PHARMACIE DES PAGODES has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11,549 and a net result of €2,425, of which €3,145 non-recurring income. Equity has been shrinking by about 32% per year since 2018. Its solvency ranks better than 14% of 94 sector peers (NACE 21, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Score breakdownraises riskLast filed accounts filed 31 days late; 2 of the last 3 accounts lateEquity €11,549 (3.0% of total assets)lowers riskFounded in 2005Legal form: public limited companyShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
68/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially stronger than 45% of micro companies in pharmaceuticals (NACE 21)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency28=
equity 3.0% of total assets
Liquidity18+14
short-term debt 96.8% · cash 14.5%
Profitability70+67
return on assets 0.6%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.8%Low
0%0.5%1.5%4%10%≥ 25%
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.3% (153 companies, NACE 21, micro)
Last 24 months12-2024: 4.2%01-2025: 5.2%▲ +1.0 percentage point vs 12-2024highest value02-2025: 5.2%● unchanged vs 01-2025highest value03-2025: 5.1%▼ -0.1 percentage points vs 02-202504-2025: 5.1%● unchanged vs 03-202505-2025: 5.0%▼ -0.1 percentage points vs 04-202506-2025: 2.8%▼ -2.2 percentage points vs 05-202507-2025: 3.0%▲ +0.2 percentage points vs 06-202508-2025: 3.2%▲ +0.2 percentage points vs 07-202509-2025: 3.3%▲ +0.1 percentage points vs 08-202510-2025: 2.5%▼ -0.8 percentage points vs 09-202511-2025: 2.5%● unchanged vs 10-202512-2025: 2.5%● unchanged vs 11-202501-2026: 2.5%● unchanged vs 12-202502-2026: 2.5%● unchanged vs 01-202603-2026: 2.5%● unchanged vs 02-202604-2026: 2.5%● unchanged vs 03-202605-2026: 2.5%● unchanged vs 04-202606-2026: 2.3%▼ -0.2 percentage points vs 05-202607-2026: 2.4%▲ +0.1 percentage points vs 06-202608-2026: 2.6%▲ +0.2 percentage points vs 07-202609-2026: 0.8%▼ -1.8 percentage points vs 08-2026lowest value10-2026: 0.8%● unchanged vs 09-2026lowest value11-2026: 0.8%● unchanged vs 10-2026lowest value
Credit of up to €500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.92 (0.84 in 2024), below 1. Short-term debt is 96.8% and cash 14.5% of total assets. 97% 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 21, micro). It does better than 29% of them on solvency, 16% on liquidity, 56% on profitability and 78% on growth.
The bankruptcy probability was computed on 01-11-2026 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).
Credit check for an amount and term of your choice
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 119 days after the deadline. In the sector (NACE 21), the median for financial year 2024 was 9 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 8 November (4 of the last 5 accounts filed within 71 days either side of that date).
02-11-2026 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
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadlineFiled on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00502255.
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Total assets€0.4m2025Equity€0.01m2025Debt€0.4m2025
Working capital-€0.03m2025
EBIT margin-6.5%2019Return on assets (ROA)0.6%2025
Solvency3.0%2025
Current ratio0.922025
Staff (FTE)1.62025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
Net result€0.05m--€0.07m-€0.03mwithin the sector's middle half▲ 49.1%-€0.001mwithin the sector's middle half▲ 98.2%€0.02mwithin the sector's middle half-€0.04mwithin the sector's middle half-€0.04mwithin the sector's middle half▼ 22.8%€0.002mwithin the sector's middle half
EBIT margin6.2%--6.5%▼ 12.8pp
Equity€0.2m-€0.1m▼ 35.0%€0.09mbelow the sector's middle half▼ 27.4%€0.09mbelow the sector's middle half▼ 0.7%€0.09mbelow the sector's middle half▲ 0.7%€0.05mbelow the sector's middle half▼ 40.3%€0.009mbelow the sector's middle half▼ 82.9%€0.01mbelow the sector's middle half▲ 26.6%
Total assets€0.5m-€0.4m▼ 21.7%€0.4mbelow the sector's middle half▼ 10.0%€0.5mbelow the sector's middle half▲ 42.5%€0.5mbelow the sector's middle half▼ 6.3%€0.4mbelow the sector's middle half▼ 22.3%€0.3mbelow the sector's middle half▼ 12.5%€0.4mbelow the sector's middle half▲ 10.6%
Working capital-€0.02m--€0.07m▼ 243%-€0.08mbelow the sector's middle half▼ 5.4%-€0.05mbelow the sector's middle half▲ 35.8%-€0.02mwithin the sector's middle half▲ 51.0%-€0.04mwithin the sector's middle half▼ 44.5%-€0.05mwithin the sector's middle half▼ 53.2%-€0.03mbelow the sector's middle half▲ 48.3%
Solvency35.0%-29.0%▼ 5.9pp23.4%within the sector's middle half▼ 5.6pp16.3%within the sector's middle half▼ 7.1pp17.5%below the sector's middle half▲ 1.2pp13.5%below the sector's middle half▼ 4.1pp2.6%below the sector's middle half▼ 10.8pp3.0%below the sector's middle half▲ 0.4pp
Current ratio0.92-0.74▼ 0.190.73below the sector's middle half▼ 0.010.89below the sector's middle half▲ 0.160.94within the sector's middle half▲ 0.050.90below the sector's middle half▼ 0.050.84below the sector's middle half▼ 0.060.92below the sector's middle half▲ 0.09
Return on assets (ROA)9.8%--15.6%▼ 25.4pp-8.8%below the sector's middle half▲ 6.8pp-0.1%within the sector's middle half▲ 8.7pp3.7%within the sector's middle half▲ 3.8pp-9.1%below the sector's middle half▼ 12.7pp-12.8%below the sector's middle half▼ 3.7pp0.6%within the sector's middle half▲ 13.4pp
Staff (FTE)1.71.9below the sector's middle half▲ 11.8%1.7below the sector's middle half▼ 10.5%1.3below the sector's middle half▼ 23.5%1.5below the sector's middle half▲ 15.4%2.4below the sector's middle half▲ 60.0%1.6below the sector's middle half▼ 33.3%
abovewithinbelowThe sector band is the middle half of the companies in Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €383,064
11%
89.4%
Fixed assets€40,585 ▼ 36.4%
Current assets€342,479 ▲ 21.2%
Equity and liabilities €383,064
97.0%
Equity€11,549 ▲ 26.6%
Debt€371,515 ▲ 10.1%
Debt's share of the balance-sheet total falls from 97.4% to 97.0%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€33,519▲
2024 · -€19,163
Cash flow
€28,195▲
2024 · -€19,062
Quick ratio
0.70▲
2024 · 0.58
Debt to equity
32.17▼
2024 · 36.97
ROE
21.0%▲
2024 · -484.7%
Interest coverage
15.77▲
2024 · -5.68
Debt ≤ 1 year
€370,680▲
2024 · €337,126
Income taxes
€6,046
Staff costs
€118,148▼
2024 · €171,895
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
2
2
3
3
2
full-time
-
-
1
1
-
part-time
2
2
2
2
2
in full-time equivalents
1.3
1.3
2.3
2.3
1.3
Average over the year, in full-time equivalents
1.7
1.3
1.5
2.4
1.6
On a permanent contract
2
2
3
3
2
Joined
0
-
1
1
0
Left
1
-
0
1
1
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
-
-
-
-
€2,493
Depreciation and write-downs of the year
€29,071
€25,271
€25,158
€25,158
€25,770
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 50 lines
Balance sheetCode20242025
Assets
Total assets20/58€346,405€383,064▲
Fixed assets21/28€63,861€40,585▼
Intangible fixed assets21€62,890€37,842▼
Tangible fixed assets22/27-€1,771
Plant, machinery and equipment23-€1,771
Financial fixed assets28€971€971=
Current assets29/58€282,544€342,479▲
Stocks and contracts in progress3€86,068€84,593▼
Stocks30/36€86,068€84,593▼
Amounts receivable within one year40/41€185,759€201,700▲
Trade receivables40€78,320€107,169▲
Other amounts receivable41€107,439€94,531▼
Cash at bank and in hand54/58€10,067€55,464▲
Deferred charges and accrued income490/1€650€722▲
Equity and liabilities
Total equity and liabilities10/49€346,405€383,064▲
Amounts payable within one year42/48€337,126€370,680▲
Trade debts44€287,340€312,618▲
Suppliers440/4€287,340€312,618▲
Taxes, remuneration and social security45€31,787€40,062▲
Taxes450/3€3,449€10,274▲
Remuneration and social security454/9€28,338€29,788▲
Other amounts payable47/48€18,000€18,000=
Accrued charges and deferred income492/3€155€835▲
Income statementCode20242025
Non-recurring operating income76A€9,070€3,145▼
Remuneration, social security and pensions62€171,895€118,148▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€25,158€25,770▲
Other operating charges640/8€717€400▼
Non-recurring operating charges66A€5,663-
Gross operating margin9900€159,112€152,066▼
Operating profit (loss)9901-€44,321€7,749▲
Financial income75/76B€3,476€2,847▼
Recurring financial income75€3,476€2,847▼
Financial charges65/66B€3,375€2,125▼
Recurring financial charges65€3,375€2,125▼
Profit (loss) for the period before taxes9903-€44,220€8,471▲
Income taxes67/77-€6,046
Profit (loss) for the period9904-€44,220€2,425▲
Profit (loss) for the period to be appropriated9905-€44,220€2,425▲
Appropriation of the result
Profit (loss) to be appropriated9906-€209,784-€207,359▲
Profit (loss) brought forward from the previous period14P-€165,565-€209,784▼
Social balance sheet
Average headcount (FTE)90872.41.6▼
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not PHARMACIE DES PAGODES.
In July 2024, 1,083 companies had the same profile as PHARMACIE DES PAGODES has now. Two years later, 0.8% had gone bankrupt and 96.9% were still going.
Micro
20 years or older
solvency under 10%
a profit under 5% of the balance sheet
0.8%went bankrupt
2.2%stopped otherwise
96.9%was still going
That fits the bankruptcy probability of PHARMACIE DES PAGODES itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 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 1,083 companies, not a prediction for PHARMACIE DES PAGODES. 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.
Director · since 28-04-2023 · Private limited company · permanent representative: Paul Ransart · also on the board of 10 other companies · listed in the 2025 annual accounts, filed on 31-08-2026
The owners of PHARMACIE DES PAGODES are in the annual accounts the companies file themselves. The chain of control runs up to the highest known parent.
Equity €230,230Profit of €242,204 in 2025 (profit of €201,523 in 2024)Checked score 81
100%
Capital transactions
Capital transactions
A capital increase usually strengthens the company. With a reduction, it pays to find out why.
Capital over time
16-01-2024Capital stated in the deed · €200,000 · 200 shares
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Gazette deedRegistered office moved from Bruxelles to Genappe
Resignations: EUROPHAR (director) and Valérie WERA (director) · Permanent representatives: Patrick Wera, Paul Ransart and Stéphanie Thomaes · Appointments: BLUESTONE, PHARMACOACH and HARFANG13 points ▸
General meeting, 28-04-2023
Registered-office move, Rue des Lilas 1, 1470 Genappe
Director resignation, EUROPHAR (director)
Permanent representative, Patrick Wera (director and permanent representative)
Director resignation, Valérie WERA (director)
Director appointment, BLUESTONE (director)
Permanent representative, Paul Ransart (director and permanent representative)
Director appointment, PHARMACOACH (director)
Permanent representative, Stéphanie Thomaes
Director appointment, HARFANG (director)
Director in office, Caroline Décarpentrie (director)
Board meeting, “immédiatement après ces nominations, conseil d'administration” (deed in French)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 5 September 2005, PHARMACIE DES PAGODES was incorporated.1In 2023 the registered office moved to Genappe.2Total assets went from €541,190 in 2018 to €383,064 in 2025 and headcount from 1.7 full-time equivalents in 2019 to 1.6 in 2025.3
Registered officeRue des Lilas 1, 1470 Genappe, Belgium1 former office
1020 Bruxelles until 28-04-2023 · act of 17-05-2023
Establishment unitPharmactivity, Pagodenlaan 153, 1020 Brussel since 14-10-2005 · unit number 2.149.450.8131083011 Manufacture of food products
Activities
NACEBEL 2025
VAT activities
21100Manufacture of basic pharmaceutical products and pharmaceutical preparationsmain activity
21201Manufacture of basic pharmaceutical products and pharmaceutical preparations
46150Agents in the wholesale of furniture, household goods and hardware
47730Retail sale of pharmaceutical products
47741Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
47750Retail sale of cosmetics and toilet articles
Social security (RSZ) activities
47730Retail sale of pharmaceutical productsmain activity
Codes under NACEBEL 2008
VAT activities
21100Manufacture of basic pharmaceutical products and pharmaceutical preparationsmain activity
21201Manufacture of basic pharmaceutical products and pharmaceutical preparations
46150Wholesale trade
47730Retail trade
47740Retail trade
47750Retail trade
Social security (RSZ) activities
47730Retail trademain activity
Codes under NACEBEL 2003
VAT activities
24410main activity
24421
51150
52310
52320
52330
Social security (RSZ) activities
52310main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“L'exploitation d'officines pharmaceutiques dans le respect des règles édictées par l'Ordre des Pharmaciens,et l'exploitation de laboratoires…”
16 activities
L'exploitation d'officines pharmaceutiques dans le respect des règles édictées par l'Ordre des Pharmaciens,et l'exploitation de laboratoires de recherches et d'analyse,de grossiste ou laboratoire pharmaceutique ;
Toutes activités de conseils en matière de marketing,merchandising,aménagement,communication,management et gestion de points de vente et particulièrement ceux liés au domaine de la santé et du bien-être tels que officines pharmaceutiques,parapharmacie,herboristerie,centre d’esthétique,spa ; cette énonciation étant exemplative et non limitative.
L'achat,la vente,l'importation,l'exportation,la fabrication,l'industrialisation,la représentation,la distribution,la commercialisation et le commerce sous toutes ses formes de tous produits chimiques,pharmaceutiques,allopathiques ou homéopathiques,diététiques,phytopharmaceutiques et vétérinaires,de tous articles de droguerie,de parfumerie,de cosmétique,d'hygiène,d'herboristerie,d'entretien,de nettoyage et de désinfection,de tous appareils,instruments et accessoires de chirurgie,d'acoustique,d'optique et d'orthopédie,bandagisterie,système d'alarme et autres produits s'y rapportant d'une quelconque façon ou pouvant y être adjoint utilement,et,d'une manière générale,de tous appareils,accessoires,instruments produits ou procédés se rattachant directement ou indirectement à l'exploitation d'une officine pharmaceutique,d’une parapharmacie,d’une herboristerie,d’un centre de bien-être,d’un centre d’esthétique,d’un spa,ou d'un laboratoire de recherche et d'analyses,ainsi que la formation et les conseils en ces matières ;
L’achat et la vente de matériels,de matériaux,de mobiliers et d’aménagements liés aux activités décrites ci-avant ;
L'achat,la vente,l'échange,l'approbation,la concession,la constitution,le démembrement concernant tous biens ou droits réels immobiliers et toutes affaires relatives à ces biens,en ce compris l'exploitation,la gestion et la location de ces biens ;
La construction,la reconstruction,la transformation,la rénovation,l'aménagement,la démolition,ainsi que toute entreprise relativement aux biens immobiliers bâtis et non bâtis ;
Les expertises,études,les conseils,prêts et financements et opérations immobilières et de promotion ;
L'étude et la promotion immobilière et financière ;
La gestion de toutes sociétés commerciales belges ou étrangères ;
La prise de participations,majoritaires ou non,dans d'autres sociétés ;
La prise de participations dans toute entreprise,sous quelque forme que ce soit,l'exercice du contrôle,de la gestion,de l'administration,de la consultance favorisant la poursuite de l'objet de ces sociétés,notamment et dans la mesure de ces compétences par l'exercice de mandats sociaux ou non ;
La constitution,l'acquisition,la cession,la concession,la licence de droits de propriété industrielle,et de tous droits apparentés ;
L'importation et l'exportation de tous biens et services,le courtage international commercial,industriel,financier,mobilier et immobilier,et toute autre opération analogue par le mécanisme ou par les effets,ainsi que l'exercice à l'étranger,s'il y lieu,de toutes les activités ci-dessus énumérées ;
La gestion de bâtiments et équipements (« facilities management »),les services de gestion d'immeubles au sens large,y compris tous services de nettoyage,tant intérieur qu’extérieur,l’élaboration et l’entretien de parcs,jardins,tennis et piscines,sécurité,déménagement des lieux et autres services se rapportant à l'exploitation d'un immeuble tant pour compte propre que pour celui de tiers ;
La gestion et l'entretien de bois,de parcs,de jardins et de terres,d'étangs,de tennis,de piscines ;
L’achat,la vente,la location,l’importation,l’exportation de tous types de véhicules.