bedrijfsrevisor (statutory auditor)
- Power of attorney, I-FID FIDUCIAIRE DIGITALE SRL
28-07
full format · 3 days before the deadline
05-04
Gazette deed
Capital & shares · Amendment of the articlesCapital increase · Capital · Capital decrease7 points ▸
Gazette deed
Capital & shares · Amendment of the articles
Capital increase · Capital · Capital decrease7 points ▸
- General meeting, “assemblée générale extraordinaire des actionnaires” (deed in French)
- Capital increase, €400,000
- Capital, €4,900,000
- Capital decrease, €4,500,000
- Amendment of the articles, 5
- Power of attorney, Olivier WATERKEYN
- Power of attorney
Show earlier events
2021
28-07
full format · 3 days before the deadline
2020
10-07
full format · 21 days before the deadline
2019
31-12
Financial
Liquidity more than triplescurrent ratio 6.06
The current ratio rises from 1.98 to 6.06. Short-term debt falls from €3.1m to €1.1m.
30-07
full format · 1 day before the deadline
2018
24-07
full format · 7 days before the deadline
2017
26-07
full format · 5 days before the deadline
2008
22-04
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
PHARMA FLEX in French
Enterprise number
0897.187.147
LEI code
549300367TP8JHKEGM05
no longer live in the LEI register
Legal form
Public limited company
Status
Active, normale toestand
Founded
04-04-2008
Entity type
Legal entity
Registered office and establishments
Registered office
Rue Graham Bell 8, 1402 Nivelles, Belgium
Establishment unit
Pharma Flex SA, Rue Graham Bell 8, 1402 Nivelles since 11-04-2008 · unit number 2.172.568.78228299 Manufacture of machinery and equipment not elsewhere classified
Activities
NACEBEL 2025VAT activities
28990
Manufacture of machinery and equipment not elsewhere classified main activity
46180
Agents specialised in the wholesale of other particular products
Social security (RSZ) activities
28299
Manufacture of machinery and equipment not elsewhere classified main activity
Codes under NACEBEL 2008
VAT activities
28990
Manufacture of machinery and equipment not elsewhere classified main activity
46180
Wholesale trade
Social security (RSZ) activities
28299
Manufacture of machinery and equipment not elsewhere classified main activity
Joint committee
200 Aanvullend Paritair Comité voor de bedienden annual accounts 2025
Invoicing and payment
VAT number
BE 0897.187.147
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
1.2 ha
Building footprint
6,513 m²
Building volume
47,506 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25099D0044/00N000 | Wallonia | 1.2 ha | 1 · 6,513 m² | 9.2 m · 3 |