PHARMALDEIA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-12-2025 PDF all 16 filings
Turnover
≈ €740,000
Estimated: probably between €500,000 and €1.4m
Total assets
€683,646▼ 2.1%
2024 · €698,125
Net result
€64,554▲ 28.9%
2024 · €50,066
Working capital
€168,698▲ 17.7%
2024 · €143,291
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€98,416
▲ 18.1%
2025
20192025
Net result
€64,554
▲ 28.9%
2025
middle half of the sector
20192025
Equity
€382,090
▲ 11.3%
2025
middle half of the sector
20192025
Total assets
€683,646
▼ 2.1%
2025
middle half of the sector
20192025
Debt
€301,556
▼ 15.0%
2025
20192025
Working capital
€168,698
▲ 17.7%
2025
middle half of the sector
20192025
Solvency
55.9%
▲ 6.7pp
2025
middle half of the sector
20192025
Current ratio
1.69
▲ 0.18
2025
middle half of the sector
20192025
Return on assets (ROA)
9.4%
▲ 2.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,666-€79,919▲ 287%€60,252▼ 24.6%€56,497▼ 6.2%€63,577▲ 12.5%€83,319▲ 31.1%€98,416▲ 18.1%
Net result€13,732-€51,226above the sector's middle half▲ 273%€37,937within the sector's middle half▼ 25.9%€34,149within the sector's middle half▼ 10.0%€38,113within the sector's middle half▲ 11.6%€50,066within the sector's middle half▲ 31.4%€64,554within the sector's middle half▲ 28.9%
Equity€265,539-€316,765above the sector's middle half▲ 19.3%€354,702within the sector's middle half▲ 12.0%€255,099within the sector's middle half▼ 28.1%€293,213within the sector's middle half▲ 14.9%€343,279within the sector's middle half▲ 17.1%€382,090within the sector's middle half▲ 11.3%
Total assets€623,507-€606,372above the sector's middle half▼ 2.7%€636,159within the sector's middle half▲ 4.9%€627,930within the sector's middle half▼ 1.3%€639,187within the sector's middle half▲ 1.8%€698,125within the sector's middle half▲ 9.2%€683,646within the sector's middle half▼ 2.1%
Debt€357,968-€289,608▼ 19.1%€281,457▼ 2.8%€372,831▲ 32.5%€345,975▼ 7.2%€354,846▲ 2.6%€301,556▼ 15.0%
Working capital€38,418-€74,305within the sector's middle half▲ 93.4%€142,366within the sector's middle half▲ 91.6%€70,297within the sector's middle half▼ 50.6%€117,390within the sector's middle half▲ 67.0%€143,291within the sector's middle half▲ 22.1%€168,698within the sector's middle half▲ 17.7%
Solvency42.6%-52.2%within the sector's middle half▲ 9.7pp55.8%within the sector's middle half▲ 3.5pp40.6%within the sector's middle half▼ 15.1pp45.9%within the sector's middle half▲ 5.2pp49.2%within the sector's middle half▲ 3.3pp55.9%within the sector's middle half▲ 6.7pp
Current ratio1.19-1.49within the sector's middle half▲ 0.301.87within the sector's middle half▲ 0.381.26within the sector's middle half▼ 0.621.46within the sector's middle half▲ 0.201.51within the sector's middle half▲ 0.061.69within the sector's middle half▲ 0.18
Return on assets (ROA)2.2%-8.4%within the sector's middle half▲ 6.2pp6.0%within the sector's middle half▼ 2.5pp5.4%within the sector's middle half▼ 0.5pp6.0%within the sector's middle half▲ 0.5pp7.2%within the sector's middle half▲ 1.2pp9.4%within the sector's middle half▲ 2.3pp
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 2025 is 18% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €683,646
Fixed assets
€270,640 ▼ 1.7%
Current assets
€413,006 ▼ 2.3%
Equity and liabilities €683,646
Equity
€382,090 ▲ 11.3%
Debt
€301,556 ▼ 15.0%
Debt's share of the balance-sheet total falls from 50.8% to 44.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€143,434▲
2024 · €127,311
Cash flow
€109,571▲
2024 · €94,058
Quick ratio
1.33▲
2024 · 1.23
Debt to equity
0.79▼
2024 · 1.03
ROE
16.9%▲
2024 · 14.6%
Interest coverage
13.80▲
2024 · 8.76
Debt ≤ 1 year
€244,308▼
2024 · €279,628
Debt > 1 year
€45,375▼
2024 · €61,875
Income taxes
€25,422▲
2024 · €20,255
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €94,875 | €94,875 | €94,875 | €61,875 |
| Mortgages, amount registered | €567,000 | €567,000 | €567,000 | €567,000 |
| Carrying value of the mortgaged assets | €284,281 | €252,570 | €223,310 | €231,448 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €9,644 | €17,874 | €54,161 | €40,452 |
| Depreciation and write-downs of the year | €55,546 | €37,684 | €43,992 | €45,018 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €38 awarded · €38 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €72,243 | €53,389 | €56,330 | €55,546 | €37,684 | €43,992 | €45,018 | ▲ 2.3% |
| Other operating charges640/8 | - | - | - | €14,600 | €14,565 | €14,607 | €14,611 | = |
| Gross operating margin9900 | €107,071 | €147,158 | €130,443 | €126,643 | €115,825 | €141,918 | €158,045 | ▲ 11.4% |
| Operating profit (loss)9901 | €20,666 | €79,919 | €60,252 | €56,497 | €63,577 | €83,319 | €98,416 | ▲ 18.1% |
| Financial income75/76B | - | - | - | €1,247 | €1,646 | €1,528 | €1,952 | ▲ 27.7% |
| Recurring financial income75 | €12,800 | €3,760 | €2,981 | €1,247 | €1,646 | €1,528 | €1,952 | ▲ 27.7% |
| Financial charges65/66B | - | - | - | €8,379 | €11,094 | €14,527 | €10,393 | ▼ 28.5% |
| Recurring financial charges65 | €13,472 | €11,571 | €9,758 | €8,379 | €11,094 | €14,527 | €10,393 | ▼ 28.5% |
| Profit (loss) for the period before taxes9903 | €19,993 | €72,108 | €53,475 | €49,365 | €54,129 | €70,321 | €89,976 | ▲ 28.0% |
| Income taxes67/77 | €6,261 | €20,882 | €15,539 | €15,216 | €16,016 | €20,255 | €25,422 | ▲ 25.5% |
| Profit (loss) for the period9904 | €13,732 | €51,226 | €37,937 | €34,149 | €38,113 | €50,066 | €64,554 | ▲ 28.9% |
| Profit (loss) for the period to be appropriated9905 | €13,732 | €51,226 | €37,937 | €34,149 | €38,113 | €50,066 | €64,554 | ▲ 28.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €623,507 | €606,372 | €636,159 | €627,930 | €639,187 | €698,125 | €683,646 | ▼ 2.1% |
| Fixed assets21/28 | €387,281 | €381,845 | €330,749 | €284,847 | €265,038 | €275,207 | €270,640 | ▼ 1.7% |
| Tangible fixed assets22/27 | €387,281 | €381,845 | €330,749 | €284,847 | €265,038 | €275,207 | €270,640 | ▼ 1.7% |
| Land and buildings22 | - | - | - | €284,281 | €252,570 | €223,310 | €231,448 | ▲ 3.6% |
| Plant, machinery and equipment23 | - | - | - | - | €2,117 | €2,566 | €1,877 | ▼ 26.8% |
| Furniture and vehicles24 | - | - | - | €566 | €10,351 | €49,330 | €37,316 | ▼ 24.4% |
| Current assets29/58 | €236,226 | €224,528 | €305,410 | €343,083 | €374,149 | €422,918 | €413,006 | ▼ 2.3% |
| Stocks and contracts in progress3 | €76,501 | €86,710 | €72,835 | €70,306 | €72,550 | €79,929 | €88,025 | ▲ 10.1% |
| Stocks30/36 | - | - | - | €70,306 | €72,550 | €79,929 | €88,025 | ▲ 10.1% |
| Amounts receivable within one year40/41 | €11,377 | €11,796 | €16,293 | €4,244 | €3,738 | €2,783 | €901 | ▼ 67.6% |
| Trade receivables40 | - | - | - | €3,987 | €3,733 | €2,265 | €425 | ▼ 81.2% |
| Other amounts receivable41 | - | - | - | €257 | €5 | €517 | €476 | ▼ 8.0% |
| Cash at bank and in hand54/58 | €104,549 | €87,189 | €151,658 | €229,065 | €224,549 | €245,754 | €246,359 | ▲ 0.2% |
| Deferred charges and accrued income490/1 | - | - | - | €39,469 | €73,313 | €94,452 | €77,721 | ▼ 17.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €623,507 | €606,372 | €636,159 | €627,930 | €639,187 | €698,125 | €683,646 | ▼ 2.1% |
| Equity10/15 | €265,539 | €316,765 | €354,702 | €255,099 | €293,213 | €343,279 | €382,090 | ▲ 11.3% |
| Contributions10/11 | €50,000 | - | - | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €215,539 | €266,765 | €304,702 | €205,099 | €243,213 | €293,279 | €332,090 | ▲ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €16,650 | €16,650 | €16,650 | €16,650 | = |
| Distributable reserves133 | - | - | - | €183,449 | €221,563 | €276,629 | €315,440 | ▲ 14.0% |
| Amounts payable17/49 | €357,968 | €289,608 | €281,457 | €372,831 | €345,975 | €354,846 | €301,556 | ▼ 15.0% |
| Amounts payable after more than one year17 | €155,534 | €134,287 | €112,987 | €94,875 | €78,375 | €61,875 | €45,375 | ▼ 26.7% |
| Financial debts170/4 | - | - | - | €94,875 | €78,375 | €61,875 | €45,375 | ▼ 26.7% |
| Amounts payable within one year42/48 | €197,808 | €150,222 | €163,044 | €272,786 | €256,759 | €279,628 | €244,308 | ▼ 12.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,112 | €16,500 | €16,500 | €16,500 | = |
| Trade debts44 | €75,308 | €60,969 | €78,927 | €61,594 | €61,761 | €133,634 | €131,902 | ▼ 1.3% |
| Suppliers440/4 | - | - | - | €61,594 | €61,761 | €133,634 | €131,902 | ▼ 1.3% |
| Taxes, remuneration and social security45 | - | - | - | €11,156 | €6,445 | €19,070 | €17,387 | ▼ 8.8% |
| Taxes450/3 | - | - | - | €11,156 | €6,445 | €19,070 | €17,387 | ▼ 8.8% |
| Other amounts payable47/48 | - | - | - | €181,925 | €172,053 | €110,424 | €78,518 | ▼ 28.9% |
| Accrued charges and deferred income492/3 | - | - | - | €5,170 | €10,841 | €13,344 | €11,874 | ▼ 11.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,732 | €51,226 | €37,937 | €34,149 | €38,113 | €50,066 | €64,554 | ▲ 28.9% |
| + Depreciation and write-downs630 | €72,243 | €53,389 | €56,330 | €55,546 | €37,684 | €43,992 | €45,018 | ▲ 2.3% |
| Operating cash flow (approximation) | €85,976 | €104,615 | €94,267 | €89,695 | €75,797 | €94,058 | €109,571 | ▲ 16.5% |
| Investment in fixed assets (approximation) | - | -€47,952 | -€5,235 | -€9,644 | -€17,874 | -€54,161 | -€40,452 | ▲ 25.3% |
| Change in cash | - | -€17,360 | €64,469 | €77,407 | -€4,516 | €21,205 | €604 | ▼ 97.1% |
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, 17,811 companies had the same profile as PHARMALDEIA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of PHARMALDEIA 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 17,811 companies, not a prediction for PHARMALDEIA. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 22-12-2025 | 2025-00590031 | |
| 30-06-2024 | abbreviated format | 02-01-2025 | 2025-00629000 | |
| 30-06-2023 | abbreviated format | 25-01-2024 | 2024-00010113 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00019112 | |
| 30-06-2021 | abbreviated format | 27-01-2022 | 2022-02500025 | |
| 30-06-2020 | micro format | 04-01-2021 | 2021-00100557 | |
| 30-06-2019 | micro format | 02-01-2020 | 2020-00100367 | |
| 30-06-2018 | micro format | 09-01-2019 | 2019-00700453 | |
| 30-06-2017 | micro format | 18-01-2018 | 2018-01800177 | |
| 30-06-2016 | abbreviated format | 03-01-2017 | 2017-00200032 |