PHARMA SWITCH
Overview
Lifetime
7 annual accounts with figures on one time axisKey points
from the 2025 annual accountsInvestments
Green is investment, beige is depreciation.
Filings
The last five annual accounts were filed 56 to 64 days before the end of the period.
Checked score
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).
Financial strengthStrong
Score breakdown
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.
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.
| 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.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
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)
Recent changes
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
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
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 deadlineTurnover 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 31-12-2025in 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.
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 | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
9,444 | 7,363 | 11,632 | 19,686 | 25,989 | 28,984 | 20,435 | |
21/28 |
1,722 | 924 | 6,471 | 12,018 | 17,565 | 23,112 | 12,112 | |
22/27 |
1,722 | 924 | 6,471 | 12,018 | 17,565 | 23,112 | 12,112 | |
23 |
1,722 | - | - | - | - | - | - | |
24 |
- | 924 | 6,471 | 12,018 | 17,565 | 23,112 | 12,112 | |
29/58 |
7,722 | 6,438 | 5,161 | 7,668 | 8,424 | 5,872 | 8,323 | |
40/41 |
485 | 5,027 | 693 | 1,658 | 832 | 3,619 | 58 | |
40 |
185 | 5,027 | 693 | 1,338 | 185 | 3,149 | 58 | |
41 |
300 | - | - | 321 | 647 | 470 | - | |
54/58 |
6,953 | 176 | 3,280 | 4,936 | 6,504 | 1,122 | 7,158 | |
490/1 |
285 | 1,235 | 1,187 | 1,073 | 1,088 | 1,132 | 1,107 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
9,444 | 7,363 | 11,632 | 19,686 | 25,989 | 28,984 | 20,435 | |
10/15 |
1,644 | 288 | 1,991 | 3,489 | 2,474 | 1,503 | 3,290 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | |
14 |
-4,556 | -5,912 | -4,209 | -2,711 | -3,726 | -4,697 | -2,910 | |
17/49 |
7,801 | 7,075 | 9,641 | 16,197 | 23,516 | 27,481 | 17,145 | |
17 |
- | - | - | 618 | 7,982 | 15,266 | 4,610 | |
170/4 |
- | - | - | 618 | 7,982 | 15,266 | 4,610 | |
42/48 |
7,801 | 6,775 | 9,641 | 15,580 | 15,333 | 12,215 | 12,535 | |
42 |
- | - | 618 | 7,365 | 7,283 | 7,202 | 6,067 | |
44 |
1,114 | 883 | 1,029 | 30 | 1,121 | 1,387 | 938 | |
440/4 |
1,114 | 883 | 1,029 | 30 | 1,121 | 1,387 | 938 | |
45 |
4,170 | 5,407 | 2,392 | 6,420 | 6,894 | 3,344 | 3,777 | |
450/3 |
4,170 | 3,707 | 2,392 | 6,420 | 4,894 | 3,344 | 2,027 | |
454/9 |
- | 1,700 | - | - | 2,000 | - | 1,750 | |
47/48 |
2,517 | 484 | 5,603 | 1,765 | 35 | 283 | 1,754 | |
492/3 |
- | 300 | - | - | 200 | - | - | |
| Income statement | ||||||||
9900 |
4,402 | 5,371 | 5,660 | 9,096 | 8,994 | 6,517 | 4,971 | |
630 |
1,052 | 5,547 | 5,547 | 5,547 | 5,547 | 4,622 | 5,505 | |
640/8 |
463 | 387 | 447 | 615 | 348 | 456 | 1,839 | |
66A |
- | - | - | - | - | 2,193 | - | |
9901 |
2,887 | -564 | -334 | 2,934 | 3,100 | -754 | -2,373 | |
75/76B |
0 | - | 0 | - | - | 6 | 0 | |
75 |
0 | - | 0 | - | - | 6 | 0 | |
65/66B |
125 | 125 | 146 | 290 | 307 | 506 | 419 | |
65 |
125 | 125 | 146 | 290 | 307 | 506 | 419 | |
9903 |
2,762 | -689 | -480 | 2,644 | 2,793 | -1,254 | -2,792 | |
67/77 |
1,406 | 1,014 | 1,018 | 1,629 | 1,823 | 532 | 118 | |
9904 |
1,356 | -1,703 | -1,498 | 1,015 | 970 | -1,786 | -2,910 | |
9905 |
1,356 | -1,703 | -1,498 | 1,015 | 970 | -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 | ||||||||
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.
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 | |
| 31-12-2024 | micro format | 29-05-2025 | 2025-00110476 | |
| 31-12-2023 | micro format | 31-05-2024 | 2024-00104348 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00106203 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20042304 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-22300325 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-19700101 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 3,939 | 4,983 | 5,213 | 8,481 | 8,646 | 3,869 | 3,132 | ||
| 2,408 | 3,844 | 4,049 | 6,562 | 6,517 | 2,836 | 2,595 | ||
| 1,850 | 0 | 0 | 0 | 0 | 27,735 | 17,617 | ||
| 6,777 | -3,104 | -1,656 | -1,568 | 5,382 | -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% | ||
| 0.99 | 0.95 | 0.54 | 0.49 | 0.55 | 0.48 | 0.66 | ||
| 4.75 | - | 4.84 | 4.64 | 9.51 | 18.28 | 5.21 | ||
| 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% | ||
| 31.62 | 39.88 | 35.72 | 29.23 | 28.21 | - | - |
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| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 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- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 26-01-2024
Mandates through the years
1 name, the dashed line is todayDirector (not named in the articles)
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
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.
- Unlimiteddeed 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 17:00deed 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 auditordeed 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 2018Deadline for the 2026 accounts: 31-07-2027
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 ▸
- Director resignation, Boulanger Guy Marie Joseph Pierre (manager)
- Director appointment, Boulanger Guy Marie Joseph Pierre (director (not named in the articles))
- Director discharge, Boulanger Guy Marie Joseph Pierre
- General meeting, 05-12-2023
- 186 shares
- The deed holds 4 more points.
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 ▸
- Founder, BOULANGER Guy Marie Joseph Pierre
- Founder, BILLEMONT Marie-Anne Patricia Julie
- Founding capital, €18,600, 186 shares
- Board rule, 1
- Director appointment, BOULANGER Guy Marie Joseph Pierre (manager)
- The deed holds 3 more points.
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
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 17:00deed 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.
- Unlimiteddeed 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 2025Codes under NACEBEL 2008
- 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…”deed of 26-01-2024 (in Dutch)
11 activities
- Het verlenen van advies en prestaties van apotheken;
- Het nemen van participaties in andere ondernemingen;
- Uitoefenen van bestuursmandaten in andere vennootschappen;
- Verstrekken van managementadviezen;
- Beheer van roerende en onroerende goederen;
- 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;
- Verstrekken van leningen en financieringen aan ondernemingen;
- Verstrekken van waarborgen;
- Het verwerven en beheren van handelszaken;
- 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.
- Deelnemen of samenwerken met bestaande of nog op te richten ondernemingen die een gelijkaardig of complementair doel hebben.
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
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23602H0557/00K006 | 364 m² | 1 · 154 m² | 10.2 m · 1 |