PROGRESS PHARMA
ActiveSummary
PROGRESS PHARMA has been active since 2013 and the Belgian Official 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 about 15% per year across the filed financial years. Its solvency ranks better than 90% of 613 sector peers (NACE 72, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €47,137
- Loss
- -€5,479
- Board
- 5 members
- Holdings
- 1
- Salvegen Healthcare B.V.Managing director · permanent representative van Dongen Emilius Hubertus Adrianus Maria
Why 93raises riskLoss of €5,479, the second in a row (financial year 2025)lowers riskLiquidity: current ratio 6.47, cash €18,108, halvedEquity €47,137 (94.4% of total assets)Sector: Scientific research and development (NACE 72)Show the evidence
Checked score
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 (NACE 72, micro): better than 83% on solvency, 85% on liquidity, 24% on profitability and 16% on growth.
The bankruptcy probability was computed on 27-10-2026 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).
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Signals
This company filed its last 7 accounts on average 43 days before the deadline; the sector median (NACE 72) for financial year 2024 is 13 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Reappointments: Salvegen Healthcare B.V., R&S Consulting…Permanent representatives: van Dongen Emilius…
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
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.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 72, Scientific research and development: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,020 | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €449 | €450 | €493 | €505 | €520 | ▲ 2.8% |
| Gross operating margin9900 | -€6,499 | -€6,686 | -€5,711 | -€1,689 | -€941 | -€1,173 | -€2,351 | -€4,893 | ▼ 108% |
| Operating profit (loss)9901 | -€8,055 | -€7,181 | -€6,158 | -€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 | €38 | €39 | €140 | €65 | €12 | €108 | €65 | €66 | ▲ 2.3% |
| Profit (loss) for the period before taxes9903 | -€8,093 | -€7,220 | -€6,299 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Profit (loss) for the period9904 | -€8,093 | -€7,220 | -€6,299 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Profit (loss) for the period to be appropriated9905 | -€8,093 | -€7,220 | -€6,299 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €217,064 | €210,131 | €103,649 | €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 | €31,826 | €31,826 | €31,826 | = |
| Financial fixed assets28 | €31,826 | €31,826 | €31,826 | €31,826 | €31,826 | €31,826 | €31,826 | €31,826 | = |
| Current assets29/58 | €185,238 | €178,305 | €71,823 | €67,884 | €66,022 | €64,821 | €62,222 | €18,108 | ▼ 70.9% |
| Amounts receivable within one year40/41 | €388 | €429 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €184,850 | €177,876 | €71,823 | €67,884 | €66,022 | €64,821 | €62,222 | €18,108 | ▼ 70.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €217,064 | €210,131 | €103,649 | €99,710 | €97,848 | €96,647 | €94,048 | €49,934 | ▼ 46.9% |
| Equity10/15 | €214,435 | €207,215 | €100,916 | €98,714 | €97,312 | €95,537 | €92,616 | €47,137 | ▼ 49.1% |
| Contributions10/11 | €600,000 | €600,000 | €500,000 | €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 | -€385,565 | -€392,785 | -€399,084 | -€401,286 | -€402,688 | -€404,463 | -€407,384 | -€14,363 | ▲ 96.5% |
| Amounts payable17/49 | €2,629 | €2,916 | €2,733 | €996 | €536 | €1,110 | €1,432 | €2,797 | ▲ 95.3% |
| Amounts payable within one year42/48 | €2,629 | €2,916 | €2,733 | €996 | €536 | €1,110 | €1,432 | €2,797 | ▲ 95.3% |
| Trade debts44 | €2,629 | €2,916 | €2,733 | €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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,093 | -€7,220 | -€6,299 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| + Depreciation and write-downs630 | €1,020 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€7,073 | -€7,220 | -€6,299 | -€2,202 | -€1,402 | -€1,775 | -€2,921 | -€5,479 | ▼ 87.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€6,974 | -€106,053 | -€3,939 | -€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.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00144919 |
| 31-12-2024 | micro format | 16-05-2025 | 2025-00100013 |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00171151 |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00139790 |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20137663 |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25600236 |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23800593 |
| 31-12-2018 | micro format | 21-06-2019 | 2019-20900043 |
| 31-12-2017 | micro format | 25-06-2018 | 2018-23100010 |
| 31-12-2016 | abbreviated format | 23-05-2017 | 2017-13200118 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 5
Day-to-day management 1
Permanent representatives 4
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Salvegen Healthcare B.V. |
|
| CONCORDE CONSULTING |
|
| Lammens Luc Marie Antoon Angèle |
|
| R&S Consulting |
|
| SIMBIOSIS.LIFE |
|
| EMSA B.V. |
|
Owners and capital
Capital and shareholders
- 06-01-2026 Capital reduction of €40,000 · to €460,000 · repaid to the shareholders
- 06-01-2026 Capital reduction of €398,500 · to €61,500 · “formele kapitaalvermindering zonder vernietiging van aandelen”
Group and network
Holdings and subsidiaries
1 holding · 4 subsidiaries in the treeHoldings 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 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.
Connections & network
5 current directorsThe board mandates are listed below; here you explore them as a network.
History
Acts, filings and financial milestones
06-01
Gazette deed
Reappointments: Salvegen Healthcare B.V., R&S Consulting and 3 othersPermanent representatives: van Dongen Emilius Hubertus Adrianus Maria, Reyn Dirk Maria Jozef and 2 others · Capital decrease · Amendment of the articles15 facts ▸
- General meeting, 19-12-2025
- Capital decrease, €40,000
- Capital decrease, €398,500
- Amendment of the articles, 5.1
- Other provision, “door hen gevoerde beleid, ontslag en kwijting bestuurders” (deed in Dutch)
- Director reappointment, Salvegen Healthcare B.V. (director)
- Director reappointment, R&S Consulting (director)
- Director reappointment, Concorde Consulting (director)
- Director reappointment, Simbiosis.Life (director)
- Director reappointment, Lammens Luc Marie Antoon Angèle (director)
- Permanent representative, van Dongen Emilius Hubertus Adrianus Maria
- Permanent representative, Reyn Dirk Maria Jozef
- +3 further facts in this act
10-10
Gazette deed
Resignation: EMSA B.V. (director)Appointment: Salvegen Healthcare B.V. (afgevaardigd bestuurder) · Permanent representatives: Emilius van Dongen and Dirk Reyn5 facts ▸
- General meeting, 09-06-2023
- Director resignation, EMSA B.V. (director)
- Director appointment, Salvegen Healthcare B.V. (afgevaardigd bestuurder)
- Permanent representative, Emilius van Dongen (2 times)
- Permanent representative, Dirk Reyn
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 13046A0176/00K003 | Flanders | 2,539 m² | 1 · 286 m² | 11.6 m · 3 |