SANAS
ActiveSummary
SANAS has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €362,620 and a net result of -€69,601. Equity is shrinking by ~12.7% per year across the filed fiscal years. Its solvency ranks better than 59% of 50 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability6▲+6
Solvency77▼-23
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19,000 at 30 days acceptable
Liquidity ample (current ratio 1.74 against 3.44 in 2024; short-term debt: 47.9% and cash: 7.2% of total assets), and 48.1% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four 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 21
Relative position
BE, all sectors
reference
Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21)
about 14% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 -€69,601
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-09-2026, 32 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
32 d late
2024
85 d late
2023
49 d late
2022
31 d late
2021
20 d early
2020
60 d late
2019
91 d late
← 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 47 days after the deadline; the sector median for financial year 2024 is 9 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. Usually files around 1 September (4 of the last 5 filed years within 52 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€362,620▼ 16.1%
2024 · €432,221
Total assets
€698,330▲ 26.9%
2024 · €550,328
Net result
-€69,601▲ 46.8%
2024 · -€130,815
Working capital
€249,356▼ 13.6%
2024 · €288,678
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 21, Manufacture of basic pharmaceutical products and pharmaceutical preparations, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€11,072▲ 93.4%-€59,655▼ 439%-€198,730▼ 233%-€93,741▲ 52.8%-€59,796▲ 36.2%
Net result€2,507within the sector's middle half-€58,934within the sector's middle half-€206,101below the sector's middle half▼ 250%-€130,815within the sector's middle half▲ 36.5%-€69,601within the sector's middle half▲ 46.8%
Equity€828,071within the sector's middle half▲ 0.3%€769,137within the sector's middle half▼ 7.1%€563,036within the sector's middle half▼ 26.8%€432,221within the sector's middle half▼ 23.2%€362,620within the sector's middle half▼ 16.1%
Total assets€1.3mwithin the sector's middle half▲ 21.3%€1.0mwithin the sector's middle half▼ 20.0%€943,096within the sector's middle half▼ 6.0%€550,328below the sector's middle half▼ 41.6%€698,330within the sector's middle half▲ 26.9%
Debt€426,466▲ 105%€233,985▼ 45.1%€380,059▲ 62.4%€118,107▼ 68.9%€335,710▲ 184%
Working capital€782,043above the sector's middle half▼ 4.5%€434,621within the sector's middle half▼ 44.4%€434,799within the sector's middle half=€288,678within the sector's middle half▼ 33.6%€249,356within the sector's middle half▼ 13.6%
Solvency66.0%within the sector's middle half▼ 13.8pp76.7%above the sector's middle half▲ 10.7pp59.7%within the sector's middle half▼ 17.0pp78.5%above the sector's middle half▲ 18.8pp51.9%within the sector's middle half▼ 26.6pp
Current ratio2.83above the sector's middle half▼ 2.102.86within the sector's middle half▲ 0.022.14within the sector's middle half▼ 0.713.44above the sector's middle half▲ 1.301.74within the sector's middle half▼ 1.70
Return on assets (ROA)0.2%within the sector's middle half▲ 14.3pp-5.9%within the sector's middle half▼ 6.1pp-21.9%below the sector's middle half▼ 16.0pp-23.8%within the sector's middle half▼ 1.9pp-10.0%within the sector's middle half▲ 13.8pp
Staff (FTE)2.2▲ 4.8%2.2within the sector's middle half=6.3within the sector's middle half▲ 186%0.5below the sector's middle half▼ 92.1%0▼ 100%
above
within
below
the middle half (P25 to P75) of NACE 21, Manufacture of basic pharmaceutical products and pharmaceutical preparations, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €59,796 in 2025 against €93,741 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €698,330
Fixed assets
€114,163 ▼ 20.5%
Current assets
€584,167 ▲ 43.6%
Equity and liabilities €698,330
Equity
€362,620 ▼ 16.1%
Debt
€335,710 ▲ 184%
Debt's share of the balance-sheet total rises from 21.5% to 48.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€26,816▲
2024 · -€46,150
Cash flow
-€36,621▲
2024 · -€83,224
Quick ratio
0.89▼
2024 · 2.17
Debt to equity
0.93▲
2024 · 0.27
ROE
-19.2%▲
2024 · -30.3%
Interest coverage
-1.82▼
2024 · -1.24
Debt ≤ 1 year
€334,810▲
2024 · €118,107
Income taxes
€4,615▲
2024 · €0
Staff costs
€70▼
2024 · €89,446
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,611 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.1%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 8,611 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €87,851 | €258,845 | €310,124 | €89,446 | €70 | ▼ 99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,900 | €35,429 | €46,472 | €47,591 | €32,980 | ▼ 30.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €68,465 | €0 | - | - | - |
| Other operating charges640/8 | €7,440 | €5,470 | €7,016 | €7,605 | €4,845 | ▼ 36.3% |
| Non-recurring operating charges66A | - | - | - | €4,583 | €70,068 | ▲ 1,429% |
| Gross operating margin9900 | €90,119 | €308,553 | €164,881 | €55,484 | €48,168 | ▼ 13.2% |
| Operating profit (loss)9901 | -€11,072 | -€59,655 | -€198,730 | -€93,741 | -€59,796 | ▲ 36.2% |
| Financial income75/76B | €17,724 | €10,153 | €561 | €34 | €9,526 | ▲ 27,698% |
| Recurring financial income75 | €17,724 | €10,153 | €561 | €34 | €9,526 | ▲ 27,698% |
| Financial charges65/66B | €4,007 | €8,932 | €8,291 | €37,108 | €14,718 | ▼ 60.3% |
| Recurring financial charges65 | €4,007 | €8,932 | €8,291 | €37,108 | €14,718 | ▼ 60.3% |
| Profit (loss) for the period before taxes9903 | €2,644 | -€58,434 | -€206,461 | -€130,815 | -€64,987 | ▲ 50.3% |
| Income taxes67/77 | €137 | €500 | -€360 | €0 | €4,615 | - |
| Profit (loss) for the period9904 | €2,507 | -€58,934 | -€206,101 | -€130,815 | -€69,601 | ▲ 46.8% |
| Profit (loss) for the period to be appropriated9905 | €2,507 | -€58,934 | -€206,101 | -€130,815 | -€69,601 | ▲ 46.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.0m | €943,096 | €550,328 | €698,330 | ▲ 26.9% |
| Fixed assets21/28 | €46,028 | €334,517 | €128,237 | €143,543 | €114,163 | ▼ 20.5% |
| Intangible fixed assets21 | €31,394 | €119,044 | €100,582 | €121,480 | €97,287 | ▼ 19.9% |
| Tangible fixed assets22/27 | €14,134 | €214,718 | €26,901 | €21,309 | €16,122 | ▼ 24.3% |
| Plant, machinery and equipment23 | €6,578 | €48,402 | €3,940 | €2,958 | €1,977 | ▼ 33.2% |
| Furniture and vehicles24 | €5,770 | €18,259 | €9,712 | €6,618 | €3,912 | ▼ 40.9% |
| Other tangible fixed assets26 | €1,786 | €148,058 | €13,249 | €11,732 | €10,233 | ▼ 12.8% |
| Financial fixed assets28 | €500 | €755 | €755 | €755 | €755 | = |
| Current assets29/58 | €1.2m | €668,605 | €814,859 | €406,785 | €584,167 | ▲ 43.6% |
| Amounts receivable after more than one year29 | €63,165 | - | - | - | - | - |
| Other amounts receivable291 | €63,165 | - | - | - | - | - |
| Stocks and contracts in progress3 | €367,826 | €367,826 | €120,136 | €149,994 | €287,226 | ▲ 91.5% |
| Stocks30/36 | €367,826 | €367,826 | €120,136 | €149,994 | €287,226 | ▲ 91.5% |
| Amounts receivable within one year40/41 | €715,770 | €222,610 | €659,031 | €37,888 | €246,303 | ▲ 550% |
| Trade receivables40 | €426,551 | €180,396 | €646,678 | €22,732 | €228,079 | ▲ 903% |
| Other amounts receivable41 | €289,219 | €42,214 | €12,353 | €15,156 | €18,224 | ▲ 20.2% |
| Cash at bank and in hand54/58 | €59,685 | €68,727 | €35,691 | €213,305 | €50,454 | ▼ 76.3% |
| Deferred charges and accrued income490/1 | €2,062 | €9,442 | €0 | €5,597 | €183 | ▼ 96.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.0m | €943,096 | €550,328 | €698,330 | ▲ 26.9% |
| Equity10/15 | €828,071 | €769,137 | €563,036 | €432,221 | €362,620 | ▼ 16.1% |
| Contributions10/11 | €170,000 | €170,000 | €170,000 | €170,000 | €170,000 | = |
| Reserves13 | €77,842 | €598,842 | €392,842 | €261,842 | €191,842 | ▼ 26.7% |
| Non-distributable reserves130/1 | €77,842 | €598,842 | €20,000 | €20,000 | €20,000 | = |
| Reserves not available under the articles1311 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Other1319 | €57,842 | €578,842 | - | - | - | - |
| Distributable reserves133 | - | - | €372,842 | €241,842 | €171,842 | ▼ 28.9% |
| Profit (loss) carried forward14 | €580,229 | €296 | €195 | €379 | €778 | ▲ 105% |
| Amounts payable17/49 | €426,466 | €233,985 | €380,059 | €118,107 | €335,710 | ▲ 184% |
| Amounts payable within one year42/48 | €426,466 | €233,985 | €380,059 | €118,107 | €334,810 | ▲ 183% |
| Trade debts44 | €415,929 | €195,045 | €41,634 | €84,498 | €243,596 | ▲ 188% |
| Suppliers440/4 | €415,929 | €195,045 | €41,634 | €84,498 | €243,596 | ▲ 188% |
| Advances received on contracts in progress46 | €7,154 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €2,952 | €12,810 | €3,565 | €140 | €2,200 | ▲ 1,476% |
| Taxes450/3 | €11 | €438 | €2,063 | €140 | €2,200 | ▲ 1,476% |
| Remuneration and social security454/9 | €2,941 | €12,372 | €1,503 | €0 | - | - |
| Other amounts payable47/48 | €430 | €26,129 | €334,861 | €33,469 | €89,014 | ▲ 166% |
| Accrued charges and deferred income492/3 | - | - | - | - | €900 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,507 | -€58,934 | -€206,101 | -€130,815 | -€69,601 | ▲ 46.8% |
| + Depreciation and write-downs630 | €5,900 | €35,429 | €46,472 | €47,591 | €32,980 | ▼ 30.7% |
| Operating cash flow (approximation) | €8,408 | -€23,505 | -€159,629 | -€83,224 | -€36,621 | ▲ 56.0% |
| Investment in fixed assets (approximation) | - | -€323,917 | €159,807 | -€62,897 | -€3,600 | ▲ 94.3% |
| Change in cash | - | €9,042 | -€33,036 | €177,614 | -€162,851 | ▼ 192% |
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
01-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 32 days late
24-07
State Gazette act
Registered officeRegistered-office move · Director in office3 facts ▸
State Gazette act
Registered office
Registered-office move · Director in office3 facts ▸
- General meeting, 25-03-2026
- Registered-office move, Evolis 101 te 8530 Harelbeke
- Director in office, Denutte Ignace (director)
2025
24-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 85 days late
2024
18-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 49 days late
2023
31-12
Financial
Weakest financial yearnet -€206,101
Net result drops to -€206,101, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €2,507
Net result €2,507 after 3 loss-making years.
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 60 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 91 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 59 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 59 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Harelbeke · 1 establishment unit since 1985
Ground area
9,289 m²
Building footprint
6,188 m²
Parcel 34322C0700/00B000, Flanders · tallest building 0.1 m. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Vitaphar
since 19852.027.690.374
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34322C0700/00B000 | Flanders | 9,289 m² | 1 · 6,188 m² | 0.1 m |
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 ownerOwners 1
- Sourceaccounts VITONA 202120%
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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 2,067 EUR awarded · 447 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,320 EUR | 0 EUR |
| 2024 | 1 | 300 EUR | 0 EUR |
| 2022 | 1 | 447 EUR | 447 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteHarelbeke2.027.690.374
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Of 97 companies in sector 21209 we hold annual accounts for 74. 38 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-08-1985
Fiscal year end31-12
Activities, NACEBEL 2025
21209Manufacture of basic pharmaceutical products and pharmaceutical preparations
32990Other manufacturing not elsewhere classified
47789Other retail sale of new goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0427676859
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.