Equity
-€114,379
Debts exceed assets in financial year 2025.
RheADC
Lifetime
1 annual account with figurespeak -€116,226 (2025)
-€116,226
lowest -€124,379 (2025)
-€124,379
peak -€114,379 (2025)
-€114,379
€145,774
Board2 names since 2024
2 directorsErwin Blomsma and 1 other
Documentsfilings and deeds
11-06-202650 days before the deadline
2025abbreviated format
Loss of €124,379First year with figures
Key points
from the 2025 annual accountsDebts
€145,774 464% of the balance sheet
Financial debts 69%Suppliers 26%Other 5%
Of this, €37,982 falls due within a year.
Position in the sector
-364.3%
Lower solvency than 95% of companies in pharmaceuticals. Sector median 43.5% · 62 companies.
Turnover not published (abbreviated format)
Checked score
54
Fair
Financially stronger than 23% of micro companies in pharmaceuticals (NACE 21)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
1.4% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 152 companies (NACE 21, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2025: 1.2%lowest value
12-2025: 1.3%▲ +0.1 percentage points vs 11-2025
01-2026: 1.4%▲ +0.1 percentage points vs 12-2025
02-2026: 1.5%▲ +0.1 percentage points vs 01-2026
03-2026: 1.7%▲ +0.2 percentage points vs 02-2026
04-2026: 1.7%● unchanged vs 03-2026
05-2026: 1.8%▲ +0.1 percentage points vs 04-2026
06-2026: 1.9%▲ +0.1 percentage points vs 05-2026highest value
07-2026: 1.3%▼ -0.6 percentage points vs 06-2026
08-2026: 1.3%● unchanged vs 07-2026
09-2026: 1.4%▲ +0.1 percentage points vs 08-2026
10-2026: 1.4%● unchanged vs 09-2026
11-2026: 1.4%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€114,379
Founded in 2024
lowers risk
Size: total assets €31,395
Liquidity: current ratio 0.83, cash €11,388
Calculation
The band follows from the bankruptcy probability. 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 21, micro). It does better than 10% of them on solvency, 46% on liquidity and 13% on profitability.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 7,639 companies had the same profile as RheADC has now. Each dot stands for 20 companies, two years later.
84.7%
were still trading
5.6%
stopped another way
8.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of RheADC itself is lower: 1.4% within 12 months. It rests on far more data about RheADC than the profile alone.
Test of the method
The method was tested on the 497,447 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 7,639 companies, not a prediction for RheADC. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.83, below 1. Short-term debt is 121% and cash 36.3% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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 11-06-2026, 50 days ahead of the deadline.
NBB · 1 filingDeviation from the deadline
2025
50 days early
← before the deadline
after the deadline →
Searched, nothing found (1)
Board and ownership
- Erwin Blomsma 500 sharesdeed of 04-10-2024
- Katrien Reynders-Frederix 500 sharesdeed of 04-10-2024
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1014500036
Incorporation
Founding capital of €10,000, 1,000 shares · Founders: Erwin Blomsma and Katrien Reynders-Frederix · Appointments: Erwin Blomsma (director) and Katrien Reynders-Frederix (director) · published on 04-10-2024 · Gazette deed
First establishment
NanoTherix, Ambachtenlaan 1, Leuven
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| RheADC Leuven | €31,395 | -€116,226 | -364.3% | - |
| Evarmed Diepenbeek | €51,346 | €1,349 | -121.3% | - |
| Raya Therapeutic Leuven | €5,330 | -€3,717 | -111.9% | - |
| SpectronRx Europe Grimbergen | €198,933 | -€97,190 | -59.0% | - |
| MC Pharma Beaumont | €28,699 | €30,032 | 89.1% | - |
| Taikun Pharmaceutical Technology Ghent | €275,396 | -€158,581 | 50.4% | - |
| INCHINN THERAPEUTICS Charleroi | €51,394 | €35,594 | -498.5% | - |
These companies have the same main activity as RheADC: manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21100). They are comparable in size and age: total assets between €5,330 and €275,000, founded between 2023 and 2025.
Official details
Source: KBO- Status
- Active since 02-10-2024Normal situation
- Activity
- Manufacture of basic pharmaceutical products and pharmaceutical preparationsNACE 21100and 2 others
- Establishment unit
- 2.365.585.8173001 Leuven, since 02-10-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 15-12-2025
Annual accounts 2025
- €31,395
- Filing
- Filed on 11-06-2026, 50 days before the end of the filing period
Insights on RheADC
RheADC has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€114,379) and a net result of -€124,379.
Its solvency ranks better than 5% of 62 sector peers (NACE 21, financial year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about RheADC
- What is the company number of RheADC?
- The company number of RheADC is 1014.500.036. The VAT number is the same number with BE in front: BE 1014.500.036.
- Where is RheADC based?
- The registered office is at Ambachtenlaan 1, 3001 Leuven.Company details
- What does RheADC do?
- According to the KBO register, the main activity is manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21100).
- What is the legal form of RheADC?
- RheADC is a private limited company (BV).
- When was RheADC founded?
- RheADC was founded on 02-10-2024.
- Is RheADC still active?
- Yes, RheADC is an active enterprise in the KBO register.
- What is the turnover of RheADC?
- The annual accounts for financial year 2025 state no turnover. The abbreviated format does not require it.Financials
- Is RheADC profitable?
- In financial year 2025, RheADC made a loss of €124,379.
- Where can I find the annual accounts of RheADC?
- RheADC filed 1 annual account with the National Bank of Belgium, for financial year 2025.
Next steps
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