Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Green is investment, beige is depreciation.
Between 2018 and 2025, 61% of the full-time equivalents disappeared.
Short-term debts fell from €380,611 to €187,007.
Lower solvency than 91% of companies in employment activities. Sector median 24.2% · 377 companies.
The dashed line is the sector median: 0.3% across 1,379 companies (NACE 78, micro).
About 2 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 78, micro). It does better than 5% of them on solvency, 5% on liquidity, 8% on profitability and 1% on growth.
The bankruptcy probability was computed on 08-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 6,907 companies had the same profile as PHARMIMPULSE has now. Each dot stands for 18 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PHARMIMPULSE itself: 1.9% within 12 months.
The method was tested on the 497,447 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 6,907 companies, not a prediction for PHARMIMPULSE. 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 insufficient, with a current ratio of 0.5 (0.99 in 2024), below 1. Short-term debt is 170.5% and cash 2.9% of total assets. Equity is negative.
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 71 days after the deadline. In the sector (NACE 78), the median for financial year 2024 was 14 days before the deadline, and 30% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| PHARMIMPULSE Lasne | - | - | -70.5% | - |
| Solid'Emplois groupement d'employeurs Brussels | €217,528 | 0.4% | 43.2% | - |
| HEMERA CONSULTING Wavre | - | - | 12.7% | - |
| Huyghe HR Services Oostkamp | - | - | 80.7% | - |
| Bruma Consulting Rotselaar | - | - | 17.0% | - |
| Your Oxygen Kontich | €156,520 | -44.4% | -1207.3% | 3.3 |
| Afrik Interim Brussels | - | - | -95.5% | - |
These companies have the same main activity as PHARMIMPULSE: temporary employment agencies and other provision of personnel (NACE 78200). They are comparable in size and age: total assets between €72,100 and €161,000, founded between 2012 and 2018.
PHARMIMPULSE files the abbreviated format. That format states no turnover. The gross margin fell from €395,048 in 2016 to €171,172 in 2025.
PALATINE holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €440,000. Estimated: probably between €270,000 and €820,000.
Higher than 8% of 377 companies in 2025.
Higher than 9% of 367 companies in 2025.
Lower than 95% of 371 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 2 people joined and 10 left.
| Line | Trend | 2025 | 2024 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
109,700 | 384,361 | 219,964 | 148,612 | 172,674 | 174,936 | 162,852 | 160,682 | 201,121 | |
21/28 |
16,985 | 8,453 | 11,002 | 12,276 | - | - | - | - | - | |
21 |
9,398 | - | - | - | - | - | - | - | - | |
22/27 |
7,587 | 8,453 | 11,002 | 12,276 | - | - | - | - | - | |
24 |
408 | - | - | - | - | - | - | - | - | |
26 |
7,178 | 8,453 | 11,002 | 12,276 | - | - | - | - | - | |
29/58 |
92,715 | 375,908 | 208,962 | 136,335 | 172,674 | 174,936 | 162,852 | 160,682 | 201,121 | |
40/41 |
88,720 | 360,040 | 184,610 | 113,499 | 160,884 | 159,379 | 159,167 | 119,537 | 195,745 | |
40 |
52,634 | 306,286 | 182,360 | 111,249 | 142,069 | 157,129 | 156,917 | 117,287 | 193,494 | |
41 |
36,086 | 53,754 | 2,250 | 2,250 | 18,815 | 2,250 | 2,250 | 2,250 | 2,250 | |
54/58 |
3,175 | 15,050 | 24,352 | 22,837 | 11,790 | 15,557 | 3,684 | 41,144 | 5,376 | |
490/1 |
820 | 818 | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
109,700 | 384,361 | 219,964 | 148,612 | 172,674 | 174,936 | 162,852 | 160,682 | 201,121 | |
10/15 |
-77,307 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | |
10/11 |
3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | 3,750 | |
100 |
- | - | - | - | - | 3,750 | 3,750 | 3,750 | 3,750 | |
11 |
3,750 | 3,750 | - | - | - | - | - | - | - | |
1109/19 |
3,750 | 3,750 | - | - | - | - | - | - | - | |
14 |
-81,057 | - | - | - | - | - | - | - | - | |
17/49 |
187,007 | 380,611 | 216,214 | 144,862 | 168,924 | 171,186 | 159,102 | 156,932 | 197,371 | |
42/48 |
187,007 | 380,611 | 216,214 | 143,062 | 168,924 | 171,186 | 154,302 | 155,732 | 192,571 | |
43 |
14,104 | 22,819 | - | - | - | - | - | - | - | |
430/8 |
14,104 | 22,819 | - | - | - | - | - | - | - | |
44 |
14,775 | 153,837 | 33,714 | 31,342 | 10,081 | 8,830 | 11,441 | 13,564 | 112,461 | |
440/4 |
14,775 | 153,837 | 33,714 | 31,342 | 10,081 | 8,830 | 11,441 | 13,564 | 112,461 | |
45 |
72,776 | 117,153 | 163,143 | 91,175 | 158,843 | 132,921 | 142,860 | 142,168 | 60,110 | |
450/3 |
30,714 | 38,292 | 64,877 | 29,117 | 52,659 | 39,377 | 27,140 | 33,944 | 33,395 | |
454/9 |
42,062 | 78,861 | 98,266 | 62,058 | 106,184 | 93,544 | 115,720 | 108,224 | 26,716 | |
47/48 |
85,352 | 86,803 | 19,357 | 20,545 | - | 29,435 | - | - | 20,000 | |
492/3 |
- | - | - | 1,800 | - | - | 4,800 | 1,200 | 4,800 | |
| Income statement | ||||||||||
76A |
- | - | - | 3,328 | - | - | - | - | - | |
9900 |
171,172 | 842,528 | 715,651 | 522,423 | 659,211 | 595,002 | 718,392 | 628,341 | 395,048 | |
62 |
240,771 | 837,838 | 712,975 | 521,475 | 659,157 | 594,643 | 718,404 | 628,313 | 393,559 | |
630 |
1,464 | 1,275 | 1,275 | 469 | - | - | - | - | - | |
640/8 |
400 | - | - | - | - | - | - | - | 200 | |
9901 |
-71,463 | 3,416 | 1,401 | 479 | 54 | 359 | -11 | 28 | 1,289 | |
75/76B |
1,136 | 468 | - | 1 | - | 2 | 32 | - | - | |
75 |
1,136 | 468 | - | 1 | - | 2 | 32 | - | - | |
65/66B |
2,807 | 3,884 | 1,401 | 480 | 54 | 360 | 21 | 28 | 1,289 | |
65 |
2,807 | 3,884 | 1,401 | 480 | 54 | 360 | 21 | 28 | 1,289 | |
9903 |
-73,133 | - | - | - | - | - | - | - | - | |
67/77 |
7,924 | - | - | - | - | - | - | - | - | |
9904 |
-81,057 | - | - | - | - | - | - | - | - | |
9905 |
-81,057 | - | - | - | - | - | - | - | - | |
| Appropriation of the result | ||||||||||
9906 |
-81,057 | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||
9087 |
5.5 | 12.6 | 13.5 | 11.2 | 13.2 | 13.6 | 14.2 | 13.3 | 8.8 | |
Hours worked1013 |
6,305 | 23,225 | 22,488 | 19,802 | 20,840 | 21,613 | 24,698 | 22,105 | 15,344 | |
| Document | ||||||||||
The notes to these accounts have 16 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 27-09-2026.
2025 annual accounts filed 58 days after the deadline. Filed on 27 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00532092.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-09-2026 | 2026-00532092 | |
| 31-12-2024 | micro format | 21-10-2025 | 2025-00547464 | |
| 31-12-2022 | micro format | 25-12-2023 | 2023-00538485 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20404961 | |
| 31-12-2020 | full format | 30-09-2021 | 2021-70100014 | |
| 31-12-2019 | full format | 30-10-2020 | 2020-66100485 | |
| 31-12-2018 | full format | 27-08-2019 | 2019-52800188 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-54500548 | |
| 31-12-2016 | full format | 25-08-2017 | 2017-47700348 |
| Line | Trend | 2025 | 2024 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| -69,999 | 4,691 | 2,676 | 948 | - | - | - | - | - | ||
| -79,593 | - | - | - | - | - | - | - | - | ||
| 9,997 | - | 0 | 12,745 | - | - | - | - | - | ||
| -11,875 | - | 1,515 | 11,047 | -3,768 | 11,873 | -37,460 | 35,768 | - | ||
| -94,292 | -4,703 | -7,252 | -6,726 | 3,750 | 3,750 | 8,550 | 4,950 | 8,550 | ||
| -70.5% | 1.0% | 1.7% | 2.5% | 2.2% | 2.1% | 2.3% | 2.3% | 1.9% | ||
| 0.50 | 0.99 | 0.97 | 0.95 | 1.02 | 1.02 | 1.06 | 1.03 | 1.04 | ||
| - | - | 57.66 | 38.63 | 45.05 | 45.65 | 42.43 | 41.85 | 52.63 | ||
| -73.9% | - | - | - | - | - | - | - | - | ||
| -24.94 | 1.21 | 1.91 | 1.97 | - | - | - | - | - |
EBIT margin: not included in this filing.
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 14 | 16 | 12 |
| full-time | 5 | 13 | 10 | 9 |
| part-time | 1 | 1 | 6 | 3 |
| in full-time equivalents | 5.7 | 13.9 | 14.7 | 11.2 |
| 5.5 | - | 13.5 | 11.2 | |
| On a permanent contract | 6 | 14 | 13 | 10 |
| Joined | 2 | - | 9 | 12 |
| Left | 10 | - | 5 | 14 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2022 | 2021 |
|---|---|---|---|---|
| Tangible fixed assets | €512 | - | - | €12,745 |
| Intangible fixed assets | €9,485 | - | - | - |
| Financial fixed assets | €0 | - | - | - |
| €1,464 | €1,275 | €1,275 | €469 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €71,463, after a profit of €3,416 in 2024. It is the lowest result since 2016.
Equity is negative. Debt (€187,007) exceeds the balance-sheet total (€109,700).
Further up the chainBLUESTONE 51.44%
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2024 accounts of PALATINE. Every holding stands with its own latest accounts.
Part of the group BLUESTONE Group, risk and exposureThe network starts from the directors of PHARMIMPULSE. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue de la Bachée 86 registered office 1380 Lasne | 11-08-2015 | 2.245.120.824 |
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