PI PHARMA
ActiveSummary
PI PHARMA has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (-€336,389) and a net result of €26,306. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 7% of 5998 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability31▼-6
Solvency18▲+1
Growth55=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.91 against 0.88 in 2023; short-term debt: 107% and cash: 25.8% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-7%
Return on assets
0.5%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 5998 sector peers (2024).
NBB · sector comparisonPosition among 5998 sector peers
Solvency
better than 7%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-07-2025, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
22 d early
2023
26 d early
2022
8 d late
2021
26 d early
2020
40 d late
2019
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
€40.1m▲ 12.5%
2023 · €35.6m
EBIT margin
0.8%▲ 0.1pp
2023 · 0.7%
Net result
€26,306▼ 79.0%
2023 · €125,470
Working capital
-€488,719▲ 10.6%
2023 · -€546,466
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20192021202220232024
Turnover€26.5m▲ 220%€45.0m-€37.7m▼ 16.2%€35.6m▼ 5.6%€40.1m▲ 12.5%
Operating result€204,994▲ 86.0%-€21,910-€331,468€264,179▼ 20.3%€339,987▲ 28.7%
Net result€268,919▲ 83.2%-€1.7m--€84,523▲ 95.1%€125,470€26,306▼ 79.0%
EBIT margin0.8%▼ 0.6pp0.0%-0.9%▲ 0.9pp0.7%▼ 0.1pp0.8%▲ 0.1pp
Equity€1.2m▼ 49.7%-€403,642--€488,165▼ 20.9%-€362,694▲ 25.7%-€336,389▲ 7.3%
Total assets€19.1m▲ 94.9%€11.7m-€6.1m▼ 48.3%€4.3m▼ 28.7%€4.8m▲ 11.2%
Debt€17.9m▲ 142%€12.1m-€6.6m▼ 46.0%€4.7m▼ 28.5%€5.2m▲ 9.8%
Working capital€957,401▼ 58.8%-€628,587--€684,503▼ 8.9%-€546,466▲ 20.2%-€488,719▲ 10.6%
Staff (FTE)21.3▲ 3.9%14.4-11.4▼ 20.8%10.7▼ 6.1%11.4▲ 6.5%
Why a figure moved sharply
- 2022 Net result +95% on 2021. Cause not known from the registers.
- 2019 Turnover +220%, Net result +83% on 2018. The previous fiscal year ran 9 months, this one 12.
- 2019 Total assets +95% on 2018. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 29% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.8m
Fixed assets
€152,331 ▼ 17.1%
Current assets
€4.7m ▲ 12.5%
Key figures and ratios
EBITDA
€406,686▲
2023 · €363,413
Cash flow
€93,004▼
2023 · €224,705
Solvency
-7.0%▲
2023 · -8.4%
Current ratio
0.91▲
2023 · 0.88
Quick ratio
0.86▼
2023 · 0.86
Debt to equity
-15.32▼
2023 · -12.94
ROA
0.5%▼
2023 · 2.9%
Interest coverage
1.77▼
2023 · 2.45
Debt ≤ 1 year
€5.2m▲
2023 · €4.7m
Income taxes
€34,820▼
2023 · €49,452
Staff costs
€1.2m▲
2023 · €1.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 516 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 92% are still going.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.5%
went bankrupt
3.9%
stopped otherwise
92%
still going
A further 1.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 516 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
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €45.4m | €38.0m | €36.2m | €40.6m | ▲ 12.2% |
| Turnover70 | €26.5m | €45.0m | €37.7m | €35.6m | €40.1m | ▲ 12.5% |
| Other operating income74 | - | €365,675 | €257,163 | €618,670 | €563,816 | ▼ 8.9% |
| Non-recurring operating income76A | - | - | €654 | - | - | - |
| Operating charges60/66A | - | €45.4m | €37.6m | €35.9m | €40.3m | ▲ 12.1% |
| Goods for resale, raw materials and consumables60 | - | €39.4m | €32.8m | €31.1m | €35.4m | ▲ 14.1% |
| Purchases600/8 | - | €39.5m | €33.0m | €30.8m | €35.6m | ▲ 15.6% |
| Change in stocks: decrease (increase)609 | - | -€58,710 | -€213,065 | €279,279 | -€139,931 | ▼ 150% |
| Services and other goods61 | - | €2.1m | €2.2m | €2.3m | €2.3m | ▼ 0.6% |
| Remuneration, social security and pensions62 | - | €1.3m | €1.2m | €1.1m | €1.2m | ▲ 14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,343 | €75,105 | €88,186 | €99,235 | €66,698 | ▼ 32.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€293 | -€3,462 | - | - | - |
| Other operating charges640/8 | - | €2.4m | €1.5m | €1.4m | €1.3m | ▼ 11.5% |
| Non-recurring operating charges66A | - | €991 | €25 | €14,452 | €26,092 | ▲ 80.5% |
| Operating profit (loss)9901 | €204,994 | -€21,910 | €331,468 | €264,179 | €339,987 | ▲ 28.7% |
| Financial income75/76B | - | €73,117 | €1,429 | €61,928 | €255 | ▼ 99.6% |
| Recurring financial income75 | €248,365 | €73,117 | €1,429 | €61,928 | €255 | ▼ 99.6% |
| Income from current assets751 | - | €73,117 | €1,429 | €61,696 | - | - |
| Other financial income752/9 | - | - | - | €232 | €255 | ▲ 9.9% |
| Financial charges65/66B | - | €145,899 | €367,064 | €151,185 | €279,116 | ▲ 84.6% |
| Recurring financial charges65 | €25,417 | €145,899 | €367,064 | €151,185 | €279,116 | ▲ 84.6% |
| Debt charges650 | €14,335 | €54,113 | €300,887 | €148,424 | €229,820 | ▲ 54.8% |
| Other financial charges652/9 | - | €91,785 | €66,178 | €2,761 | €49,297 | ▲ 1,686% |
| Profit (loss) for the period before taxes9903 | €427,943 | -€94,692 | -€34,166 | €174,922 | €61,125 | ▼ 65.1% |
| Income taxes67/77 | €159,024 | €1.6m | €50,356 | €49,452 | €34,820 | ▼ 29.6% |
| Taxes670/3 | - | €1.7m | €50,356 | €61,000 | €36,000 | ▼ 41.0% |
| Tax adjustments and reversals of tax provisions77 | - | €103,281 | - | €11,548 | €1,180 | ▼ 89.8% |
| Profit (loss) for the period9904 | €268,919 | -€1.7m | -€84,523 | €125,470 | €26,306 | ▼ 79.0% |
| Profit (loss) for the period to be appropriated9905 | €268,919 | -€1.7m | -€84,523 | €125,470 | €26,306 | ▼ 79.0% |
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €19.1m | €11.7m | €6.1m | €4.3m | €4.8m | ▲ 11.2% |
| Fixed assets21/28 | €260,268 | €224,945 | €196,339 | €183,772 | €152,331 | ▼ 17.1% |
| Intangible fixed assets21 | €228,916 | €207,827 | €178,324 | €169,194 | €129,324 | ▼ 23.6% |
| Tangible fixed assets22/27 | €31,352 | €17,118 | €18,015 | €14,578 | €23,007 | ▲ 57.8% |
| Plant, machinery and equipment23 | - | €17,118 | €18,015 | €14,578 | €23,007 | ▲ 57.8% |
| Current assets29/58 | €18.9m | €11.5m | €5.9m | €4.1m | €4.7m | ▲ 12.5% |
| Stocks and contracts in progress3 | €167,105 | €150,123 | €366,651 | €87,372 | €227,303 | ▲ 160% |
| Stocks30/36 | - | €150,123 | €366,651 | €87,372 | €227,303 | ▲ 160% |
| Raw materials and consumables30/31 | - | €91,383 | €148,169 | €77,555 | €194,534 | ▲ 151% |
| Goods purchased for resale34 | - | €58,741 | €218,482 | €9,818 | €32,769 | ▲ 234% |
| Amounts receivable within one year40/41 | €18.0m | €11.3m | €3.2m | €2.9m | €3.2m | ▲ 9.4% |
| Trade receivables40 | - | €11.2m | €3.2m | €2.9m | €3.1m | ▲ 7.5% |
| Other amounts receivable41 | - | €66,951 | €26,535 | €209 | €55,702 | ▲ 26,499% |
| Cash at bank and in hand54/58 | €685,842 | €117,338 | €2.3m | €1.2m | €1.2m | ▲ 6.0% |
| Deferred charges and accrued income490/1 | - | €374 | €0 | €6,052 | €41,375 | ▲ 584% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €19.1m | €11.7m | €6.1m | €4.3m | €4.8m | ▲ 11.2% |
| Equity10/15 | €1.2m | -€403,642 | -€488,165 | -€362,694 | -€336,389 | ▲ 7.3% |
| Contributions10/11 | €862,500 | €862,500 | €862,500 | €862,500 | €862,500 | = |
| Capital10 | - | €862,500 | €862,500 | €862,500 | €862,500 | = |
| Issued capital100 | - | €862,500 | €862,500 | €862,500 | €862,500 | = |
| Reserves13 | €86,250 | €86,250 | €86,250 | €86,250 | €86,250 | = |
| Non-distributable reserves130/1 | - | €86,250 | €86,250 | €86,250 | €86,250 | = |
| Legal reserve130 | - | €86,250 | €86,250 | €86,250 | €86,250 | = |
| Profit (loss) carried forward14 | €268,919 | -€1.4m | -€1.4m | -€1.3m | -€1.3m | ▲ 2.0% |
| Amounts payable17/49 | €17.9m | €12.1m | €6.6m | €4.7m | €5.2m | ▲ 9.8% |
| Amounts payable within one year42/48 | €17.9m | €12.1m | €6.6m | €4.7m | €5.2m | ▲ 9.8% |
| Trade debts44 | €13.7m | €6.4m | €3.3m | €2.4m | €3.2m | ▲ 35.8% |
| Suppliers440/4 | - | €6.4m | €3.3m | €2.4m | €3.2m | ▲ 35.8% |
| Taxes, remuneration and social security45 | - | €3.3m | €1.8m | €2.0m | €1.9m | ▼ 2.4% |
| Taxes450/3 | - | €3.1m | €1.7m | €1.8m | €1.8m | ▼ 2.3% |
| Remuneration and social security454/9 | - | €137,879 | €108,415 | €157,957 | €150,679 | ▼ 4.6% |
| Other amounts payable47/48 | - | €2.4m | €1.4m | €341,730 | - | - |
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €268,919 | -€1.7m | -€84,523 | €125,470 | €26,306 | ▼ 79.0% |
| + Depreciation and write-downs630 | €50,343 | €75,105 | €88,186 | €99,235 | €66,698 | ▼ 32.8% |
| Operating cash flow (approximation) | €319,262 | -€1.7m | €3,663 | €224,705 | €93,004 | ▼ 58.6% |
| Investment in fixed assets (approximation) | - | - | -€59,580 | -€86,668 | -€35,257 | ▲ 59.3% |
| Change in cash | - | - | €2.2m | -€1.1m | €70,272 | ▲ 106% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
03-09
State Gazette act
Resignation: Deloitte Bedrijfsrevisoren (statutory auditor)Appointment: EY Bedrijfsrevisoren BV (statutory auditor) · Permanent representative: Wouter Robyns · Power of attorney5 facts ▸
State Gazette act
Resignation: Deloitte Bedrijfsrevisoren (statutory auditor)
Appointment: EY Bedrijfsrevisoren BV (statutory auditor) · Permanent representative: Wouter Robyns · Power of attorney5 facts ▸
- General meeting, 24-06-2026
- Auditor resignation, Deloitte Bedrijfsrevisoren
- Auditor appointment, EY Bedrijfsrevisoren BV
- Permanent representative, Wouter Robyns (permanent representative)
- Power of attorney, Monard Law BV
2025
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €125,470
Net result €125,470 after 2 loss-making years.
08-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 8 days late
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€1.7m
Net result drops to -€1.7m, the lowest in the series; recovery starts the following year.
09-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 40 days late
2020
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €268,919 ▲83.2%
Net result €268,919, the highest in the series.
09-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
20-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 50 days late
2016
28-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 19 acts read
About the unread acts
Of the 19 Belgian State Gazette acts we know for this company, 1 has been read. The other 18 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
EY Bedrijfsrevisoren BV
CurrentAuditor · since 03-09-2026 · perm. rep.: Wouter Robyns
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Sint-Pieters-Leeuw · 2 establishment units since 2006
Ground area
1.1 ha
Building footprint
2,356 m²
Volume, LiDAR
28,937 m³
2 parcels, Brussels, Flanders · tallest building 21.7 m, ±6 floors. Linked by address, not a title deed.
46
companies at this address
See who is registered here
2 establishment units
PI Pharma
since 20062.156.269.814
PI Pharma
since 20112.274.150.152
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21307F0088/00F000 | Brussels | 5,534 m² | 1 · 1,445 m² | 21.7 m · 6 fl. |
| 23583F0543/00D002 | Flanders | 5,043 m² | 1 · 911 m² | 7.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| EY Bedrijfsrevisoren BV |
|
Articles of association
Other statement
One provision in the deed
Structure & network
Owners and holdings
1 ownerChain of control
- A.forall Group
- MEDIGROUP
- PI PHARMA
Highest known parent: A.forall Group. The sources do not say who stands above it.
Owners 1
- MEDIGROUPparentSourceaccounts MEDIGROUP 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
Recognitions · licences · registrations
Food safety, FASFC
1 siteSint-Pieters-Leeuw2.156.269.814
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Identification & contact
Identification
Legal formPublic limited company
Founded05-09-2006
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
46150Agents in the wholesale of furniture, household goods and hardware
E-invoicing
Reachable via Peppol
Peppol ID
0208:0883315652
Also
9925:BE0883315652
Registered
29-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.