PHARMA MANAGEMENT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 32 filings
Turnover
≈ €320,000
Estimated: probably between €250,000 and €480,000
EBIT margin
Not included in this filing
Net result
€376,772▲ 94.4%
2024 · €193,829
Working capital
-€1.5m▼ 50,772%
2024 · -€3,004
In the rankings
#2 company by total assets in Landen, Professional and technical services sector#2 oldest company in Landen, Professional and technical services sector#3 company by equity in Landen, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€31,493
▼ 89.1%
2025
20182025
Net result
€376,772
▲ 94.4%
2025
highest quarter of the sector
20182025
Equity
€1.2m
▼ 31.2%
2025
highest quarter of the sector
20182025
Total assets
€3.2m
▼ 10.2%
2025
highest quarter of the sector
20182025
Debt
€2.0m
▲ 9.6%
2025
20182025
Working capital
-€1.5m
▼ 50,772%
2025
lowest quarter of the sector
20182025
Solvency
37.1%
▼ 11.3pp
2025
middle half of the sector
20182025
Current ratio
0.11
▼ 0.89
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
11.9%
▲ 6.4pp
2025
middle half of the sector
20182025
Staff (FTE)
2.5
=
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
Operating result€0.3m-€0.3m▼ 10.6%€0.3m▲ 9.1%€0.3m▼ 6.1%€0.3m▲ 22.8%€0.3m▼ 6.8%€0.3m▼ 8.9%€0.03m▼ 89.1%
Net result€0.2m-€0.1m▼ 24.4%€0.2mwithin the sector's middle half▲ 36.5%€0.2mwithin the sector's middle half▼ 6.2%€0.2mwithin the sector's middle half▲ 23.8%€0.2mwithin the sector's middle half▼ 6.4%€0.2mwithin the sector's middle half▼ 8.9%€0.4mabove the sector's middle half▲ 94.4%
Equity€1.7m-€1.8m▲ 8.7%€2.0mabove the sector's middle half▲ 10.9%€2.2mabove the sector's middle half▲ 9.2%€2.4mabove the sector's middle half▲ 10.4%€1.5mabove the sector's middle half▼ 36.9%€1.7mabove the sector's middle half▲ 12.8%€1.2mabove the sector's middle half▼ 31.2%
Total assets€3.7m-€3.8m▲ 2.6%€4.0mabove the sector's middle half▲ 4.1%€4.2mabove the sector's middle half▲ 5.0%€4.3mabove the sector's middle half▲ 2.2%€3.5mabove the sector's middle half▼ 18.4%€3.5mabove the sector's middle half▲ 1.4%€3.2mabove the sector's middle half▼ 10.2%
Debt€2.1m-€2.0m▼ 2.3%€2.0m▼ 1.9%€2.0m▲ 0.8%€1.9m▼ 6.7%€2.0m▲ 5.4%€1.8m▼ 7.4%€2.0m▲ 9.6%
Working capital€0.3m-€0.4m▲ 37.0%€0.6mabove the sector's middle half▲ 33.9%€0.7mabove the sector's middle half▲ 15.1%€0.8mabove the sector's middle half▲ 11.2%-€0.2mbelow the sector's middle half-€0.003mbelow the sector's middle half▲ 98.2%-€1.5mbelow the sector's middle half▼ 50,772%
Solvency44.4%-47.0%▲ 2.6pp50.1%within the sector's middle half▲ 3.1pp52.1%within the sector's middle half▲ 2.0pp56.3%within the sector's middle half▲ 4.2pp43.5%within the sector's middle half▼ 12.7pp48.4%within the sector's middle half▲ 4.9pp37.1%within the sector's middle half▼ 11.3pp
Current ratio1.99-2.31▲ 0.322.62within the sector's middle half▲ 0.322.39within the sector's middle half▼ 0.242.73within the sector's middle half▲ 0.340.71below the sector's middle half▼ 2.020.99below the sector's middle half▲ 0.280.11below the sector's middle half▼ 0.89
Return on assets (ROA)5.1%-3.7%▼ 1.3pp4.9%within the sector's middle half▲ 1.2pp4.4%within the sector's middle half▼ 0.5pp5.3%within the sector's middle half▲ 0.9pp6.1%within the sector's middle half▲ 0.8pp5.5%within the sector's middle half▼ 0.6pp11.9%within the sector's middle half▲ 6.4pp
Staff (FTE)2.1-3.3▲ 57.1%3.3within the sector's middle half=3.4within the sector's middle half▲ 3.0%2.3within the sector's middle half▼ 32.4%2.3within the sector's middle half=2.5within the sector's middle half▲ 8.7%2.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 89% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Large changes and their cause
- 2025 Net result +94% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.2m
Fixed assets
€3.0m ▼ 1.2%
Current assets
€185,646 ▼ 63.5%
Equity and liabilities €3.2m
Equity
€1.2m ▼ 31.2%
Debt
€2.0m ▲ 9.6%
Debt's share of the balance-sheet total rises from 51.6% to 62.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€67,930▼
2024 · €324,117
Cash flow
€413,209▲
2024 · €230,266
Debt to equity
1.70▲
2024 · 1.07
ROE
32.0%▲
2024 · 11.3%
Interest coverage
9.18▼
2024 · 37.91
Debt ≤ 1 year
€1.7m▲
2024 · €512,142
Debt > 1 year
€283,482▼
2024 · €1.3m
Income taxes
€47,597▼
2024 · €88,136
Staff costs
€112,808▲
2024 · €80,504
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 | 3 | 3 | 3 | 3 |
| full-time | 2 | 1 | 1 | 2 | 1 |
| part-time | 2 | 2 | 2 | 1 | 2 |
| in full-time equivalents | 3.4 | 2.3 | 1.8 | 2.7 | 2 |
| Average over the year, in full-time equivalents | 3.4 | 2.3 | 2.3 | 2.5 | 2.5 |
| On a permanent contract | 4 | 3 | 3 | 3 | 3 |
| Joined | 1 | 2 | 2 | - | - |
| Left | 1 | 3 | 2 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,397 | €89,496 | €7,650 | - | - |
| Depreciation and write-downs of the year | €16,538 | €19,215 | €35,452 | €36,437 | €36,437 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,321 awarded · €1,321 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €201,460 | €153,540 | €173,020 | €80,504 | €112,808 | ▲ 40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,810 | €32,810 | €16,528 | €16,538 | €19,215 | €35,452 | €36,437 | €36,437 | = |
| Other operating charges640/8 | - | - | - | €2,775 | €2,377 | €2,302 | €2,388 | €2,469 | ▲ 3.4% |
| Gross operating margin9900 | €461,148 | €467,191 | €500,652 | €496,646 | €513,792 | €526,485 | €407,008 | €183,207 | ▼ 55.0% |
| Operating profit (loss)9901 | €301,213 | €269,273 | €293,855 | €275,873 | €338,661 | €315,711 | €287,680 | €31,493 | ▼ 89.1% |
| Financial income75/76B | - | - | - | - | €0 | €1,862 | €2,835 | €400,273 | ▲ 141× |
| Recurring financial income75 | - | - | - | - | €0 | €1,862 | €2,835 | €400,273 | ▲ 141× |
| Financial charges65/66B | - | - | - | €10,793 | €9,895 | €9,797 | €8,549 | €7,397 | ▼ 13.5% |
| Recurring financial charges65 | €13,921 | €54,108 | €11,650 | €10,793 | €9,895 | €9,797 | €8,549 | €7,397 | ▼ 13.5% |
| Profit (loss) for the period before taxes9903 | €287,292 | €215,165 | €282,205 | €265,080 | €328,766 | €307,777 | €281,965 | €424,369 | ▲ 50.5% |
| Income taxes67/77 | €97,649 | €71,787 | €86,442 | €81,381 | €101,422 | €95,047 | €88,136 | €47,597 | ▼ 46.0% |
| Profit (loss) for the period9904 | €189,643 | €143,378 | €195,763 | €183,699 | €227,344 | €212,730 | €193,829 | €376,772 | ▲ 94.4% |
| Profit (loss) for the period to be appropriated9905 | €189,643 | €143,378 | €195,763 | €183,699 | €227,344 | €212,730 | €193,829 | €376,772 | ▲ 94.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.7m | €3.8m | €4.0m | €4.2m | €4.3m | €3.5m | €3.5m | €3.2m | ▼ 10.2% |
| Fixed assets21/28 | €3.1m | €3.1m | €3.0m | €3.0m | €3.1m | €3.1m | €3.0m | €3.0m | ▼ 1.2% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.4m | €0.4m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 8.4% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €470 | ▼ 50.5% |
| Furniture and vehicles24 | - | - | - | - | €0.09m | €0.08m | €0.06m | €0.04m | ▼ 34.0% |
| Financial fixed assets28 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | = |
| Current assets29/58 | €0.6m | €0.8m | €0.9m | €1.2m | €1.2m | €0.4m | €0.5m | €0.2m | ▼ 63.5% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.9m | €1.0m | €0.9m | €0.2m | €0.2m | €0.1m | ▼ 21.4% |
| Trade receivables40 | - | - | - | €1.0m | €0.02m | €0.02m | €0.01m | €0.006m | ▼ 52.2% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.9m | €0.1m | €0.2m | €0.1m | ▼ 18.9% |
| Current investments50/53 | - | - | - | - | €0.2m | €0.2m | €0.3m | €4 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.03m | €0.2m | €0.06m | €0.04m | €0.07m | €0.04m | ▼ 47.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.008m | €0.008m | €0.007m | €0.009m | ▲ 28.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.7m | €3.8m | €4.0m | €4.2m | €4.3m | €3.5m | €3.5m | €3.2m | ▼ 10.2% |
| Equity10/15 | €1.7m | €1.8m | €2.0m | €2.2m | €2.4m | €1.5m | €1.7m | €1.2m | ▼ 31.2% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.6m | €0.8m | €1.0m | €1.2m | €1.4m | €1.5m | €1.7m | €1.1m | ▼ 32.4% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €1.1m | €1.3m | €1.4m | €1.5m | €1.0m | ▼ 34.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €2.1m | €2.0m | €2.0m | €2.0m | €1.9m | €2.0m | €1.8m | €2.0m | ▲ 9.6% |
| Amounts payable after more than one year17 | €1.7m | €1.7m | €1.6m | €1.5m | €1.4m | €1.4m | €1.3m | €0.3m | ▼ 78.4% |
| Financial debts170/4 | - | - | - | €1.5m | €1.4m | €1.4m | €1.3m | €0.3m | ▼ 78.4% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.4m | €0.5m | €0.4m | €0.6m | €0.5m | €1.7m | ▲ 235% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 1.5% |
| Financial debts43 | - | - | - | €0.02m | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.02m | €0 | - | - | - | - |
| Trade debts44 | €0.01m | €0.008m | €0.003m | €0.005m | €0.006m | €0.007m | €0.002m | €0.002m | ▼ 14.9% |
| Suppliers440/4 | - | - | - | €0.005m | €0.006m | €0.007m | €0.002m | €0.002m | ▼ 14.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.06m | €0.08m | €0.06m | €0.02m | ▼ 59.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.06m | €0.04m | €0.01m | ▼ 71.2% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 41.2% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.3m | €0.5m | €0.4m | €1.6m | ▲ 319% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €26 | €181 | €429 | €0.002m | ▲ 313% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €189,643 | €143,378 | €195,763 | €183,699 | €227,344 | €212,730 | €193,829 | €376,772 | ▲ 94.4% |
| + Depreciation and write-downs630 | €32,810 | €32,810 | €16,528 | €16,538 | €19,215 | €35,452 | €36,437 | €36,437 | = |
| Operating cash flow (approximation) | €222,452 | €176,187 | €212,291 | €200,237 | €246,558 | €248,182 | €230,266 | €413,209 | ▲ 79.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,397 | -€89,496 | -€7,650 | €0 | €0 | - |
| Change in cash | - | €13,756 | -€14,933 | €158,062 | -€131,497 | -€12,214 | €24,953 | -€32,531 | - |
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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-07-2026 | 2026-00350142 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00245719 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00420982 | |
| 31-12-2022 | abbreviated format | 23-08-2023 | 2023-00349065 | |
| 31-12-2021 | abbreviated format | 21-09-2022 | 2022-20433525 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-57800539 | |
| 31-12-2019 | abbreviated format | 23-09-2020 | 2020-55700208 | |
| 31-12-2018 | abbreviated format | 26-09-2019 | 2019-66200563 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-55800147 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34500002 |