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Generated 24-07-2026
Active BE 0428.751.579Private limited company

PHARMALINE

Rue de Chapelle(TR) 5 ·6183 Courcelles, Belgium· 40 yrs active
Sector: Retail trade (47730)
Conclusion Checked

The computed 12-month bankruptcy probability of PHARMALINE is 0.8% (low). The 2024 annual accounts show equity of €6k and a net result of €60k. Equity is shrinking by ~411.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2025. Its solvency ranks better than 24% of 858 sector peers (fiscal year 2024). The company has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.
Key figures
Equity €6k
Net result €60k
Staff (FTE) 2.1
Better than sector 24%
Snowflake analysis 5 axes · computed by Checked
Health45Profitability100Solvency12Growth58Stability100
63 / 100

Strong profile, led by profitability.

Health 45
Profitability 100
Solvency 12
Growth 58
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.8% Low
0%0,5%1,5%4%10%≥25%
Long track record −Higher-failure-rate sector +Multiple establishment units +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 3 signals
Long-established
Founded in 1986, 40 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad.
Administratively compliant
No FOD Economie strikeouts (UBO, accounts, address, activity).
Administrative Flags 0 events
No administrative flags
Health barometer FY 2024 · computed
45 / 100 Fair
050100

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Computed by Checked from NBB filings and Belgian State Gazette signals. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 31-07-2025 with the NBB · fiscal year 2024 · volledig
€0€50k€100kOperating result 2018: €42k€42kNet result 2018: €30k€30kOperating result 2022: €107k€107kNet result 2022: €80k€80kOperating result 2024: €80k€80kNet result 2024: €60k€60k201820222024
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining At this pace, equity would indicatively turn negative around fiscal year 2025, assuming unchanged policy.
€-100k€0€100k€200k2025: €-28k (€-28k - €-27k)2026: €-61k (€-62k - €-61k)2027: €-95k (€-96k - €-95k)2018: €210k2022: €8k2024: €6k201820222024202520262027
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2024 · NACE 47, Retail trade · compared within the same schema type (full schema)
Metric This company Sector median Position in the sector
Solvency 1.2% 17.5%
better than 24% of 858 sector peers
Net result €60k €14k
better than 69% of 859 sector peers
Equity €6k €101k
better than 25% of 860 sector peers
Gross operating margin €199k €213k
better than 48% of 787 sector peers
Staff costs €116k €219k
higher than 32% of 708 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€82k
-25.1% +2% vs sector
Net profit
€60k
-24.8% +30% vs sector
Cash flow
€62k
-24.9% -10% vs sector
Total assets
€524k
+14.0% -14% vs sector
Equity
€6k
-22.5% -97% vs sector
Working capital
€-4k
-1141.8% far below sector median
Employees (FTE)
2
+10.5% -7% vs sector
Staff costs
€116k
+40.4% -13% vs sector
Income taxes
€21k
-21.7% +52% vs sector
Dividends
€62k
-30.0% -55% vs sector
Debt
€518k
+14.7% +22% vs sector
Debt ≤ 1y
€518k
+14.7% +86% vs sector
Current ratio
0.99
-0.7% -19% vs sector
Quick ratio
0.81
+2.7% +8% vs sector
Solvency
1.2%
-32.0% -96% vs sector
Debt / equity
81.07
+48.0% far above sector median
ROE
938.8%
-2.9% far above sector median
ROA
11.4%
-34.0% +76% vs sector
Interest coverage
267.10
-43.8% far above sector median
Figures by fiscal year
Fiscal year2024
Revenue-
EBITDA€82k
Net profit€60k
Cash flow€62k
Staff costs€116k
Income taxes€21k
Dividends€62k
Total assets€524k
Equity€6k
Debt€518k
of which ≤ 1y€518k
of which > 1y-
Working capital€-4k
Employees (FTE)2.1
Ratios (computed)
2024
Current ratio0.99
Quick ratio0.81
Working capital ratio-0.8%
Solvency1.2%
Debt / equity81.07
Long-term debt ratio-
Interest coverage267.10
Gross margin-
Net margin-
ROA11.4%
ROE938.8%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2024
Balance sheet, Assets
TOTAL ASSETS 20/58€524k
Fixed assets 21/28€10k
Formation expenses 20€938
Tangible fixed assets 22/27€10k
Financial fixed assets 28€100
Current assets 29/58€514k
Stocks & contracts in progress 3€95k
Amounts receivable within one year 40/41€138k
Cash & bank 54/58€276k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€524k
Equity 10/15€6k
Contributions / capital 10/11€6k
Amounts payable 17/49€518k
Amounts payable within one year 42/48€518k
Trade debts payable within one year 44€150k
Income statement
Gross operating margin 9900€199k
Operating result 9901€80k
Financial income 75€1k
Financial charges 65€308
Result before taxes 9903€81k
Income taxes 67/77€21k
Net result for the period 9904€60k
Result to be appropriated 9905€60k
You're seeing the latest fiscal year only. Unlock 2 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Legal Structure
NACE primary Retail trade(47730)
Legal form Private limited company(610)
Incorporation25-03-1986
StatusActive
Postal code6183
Establishment units 2 locations
PHARMACIE PHARMALINE
Rue de Chapelle(TR) 5, 6183 Courcellesde vervaardiging van overige geneesmiddelen, inclusief homeopathische bereidingen
since 19862.032.167.717
PHARMACIE PHARMALINE
Rue de Chapelle(TR) 7, 6183 CourcellesVervaardiging van overige geneesmiddelen, inclusief homeopathische bereidingen
since 20172.267.261.271
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
52066B0734/00K000 Wallonia 799 m² 2 · 146 m² 11.4 m · 3 fl.
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 11 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
31-07-2025
NBB filing Annual accounts filed
fiscal year 2024 · volledig
2024
31-07-2024
NBB filing Annual accounts filed
fiscal year 2023 · volledig
2023
06-12-2023
State Gazette act Director changes
Alexandre PICART
26-07-2023
NBB filing Annual accounts filed
fiscal year 2022 · volledig
2022
31-07-2022
NBB filing Annual accounts filed
fiscal year 2021 · volledig
2021
28-07-2021
NBB filing Annual accounts filed
fiscal year 2020 · volledig
2020
31-07-2020
NBB filing Annual accounts filed
fiscal year 2019 · volledig
2019
31-08-2019
NBB filing Annual accounts filed
fiscal year 2018 · volledig
2018
31-07-2018
NBB filing Annual accounts filed
fiscal year 2017 · volledig
2017
31-08-2017
NBB filing Annual accounts filed
fiscal year 2016 · volledig
2016
31-08-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
Belgisch Staatsblad, acts 1 acts
All acts · 1 updated 2 years ago
2023
06-12-2023 Board composition published Director changes·Alexandre PICART
Notary: Alexandre PICART · Courcelles
Technical details 
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  "events": [
    {
      "kind": "substantive_delegation",
      "role": "directeur",
      "person": {
        "rrn": null,
        "name": "Fran\u00E7ois STEEMAN",
        "address": null,
        "birth_date": null,
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      },
      "reason": null,
      "subkind": null,
      "via_org": null,
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      "compensated": false,
      "effective_date": null,
      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "indefinite",
        "value": null
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      "rep_rotation_new_rep": null,
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    }
  ],
  "notary": {
    "name": "Alexandre PICART",
    "firm_city": null,
    "firm_name": null,
    "office_city": "Courcelles",
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2023-12-06",
    "filing_date": "2023-12-03",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2023-11-30",
      "unanimous": null
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0428.751.579",
    "name_full": "PHARMALINE",
    "legal_form": "SRL"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Alexandre Picart",
    "org_rep_person_name": null,
    "person_role_at_subject": "notaire"
  },
  "co_filed_documents": [
    "Exp\u00E9dition de l\u2019acte",
    "Statuts coordonn\u00E9s"
  ],
  "corrected_publication_numac": null
}
Credit advice verdict per customer and amount

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Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
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Company registry (CBE) Crossroads Bank
Activities
Apotheken47730Detailhandel in farmaceutische producten47730Apothekers52310
Primary activity highlighted.
Names & trade names
Legal nameFR PHARMALINE
AbbreviationFR PHARMAKO
Registered office
Rue de Chapelle(TR) 5
6183 Courcelles, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative