RAMSELPHARMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-06-2026 PDF all 35 filings
Turnover
≈ €1.7m
Estimated: probably between €1.3m and €2.7m
Total assets
€941,066▲ 6.1%
2024 · €886,806
Net result
€124,952▲ 24.9%
2024 · €100,065
Working capital
€294,560▲ 6.4%
2024 · €276,722
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€205,486
▲ 3.9%
2025
20182025
Net result
€124,952
▲ 24.9%
2025
highest quarter of the sector
20182025
Equity
€637,252
▲ 7.0%
2025
highest quarter of the sector
20182025
Total assets
€941,066
▲ 6.1%
2025
middle half of the sector
20182025
Debt
€303,815
▲ 4.3%
2025
20182025
Working capital
€294,560
▲ 6.4%
2025
middle half of the sector
20182025
Solvency
67.7%
▲ 0.6pp
2025
highest quarter of the sector
20182025
Current ratio
2.16
▲ 0.20
2025
middle half of the sector
20182025
Return on assets (ROA)
13.3%
▲ 2.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.6
▲ 8.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€99,271-€85,050▼ 14.3%€123,565▲ 45.3%€185,177▲ 49.9%€148,616▼ 19.7%€161,364▲ 8.6%€197,763▲ 22.6%€205,486▲ 3.9%
Net result€52,869-€53,247▲ 0.7%€75,062within the sector's middle half▲ 41.0%€112,379within the sector's middle half▲ 49.7%€86,724within the sector's middle half▼ 22.8%€95,258within the sector's middle half▲ 9.8%€100,065within the sector's middle half▲ 5.0%€124,952above the sector's middle half▲ 24.9%
Equity€656,392-€613,388▼ 6.6%€602,295above the sector's middle half▼ 1.8%€588,424within the sector's middle half▼ 2.3%€617,915within the sector's middle half▲ 5.0%€653,418within the sector's middle half▲ 5.7%€595,510within the sector's middle half▼ 8.9%€637,252above the sector's middle half▲ 7.0%
Total assets€734,348-€840,872▲ 14.5%€797,663within the sector's middle half▼ 5.1%€823,365within the sector's middle half▲ 3.2%€788,837within the sector's middle half▼ 4.2%€842,134within the sector's middle half▲ 6.8%€886,806within the sector's middle half▲ 5.3%€941,066within the sector's middle half▲ 6.1%
Debt€77,957-€227,484▲ 192%€195,368▼ 14.1%€234,942▲ 20.3%€170,922▼ 27.2%€188,716▲ 10.4%€291,296▲ 54.4%€303,815▲ 4.3%
Working capital€635,294-€163,751▼ 74.2%€187,123within the sector's middle half▲ 14.3%€205,678within the sector's middle half▲ 9.9%€270,013within the sector's middle half▲ 31.3%€348,414within the sector's middle half▲ 29.0%€276,722within the sector's middle half▼ 20.6%€294,560within the sector's middle half▲ 6.4%
Solvency89.4%-72.9%▼ 16.4pp75.5%above the sector's middle half▲ 2.6pp71.5%above the sector's middle half▼ 4.0pp78.3%above the sector's middle half▲ 6.9pp77.6%above the sector's middle half▼ 0.7pp67.2%above the sector's middle half▼ 10.4pp67.7%above the sector's middle half▲ 0.6pp
Current ratio9.45-1.73▼ 7.721.97within the sector's middle half▲ 0.241.88within the sector's middle half▼ 0.092.61within the sector's middle half▲ 0.723.70above the sector's middle half▲ 1.101.96within the sector's middle half▼ 1.742.16within the sector's middle half▲ 0.20
Return on assets (ROA)7.2%-6.3%▼ 0.9pp9.4%within the sector's middle half▲ 3.1pp13.6%above the sector's middle half▲ 4.2pp11.0%within the sector's middle half▼ 2.7pp11.3%above the sector's middle half▲ 0.3pp11.3%above the sector's middle half=13.3%above the sector's middle half▲ 2.0pp
Staff (FTE)2.1-2.1=2.1within the sector's middle half=2.2within the sector's middle half▲ 4.8%2.4within the sector's middle half▲ 9.1%2.4within the sector's middle half=2.4within the sector's middle half=2.6within the sector's middle half▲ 8.3%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 4% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €941,066
Fixed assets
€392,223 ▲ 21.9%
Current assets
€548,843 ▼ 2.8%
Equity and liabilities €941,066
Equity
€637,252 ▲ 7.0%
Debt
€303,815 ▲ 4.3%
Debt's share of the balance-sheet total falls from 32.8% to 32.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€259,371▲
2024 · €242,133
Cash flow
€178,837▲
2024 · €144,435
Quick ratio
1.54▲
2024 · 1.45
Debt to equity
0.48▼
2024 · 0.49
ROE
19.6%▲
2024 · 16.8%
Interest coverage
8.38▲
2024 · 5.00
Debt ≤ 1 year
€254,284▼
2024 · €288,203
Debt > 1 year
€48,898
Income taxes
€49,896▲
2024 · €49,329
Staff costs
€192,703▲
2024 · €167,695
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 3 | 3 | 3 |
| full-time | - | 1 | 1 | 1 | 1 |
| part-time | 4 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2.6 | 2.4 | 2.4 | 2.4 | 2.6 |
| Average over the year, in full-time equivalents | 2.2 | 2.4 | 2.4 | 2.4 | 2.6 |
| On a permanent contract | 4 | 3 | 3 | 3 | 3 |
| Joined | 1 | 0 | - | - | 1 |
| Left | 1 | 1 | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,973 | €2,907 | €52,408 | €1,470 | €124,227 |
| Depreciation and write-downs of the year | €37,232 | €36,920 | €38,307 | €44,370 | €53,885 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €54 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €117,372 | €146,753 | €161,590 | €167,695 | €192,703 | ▲ 14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,970 | €45,222 | €36,474 | €37,232 | €36,920 | €38,307 | €44,370 | €53,885 | ▲ 21.4% |
| Other operating charges640/8 | - | - | - | €390 | €228 | €264 | €267 | €1,128 | ▲ 322% |
| Gross operating margin9900 | €219,918 | €239,377 | €254,674 | €340,170 | €332,516 | €361,525 | €410,095 | €453,201 | ▲ 10.5% |
| Operating profit (loss)9901 | €99,271 | €85,050 | €123,565 | €185,177 | €148,616 | €161,364 | €197,763 | €205,486 | ▲ 3.9% |
| Financial income75/76B | - | - | - | €125 | €216 | €220 | €41 | €312 | ▲ 652% |
| Recurring financial income75 | €1,587 | €68 | €286 | €125 | €216 | €220 | €41 | €312 | ▲ 652% |
| Financial charges65/66B | - | - | - | €26,127 | €26,915 | €27,525 | €48,411 | €30,950 | ▼ 36.1% |
| Recurring financial charges65 | €26,819 | €26,491 | €26,760 | €26,127 | €26,915 | €27,525 | €48,411 | €30,950 | ▼ 36.1% |
| Profit (loss) for the period before taxes9903 | €74,039 | €58,626 | €97,092 | €159,175 | €121,916 | €134,059 | €149,394 | €174,848 | ▲ 17.0% |
| Income taxes67/77 | €21,170 | €5,379 | €22,030 | €46,795 | €35,192 | €38,801 | €49,329 | €49,896 | ▲ 1.1% |
| Profit (loss) for the period9904 | €52,869 | €53,247 | €75,062 | €112,379 | €86,724 | €95,258 | €100,065 | €124,952 | ▲ 24.9% |
| Profit (loss) for the period to be appropriated9905 | €52,869 | €53,247 | €75,062 | €112,379 | €86,724 | €95,258 | €100,065 | €124,952 | ▲ 24.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €734,348 | €840,872 | €797,663 | €823,365 | €788,837 | €842,134 | €886,806 | €941,066 | ▲ 6.1% |
| Fixed assets21/28 | €23,862 | €452,392 | €417,951 | €384,693 | €350,680 | €364,781 | €321,881 | €392,223 | ▲ 21.9% |
| Tangible fixed assets22/27 | €23,862 | €452,392 | €417,951 | €384,693 | €350,680 | €364,781 | €321,881 | €392,223 | ▲ 21.9% |
| Land and buildings22 | - | - | - | €182,000 | €168,000 | €154,000 | €140,000 | €126,000 | ▼ 10.0% |
| Plant, machinery and equipment23 | - | - | - | €201,658 | €179,539 | €158,536 | €140,796 | €236,152 | ▲ 67.7% |
| Furniture and vehicles24 | - | - | - | €1,035 | €3,141 | €52,245 | €41,085 | €30,071 | ▼ 26.8% |
| Current assets29/58 | €710,487 | €388,480 | €379,712 | €438,673 | €438,157 | €477,353 | €564,925 | €548,843 | ▼ 2.8% |
| Stocks and contracts in progress3 | €110,208 | €113,681 | €126,459 | €119,488 | €127,408 | €138,032 | €146,214 | €157,661 | ▲ 7.8% |
| Stocks30/36 | - | - | - | €119,488 | €127,408 | €138,032 | €146,214 | €157,661 | ▲ 7.8% |
| Amounts receivable within one year40/41 | €70,015 | €77,344 | €68,825 | €101,259 | €102,437 | €120,559 | €115,249 | €112,472 | ▼ 2.4% |
| Trade receivables40 | - | - | - | €99,859 | €101,022 | €118,703 | €112,777 | €111,034 | ▼ 1.5% |
| Other amounts receivable41 | - | - | - | €1,400 | €1,414 | €1,856 | €2,472 | €1,437 | ▼ 41.9% |
| Current investments50/53 | €326,446 | €26,481 | €26,670 | €26,741 | €26,881 | €26,927 | €6,121 | €6,121 | = |
| Cash at bank and in hand54/58 | €177,533 | €145,600 | €137,741 | €172,570 | €160,728 | €169,904 | €277,694 | €252,029 | ▼ 9.2% |
| Deferred charges and accrued income490/1 | - | - | - | €18,614 | €20,702 | €21,931 | €19,647 | €20,561 | ▲ 4.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €734,348 | €840,872 | €797,663 | €823,365 | €788,837 | €842,134 | €886,806 | €941,066 | ▲ 6.1% |
| Equity10/15 | €656,392 | €613,388 | €602,295 | €588,424 | €617,915 | €653,418 | €595,510 | €637,252 | ▲ 7.0% |
| Contributions10/11 | €24,789 | €24,789 | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Reserves13 | €631,603 | €588,598 | €577,506 | €563,634 | €593,125 | €628,628 | €570,720 | €612,462 | ▲ 7.3% |
| Non-distributable reserves130/1 | - | - | - | €75,718 | €75,718 | €75,718 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €75,718 | €75,718 | €75,718 | - | - | - |
| Distributable reserves133 | - | - | - | €487,916 | €517,407 | €552,910 | €570,720 | €612,462 | ▲ 7.3% |
| Amounts payable17/49 | €77,957 | €227,484 | €195,368 | €234,942 | €170,922 | €188,716 | €291,296 | €303,815 | ▲ 4.3% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €48,898 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €48,898 | - |
| Amounts payable within one year42/48 | €75,193 | €224,729 | €192,588 | €232,995 | €168,144 | €128,939 | €288,203 | €254,284 | ▼ 11.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €37,885 | - |
| Trade debts44 | €44,731 | €92,356 | €54,284 | €52,869 | €43,129 | €74,473 | €76,120 | €67,768 | ▼ 11.0% |
| Suppliers440/4 | - | - | - | €52,869 | €43,129 | €74,473 | €76,120 | €67,768 | ▼ 11.0% |
| Taxes, remuneration and social security45 | - | - | - | €50,551 | €61,941 | €46,189 | €54,122 | €59,916 | ▲ 10.7% |
| Taxes450/3 | - | - | - | €38,927 | €43,068 | €25,315 | €32,395 | €38,473 | ▲ 18.8% |
| Remuneration and social security454/9 | - | - | - | €11,624 | €18,873 | €20,873 | €21,727 | €21,443 | ▼ 1.3% |
| Other amounts payable47/48 | - | - | - | €129,575 | €63,074 | €8,278 | €157,961 | €88,715 | ▼ 43.8% |
| Accrued charges and deferred income492/3 | - | - | - | €1,947 | €2,778 | €59,777 | €3,093 | €634 | ▼ 79.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,869 | €53,247 | €75,062 | €112,379 | €86,724 | €95,258 | €100,065 | €124,952 | ▲ 24.9% |
| + Depreciation and write-downs630 | €11,970 | €45,222 | €36,474 | €37,232 | €36,920 | €38,307 | €44,370 | €53,885 | ▲ 21.4% |
| Operating cash flow (approximation) | €64,839 | €98,469 | €111,536 | €149,611 | €123,644 | €133,565 | €144,435 | €178,837 | ▲ 23.8% |
| Investment in fixed assets (approximation) | - | -€473,752 | -€2,033 | -€3,973 | -€2,907 | -€52,408 | -€1,470 | -€124,227 | ▼ 8,353% |
| Change in cash | - | -€31,933 | -€7,859 | €34,829 | -€11,842 | €9,176 | €107,790 | -€25,665 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as RAMSELPHARMA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of RAMSELPHARMA itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 31,368 companies, not a prediction for RAMSELPHARMA. 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.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-06-2026 | 2026-00149495 | |
| 31-12-2024 | abbreviated format | 04-08-2025 | 2025-00354732 | |
| 31-12-2023 | abbreviated format | 03-07-2024 | 2024-00223300 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00200088 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20135925 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-33000241 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-26100121 | |
| 31-12-2018 | abbreviated format | 02-07-2019 | 2019-28800250 | |
| 31-12-2017 | abbreviated format | 27-06-2018 | 2018-24900525 | |
| 31-12-2016 | abbreviated format | 20-06-2017 | 2017-20000422 |