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PHARMA SWITCH

Active Private limited companyfounded 2018active for 8 yearsWolvertemsesteenweg 35, 1785 MerchtemKBO/BCE: BE 0705.903.444

Overview

Lifetime

7 annual accounts with figures on one time axis
peak €9,096 (2022)
€4,402▼ 18.0%
lowest -€2,910 (2019)
€1,356▲ €3,059
peak €3,489 (2022)
€1,644▲ 471%
€7,801▲ 10.3%
Board1 name since 2018
Documentsfilings and deeds
28-05-202664 days before the deadline
2025micro format
Gross margin from €5,371 to €4,402Back to profit: €1,356Equity from €288 to €1,644Cash from €176 to €6,953

Key points

from the 2025 annual accounts

Debts

€7,801 83% of the balance sheet
Suppliers 14%Taxes and wages 53%Other 32%

Investments

€1,850 1.8 × depreciation

Green is investment, beige is depreciation.

Filings

7 annual accounts since 2019
AprilJune31 JulyOctober202020222024

The last five annual accounts were filed 56 to 64 days before the end of the period.

Checked score

86
Excellent
Financially stronger than 68% of micro companies in retail trade (NACE 47)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.6% across 40,275 companies (NACE 47, micro).

About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.8% 01-2025: 0.8%● unchanged vs 12-2024 02-2025: 0.8%● unchanged vs 01-2025 03-2025: 0.8%● unchanged vs 02-2025 04-2025: 0.9%▲ +0.1 percentage points vs 03-2025 05-2025: 0.9%● unchanged vs 04-2025 06-2025: 1.4%▲ +0.5 percentage points vs 05-2025 07-2025: 1.4%● unchanged vs 06-2025 08-2025: 1.4%● unchanged vs 07-2025 09-2025: 1.4%● unchanged vs 08-2025 10-2025: 1.4%● unchanged vs 09-2025 11-2025: 1.4%● unchanged vs 10-2025 12-2025: 1.4%● unchanged vs 11-2025 01-2026: 1.3%▼ -0.1 percentage points vs 12-2025 02-2026: 1.3%● unchanged vs 01-2026 03-2026: 1.4%▲ +0.1 percentage points vs 02-2026 04-2026: 1.4%● unchanged vs 03-2026highest value 05-2026: 1.3%▼ -0.1 percentage points vs 04-2026 06-2026: 0.4%▼ -0.9 percentage points vs 05-2026 07-2026: 0.4%● unchanged vs 06-2026 08-2026: 0.4%● unchanged vs 07-2026 09-2026: 0.4%● unchanged vs 08-2026 10-2026: 0.4%● unchanged vs 09-2026lowest value 11-2026: 0.4%● unchanged vs 10-2026lowest value

Financial strength
Strong

42+13equity 17.4% of total assets
55+52short-term debt 82.6% · cash 73.6%
87+37return on assets 14.4%

Score breakdown

raises risk
Sector: Retail trade (NACE 47)
Equity €1,644 (17.4% of total assets)
Founded in 2018
lowers risk
Liquidity: current ratio 0.99, cash €6,953
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 47, micro). It does better than 33% of them on solvency, 60% on liquidity, 81% on profitability and 98% on growth.

The bankruptcy probability was computed on 09-11-2026 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.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

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).

Comparable companies, two years later

In July 2024, 6,713 companies had the same profile as PHARMA SWITCH has now. Each dot stands for 17 companies, two years later.

95.8%
were still trading
2.2%
stopped another way
1.8%
went bankrupt
  • Micro
  • 5 to 10 years old
  • solvency 10 to 30%
  • a profit of 5% of the balance sheet or more

Another 0.2% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of PHARMA SWITCH itself: 0.4% within 12 months.

Test of the method

The method was tested on the 497,447 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 6,713 companies, not a prediction for PHARMA SWITCH. 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.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Liquidity: current ratio 0.99, cash €6,953
NBB · annual accounts
raises risk · Sector: Retail trade (NACE 47)
KBO
raises risk · Equity €1,644 (17.4% of total assets)
NBB · annual accounts
raises risk · Founded in 2018
Companies of this age fail more often than older ones. How much that weighs depends on the rest of the company's profile.
KBO
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 28-05-2026, 64 days ahead of the deadline.
NBB · 7 filings
Deviation from the deadline
2025
64 days early
2024
63 days early
2023
61 days early
2022
56 days early
2021
61 days early
2020
43 days early
2019
42 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 56 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% 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 31 May (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0705903444
Change of role: Boulanger Guy Marie Joseph Pierre, from manager to director Director discharge: Boulanger Guy Marie Joseph Pierre · General meeting of 05-12-2023 · Gazette deed
Incorporation Appointment: BOULANGER Guy Marie Joseph Pierre (manager) · Founder: BOULANGER Guy Marie Joseph Pierre · Founder: BILLEMONT Marie-Anne Patricia Julie · published on 01-10-2018 · Gazette deed
First establishment Wolvertemsesteenweg 35, Merchtem
All 13 events

Comparable companies

same main activity, similar in size and age
Company
PHARMA SWITCH Merchtem €9,444 €4,402 17.4% -
CROIXSSANCE PHARMA Zaventem €9,474 €5,783 -158.5% -
AFYA Grâce-Hollogne €8,634 €2,435 -19.5% -
NE CONSULT Rixensart €15,960 €4,327 -197.0% -
SMK SERVICES Schaerbeek €20,491 €4,271 47.6% -
FarmaGill Philippeville €8,566 €1,739 43.4% -
DL PHARMA + Zulte €18,667 €2,228 59.5% -

These companies have the same main activity as PHARMA SWITCH: retail sale of pharmaceutical products (NACE 47730). They are comparable in size and age: total assets between €8,570 and €20,500, founded between 2011 and 2022.

Official details

Source: KBO
Status
Active since 27-09-2018Normal situation
Activity
Retail sale of pharmaceutical productsNACE 47730
Establishment unit
2.284.902.8011785 Merchtem, since 27-09-2018
Financial year end
31 December
Peppol
Reachable since 31-03-2026
Company details

Annual accounts 2025

€4,402▼ 18.0%
≈ €46,000estimated
€1,356
€1,644▲ 471%
€9,444▲ 28.3%
Filing
Filed on 28-05-2026, 64 days before the end of the filing period
Financials

Insights on PHARMA SWITCH

PHARMA SWITCH files the micro format. That format states no turnover. The gross margin fell from €4,971 in 2019 to €4,402 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 28-05-2026, 64 days before the deadline
€4,402
▼ 18.0%
€2,887
▲ €3,451
€1,356
▲ €3,059
-€79
▲ €258
17.4%
▲ 13.5 percentage points
0.99
▲ 0.04

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €46,000. Estimated: probably between €17,000 and €98,000.

Balance sheet

balance sheet total €9,444 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

17.4%

Higher than 36% of 22,924 companies in 2025.

0.99

Higher than 31% of 22,052 companies in 2025.

14.4%

Higher than 77% of 22,202 companies in 2025.

PHARMA SWITCH Middle half of the sector 80% of the sector Micro accounts in retail trade (NACE 47)

Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019
Balance sheet: assets
20/58 9,4447,36311,63219,68625,98928,98420,435
21/28 1,7229246,47112,01817,56523,11212,112
22/27 1,7229246,47112,01817,56523,11212,112
23 1,722------
24 -9246,47112,01817,56523,11212,112
29/58 7,7226,4385,1617,6688,4245,8728,323
40/41 4855,0276931,6588323,61958
40 1855,0276931,3381853,14958
41 300--321647470-
54/58 6,9531763,2804,9366,5041,1227,158
490/1 2851,2351,1871,0731,0881,1321,107
Balance sheet: equity and liabilities
10/49 9,4447,36311,63219,68625,98928,98420,435
10/15 1,6442881,9913,4892,4741,5033,290
10/11 6,2006,2006,2006,2006,2006,2006,200
100 ------18,600
101 ------12,400
14 -4,556-5,912-4,209-2,711-3,726-4,697-2,910
17/49 7,8017,0759,64116,19723,51627,48117,145
17 ---6187,98215,2664,610
170/4 ---6187,98215,2664,610
42/48 7,8016,7759,64115,58015,33312,21512,535
42 --6187,3657,2837,2026,067
44 1,1148831,029301,1211,387938
440/4 1,1148831,029301,1211,387938
45 4,1705,4072,3926,4206,8943,3443,777
450/3 4,1703,7072,3926,4204,8943,3442,027
454/9 -1,700--2,000-1,750
47/48 2,5174845,6031,765352831,754
492/3 -300--200--
Income statement
9900 4,4025,3715,6609,0968,9946,5174,971
630 1,0525,5475,5475,5475,5474,6225,505
640/8 4633874476153484561,839
66A -----2,193-
9901 2,887-564-3342,9343,100-754-2,373
75/76B 0-0--60
75 0-0--60
65/66B 125125146290307506419
65 125125146290307506419
9903 2,762-689-4802,6442,793-1,254-2,792
67/77 1,4061,0141,0181,6291,823532118
9904 1,356-1,703-1,4981,015970-1,786-2,910
9905 1,356-1,703-1,4981,015970-1,786-2,910
Appropriation of the result
9906 -4,556-5,912-4,209-2,711-3,726-4,697-2,910
14P -5,912-4,209-2,711-3,726-4,697--
Document PDFPDFPDFPDFPDFPDFPDF

The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 28-05-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 28-05-2026 2026-00123972 PDF
31-12-2024 micro format 29-05-2025 2025-00110476 PDF
31-12-2023 micro format 31-05-2024 2024-00104348 PDF
31-12-2022 micro format 05-06-2023 2023-00106203 PDF
31-12-2021 micro format 31-05-2022 2022-20042304 PDF
31-12-2020 micro format 18-06-2021 2021-22300325 PDF
31-12-2019 micro format 19-06-2020 2020-19700101 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019
3,9394,9835,2138,4818,6463,8693,132
2,4083,8444,0496,5626,5172,8362,595
1,850000027,73517,617
6,777-3,104-1,656-1,5685,382-6,036-
-79-337-4,481-7,912-6,909-6,343-4,212
17.4%3.9%17.1%17.7%9.5%5.2%16.1%
0.990.950.540.490.550.480.66
4.75-4.844.649.5118.285.21
82.5%--75.3%29.1%39.2%-118.8%-88.5%
14.4%-23.1%-12.9%5.2%3.7%-6.2%-14.2%
31.6239.8835.7229.2328.21--

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€1,850----
€1,052€5,547€5,547€5,547€5,547

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on PHARMA SWITCH

The operating result for 2025 is a profit of €2,887, after a loss of €564 in 2024. It is the highest result since 2022.

Debt's share of the balance-sheet total falls from 96.1% to 82.6%. Equity and debt are higher.

Board & ownership

Board

1 director, no change since 2024
Director (not named in the articles)
appointed by deed of 26-01-2024 term without a fixed end
listed in the 2025 annual accounts, filed on 28-05-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 26-01-2024

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today
Boulanger Guy Marie Joseph Pierre
Director (not named in the articles)
BoardEarlier
Mandates as a list
  • Boulanger Guy Marie Joseph Pierre
    • Manager, appointed by deed of 01-10-2018, until 26-01-2024
    • Director (not named in the articles), appointed by deed of 26-01-2024, still in office

See the board, name and registered office on a given date →

Control

Capital

Contribution
€6,200
Shares
186
Contribution per share
€33.33
Equity per share
€8.84 in 2025
Source
2025 annual accounts

Articles of association

DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 26-01-2024 (in Dutch)
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Friday of May at 17:00
deed of 26-01-2024 (in Dutch)
Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
No statutory auditor
deed of 01-10-2018 (in Dutch)
Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
“Ontbinding om welke reden en op welk ogenblik ook, algemene vergadering mag een of meerdere vereffenaars aanduiden,bevoegdheden…”
deed of 26-01-2024 (in Dutch)

Network & group

No group

PHARMA SWITCH has no parent and no holdings in its annual accounts. Boulanger Guy Marie Joseph Pierre is the only director. PHARMA SWITCH shares no director with another company.

Timeline

Timeline

13 events since 2018

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed PDFmicro format · 64 days before the deadline
Registered in the Peppol Directory Reachable for e-invoices through 0208:0705903444
2025
Back to profit net €1,356 The net result is €1,356, after 2 loss-making years.
Annual accounts 2024 filed PDFmicro format · 63 days before the deadline
2024
Annual accounts 2023 filed PDFmicro format · 61 days before the deadline
Change of role: Boulanger Guy Marie Joseph Pierre, from manager to directorDirector discharge: Boulanger Guy Marie Joseph Pierre · General meeting of 05-12-20235 points ▸

Open the deed in the Belgian Official Gazette

2023
Annual accounts 2022 filed PDFmicro format · 56 days before the deadline
2022
Annual accounts 2021 filed PDFmicro format · 61 days before the deadline
2021
Back to profit net €970 The net result is €970, after 2 loss-making years.
Annual accounts 2020 filed PDFmicro format · 43 days before the deadline
2020
Annual accounts 2019 filed PDFmicro format · 42 days before the deadline
2018
IncorporationAppointment: BOULANGER Guy Marie Joseph Pierre (manager) · Founder: BOULANGER Guy Marie Joseph Pierre · Founder: BILLEMONT Marie-Anne Patricia Julie · published on 01-10-20185 points ▸

Open the deed in the Belgian Official Gazette

First establishment Wolvertemsesteenweg 35, Merchtem

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 27 September 2018, PHARMA SWITCH was incorporated.1 Boulanger Guy Marie Joseph Pierre is director of the company, appointed by deed of 26-01-2024.2 Total assets went from €20,435 in 2019 to €9,444 in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 26-01-2024
  3. 3National Bank, annual accounts 2019 and 2025

Company details

Identity

Enterprise number
0705.903.444
VAT number
BE 0705.903.444
Peppol ID
0208:0705903444
Other Peppol ID
9925:BE0705903444
Legal form
Private limited company
Status
Active, normal situation
Founded
27-09-2018
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Friday of May at 17:00
deed of 26-01-2024 (in Dutch)
Peppol
Reachable since 31-03-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
PHARMA SWITCH in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 26-01-2024 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 26-01-2024 (in Dutch)

Activities

NACEBEL 2025
Codes under NACEBEL 2008
47730 Retail trade main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Het verlenen van advies en prestaties van apotheken; Het nemen van participaties in andere ondernemingen; Uitoefenen van bestuursmandaten in…”
11 activities
  1. Het verlenen van advies en prestaties van apotheken;
  2. Het nemen van participaties in andere ondernemingen;
  3. Uitoefenen van bestuursmandaten in andere vennootschappen;
  4. Verstrekken van managementadviezen;
  5. Beheer van roerende en onroerende goederen;
  6. Haar onroerende goederen in hypotheek stellen en al haar andere goederen in pand stellen en aval verlenen voor alle leningen,kredietopeningen,en andere verbintenissen zowel voor haarzelf als voor derden;
  7. Verstrekken van leningen en financieringen aan ondernemingen;
  8. Verstrekken van waarborgen;
  9. Het verwerven en beheren van handelszaken;
  10. Klein- en groothandel in alsmede de algemene vertegenwoordiging van parafarmaceutische producten,artikelen voor persoonsverzorging,schoonheidsproducten,parfumerieën,cosmetica en drogisterijartikelen,alsmede het verlenen van alle mogelijke diensten die betrekking hebben op voormelde activiteiten,dit alles in de ruimste zin,voorgaande opsomming is slechts exemplatief en niet limitatief.
  11. Deelnemen of samenwerken met bestaande of nog op te richten ondernemingen die een gelijkaardig of complementair doel hebben.
deed of 26-01-2024 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
Wolvertemsesteenweg 35 registered office 1785 Merchtem 27-09-2018 2.284.902.801

Buildings and parcels at the address

Ground area
364 m²
Buildings
154 m²
Volume, LiDAR
788 m³
Tallest building
10.2 m
Buildings to scale, each on its own parcel
154 m², 10.2 m 154 m², 10.2 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
23602H0557/00K006364 m² 1 · 154 m² 10.2 m · 1

Contact

Phone 0000000000 establishment in Merchtem