PHARMACO
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 08-06-2026 PDF all 36 filings
Turnover
≈ €1.1m
Estimated: probably between €820,000 and €1.7m
Total assets
€604,705▲ 4.6%
2025 · €578,029
Net result
€31▲ 81×
2025 · €0
Working capital
€126,357▲ 21.0%
2025 · €104,436
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€24,265
▼ 2.2%
2026
20192026
Net result
€31
▲ 81×
2026
20192026
Equity
€193,513
=
2026
20192026
Total assets
€604,705
▲ 4.6%
2026
20192026
Debt
€411,192
▲ 6.9%
2026
20192026
Working capital
€126,357
▲ 21.0%
2026
20192026
Solvency
32.0%
▼ 1.5pp
2026
20192026
Current ratio
1.31
▲ 0.03
2026
20192026
Return on assets (ROA)
0.0%
=
2026
20192026
Staff (FTE)
3.6
▼ 2.7%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€1,913--€6,261€39,335€19,729▼ 49.8%€19,298▼ 2.2%€23,062▲ 19.5%€24,798▲ 7.5%€24,265▼ 2.2%
Net result-€5,003--€14,486▼ 190%€23,237within the sector's middle half€4,913within the sector's middle half▼ 78.9%€1,234below the sector's middle half▼ 74.9%€861below the sector's middle half▼ 30.2%€0below the sector's middle half▼ 100.0%€31▲ 81×
Equity€177,722-€163,236▼ 8.2%€186,473within the sector's middle half▲ 14.2%€191,386within the sector's middle half▲ 2.6%€192,620within the sector's middle half▲ 0.6%€193,481within the sector's middle half▲ 0.4%€193,482within the sector's middle half=€193,513=
Total assets€490,984-€470,803▼ 4.1%€580,706within the sector's middle half▲ 23.3%€591,245within the sector's middle half▲ 1.8%€707,233within the sector's middle half▲ 19.6%€773,992within the sector's middle half▲ 9.4%€578,029within the sector's middle half▼ 25.3%€604,705▲ 4.6%
Debt€313,262-€307,567▼ 1.8%€394,233▲ 28.2%€399,859▲ 1.4%€514,613▲ 28.7%€580,511▲ 12.8%€384,547▼ 33.8%€411,192▲ 6.9%
Working capital€170,433-€158,365▼ 7.1%€163,985within the sector's middle half▲ 3.5%€157,367within the sector's middle half▼ 4.0%€139,833within the sector's middle half▼ 11.1%€108,365within the sector's middle half▼ 22.5%€104,436within the sector's middle half▼ 3.6%€126,357▲ 21.0%
Solvency36.2%-34.7%▼ 1.5pp32.1%within the sector's middle half▼ 2.6pp32.4%within the sector's middle half▲ 0.3pp27.2%within the sector's middle half▼ 5.1pp25.0%within the sector's middle half▼ 2.2pp33.5%within the sector's middle half▲ 8.5pp32.0%▼ 1.5pp
Current ratio1.86-1.75▼ 0.101.52within the sector's middle half▼ 0.231.47within the sector's middle half▼ 0.051.29within the sector's middle half▼ 0.171.19within the sector's middle half▼ 0.101.28within the sector's middle half▲ 0.081.31▲ 0.03
Return on assets (ROA)-1.0%--3.1%▼ 2.1pp4.0%within the sector's middle half▲ 7.1pp0.8%within the sector's middle half▼ 3.2pp0.2%below the sector's middle half▼ 0.7pp0.1%below the sector's middle half▼ 0.1pp0.0%below the sector's middle half▼ 0.1pp0.0%=
Staff (FTE)2.7-3.4▲ 25.9%3.1within the sector's middle half▼ 8.8%3.8within the sector's middle half▲ 22.6%3.8within the sector's middle half=3.6within the sector's middle half▼ 5.3%3.7within the sector's middle half▲ 2.8%3.6▼ 2.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 2% lower than in 2025.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €604,705
Fixed assets
€68,287 ▼ 29.6%
Current assets
€536,418 ▲ 11.5%
Equity and liabilities €604,705
Equity
€193,513 =
Debt
€411,192 ▲ 6.9%
Debt's share of the balance-sheet total rises from 66.5% to 68.0%. Debt is higher.
Key figures and ratios
EBITDA
€51,065▲
2025 · €50,969
Cash flow
€26,832▲
2025 · €26,171
Quick ratio
0.68▲
2025 · 0.68
Debt to equity
2.12▲
2025 · 1.99
ROE
0.0%▲
2025 · 0.0%
Interest coverage
2.74▲
2025 · 2.72
Debt ≤ 1 year
€410,060▲
2025 · €376,644
Income taxes
€5,712▼
2025 · €6,041
Staff costs
€239,969▼
2025 · €250,222
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 01-01-2022 | 01-01-2023 | 01-01-2024 | 01-01-2025 | 01-01-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 4 | 4 |
| full-time | 3 | 2 | 2 | 2 | 2 |
| part-time | 1 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 3.8 | 3.8 | 3.6 | 3.6 | 3.6 |
| Average over the year, in full-time equivalents | 3.8 | 3.8 | 3.6 | 3.7 | 3.6 |
| On a permanent contract | 4 | 4 | 4 | 4 | 4 |
| Joined | - | - | - | 1 | - |
| Left | - | - | - | 1 | - |
| Training hours | 16 | - | - | 6 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 01-01-2022 | 01-01-2023 | 01-01-2024 | 01-01-2025 | 01-01-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,210 | €15,603 | €36,036 | €11,600 | - |
| Financial fixed assets | - | - | - | €5,000 | - |
| Depreciation and write-downs of the year | €20,421 | €20,773 | €22,846 | €26,171 | €26,800 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €120 awarded · €120 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €216,069 | €203,306 | €242,755 | €250,222 | €239,969 | ▼ 4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,197 | €22,081 | €12,500 | €20,421 | €20,773 | €22,846 | €26,171 | €26,800 | ▲ 2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,917 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €568 | €577 | €834 | €748 | €654 | ▼ 12.6% |
| Gross operating margin9900 | €162,128 | €192,556 | €256,612 | €254,870 | €243,953 | €289,498 | €301,939 | €291,688 | ▼ 3.4% |
| Operating profit (loss)9901 | €1,913 | -€6,261 | €39,335 | €19,729 | €19,298 | €23,062 | €24,798 | €24,265 | ▼ 2.2% |
| Financial income75/76B | - | - | - | €31 | €22 | €91 | - | €118 | - |
| Recurring financial income75 | €255 | €3 | €377 | €31 | €22 | €91 | - | €118 | - |
| Financial charges65/66B | - | - | - | €10,213 | €12,330 | €16,759 | €18,757 | €18,640 | ▼ 0.6% |
| Recurring financial charges65 | €8,329 | €6,713 | €10,611 | €10,213 | €12,330 | €16,759 | €18,757 | €18,640 | ▼ 0.6% |
| Profit (loss) for the period before taxes9903 | -€6,161 | -€12,971 | €31,101 | €9,547 | €6,991 | €6,394 | €6,042 | €5,743 | ▼ 4.9% |
| Income taxes67/77 | -€1,158 | €1,515 | €7,864 | €4,635 | €5,757 | €5,533 | €6,041 | €5,712 | ▼ 5.5% |
| Profit (loss) for the period9904 | -€5,003 | -€14,486 | €23,237 | €4,913 | €1,234 | €861 | €0 | €31 | ▲ 81× |
| Profit (loss) for the period to be appropriated9905 | -€5,003 | -€14,486 | €23,237 | €4,913 | €1,234 | €861 | €0 | €31 | ▲ 81× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €490,984 | €470,803 | €580,706 | €591,245 | €707,233 | €773,992 | €578,029 | €604,705 | ▲ 4.6% |
| Fixed assets21/28 | €121,231 | €101,649 | €102,712 | €98,500 | €93,330 | €106,520 | €96,949 | €68,287 | ▼ 29.6% |
| Intangible fixed assets21 | €87,500 | €75,000 | €62,500 | €50,000 | €37,500 | €25,000 | €12,500 | - | - |
| Tangible fixed assets22/27 | €25,840 | €17,888 | €31,451 | €39,739 | €47,069 | €72,758 | €70,688 | €56,387 | ▼ 20.2% |
| Plant, machinery and equipment23 | - | - | - | €13,828 | €20,445 | €50,396 | €52,194 | €41,775 | ▼ 20.0% |
| Furniture and vehicles24 | - | - | - | €25,911 | €26,624 | €22,362 | €18,494 | €14,612 | ▼ 21.0% |
| Financial fixed assets28 | €7,891 | €8,762 | €8,762 | €8,762 | €8,762 | €8,762 | €13,762 | €11,900 | ▼ 13.5% |
| Current assets29/58 | €369,753 | €369,154 | €477,994 | €492,745 | €613,903 | €667,473 | €481,080 | €536,418 | ▲ 11.5% |
| Stocks and contracts in progress3 | €199,986 | €185,961 | €194,960 | €166,636 | €153,103 | €194,091 | €224,223 | €256,299 | ▲ 14.3% |
| Stocks30/36 | - | - | - | €166,636 | €153,103 | €194,091 | €224,223 | €256,299 | ▲ 14.3% |
| Amounts receivable within one year40/41 | €31,046 | €28,812 | €34,792 | €46,312 | €41,463 | €45,272 | €49,038 | €33,639 | ▼ 31.4% |
| Trade receivables40 | - | - | - | €31,672 | €24,595 | €31,802 | €26,884 | €10,509 | ▼ 60.9% |
| Other amounts receivable41 | - | - | - | €14,640 | €16,868 | €13,470 | €22,154 | €23,130 | ▲ 4.4% |
| Cash at bank and in hand54/58 | €70,876 | €84,436 | €164,181 | €188,215 | €326,122 | €295,862 | €55,110 | €93,816 | ▲ 70.2% |
| Deferred charges and accrued income490/1 | - | - | - | €91,581 | €93,215 | €132,247 | €152,709 | €152,663 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €490,984 | €470,803 | €580,706 | €591,245 | €707,233 | €773,992 | €578,029 | €604,705 | ▲ 4.6% |
| Equity10/15 | €177,722 | €163,236 | €186,473 | €191,386 | €192,620 | €193,481 | €193,482 | €193,513 | = |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €120,725 | €120,725 | €124,473 | €129,386 | €130,620 | €131,481 | €131,481 | €131,513 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €123,186 | €124,420 | €125,281 | €125,281 | €125,313 | = |
| Profit (loss) carried forward14 | -€5,003 | -€19,489 | - | - | - | - | €0 | €0 | ▼ 100% |
| Amounts payable17/49 | €313,262 | €307,567 | €394,233 | €399,859 | €514,613 | €580,511 | €384,547 | €411,192 | ▲ 6.9% |
| Amounts payable after more than one year17 | €113,942 | €95,581 | €77,037 | €58,306 | €39,379 | €20,250 | €6,750 | - | - |
| Financial debts170/4 | - | - | - | €58,306 | €39,379 | €20,250 | €6,750 | - | - |
| Amounts payable within one year42/48 | €199,320 | €210,789 | €314,009 | €335,378 | €474,069 | €559,107 | €376,644 | €410,060 | ▲ 8.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,731 | €18,927 | €19,129 | €13,500 | €6,750 | ▼ 50.0% |
| Trade debts44 | €123,715 | €137,209 | €181,641 | €215,487 | €262,414 | €265,509 | €178,253 | €197,847 | ▲ 11.0% |
| Suppliers440/4 | - | - | - | €215,487 | €262,414 | €265,509 | €178,253 | €197,847 | ▲ 11.0% |
| Taxes, remuneration and social security45 | - | - | - | €24,893 | €29,997 | €49,290 | €28,615 | €28,911 | ▲ 1.0% |
| Taxes450/3 | - | - | - | - | €5,669 | €11,202 | €311 | €712 | ▲ 129% |
| Remuneration and social security454/9 | - | - | - | €24,893 | €24,328 | €38,089 | €28,304 | €28,200 | ▼ 0.4% |
| Other amounts payable47/48 | - | - | - | €82,267 | €162,732 | €225,179 | €156,275 | €176,551 | ▲ 13.0% |
| Accrued charges and deferred income492/3 | - | - | - | €6,176 | €1,165 | €1,154 | €1,154 | €1,131 | ▼ 1.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,003 | -€14,486 | €23,237 | €4,913 | €1,234 | €861 | €0 | €31 | ▲ 81× |
| + Depreciation and write-downs630 | €22,197 | €22,081 | €12,500 | €20,421 | €20,773 | €22,846 | €26,171 | €26,800 | ▲ 2.4% |
| Operating cash flow (approximation) | €17,193 | €7,596 | €35,737 | €25,334 | €22,007 | €23,708 | €26,171 | €26,832 | ▲ 2.5% |
| Investment in fixed assets (approximation) | - | -€2,499 | -€13,563 | -€16,210 | -€15,603 | -€36,036 | -€16,600 | €1,862 | - |
| Change in cash | - | €13,560 | €79,745 | €24,035 | €137,907 | -€30,260 | -€240,751 | €38,706 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,041 companies had the same profile as PHARMACO has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHARMACO itself: 0.1% 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.
| 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 17,041 companies, not a prediction for PHARMACO. 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.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 01-01-2026 | abbreviated format | 08-06-2026 | 2026-00148028 | |
| 01-01-2025 | abbreviated format | 06-06-2025 | 2025-00124946 | |
| 01-01-2024 | abbreviated format | 13-06-2024 | 2024-00131167 | |
| 01-01-2023 | abbreviated format | 22-06-2023 | 2023-00152206 | |
| 01-01-2022 | abbreviated format | 02-06-2022 | 2022-20046395 | |
| 01-01-2021 | abbreviated format | 11-06-2021 | 2021-19500127 | |
| 01-01-2020 | abbreviated format | 05-06-2020 | 2020-14900158 | |
| 01-01-2019 | abbreviated format | 20-06-2019 | 2019-20700477 | |
| 01-01-2018 | abbreviated format | 29-06-2018 | 2018-26000173 | |
| 01-01-2017 | abbreviated format | 22-06-2017 | 2017-20300037 |