PHASIANUS has been active since 1993 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €91,324 and a net result of €61,179. Equity is shrinking by about 4.8% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.8% (low).
Auditor: PricewaterhouseCoopers Bedrijfsrevisoren -Réviseur d'Entreprises2025 accounts filed 3 days late9 of 20 deeds summarised
Why 70raises risk1 change of registered office in 24 monthsLiquidity: current ratio 0.32lowers riskSize: total assets €196,001Founded in 1993Show the evidence
Checked score
Score 2025
Checked score
A figure from 0 to 100: the higher it is, the smaller the chance that the company goes bankrupt within twelve months. The band, from Critical to Excellent, follows from that chance; within the band, how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
70/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially better than 65% of its sector peers (no NACE code, micro)
How strong the balance sheet and results are: solvency, liquidity and profitability from the latest annual accounts, each out of 100. It does not directly set the Checked score's band; how the company does on these and on growth against its sector peers does count for its place within the band.
Strong
Solvency72+21
equity 46.6% of total assets
Liquidity61-4
short-term debt 41.5%
Profitability100+12
return on assets 31.2%
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. 0.2% means about 2 in 1,000 comparable companies. The higher it is, the shorter the payment term to agree.
0.8%Low
0%0.5%1.5%4%10%≥ 25%
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months11-2024: 0.4%12-2024: 0.4%● unchanged vs 11-202401-2025: 0.4%● unchanged vs 12-202402-2025: 0.1%▼ -0.3 percentage points vs 01-202503-2025: 0.1%● unchanged vs 02-202504-2025: 0.1%● unchanged vs 03-202505-2025: 0.1%● unchanged vs 04-202506-2025: 0.1%● unchanged vs 05-202507-2025: 0.1%● unchanged vs 06-202508-2025: 0.1%● unchanged vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-2025lowest value12-2025: 0.3%▲ +0.2 percentage points vs 11-202501-2026: 0.3%● unchanged vs 12-202502-2026: 0.3%● unchanged vs 01-202603-2026: 0.3%● unchanged vs 02-202604-2026: 0.3%● unchanged vs 03-202605-2026: 0.4%▲ +0.1 percentage points vs 04-202606-2026: 0.5%▲ +0.1 percentage points vs 05-202607-2026: 0.5%● unchanged vs 06-202608-2026: 0.9%▲ +0.4 percentage points vs 07-2026highest value09-2026: 0.8%▼ -0.1 percentage points vs 08-202610-2026: 0.8%● unchanged vs 09-2026
Credit of up to €6,000 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.32, compared with 0.68 in 2024, below 1; short-term debt: 41.5% of total assets), and 53.4% of the assets are financed with debt and provisions.
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 (no NACE code, micro): better than 42% on solvency, 57% on liquidity, 90% on profitability and 71% 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).
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
This company filed its last 7 accounts on average 29 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 June (4 of the last 5 filed years within 34 days of that day).
31-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
Annual accounts filedfinancial year 2025 · full…
Reappointment: PricewaterhouseCoopers Bedrijfsrevisoren -Réviseur d'Entreprises (statutory…Resignation: Peter Hermans (director) ·…
Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
2025 annual accounts filed late (3 days)Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00394590.
Turnover
Turnover
What the company sold in the financial year. Rising revenue points to growth; compare with last year and with the sector.
Working capital-€55,211--€34,896▲ 36.8%-€31,210▲ 10.6%-€30,693▲ 1.7%-€80,875▼ 163%-€79,675▲ 1.5%-€66,609▲ 16.4%-€55,289▲ 17.0%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €196,001
86.7%
13.3%
Fixed assets€169,938 =
Current assets€26,063 ▼ 81.2%
Equity and liabilities €196,001
46.6%
53.4%
Equity€91,324 ▲ 13.5%
Debt€104,677 ▼ 54.1%
Debt's share of the balance-sheet total falls from 73.9% to 53.4%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
Current ratio
0.32▼
2024 · 0.68
Debt to equity
1.15▼
2024 · 2.83
ROE
67.0%▼
2024 · 77.6%
ROA
31.2%▲
2024 · 20.2%
Debt ≤ 1 year
€81,352▼
2024 · €205,010
Income taxes
€20,551▲
2024 · €20,415
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 31,368 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
Micro
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
0.5%went bankrupt
5.9%stopped otherwise
93.5%still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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%.
The companies in ten equal groups, from lowest to highest expected share.
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 31,368 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.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 43 lines
Balance sheetCode20242025
Assets
Total assets20/58€308,339€196,001▼
Fixed assets21/28€169,938€169,938=
Tangible fixed assets22/27€169,938€169,938=
Land and buildings22€169,938€169,938=
Current assets29/58€138,401€26,063▼
Amounts receivable within one year40/41€1,585€26,063▲
Other amounts receivable41€1,585€26,063▲
Cash at bank and in hand54/58€136,816-
Equity and liabilities
Total equity and liabilities10/49€308,339€196,001▼
Equity10/15€80,442€91,324▲
Contributions10/11€61,500€61,500=
Capital10€61,500€61,500=
Issued capital100€61,500€61,500=
Reserves13€6,150€6,150=
Non-distributable reserves130/1€6,150€6,150=
Legal reserve130€6,150€6,150=
Profit (loss) carried forward14€12,792€23,674▲
Amounts payable17/49€227,897€104,677▼
Amounts payable within one year42/48€205,010€81,352▼
Trade debts44€2,275€2,933▲
Suppliers440/4€2,275€2,933▲
Other amounts payable47/48€202,735€78,419▼
Accrued charges and deferred income492/3€22,887€23,325▲
Income statementCode20242025
Operating income70/76A€89,852€91,987▲
Other operating income74€89,852€91,987▲
Operating charges60/66A€6,685€9,383▲
Services and other goods61€6,266€8,319▲
Other operating charges640/8€419€1,064▲
Operating profit (loss)9901€83,167€82,604▼
Financial charges65/66B€322€874▲
Recurring financial charges65€322€874▲
Other financial charges652/9€322€874▲
Profit (loss) for the period before taxes9903€82,845€81,730▼
Income taxes67/77€20,415€20,551▲
Taxes670/3€20,415€20,551▲
Profit (loss) for the period9904€62,430€61,179▼
Profit (loss) for the period to be appropriated9905€62,430€61,179▼
Appropriation of the result
Profit (loss) to be appropriated9906€62,792€73,971▲
Profit (loss) brought forward from the previous period14P€362€12,792▲
Transfer to equity691/2-€297
Addition to contributions691-€297
Profit to be distributed694/7€50,000€50,000=
Return on contributions (dividend)694€50,000€50,000=
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2018
2019
2020
2021
2022
2023
2024
2025
Change
Operating income70/76A
-
-
-
€76,396
€80,353
€86,675
€89,852
€91,987
▲ 2.4%
Other operating income74
-
-
-
€76,396
€80,353
€86,675
€89,852
€91,987
▲ 2.4%
Operating charges60/66A
-
-
-
€4,517
€6,878
€8,459
€6,685
€9,383
▲ 40.4%
Services and other goods61
-
-
-
€4,197
€6,878
€8,099
€6,266
€8,319
▲ 32.8%
Other operating charges640/8
-
-
-
€320
-
€360
€419
€1,064
▲ 154%
Operating profit (loss)9901
€68,755
€70,930
€69,647
€71,879
€73,475
€78,216
€83,167
€82,604
▼ 0.7%
Recurring financial income75
-
€0
€0
-
-
-
-
-
-
Financial charges65/66B
-
-
-
€213
€296
€375
€322
€874
▲ 171%
Recurring financial charges65
-
-
-
€213
€296
€375
€322
€874
▲ 171%
Other financial charges652/9
-
-
-
€213
€296
€375
€322
€874
▲ 171%
Profit (loss) for the period before taxes9903
€68,755
€70,930
€69,647
€71,666
€73,178
€77,841
€82,845
€81,730
▼ 1.3%
Income taxes67/77
€21,678
€22,312
€17,495
€17,917
€18,295
€19,514
€20,415
€20,551
▲ 0.7%
Taxes670/3
-
-
-
€17,917
€18,295
€19,514
€20,415
€20,551
▲ 0.7%
Profit (loss) for the period9904
€47,077
€48,619
€52,151
€53,750
€54,884
€58,327
€62,430
€61,179
▼ 2.0%
Profit (loss) for the period to be appropriated9905
€47,077
€48,619
€52,151
€53,750
€54,884
€58,327
€62,430
€61,179
▼ 2.0%
Line
2018
2019
2020
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€240,432
€226,141
€206,904
€233,024
€245,490
€308,962
€308,339
€196,001
▼ 36.4%
Fixed assets21/28
€169,938
€169,938
€169,938
€169,938
€169,938
€169,938
€169,938
€169,938
=
Tangible fixed assets22/27
€169,938
€169,938
€169,938
€169,938
€169,938
€169,938
€169,938
€169,938
=
Land and buildings22
-
-
-
€169,938
€169,938
€169,938
€169,938
€169,938
=
Current assets29/58
€70,494
€56,203
€36,965
€63,086
€75,552
€139,024
€138,401
€26,063
▼ 81.2%
Amounts receivable within one year40/41
-
-
-
€1,084
-
-
€1,585
€26,063
▲ 16×
Other amounts receivable41
-
-
-
€1,084
-
-
€1,585
€26,063
▲ 16×
Cash at bank and in hand54/58
€70,494
€56,203
€36,965
€62,002
€75,552
€139,024
€136,816
-
-
Equity and liabilities
Total equity and liabilities10/49
€240,432
€226,141
€206,904
€233,024
€245,490
€308,962
€308,339
€196,001
▼ 36.4%
Equity10/15
€114,727
€116,269
€119,801
€119,801
€67,685
€68,012
€80,442
€91,324
▲ 13.5%
Contributions10/11
€61,500
€61,500
€61,500
€61,500
€61,500
€61,500
€61,500
€61,500
=
Capital10
-
-
-
€61,500
€61,500
€61,500
€61,500
€61,500
=
Issued capital100
-
-
-
€61,500
€61,500
€61,500
€61,500
€61,500
=
Reserves13
€6,150
€6,150
€6,150
€6,150
€6,150
€6,150
€6,150
€6,150
=
Non-distributable reserves130/1
-
-
-
€6,150
€6,150
€6,150
€6,150
€6,150
=
Legal reserve130
-
-
-
€6,150
€6,150
€6,150
€6,150
€6,150
=
Profit (loss) carried forward14
€47,077
€48,619
€52,151
€52,151
€35
€362
€12,792
€23,674
▲ 85.1%
Amounts payable17/49
€125,705
€109,872
€87,102
€113,223
€177,804
€240,950
€227,897
€104,677
▼ 54.1%
Amounts payable within one year42/48
€125,705
€91,099
€68,175
€93,779
€156,427
€218,699
€205,010
€81,352
▼ 60.3%
Trade debts44
€926
-
-
-
€5,052
€7,975
€2,275
€2,933
▲ 28.9%
Suppliers440/4
-
-
-
-
€5,052
€7,975
€2,275
€2,933
▲ 28.9%
Taxes, remuneration and social security45
-
-
-
-
€4,295
€5,514
-
-
-
Taxes450/3
-
-
-
-
€4,295
€5,514
-
-
-
Other amounts payable47/48
-
-
-
€93,779
€147,080
€205,210
€202,735
€78,419
▼ 61.3%
Accrued charges and deferred income492/3
-
-
-
€19,443
€21,378
€22,251
€22,887
€23,325
▲ 1.9%
Line
2018
2019
2020
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€47,077
€48,619
€52,151
€53,750
€54,884
€58,327
€62,430
€61,179
▼ 2.0%
Operating cash flow (approximation)
€47,077
€48,619
€52,151
€53,750
€54,884
€58,327
€62,430
€61,179
▼ 2.0%
Investment in fixed assets (approximation)
-
€0
€0
€0
€0
€0
€0
€0
-
Change in cash
-
-€14,291
-€19,237
€25,037
€13,549
€63,472
-€2,208
-
-
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
Directors
Who runs the company today and since when, grouped the way the KBO groups its office holders. Many recent board changes are a reason to keep a close eye.
Not every act has been read: a resignation may still be missing
11 of this company's 20 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
According to the 2025 annual accounts of PHASIANUS 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
Capital and shareholders
When capital was put in or taken out. An increase often strengthens the company; a reduction deserves a look.
The company's story in a few sentences, from the company register, the Belgian Official Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
PHASIANUS was incorporated on 6 May 1993.1The registered office moved to Brussel in 2023 and to Auderghem in 2025.23Total assets fell from €240,432 in 2018 to €196,001 in 2025.4
Declaration, “absence de condamnation pour interdiction de gérer, article 6 de la loi du 04-05-2023 relative au Registre central des interdictions de gérer” (deed in French)
Registered-office move, Rue Jules Cockx 10, boîte 13, 1160 Auderghem
27-06
NBB filingAnnual accounts filed
financial year 2024 · full format
15-01
Gazette deedResignation: Joachim Roberg-Larsen (director)
Appointment: Werner Thys (director) · Shareholding · Director discharge7 facts ▸
General meeting, 02-10-2024
Shareholding, 125, “totalité des capitaux propres” (deed in French)
Director resignation, Joachim Roberg-Larsen (director)
Director discharge, Joachim Roberg-Larsen (director)
Director appointment, Werner Thys (director)
Other provision, “absence de condamnation pour interdiction de gérer, aucune condamnation prononcée par une instance d'un État membre de l'Espace Économique Européen pour une int…” (deed in French)
Other provision, 30-09-2024
2024
31-12
FinancialHighest result from 2018 to 2025net €62,430 ▲7%
Operating result €83,167, net result €62,430, both a record.
Appointment: Joachim Røberg-Larsen (director) · Shareholding · Director discharge7 facts ▸
General meeting, 03-01-2024
Shareholding, 125, “ensemble des 125 actions,totalité des capitaux propres” (deed in French)
Director resignation, Martine Willant (director)
Director discharge, Martine Willant (director)
Director appointment, Joachim Røberg-Larsen (director)
Other provision, “absence de condamnation relative aux interdictions de gérer, aucune condamnation prononcée par une instance d'un État membre de l'Espace Économique Européen” (deed in French)
Other provision, “prise d'effet des résolutions”, 03-01-2024 (deed in French)
15-01
Gazette deedAmendment of the articles
Capital · Power of attorney6 facts ▸
General meeting, 20-12-2023
Other provision, “uniquement, Modification du régime linguistique” (deed in French)
Amendment of the articles
Capital, €61,500
Power of attorney (2 times)
Other provision, “délivrance avant enregistrement, article 173 1° bis Code des Droits d'Enregistrement” (deed in French)
2023
26-06
Gazette deedReappointments: Martine WILLANT (director) and Peter HERMANS (director)
3 facts ▸
General meeting, 30-05-2023
Director reappointment, Martine WILLANT (director)
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 27 annual accounts filed, the latest 10 are here; all 27 are under Financials.
9 of 20 deeds read
About the unread acts
Of the 20 Belgian Official Gazette deeds we know for this company, 9 have been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Manufacture of basic pharmaceutical products and pharmaceutical preparations
since 1993unit no. 2.062.297.105
2 parcels
Brussels2(100%)
Cadastral parcel
Region
Area
Buildings
Height / floors
21812N1468/00B000
Brussels
6,482 m²
1 · 4,827 m²
74.9 m · 8
21002A0104/00R006
Brussels
6,167 m²
1 · 3,214 m²
26.6 m · 6
How the parcels are linked
Good to know
Both parcels match the address exactly.
Articles of association
What the company does
PurposeThe activities the company may carry out under its articles.
“La société peut faire toutes opérations industrielles, commerciales et financières, mobilières et immobilières qui peuvent contribuer à la…” (deed in French)
4 activities (deed in French)
La société peut faire toutes opérations industrielles, commerciales et financières, mobilières et immobilières qui peuvent contribuer à la réalisation ou faciliter l'objet en ce compris : la prise de participation dans toutes les entreprises qui poursuivent un but analogue ou dont l'objet est en relation étroite avec le sien
Conclure et autoriser des crédits et des prêts
Se porter caution pour des tiers par la mise en hypothèque ou en gage de ses biens en ce compris son propre fonds de commerce
La société a pour objet de donner des avis aux entreprises de même que d'intervenir en tant qu'intermédiaire en matière technique, industrielle, commerciale, financière et d'organisation d'entreprises.