PHARMANEXT
ActiveSummary
The computed 12-month bankruptcy probability of PHARMANEXT is 1.8% (moderate). The 2025 annual accounts show equity of €531,183 and a net result of €169,596. Equity is growing by about 33% per year across the filed financial years. Its solvency ranks better than 34% of 12,737 sector peers (NACE 47, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 3.6 FTE
- Equity
- €531,183
- Profit
- €169,596
- Parent
- BLUESTONE · 80%
- Holdings
- 1
- BLUESTONEDirector · permanent representative Paul RANSART
Why 55raises riskLiquidity: current ratio 1.40, cash €5,5011 of the last 3 lateSector: Retail trade (NACE 47)lowers riskSize: 3.6 FTE, total assets €2.3mShow the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 47, micro): better than 38% on solvency, 32% on liquidity, 67% on profitability and 73% on growth.
The bankruptcy probability was computed on 30-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 11 days after the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2019 to 2025net €169,596 ▲21.6%
- Equity above €500,000equity €531,183 ▲20.3%
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 19% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 6,713 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 95.8% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,713 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €192,074 | €195,417 | €216,066 | €215,851 | €219,319 | ▲ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €127,669 | €81,766 | €75,194 | €75,261 | €76,504 | €61,197 | €56,924 | ▼ 7.0% |
| Other operating charges640/8 | - | - | €953 | €972 | €1,057 | €1,064 | €1,095 | ▲ 2.9% |
| Gross operating margin9900 | €341,479 | €363,901 | €383,238 | €371,436 | €400,166 | €452,903 | €485,409 | ▲ 7.2% |
| Operating profit (loss)9901 | €58,485 | €112,493 | €115,017 | €99,786 | €106,539 | €174,792 | €208,071 | ▲ 19.0% |
| Financial income75/76B | - | - | €9,076 | €11,094 | €13,320 | €14,708 | €17,192 | ▲ 16.9% |
| Recurring financial income75 | €6,631 | €7,748 | €9,076 | €11,094 | €13,320 | €14,708 | €17,192 | ▲ 16.9% |
| Financial charges65/66B | - | - | €10,884 | €10,581 | €11,786 | €11,125 | €24,313 | ▲ 119% |
| Recurring financial charges65 | €12,734 | €12,141 | €10,884 | €10,581 | €11,786 | €11,125 | €24,313 | ▲ 119% |
| Profit (loss) for the period before taxes9903 | €52,382 | €108,100 | €113,209 | €100,298 | €108,073 | €178,375 | €200,950 | ▲ 12.7% |
| Income taxes67/77 | €12,300 | €22,508 | €29,698 | €27,113 | €29,522 | €38,911 | €31,354 | ▼ 19.4% |
| Profit (loss) for the period9904 | €40,082 | €85,593 | €83,511 | €73,185 | €78,551 | €139,464 | €169,596 | ▲ 21.6% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €50,520 | - |
| Profit (loss) for the period to be appropriated9905 | €40,082 | €85,593 | €83,511 | €73,185 | €78,551 | €139,464 | €119,076 | ▼ 14.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | €1.2m | €2.3m | ▲ 90.5% |
| Fixed assets21/28 | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | €1.2m | ▲ 494% |
| Intangible fixed assets21 | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 26.7% |
| Tangible fixed assets22/27 | €0.1m | €0.09m | €0.06m | €0.05m | €0.02m | €0.01m | €0.007m | ▼ 39.6% |
| Plant, machinery and equipment23 | - | - | €0.04m | €0.02m | €0.004m | €0 | - | - |
| Furniture and vehicles24 | - | - | €0.003m | €0.01m | €0.007m | €0.006m | €0.005m | ▼ 23.0% |
| Other tangible fixed assets26 | - | - | €0.02m | €0.01m | €0.009m | €0.006m | €0.003m | ▼ 55.9% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €1.0m | ▲ 199× |
| Current assets29/58 | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | ▲ 11.6% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 9.3% |
| Stocks30/36 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 9.3% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 13.9% |
| Trade receivables40 | - | - | €0.1m | €0.08m | €0.09m | €0.08m | €0.1m | ▲ 27.5% |
| Other amounts receivable41 | - | - | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 12.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.05m | €0.07m | €0.03m | €0.004m | €0.001m | €0.006m | ▲ 281% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | €0.001m | €0.002m | €0.001m | €0.001m | ▲ 21.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | €1.2m | €2.3m | ▲ 90.5% |
| Equity10/15 | €0.04m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 20.3% |
| Contributions10/11 | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | - | - | - | - | - | - | €0.05m | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.05m | - |
| Profit (loss) carried forward14 | €0.03m | €0.09m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 9.0% |
| Amounts payable17/49 | €1.1m | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | €1.8m | ▲ 130% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €1.0m | ▲ 423% |
| Financial debts170/4 | - | - | €0.4m | €0.3m | €0.3m | €0.2m | €1.0m | ▲ 423% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.8m | ▲ 37.0% |
| Current portion of amounts payable after more than one year42 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.2m | ▲ 152% |
| Financial debts43 | - | - | €0.01m | €0.005m | €0.01m | €0.02m | €0.02m | ▲ 56.9% |
| Credit institutions430/8 | - | - | €0.01m | €0 | €0.01m | €0.02m | €0.02m | ▲ 56.9% |
| Other loans439 | - | - | - | €0.005m | €0 | - | - | - |
| Trade debts44 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 13.6% |
| Suppliers440/4 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 13.6% |
| Taxes, remuneration and social security45 | - | - | €0.08m | €0.06m | €0.08m | €0.06m | €0.07m | ▲ 1.8% |
| Taxes450/3 | - | - | €0.06m | €0.04m | €0.04m | €0.02m | €0.02m | ▲ 4.0% |
| Remuneration and social security454/9 | - | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | ▲ 0.6% |
| Other amounts payable47/48 | - | - | €0.1m | €0.03m | €0.03m | €0.06m | €0.1m | ▲ 103% |
| Accrued charges and deferred income492/3 | - | - | €217 | €0 | - | - | €0.005m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | €0.09m | €0.08m | €0.07m | €0.08m | €0.1m | €0.2m | ▲ 21.6% |
| + Depreciation and write-downs630 | €0.1m | €0.08m | €0.08m | €0.08m | €0.08m | €0.06m | €0.06m | ▼ 7.0% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 12.9% |
| Investment in fixed assets (approximation) | - | €0 | -€0.002m | -€0.01m | €0 | -€0.004m | -€1.0m | ▼ 23,880% |
| Change in cash | - | -€0.06m | €0.02m | -€0.04m | -€0.02m | -€0.002m | €0.004m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00227786 |
| 31-12-2024 | full format | 27-06-2025 | 2025-00230800 |
| 31-12-2023 | full format | 22-10-2024 | 2024-00513729 |
| 31-12-2022 | full format | 01-08-2023 | 2023-00315298 |
| 31-12-2021 | full format | 13-10-2022 | 2022-20460902 |
| 31-12-2020 | full format | 22-07-2021 | 2021-39400572 |
| 31-12-2019 | full format | 27-07-2020 | 2020-34300016 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BLUESTONE |
|
| Paul RANSART |
|
Owners and capital
Owners
2 ownersChain of control
- BLUESTONE
- PHARMANEXT
Highest known parent: BLUESTONE. The sources do not say who stands above it.
Owners 2
- BLUESTONEparentSourceaccounts BLUESTONE 202580%
-
20%
According to the 2025 annual accounts of PHARMANEXT and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 12-04-2023 Converted to unavailable equity · €6,200
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
100%
According to the 2025 annual accounts of PHARMANEXT and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
17 connected companiesShow 13 more companies with a shared director
History
Acts, filings and financial milestones
12-04
Gazette deed
Appointment: BLUESTONE (director)Permanent representative: Paul RANSART · Resignation: BLUESTONE (manager) · Director discharge14 facts ▸
- Director appointment, BLUESTONE (director (not named in the articles))
- Permanent representative, Paul RANSART
- Director resignation, BLUESTONE (manager)
- Director discharge, BLUESTONE
- Registered office clause, “1050 Ixelles,Square du Solbosch 30” (deed in French)
- Power of attorney
- Other provision, “BE705.998.068, 1050 Bruxelles(Ixelles),Square du Solbosch 30” (deed in French)
- General meeting, 06-04-2023
- Other provision, “adaptation des statuts aux dispositions du Code des sociétés et des associations, Première résolution” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “suppression du compte de capitaux propres statutairement indisponible, fonds disponibles pour distribution” (deed in French)
- Other provision, “dispense de lecture du rapport justifiant la modification de l’objet, organe d’administration” (deed in French)
- +2 further facts in this act
04-08
Gazette deed
Resignation: Paul RANSART (director)Appointment: BLUESTONE (director) · Permanent representative: Paul RANSART4 facts ▸
- General meeting, 27-06-2022
- Director resignation, Paul RANSART (director)
- Director appointment, BLUESTONE (director)
- Permanent representative, Paul RANSART
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 2 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 31 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 54433E0564/00B004 | Wallonia | 1,465 m² | 1 · 213 m² | 8.1 m · 2 |
| 21446D0194/00T007 | Brussels | 510 m² | 1 · 342 m² | 30.6 m · 8 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- PHARMANEXT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, par simple décision de l’organe d’administration” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation,qualité administrateur statutaire si nommés dans statuts, organe d’administration” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, cessions effet vis-à-vis société et tiers à dater inscription” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
- Share issue ruleHow and by whom new shares can be issued.
- “Apport en numéraire avec émission nouvelles actions, actions données en gage:droit revient au débiteur-gagiste” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Fourth Friday of June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues pour les modifications aux statuts, l'assemblée générale” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, le ou les administrateurs en fonction désignés comme liquidateur(s) en vertu…” (deed in French)