PROGRESS PHARMA
ActiveSummary
PROGRESS PHARMA has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47,137 and a net result of -€5,479. Equity is shrinking by ~14.9% per year across the filed fiscal years. Its solvency ranks better than 90% of 524 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability10▼-20
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 6.47 against 43.45 in 2024; short-term debt: 5.6% and cash: 36.3% of total assets), and 5.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Scientific research and development (NACE 72)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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 2025Solvency, return and age of the figures
Solvency
94.4%
Return on assets
-11%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€5,479
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-06-2026, 56 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
56 d early
2024
76 d early
2023
34 d early
2022
41 d early
2021
27 d early
2020
33 d early
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 43 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€47,137▼ 49.1%
2024 · €92,616
Total assets
€49,934▼ 46.9%
2024 · €94,048
Net result
-€5,479▼ 87.6%
2024 · -€2,921
Working capital
€15,311▼ 74.8%
2024 · €60,790
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2,137▲ 65.3%-€1,390▲ 34.9%-€1,667▼ 19.9%-€2,857▼ 71.4%-€5,413▼ 89.5%
Net result-€2,202below the sector's middle half▲ 65.0%-€1,402below the sector's middle half▲ 36.3%-€1,775below the sector's middle half▼ 26.6%-€2,921below the sector's middle half▼ 64.6%-€5,479below the sector's middle half▼ 87.6%
Equity€98,714within the sector's middle half▼ 2.2%€97,312within the sector's middle half▼ 1.4%€95,537within the sector's middle half▼ 1.8%€92,616within the sector's middle half▼ 3.1%€47,137within the sector's middle half▼ 49.1%
Total assets€99,710below the sector's middle half▼ 3.8%€97,848below the sector's middle half▼ 1.9%€96,647below the sector's middle half▼ 1.2%€94,048within the sector's middle half▼ 2.7%€49,934below the sector's middle half▼ 46.9%
Debt€996▼ 63.5%€536▼ 46.2%€1,110▲ 107%€1,432▲ 29.0%€2,797▲ 95.3%
Working capital€66,888▼ 3.2%€65,486▼ 2.1%€63,711▼ 2.7%€60,790▼ 4.6%€15,311▼ 74.8%
Solvency99.0%above the sector's middle half▲ 1.6pp99.5%above the sector's middle half▲ 0.5pp98.9%above the sector's middle half▼ 0.6pp98.5%above the sector's middle half▼ 0.4pp94.4%above the sector's middle half▼ 4.1pp
above
within
below
the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5,413 in 2025 against €2,857 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49,934
Fixed assets
€31,826 =
Current assets
€18,108 ▼ 70.9%
Equity and liabilities €49,934
Equity
€47,137 ▼ 49.1%
Debt
€2,797 ▲ 95.3%
Debt's share of the balance-sheet total rises from 1.5% to 5.6%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
6.47▼
2024 · 43.45
Debt to equity
0.06▲
2024 · 0.02
ROE
-11.6%▼
2024 · -3.2%
ROA
-11.0%▼
2024 · -3.1%
Debt ≤ 1 year
€2,797▲
2024 · €1,432
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €449 | €450 | €493 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | -€1,689 | -€941 | -€1,173 | -€2,351 | -€4,893 | ▼ 108% |
| Operating profit (loss)9901 | -€2,137 | -€1,390 | -€1,667 | -€2,857 | -€5,413 | ▼ 89.5% |
| Financial charges65/66B | €65 | €12 | €108 | €65 | €66 | ▲ 2.3% |
| Recurring financial charges65 | €65 | €12 | €108 | €65 | €66 | ▲ 2.3% |
| Profit (loss) for the period before taxes9903 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Profit (loss) for the period9904 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Profit (loss) for the period to be appropriated9905 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €99,710 | €97,848 | €96,647 | €94,048 | €49,934 | ▼ 46.9% |
| Fixed assets21/28 | €31,826 | €31,826 | €31,826 | €31,826 | €31,826 | = |
| Financial fixed assets28 | €31,826 | €31,826 | €31,826 | €31,826 | €31,826 | = |
| Current assets29/58 | €67,884 | €66,022 | €64,821 | €62,222 | €18,108 | ▼ 70.9% |
| Cash at bank and in hand54/58 | €67,884 | €66,022 | €64,821 | €62,222 | €18,108 | ▼ 70.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €99,710 | €97,848 | €96,647 | €94,048 | €49,934 | ▼ 46.9% |
| Equity10/15 | €98,714 | €97,312 | €95,537 | €92,616 | €47,137 | ▼ 49.1% |
| Contributions10/11 | €500,000 | €500,000 | €500,000 | €500,000 | €61,500 | ▼ 87.7% |
| Capital10 | €500,000 | €500,000 | €500,000 | €500,000 | €61,500 | ▼ 87.7% |
| Issued capital100 | €500,000 | €500,000 | €500,000 | €500,000 | €61,500 | ▼ 87.7% |
| Profit (loss) carried forward14 | -€401,286 | -€402,688 | -€404,463 | -€407,384 | -€14,363 | ▲ 96.5% |
| Amounts payable17/49 | €996 | €536 | €1,110 | €1,432 | €2,797 | ▲ 95.3% |
| Amounts payable within one year42/48 | €996 | €536 | €1,110 | €1,432 | €2,797 | ▲ 95.3% |
| Trade debts44 | €996 | €536 | €1,110 | €1,432 | €2,630 | ▲ 83.7% |
| Suppliers440/4 | €996 | €536 | €1,110 | €1,432 | €2,630 | ▲ 83.7% |
| Other amounts payable47/48 | - | - | - | - | €167 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Operating cash flow (approximation) | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,862 | -€1,201 | -€2,599 | -€44,114 | ▼ 1,597% |
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
Next filing, fiscal year 2026, expected by
2026
05-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
16-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity triplescurrent ratio 68.14
Current ratio from 26.28 to 68.14; short-term debt falls from €2,733 to €996.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Vosselaar · 1 establishment unit since 2013
Ground area
2,539 m²
Building footprint
286 m²
Volume, LiDAR
2,102 m³
Parcel 13046A0176/00K003, Flanders · tallest building 11.6 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Progress Pharma
since 20132.221.262.881
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13046A0176/00K003 | Flanders | 2,539 m² | 1 · 286 m² | 11.6 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holding · 4 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
100%
All subsidiaries, including indirect ones 4
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
ETHERNA IMMUNOTHERAPIES 100%3 subsidiaries
- Administratiekantoor eTheRNA Immunotherapies 100%
- eTheRNA Asia LimitedHK 100%
- Etherna Inc.US 100%
According to the 2025 annual accounts of PROGRESS PHARMA and those 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
No current directors or connected companies found in the register.
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Identification & contact
Identification
Legal formPublic limited company
Founded27-06-2013
Fiscal year end31-12
Activities, NACEBEL 2025
72109Other research and development on natural sciences
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536258560
Also
9925:BE0536258560
Registered
04-06-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.