Pharma Works
ActiveSummary
Pharma Works has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €48k and a net result of €19k. Equity is growing by ~18.4% per year across the filed fiscal years. Its solvency ranks better than 26% of 2542 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
59
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. A confirmed filing finding caps the score. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability75▲+18
Solvency38▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days only on tighter terms
Liquidity ample (current ratio 9.02 against 9.07 in 2023; short-term debt: 5% and cash: 38.3% of total assets), but 86.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 85
Relative position
BE, all sectors
reference
Sector 85
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
13.5%
Return on assets
5.4%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-12-2025, 131 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 4 filingsDeviation from the deadline
2025
not confirmed
2024
131 d late
2023
75 d late
2022
86 d late
2021
77 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€48k▲ 66.7%
2023 · €29k
2021: €24k
2022: €27k
2023: €29k
2021 → 2024
Total assets
€356k▲ 5.9%
2023 · €336k
2021: €218k
2022: €390k
2023: €336k
2021 → 2024
Net result
€19k▲ 769%
2023 · €2k
2021: €-18k
2022: €3k
2023: €2k
2021 → 2024
Working capital
€144k▲ 62.8%
2023 · €88k
2021: €100k
2022: €97k
2023: €88k
2021 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2021202220232024Trend
Equity€24k-€27k▲ 11.1%€29k▲ 8.3%€48k▲ 66.7%
Operating result€-18k-€4k€22k▲ 421%€25k▲ 17.2%
Net result€-18k-€3k€2k▼ 17.1%€19k▲ 769%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen three years in a row; 2024 is 17% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €356k
Fixed assets
€195k ▼ 18.0%
Current assets
€161k ▲ 62.9%
Equity and liabilities €356k
Equity
€48k ▲ 66.7%
Provisions
€8k =
Debt
€300k ▲ 0.2%
Debt's share of the balance-sheet total falls from 89.1% to 84.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€82k▲
2023 · €76k
Cash flow
€76k▲
2023 · €57k
Current ratio
9.02▼
2023 · 9.07
Quick ratio
8.98▲
2023 · 8.91
Debt to equity
6.26▼
2023 · 10.42
ROE
40.0%▲
2023 · 7.7%
ROA
5.4%▲
2023 · 0.7%
Interest coverage
160.34▲
2023 · 4.49
Debt ≤ 1 year
€18k▲
2023 · €11k
Debt > 1 year
€275k▼
2023 · €287k
Income taxes
€6k▲
2023 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 53 lines
Balance sheet
Code20232024
Assets
Total assets20/58€336k€356k▲
Fixed assets21/28€237k€195k▼
Tangible fixed assets22/27€236k€194k▼
Land and buildings22€39k€48k▲
Plant, machinery and equipment23€115€12▼
Furniture and vehicles24€9k€5k▼
Other tangible fixed assets26€189k€141k▼
Financial fixed assets28€920€510▼
Current assets29/58€99k€161k▲
Stocks and contracts in progress3€2k€755▼
Stocks30/36€2k€755▼
Amounts receivable within one year40/41€9k€11k▲
Trade receivables40€9k€11k▲
Other amounts receivable41€0€214▲
Cash at bank and in hand54/58€87k€136k▲
Deferred charges and accrued income490/1€2k€13k▲
Equity and liabilities
Total equity and liabilities10/49€336k€356k▲
Equity10/15€29k€48k▲
Contributions10/11€3k€3k=
Reserves13€11k€11k=
Tax-exempt reserves132€11k€11k=
Profit (loss) carried forward14€15k€34k▲
Provisions and deferred taxes16€8k€8k=
Provisions for liabilities and charges160/5€8k€8k=
Major repairs and maintenance162€8k€8k=
Amounts payable17/49€300k€300k▲
Amounts payable after more than one year17€287k€275k▼
Financial debts170/4€287k€275k▼
Amounts payable within one year42/48€11k€18k▲
Trade debts44€2k€2k▼
Suppliers440/4€2k€2k▼
Advances received on contracts in progress46-€2k
Taxes, remuneration and social security45€9k€13k▲
Taxes450/3€9k€13k▲
Other amounts payable47/48-€1k
Accrued charges and deferred income492/3€1k€7k▲
Income statement
Code20232024
Non-recurring operating income76A€12k€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€55k€57k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€2k
Other operating charges640/8€5k€4k▼
Non-recurring operating charges66A€8k€477▼
Gross operating margin9900€89k€88k▼
Operating profit (loss)9901€22k€25k▲
Financial income75/76B€82€715▲
Recurring financial income75€82€715▲
Financial charges65/66B€17k€511▼
Recurring financial charges65€17k€511▼
Profit (loss) for the period before taxes9903€5k€26k▲
Income taxes67/77€3k€6k▲
Profit (loss) for the period9904€2k€19k▲
Profit (loss) for the period to be appropriated9905€2k€19k▲
Appropriation of the result
Profit (loss) to be appropriated9906€15k€34k▲
Profit (loss) brought forward from the previous period14P€13k€15k▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
09-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 131 days late
2024
31-12
Financial
Highest result since 2021net €19k ▲769%
Operating result €25k, net result €19k, both a record.
14-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 75 days late
2023
25-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 86 days late
2022
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 20.22
Current ratio from 6.38 to 20.22; short-term debt falls from €19k to €5k.
16-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 77 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Herzele · 2 establishment units since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Markt 219550 HerzeleGround area
223 m²
Building footprint
223 m²
Volume, LiDAR
1,938 m³
2 parcels, Flanders · tallest building 13.6 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
PHARMA WORKS
since 20152.240.392.172
't Pand
since 20222.342.129.633
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41027A0494/00L000 | Flanders | 137 m² | 1 · 137 m² | 12.4 m · 3 fl. |
| 41027A0482/00L000 | Flanders | 85 m² | 1 · 85 m² | 13.6 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteHerzele2.342.129.633
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Of 948 companies in sector 85699 we hold annual accounts for 147. 90 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded26-02-2015
Fiscal year end31-12
Activities, NACEBEL 2025
85699Other educational support services
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 4 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.