PHARMASALM
InactiveNo longer registered with the KBO; last annual accounts for fiscal year 2025.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Consistently profitable
Positive net result in the two most recent financial years (2024 and 2025).
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €78k
lowers risk · Growing equity
Equity grew over 2023-2025. Profits are largely retained rather than distributed.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.3M
neutral · Latest accounts filed on time
The financial year that closed on 24-11-2025 was due by 24-06-2026 and was filed on 23-01-2026, 152 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
152 d early
2024
83 d early
2023
19 d early
2022
3 d late
2021
16 d early
2020
45 d early
2019
10 d late
← before the deadline
after the deadline →
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€78k▲ 8.0%
2024 · €72k
2018: €2k
2019: €12k
2020: €52k
2021: €65k
2022: €59k
2023: €47k
2024: €72k
2018 → 2025
Working capital
€-323k▲ 45.6%
2024 · €-594k
2018: €-255k
2019: €-251k
2020: €-274k
2021: €-377k
2022: €-580k
2023: €-615k
2024: €-594k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.22M-€1.11M▼ 8.9%€1.15M▲ 4.1%€1.24M▲ 7.6%€1.30M▲ 5.1%
Operating result€126k-€105k▼ 16.6%€51k▼ 51.8%€77k▲ 51.2%€64k▼ 16.5%
Net result€65k-€59k▼ 9.4%€47k▼ 20.4%€72k▲ 53.6%€78k▲ 8.0%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 16% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.51M
Fixed assets
€2.18M▼ 9.3%
Current assets
€330k▲ 426%
Equity and liabilities €2.51M
Equity
€1.30M▲ 5.1%
Provisions
€29k▼ 2.0%
Debt
€1.18M▼ 1.5%
The debt ratio falls from 48.4% to 46.9%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€103k▼
2024 · €146k
Cash flow
€117k▼
2024 · €141k
Solvency
52.0%▲
2024 · 50.3%
Current ratio
0.51▲
2024 · 0.10
Quick ratio
0.51▲
2024 · 0.10
Debt / equity
0.90▼
2024 · 0.96
ROE
6.0%▲
2024 · 5.8%
ROA
3.1%▲
2024 · 2.9%
Interest coverage
5.46▲
2024 · 3.37
Debt
€1.18M▼
2024 · €1.19M
Debt ≤ 1 year
€654k▼
2024 · €657k
Debt > 1 year
€503k=
2024 · €503k
Income taxes
€13k▼
2024 · €18k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€2.46M€2.51M▲
Fixed assets21/28€2.40M€2.18M▼
Tangible fixed assets22/27€822k€599k▼
Land and buildings22€675k€499k▼
Plant, machinery and equipment23€102k€70k▼
Furniture and vehicles24€43k€30k▼
Assets under construction and advance payments27€2k-
Financial fixed assets28€1.58M€1.58M=
Current assets29/58€63k€330k▲
Amounts receivable within one year40/41€27k€276k▲
Trade receivables40€26k€92k▲
Other amounts receivable41€1k€184k▲
Cash at bank and in hand54/58€35k€45k▲
Deferred charges and accrued income490/1€567€9k▲
Equity and liabilities
Total equity and liabilities10/49€2.46M€2.51M▲
Equity10/15€1.24M€1.30M▲
Contributions10/11€6k€6k=
Reserves13€1.23M€1.22M▼
Tax-exempt reserves132€120k€117k▼
Distributable reserves133€1.11M€1.10M▼
Profit (loss) carried forward14€32€80k▲
Provisions and deferred taxes16€30k€29k▼
Deferred taxes168€30k€29k▼
Amounts payable17/49€1.19M€1.18M▼
Amounts payable after more than one year17€503k€503k=
Financial debts170/4€503k€503k=
Amounts payable within one year42/48€657k€654k▼
Current portion of amounts payable after more than one year42€104k€52k▼
Trade debts44€10k€8k▼
Suppliers440/4€10k€8k▼
Taxes, remuneration and social security45€20k€26k▲
Taxes450/3€20k€26k▲
Other amounts payable47/48€523k€568k▲
Accrued charges and deferred income492/3€33k€19k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€69k€39k▼
Other operating charges640/8€11k€5k▼
Non-recurring operating charges66A-€13k
Gross operating margin9900€157k€120k▼
Operating profit (loss)9901€77k€64k▼
Financial income75/76B€56k€45k▼
Recurring financial income75€56k€45k▼
Financial charges65/66B€43k€19k▼
Recurring financial charges65€43k€19k▼
Profit (loss) for the period before taxes9903€89k€90k▲
Transfer from deferred taxes780€1k€591▼
Income taxes67/77€18k€13k▼
Profit (loss) for the period9904€72k€78k▲
Transfer from tax-exempt reserves789€5k€2k▼
Profit (loss) for the period to be appropriated9905€77k€80k▲
Appropriation of the result
Profit (loss) to be appropriated9906€78k€80k▲
Profit (loss) brought forward from the previous period14P€691€32▼
Transfer from equity791/2€5k€15k▲
Transfer to equity691/2€76k-
To other reserves6921€76k-
Profit to be distributed694/7€6k€15k▲
Return on contributions (dividend)694€6k€15k▲
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
23-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
24-11
Financial
Highest result since 2018net €78k ▲8%
Net result €78k, the highest in the series.
09-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 3 days late
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 10 days late
2019
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
13-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.