PHARMALYS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 17 filings
Turnover
≈ €360,000
Estimated: probably between €250,000 and €700,000
EBIT margin
Not included in this filing
Net result
€33,413▼ 56.0%
2024 · €75,998
Working capital
€146,182▲ 34.6%
2024 · €108,594
In the rankings
#6 company by equity in Farciennes, Wholesale and retail trade sector#6 oldest company in Farciennes, Wholesale and retail trade sector#9 company by total assets in Farciennes, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,970
▼ 47.6%
2025
20182025
Net result
€33,413
▼ 56.0%
2025
highest quarter of the sector
20182025
Equity
€190,543
▲ 21.3%
2025
highest quarter of the sector
20182025
Total assets
€392,320
▼ 14.5%
2025
highest quarter of the sector
20182025
Debt
€201,777
▼ 33.2%
2025
20182025
Working capital
€146,182
▲ 34.6%
2025
highest quarter of the sector
20182025
Solvency
48.6%
▲ 14.3pp
2025
middle half of the sector
20182025
Current ratio
2.68
▲ 1.04
2025
middle half of the sector
20182025
Return on assets (ROA)
8.5%
▼ 8.0pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€131,919-€123,567▼ 6.3%€162,743▲ 31.7%€73,888▼ 54.6%€120,224▲ 62.7%€113,366▼ 5.7%€104,942▼ 7.4%€54,970▼ 47.6%
Net result€87,906-€85,112▼ 3.2%€121,567above the sector's middle half▲ 42.8%€54,304above the sector's middle half▼ 55.3%€91,995above the sector's middle half▲ 69.4%€81,462within the sector's middle half▼ 11.4%€75,998above the sector's middle half▼ 6.7%€33,413above the sector's middle half▼ 56.0%
Equity€62,091-€57,203▼ 7.9%€128,769above the sector's middle half▲ 125%€128,769above the sector's middle half=€158,037above the sector's middle half▲ 22.7%€152,623within the sector's middle half▼ 3.4%€157,129above the sector's middle half▲ 3.0%€190,543above the sector's middle half▲ 21.3%
Total assets€217,266-€247,155▲ 13.8%€250,572within the sector's middle half▲ 1.4%€510,605above the sector's middle half▲ 104%€485,167above the sector's middle half▼ 5.0%€519,846within the sector's middle half▲ 7.1%€458,982above the sector's middle half▼ 11.7%€392,320above the sector's middle half▼ 14.5%
Debt€155,175-€189,952▲ 22.4%€121,803▼ 35.9%€381,835▲ 213%€327,130▼ 14.3%€367,223▲ 12.3%€301,852▼ 17.8%€201,777▼ 33.2%
Working capital€51,260-€49,186▼ 4.0%€121,977above the sector's middle half▲ 148%€77,355within the sector's middle half▼ 36.6%€112,018above the sector's middle half▲ 44.8%€104,025within the sector's middle half▼ 7.1%€108,594above the sector's middle half▲ 4.4%€146,182above the sector's middle half▲ 34.6%
Solvency28.6%-23.1%▼ 5.4pp51.4%within the sector's middle half▲ 28.2pp25.2%within the sector's middle half▼ 26.2pp32.6%within the sector's middle half▲ 7.4pp29.4%within the sector's middle half▼ 3.2pp34.2%within the sector's middle half▲ 4.9pp48.6%within the sector's middle half▲ 14.3pp
Current ratio1.33-1.26▼ 0.072.00within the sector's middle half▲ 0.741.35within the sector's middle half▼ 0.651.63within the sector's middle half▲ 0.281.48within the sector's middle half▼ 0.151.64within the sector's middle half▲ 0.162.68within the sector's middle half▲ 1.04
Return on assets (ROA)40.5%-34.4%▼ 6.0pp48.5%above the sector's middle half▲ 14.1pp10.6%within the sector's middle half▼ 37.9pp19.0%above the sector's middle half▲ 8.3pp15.7%above the sector's middle half▼ 3.3pp16.6%above the sector's middle half▲ 0.9pp8.5%within the sector's middle half▼ 8.0pp
Staff (FTE)0.5-0.5=0.1below the sector's middle half▼ 80.0%1▲ 900%1=0.1below the sector's middle half▼ 90.0%1▲ 900%1=
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 48% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €392,320
Fixed assets
€159,313 ▼ 12.3%
Current assets
€233,007 ▼ 16.0%
Equity and liabilities €392,320
Equity
€190,543 ▲ 21.3%
Debt
€201,777 ▼ 33.2%
Debt's share of the balance-sheet total falls from 65.8% to 51.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€77,277▼
2024 · €127,644
Cash flow
€55,720▼
2024 · €98,700
Quick ratio
1.44▲
2024 · 0.70
Debt to equity
1.06▼
2024 · 1.92
ROE
17.5%▼
2024 · 48.4%
Interest coverage
21.87▼
2024 · 23.50
Debt ≤ 1 year
€86,825▼
2024 · €168,768
Debt > 1 year
€114,952▼
2024 · €133,084
Income taxes
€21,580▼
2024 · €27,715
Staff costs
€25,313▲
2024 · €14,777
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 | - |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 |
| Average over the year, in full-time equivalents | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €217,546 | €598 | €21,664 | €4,359 | - |
| Financial fixed assets | €1,551 | - | - | - | - |
| Depreciation and write-downs of the year | €14,912 | €17,219 | €17,193 | €22,702 | €22,306 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €6,428 | €5,289 | €7,212 | €14,777 | €25,313 | ▲ 71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,131 | €2,814 | €2,935 | €14,912 | €17,219 | €17,193 | €22,702 | €22,306 | ▼ 1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €9,728 | - |
| Other operating charges640/8 | - | - | - | €1,961 | €1,752 | €3,180 | €2,067 | €691 | ▼ 66.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €12 | - | - |
| Gross operating margin9900 | €160,225 | €144,209 | €171,955 | €97,189 | €144,483 | €140,952 | €144,501 | €113,008 | ▼ 21.8% |
| Operating profit (loss)9901 | €131,919 | €123,567 | €162,743 | €73,888 | €120,224 | €113,366 | €104,942 | €54,970 | ▼ 47.6% |
| Financial income75/76B | - | - | - | €100 | €1,454 | €1,909 | €4,204 | €3,556 | ▼ 15.4% |
| Recurring financial income75 | €0 | €1 | €72 | €100 | €1,454 | €1,909 | €4,204 | €3,556 | ▼ 15.4% |
| Financial charges65/66B | - | - | - | €4,847 | €4,102 | €4,221 | €5,432 | €3,533 | ▼ 35.0% |
| Recurring financial charges65 | €966 | €1,108 | €1,004 | €4,847 | €4,102 | €4,221 | €5,432 | €3,533 | ▼ 35.0% |
| Profit (loss) for the period before taxes9903 | €130,953 | €122,459 | €161,811 | €69,141 | €117,576 | €111,054 | €103,713 | €54,993 | ▼ 47.0% |
| Income taxes67/77 | €43,047 | €37,347 | €40,245 | €14,837 | €25,581 | €29,592 | €27,715 | €21,580 | ▼ 22.1% |
| Profit (loss) for the period9904 | €87,906 | €85,112 | €121,567 | €54,304 | €91,995 | €81,462 | €75,998 | €33,413 | ▼ 56.0% |
| Profit (loss) for the period to be appropriated9905 | €87,906 | €85,112 | €121,567 | €54,304 | €91,995 | €81,462 | €75,998 | €33,413 | ▼ 56.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €217,266 | €247,155 | €250,572 | €510,605 | €485,167 | €519,846 | €458,982 | €392,320 | ▼ 14.5% |
| Formation expenses20 | - | - | - | €587 | €0 | - | - | - | - |
| Fixed assets21/28 | €10,831 | €8,017 | €6,793 | €211,525 | €195,492 | €199,963 | €181,619 | €159,313 | ▼ 12.3% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €10,831 | €8,017 | €6,793 | €209,975 | €193,941 | €198,412 | €180,069 | €157,762 | ▼ 12.4% |
| Land and buildings22 | - | - | - | €198,541 | €184,604 | €170,666 | €156,729 | €142,791 | ▼ 8.9% |
| Plant, machinery and equipment23 | - | - | - | €8,537 | €6,695 | €6,807 | €9,580 | €8,261 | ▼ 13.8% |
| Furniture and vehicles24 | - | - | - | €2,897 | €2,643 | €20,939 | €13,760 | €6,710 | ▼ 51.2% |
| Financial fixed assets28 | - | - | - | €1,551 | €1,551 | €1,551 | €1,551 | €1,551 | = |
| Current assets29/58 | €206,435 | €239,138 | €243,779 | €298,492 | €289,675 | €319,883 | €277,362 | €233,007 | ▼ 16.0% |
| Stocks and contracts in progress3 | €89,829 | €97,345 | €97,982 | €132,061 | €136,490 | €154,407 | €159,135 | €107,935 | ▼ 32.2% |
| Stocks30/36 | - | - | - | €132,061 | €136,490 | €154,407 | €159,135 | €107,935 | ▼ 32.2% |
| Amounts receivable within one year40/41 | €30,110 | €41,657 | €27,391 | €94,327 | €103,689 | €112,755 | €103,185 | €114,850 | ▲ 11.3% |
| Trade receivables40 | - | - | - | €94,327 | €59,778 | €51,941 | €53,141 | €47,698 | ▼ 10.2% |
| Other amounts receivable41 | - | - | - | €0 | €43,911 | €60,813 | €50,044 | €67,152 | ▲ 34.2% |
| Cash at bank and in hand54/58 | €84,855 | €98,983 | €118,066 | €68,050 | €49,057 | €52,068 | €14,264 | €10,083 | ▼ 29.3% |
| Deferred charges and accrued income490/1 | - | - | - | €4,054 | €439 | €653 | €779 | €139 | ▼ 82.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €217,266 | €247,155 | €250,572 | €510,605 | €485,167 | €519,846 | €458,982 | €392,320 | ▼ 14.5% |
| Equity10/15 | €62,091 | €57,203 | €128,769 | €128,769 | €158,037 | €152,623 | €157,129 | €190,543 | ▲ 21.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €54,031 | €49,143 | €120,709 | €120,709 | €149,977 | €144,563 | €149,069 | €182,483 | ▲ 22.4% |
| Amounts payable17/49 | €155,175 | €189,952 | €121,803 | €381,835 | €327,130 | €367,223 | €301,852 | €201,777 | ▼ 33.2% |
| Amounts payable after more than one year17 | - | - | - | €160,698 | €149,473 | €150,823 | €133,084 | €114,952 | ▼ 13.6% |
| Financial debts170/4 | - | - | - | €160,698 | €149,473 | €150,823 | €133,084 | €114,952 | ▼ 13.6% |
| Amounts payable within one year42/48 | €155,175 | €189,952 | €121,803 | €221,137 | €177,657 | €215,858 | €168,768 | €86,825 | ▼ 48.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,086 | €11,225 | €37,350 | €17,739 | €18,643 | ▲ 5.1% |
| Trade debts44 | €25,801 | €79,339 | €56,372 | €122,751 | €87,224 | €73,161 | €57,116 | €47,632 | ▼ 16.6% |
| Suppliers440/4 | - | - | - | €122,751 | €87,224 | €73,161 | €57,116 | €47,632 | ▼ 16.6% |
| Taxes, remuneration and social security45 | - | - | - | €31,119 | €14,119 | €13,941 | €22,422 | €20,550 | ▼ 8.3% |
| Taxes450/3 | - | - | - | €23,894 | €10,979 | €12,509 | €19,990 | €18,559 | ▼ 7.2% |
| Remuneration and social security454/9 | - | - | - | €7,225 | €3,140 | €1,432 | €2,432 | €1,991 | ▼ 18.1% |
| Other amounts payable47/48 | - | - | - | €56,182 | €65,090 | €91,407 | €71,492 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €542 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €87,906 | €85,112 | €121,567 | €54,304 | €91,995 | €81,462 | €75,998 | €33,413 | ▼ 56.0% |
| + Depreciation and write-downs630 | €7,131 | €2,814 | €2,935 | €14,912 | €17,219 | €17,193 | €22,702 | €22,306 | ▼ 1.7% |
| Operating cash flow (approximation) | €95,038 | €87,926 | €124,501 | €69,216 | €109,213 | €98,655 | €98,700 | €55,720 | ▼ 43.5% |
| Investment in fixed assets (approximation) | - | €0 | -€1,711 | -€219,644 | -€1,186 | -€21,664 | -€4,359 | €0 | - |
| Change in cash | - | €14,128 | €19,083 | -€50,016 | -€18,992 | €3,011 | -€37,805 | -€4,181 | ▲ 88.9% |
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, 34,693 companies had the same profile as PHARMALYS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PHARMALYS itself: 0.3% 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 34,693 companies, not a prediction for PHARMALYS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00189961 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00408972 | |
| 31-12-2023 | full format | 08-08-2024 | 2024-00335179 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00383979 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20093855 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-40100006 | |
| 31-12-2019 | full format | 27-10-2020 | 2020-63600023 | |
| 31-12-2018 | full format | 27-08-2019 | 2019-51600157 | |
| 31-12-2017 | full format | 27-08-2018 | 2018-51200113 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-50200417 |