Equity
Equity rose in 2025 from €75,585 to €129,921.
Equity rose in 2025 from €75,585 to €129,921.
The micro format states no turnover.
Of this, €351,768 falls due within a year.
The 2023 accounts came latest: 61 days after the end of the period.
Lower solvency than 84% of companies in fabricated metal products. Sector median 44.2% · 2,343 companies.
The dashed line is the sector median: 0.5% across 3,709 companies (NACE 25, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 25, micro). It does better than 14% of them on solvency, 34% on liquidity, 29% on profitability and 90% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 3,274 companies had the same profile as PHARMEDIC has now. Each dot stands for 9 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHARMEDIC itself: 1.4% within 12 months.
The method was tested on the 497,448 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 3,274 companies, not a prediction for PHARMEDIC. 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.
Liquidity is tight, with a current ratio of 1.01 (0.94 in 2024), below the usual 1.5. Short-term debt is 27.4% and cash 4.4% of total assets. 89.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 39 days after the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PHARMEDIC Assesse | €1.3m | €223,924 | 10.1% | - |
| Smederij Van de Velde Geert Berlare | €1.0m | €249,157 | 30.5% | - |
| WAUTEAM Fleurus | €1.6m | €310,698 | 4.6% | - |
| GEURTS CORP. Bassenge | €1.0m | €172,667 | 18.1% | - |
| SMEDERIJ DE BRUYN Aalst | €0.9m | €262,142 | 12.0% | - |
| MY STEEL Malmedy | €0.8m | €281,516 | 19.2% | 3.3 |
| VDH Constructie Stekene | €1.2m | €452,953 | 35.9% | - |
These companies have the same main activity as PHARMEDIC: forging of metal (NACE 25401). They are comparable in size and age: total assets between €756,000 and €1.6m, founded between 2015 and 2021.
PHARMEDIC files the micro format. That format states no turnover. The gross margin rose from €118,903 in 2019 to €223,924 in 2025.
The balance sheet grew most from 2021 to 2023 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €560,000. Estimated: probably between €370,000 and €870,000.
Higher than 16% of 2,343 companies in 2025.
Higher than 27% of 2,309 companies in 2025.
Higher than 43% of 2,323 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
1.3m | 1.3m | 1.3m | 183,165 | 151,059 | 146,933 | 207,721 | |
21/28 |
927,829 | 969,253 | 976,044 | 23,793 | 46,735 | 73,561 | 94,964 | |
21 |
143,500 | 162,661 | 182,419 | 1,496 | 3,354 | 5,699 | 8,044 | |
22/27 |
784,329 | 806,591 | 793,625 | 22,297 | 43,381 | 67,862 | 86,920 | |
22 |
709,016 | 702,345 | 721,213 | - | - | - | - | |
23 |
34,137 | 45,040 | 6,910 | 11,754 | 23,545 | 38,665 | 53,788 | |
24 |
41,176 | 59,207 | 65,502 | 10,543 | 19,835 | 29,197 | 33,132 | |
29/58 |
356,868 | 319,702 | 318,961 | 159,371 | 104,325 | 73,373 | 112,757 | |
3 |
210,245 | 163,384 | 145,983 | 68,400 | 35,000 | - | 30,000 | |
30/36 |
210,245 | 163,384 | 109,183 | - | - | - | - | |
37 |
- | - | 36,800 | 68,400 | 35,000 | - | 30,000 | |
40/41 |
87,242 | 54,167 | 50,539 | 84,509 | 59,907 | 57,310 | 66,923 | |
40 |
62,279 | 35,646 | 46,013 | 84,213 | 59,611 | 32,022 | 29,432 | |
41 |
24,963 | 18,521 | 4,526 | 296 | 296 | 25,288 | 37,491 | |
54/58 |
57,121 | 100,486 | 117,486 | 3,306 | 8,502 | 15,035 | 14,674 | |
490/1 |
2,261 | 1,666 | 4,953 | 3,156 | 916 | 1,028 | 1,160 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
1.3m | 1.3m | 1.3m | 183,165 | 151,059 | 146,933 | 207,721 | |
10/15 |
129,921 | 75,585 | 56,808 | 55,214 | 44,929 | 40,488 | 32,971 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | |
13 |
81,256 | 26,920 | 8,220 | 8,220 | 8,220 | 8,220 | 720 | |
130/1 |
720 | 720 | 720 | 720 | 720 | 720 | - | |
130 |
- | - | - | - | - | - | 720 | |
1311 |
720 | 720 | 720 | 720 | 720 | 720 | - | |
133 |
80,536 | 26,200 | 7,500 | 7,500 | 7,500 | 7,500 | - | |
14 |
30,065 | 30,065 | 29,988 | 28,394 | 18,109 | 13,668 | 13,651 | |
17/49 |
1.2m | 1.2m | 1.2m | 127,950 | 106,131 | 106,445 | 174,750 | |
17 |
803,008 | 872,395 | 907,232 | 1,848 | 23,863 | 45,593 | 67,042 | |
170/4 |
803,008 | 872,395 | 907,232 | 1,848 | 23,863 | 45,593 | 67,042 | |
42/48 |
351,768 | 340,975 | 330,964 | 126,102 | 82,268 | 60,703 | 107,708 | |
42 |
70,429 | 74,436 | 58,936 | 22,015 | 21,730 | 21,449 | 21,171 | |
43 |
6,732 | 6,757 | - | - | - | - | 6,692 | |
430/8 |
6,732 | 6,757 | - | - | - | - | 6,692 | |
44 |
47,536 | 20,557 | 50,578 | 65,210 | 32,860 | 33,237 | 34,233 | |
440/4 |
47,536 | 20,557 | 50,578 | 65,210 | 32,860 | 33,237 | 34,233 | |
45 |
9,109 | 4,761 | 7,522 | 7,017 | 22,917 | 5,740 | 5,621 | |
450/3 |
3,682 | 2,006 | 629 | - | 11,109 | 750 | - | |
454/9 |
5,427 | 2,754 | 6,894 | 7,017 | 11,809 | 4,990 | 5,621 | |
47/48 |
217,962 | 234,465 | 213,927 | 31,861 | 4,761 | 277 | 39,990 | |
492/3 |
- | - | - | - | - | 149 | - | |
| Income statement | ||||||||
9900 |
223,924 | 162,418 | 179,884 | 115,994 | 104,324 | 100,489 | 118,903 | |
62 |
34,009 | 29,163 | 73,422 | 81,550 | 71,378 | 63,618 | 77,931 | |
630 |
78,978 | 74,208 | 85,767 | 22,941 | 26,826 | 26,450 | 22,720 | |
640/8 |
1,733 | 1,904 | 768 | 164 | 309 | 653 | 1,205 | |
9901 |
109,203 | 57,144 | 19,928 | 11,339 | 5,811 | 9,769 | 17,047 | |
75/76B |
81 | - | 581 | - | 1 | 111 | 2 | |
75 |
81 | - | 581 | - | 1 | 111 | 2 | |
65/66B |
41,781 | 36,497 | 18,915 | 1,053 | 1,372 | 1,612 | 2,678 | |
65 |
41,781 | 36,497 | 18,915 | 1,053 | 1,372 | 1,612 | 2,678 | |
9903 |
67,503 | 20,647 | 1,594 | 10,286 | 4,441 | 8,268 | 14,371 | |
67/77 |
13,167 | 1,870 | - | - | - | 750 | - | |
9904 |
54,336 | 18,777 | 1,594 | 10,286 | 4,441 | 7,518 | 14,371 | |
9905 |
54,336 | 18,777 | 1,594 | 10,286 | 4,441 | 7,518 | 14,371 | |
| Appropriation of the result | ||||||||
9906 |
84,401 | 48,765 | 29,988 | 28,394 | 18,109 | 21,168 | 14,371 | |
14P |
30,065 | 29,988 | 28,394 | 18,109 | 13,668 | - | - | |
691/2 |
54,336 | 18,700 | - | - | - | 7,500 | 720 | |
6920 |
- | - | - | - | - | - | 720 | |
6921 |
54,336 | 18,700 | - | - | - | 7,500 | - | |
| Social balance sheet | ||||||||
9087 |
0.9 | 0.5 | 2 | 3.1 | 2.9 | 2.1 | 2 | |
Hours worked1013 |
1,144 | 955 | 2,651 | 3,352 | 3,152 | 2,683 | 3,528 | |
| Document | ||||||||
The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 26-08-2026.
2025 annual accounts filed 26 days after the deadline. Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00447245.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00447245 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00523051 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00489734 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00427229 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20409484 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57700307 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-47800527 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 188,181 | 131,352 | 105,694 | 34,280 | 32,637 | 36,218 | 39,767 | ||
| 133,315 | 92,985 | 87,360 | 33,227 | 31,267 | 33,967 | 37,091 | ||
| 37,554 | 67,417 | 1.0m | 0 | 0 | 5,046 | 117,685 | ||
| -43,365 | -17,001 | 114,180 | -5,196 | -6,534 | 361 | - | ||
| 5,100 | -21,273 | -12,003 | 33,269 | 22,057 | 12,669 | 5,049 | ||
| 10.1% | 5.9% | 4.4% | 30.1% | 29.7% | 27.6% | 15.9% | ||
| 1.01 | 0.94 | 0.96 | 1.26 | 1.27 | 1.21 | 1.05 | ||
| 0.42 | 0.46 | 0.52 | 0.72 | 0.84 | 1.21 | 0.77 | ||
| 8.89 | 16.05 | 21.80 | 2.32 | 2.36 | 2.63 | 5.30 | ||
| 41.8% | 24.8% | 2.8% | 18.6% | 9.9% | 18.6% | 43.6% | ||
| 4.2% | 1.5% | 0.1% | 5.6% | 2.9% | 5.1% | 6.9% | ||
| 4.50 | 3.60 | 5.59 | 32.56 | 23.79 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 3 | 3 |
| full-time | - | - | 1 | 3 | 3 |
| part-time | 1 | 1 | - | - | - |
| in full-time equivalents | 0.8 | 0.5 | 1 | 3 | 3 |
| 0.7 | 0.5 | 2 | 3.1 | 2.9 | |
| On a permanent contract | 1 | 1 | 1 | 3 | 3 |
| Joined | - | 1 | 0 | - | - |
| Left | - | 1 | 2 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 | - | - |
| €665,000 | €665,000 | €665,000 | - | - | |
| Carrying value of the mortgaged assets | €610,928 | €629,828 | €648,728 | - | - |
| €170,000 | €170,000 | €170,000 | €120,000 | €120,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,554 | €67,417 | €846,403 | - | - |
| Intangible fixed assets | - | - | €191,614 | - | - |
| €78,978 | €74,208 | €85,767 | €22,941 | €26,826 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 91% higher than in 2024 and the highest since 2019. It is the fourth rise in a row, after the fall in 2021.
Debt's share of the balance-sheet total falls from 94.1% to 89.9%. Equity is higher and debt is lower.
PHARMEDIC has no parent and no holdings in its annual accounts. PHARMEDIC shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 11 December 2018, PHARMEDIC was incorporated by two natural persons, with a starting capital of €18,600.12 Since 2023 the company has been called PHARMEDIC.3 In 2023 the registered office moved to Courrière.3 Today the board has 2 members.4 Total assets went from €207,721 in 2019 to €1.3m in 2025 and headcount from 2 to 0.9 full-time equivalents.5
| Establishment | Since | Unit number |
|---|---|---|
| STEEL & MORE Chaussée d'Eghezée, Meux 46, 5081 La Bruyère | 11-12-2018 | 2.282.785.033 |
| STEEL & MORE Rue des Cortys, Hempt. 12, 5380 Fernelmont 47730 Retail sale of pharmaceutical products | 01-12-2022 | 2.339.827.862 |
| Pharma Courrière registered office Rue du Fays 1, 5336 Assesse 21100 Manufacture of basic pharmaceutical products and pharmaceutical preparations | 01-07-2023 | 2.346.335.572 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 92088B0140/00T000 | 9,474 m² | 1 · 216 m² | 12.1 m · 3 |
| 92063B0076/00H000 | 2,369 m² | 1 · 146 m² | 8.6 m · 2 |
| 92028A0513/00H005 | 1,240 m² | 1 · 193 m² | 7.3 m · 2 |
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