Smart Pharma
ActiveSummary
The computed 12-month bankruptcy probability of Smart Pharma is 1.6% (moderate). The 2025 annual accounts show equity of €84,109 and a net result of -€37,265. Equity is growing by ~3.5% per year across the filed fiscal years. Its solvency ranks better than 27% of 10519 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability9=
Solvency42▼-8
Growth52=
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days only on tighter terms
Liquidity short (current ratio 0.9 against 1.15 in 2024; short-term debt: 48.9% and cash: 3.1% of total assets), and 82.6% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
17.4%
Return on assets
-7.7%
Age of the figures
9 mo
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 · 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 -€37,265
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 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
24 d late
2024
1 d early
2023
22 d late
2022
30 d late
2021
4 d early
2020
37 d early
2019
35 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 on the deadline day; the sector median for financial year 2024 is on the deadline day, and 46% 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, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€37,265▲ 3.0%
2024 · -€38,424
Working capital
-€22,847
2024 · €28,006
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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€42,421▼ 56.7%€8,120▼ 80.9%€8,435▲ 3.9%-€30,241-€29,564▲ 2.2%
Net result€24,707within the sector's middle half▼ 67.1%-€1,055within the sector's middle half-€536within the sector's middle half▲ 49.2%-€38,424below the sector's middle half▼ 7,065%-€37,265below the sector's middle half▲ 3.0%
Equity€161,390within the sector's middle half▲ 18.1%€160,335within the sector's middle half▼ 0.7%€159,798within the sector's middle half▼ 0.3%€121,374within the sector's middle half▼ 24.0%€84,109within the sector's middle half▼ 30.7%
Total assets€595,111within the sector's middle half▼ 8.2%€549,581within the sector's middle half▼ 7.7%€503,937within the sector's middle half▼ 8.3%€490,603within the sector's middle half▼ 2.6%€483,477within the sector's middle half▼ 1.5%
Debt€433,722▼ 15.2%€389,246▼ 10.3%€344,138▼ 11.6%€369,228▲ 7.3%€399,368▲ 8.2%
Working capital€100,792within the sector's middle half▲ 11.8%€86,582within the sector's middle half▼ 14.1%€66,793within the sector's middle half▼ 22.9%€28,006within the sector's middle half▼ 58.1%-€22,847below the sector's middle half
Solvency27.1%within the sector's middle half▲ 6.0pp29.2%within the sector's middle half▲ 2.1pp31.7%within the sector's middle half▲ 2.5pp24.7%within the sector's middle half▼ 7.0pp17.4%within the sector's middle half▼ 7.3pp
Current ratio1.71within the sector's middle half▲ 0.211.63within the sector's middle half▼ 0.081.51within the sector's middle half▼ 0.131.15within the sector's middle half▼ 0.350.90below the sector's middle half▼ 0.25
Return on assets (ROA)4.2%within the sector's middle half▼ 7.5pp-0.2%within the sector's middle half▼ 4.3pp-0.1%within the sector's middle half▲ 0.1pp-7.8%below the sector's middle half▼ 7.7pp-7.7%below the sector's middle half▲ 0.1pp
Staff (FTE)0.7below the sector's middle half1below the sector's middle half▲ 42.9%1below the sector's middle half=1below the sector's middle half=1.1below the sector's middle half▲ 10.0%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €29,564 in 2025 against €30,241 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €483,477
Fixed assets
€269,873 ▼ 4.1%
Current assets
€213,605 ▲ 2.1%
Equity and liabilities €483,477
Equity
€84,109 ▼ 30.7%
Debt
€399,368 ▲ 8.2%
Debt's share of the balance-sheet total rises from 75.3% to 82.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€18,015▼
2024 · -€4,314
Cash flow
-€25,716▼
2024 · -€12,496
Quick ratio
0.45▲
2024 · 0.45
Debt to equity
4.75▲
2024 · 3.04
ROE
-44.3%▼
2024 · -31.7%
Interest coverage
-2.34▼
2024 · -0.53
Debt ≤ 1 year
€236,451▲
2024 · €181,175
Debt > 1 year
€161,353▼
2024 · €186,344
Staff costs
€73,872▲
2024 · €68,963
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,166 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.2%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 2,166 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 | €38,818 | €62,519 | €61,866 | €68,963 | €73,872 | ▲ 7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,116 | €26,532 | €33,429 | €25,928 | €11,549 | ▼ 55.5% |
| Other operating charges640/8 | - | - | €0 | €0 | €1 | ▲ 6,000% |
| Non-recurring operating charges66A | €6 | - | - | - | - | - |
| Gross operating margin9900 | €107,361 | €97,170 | €103,730 | €64,649 | €55,858 | ▼ 13.6% |
| Operating profit (loss)9901 | €42,421 | €8,120 | €8,435 | -€30,241 | -€29,564 | ▲ 2.2% |
| Financial income75/76B | €430 | €409 | €284 | - | - | - |
| Recurring financial income75 | €430 | €409 | €284 | - | - | - |
| Financial charges65/66B | €9,964 | €9,583 | €9,255 | €8,182 | €7,701 | ▼ 5.9% |
| Recurring financial charges65 | €9,964 | €9,583 | €9,255 | €8,182 | €7,701 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | €32,888 | -€1,055 | -€536 | -€38,424 | -€37,265 | ▲ 3.0% |
| Income taxes67/77 | €8,181 | - | - | - | - | - |
| Profit (loss) for the period9904 | €24,707 | -€1,055 | -€536 | -€38,424 | -€37,265 | ▲ 3.0% |
| Profit (loss) for the period to be appropriated9905 | €24,707 | -€1,055 | -€536 | -€38,424 | -€37,265 | ▲ 3.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €595,111 | €549,581 | €503,937 | €490,603 | €483,477 | ▼ 1.5% |
| Fixed assets21/28 | €353,019 | €326,487 | €305,250 | €281,422 | €269,873 | ▼ 4.1% |
| Intangible fixed assets21 | €39,000 | €26,000 | €13,000 | - | - | - |
| Tangible fixed assets22/27 | €314,019 | €300,487 | €292,250 | €281,422 | €269,873 | ▼ 4.1% |
| Land and buildings22 | €296,672 | €287,632 | €283,714 | €274,462 | €265,210 | ▼ 3.4% |
| Plant, machinery and equipment23 | €17,347 | €12,855 | €8,536 | €6,959 | €4,663 | ▼ 33.0% |
| Current assets29/58 | €242,093 | €223,094 | €198,686 | €209,181 | €213,605 | ▲ 2.1% |
| Stocks and contracts in progress3 | €144,844 | €124,978 | €131,238 | €128,463 | €107,503 | ▼ 16.3% |
| Stocks30/36 | €144,844 | €124,978 | €131,238 | €128,463 | €107,503 | ▼ 16.3% |
| Amounts receivable within one year40/41 | €38,320 | €64,521 | €50,397 | €68,079 | €88,384 | ▲ 29.8% |
| Trade receivables40 | €37,000 | €33,627 | €32,106 | €35,248 | €36,168 | ▲ 2.6% |
| Other amounts receivable41 | €1,319 | €30,894 | €18,291 | €32,831 | €52,216 | ▲ 59.0% |
| Cash at bank and in hand54/58 | €55,337 | €28,207 | €16,948 | €9,880 | €15,179 | ▲ 53.6% |
| Deferred charges and accrued income490/1 | €3,591 | €5,387 | €104 | €2,760 | €2,539 | ▼ 8.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €595,111 | €549,581 | €503,937 | €490,603 | €483,477 | ▼ 1.5% |
| Equity10/15 | €161,390 | €160,335 | €159,798 | €121,374 | €84,109 | ▼ 30.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €153,330 | €152,275 | €151,738 | €113,314 | €76,049 | ▼ 32.9% |
| Amounts payable17/49 | €433,722 | €389,246 | €344,138 | €369,228 | €399,368 | ▲ 8.2% |
| Amounts payable after more than one year17 | €292,421 | €252,734 | €212,245 | €186,344 | €161,353 | ▼ 13.4% |
| Financial debts170/4 | €292,421 | €252,734 | €212,245 | €186,344 | €161,353 | ▼ 13.4% |
| Amounts payable within one year42/48 | €141,300 | €136,512 | €131,893 | €181,175 | €236,451 | ▲ 30.5% |
| Current portion of amounts payable after more than one year42 | €38,903 | €39,687 | €40,489 | €25,901 | €24,991 | ▼ 3.5% |
| Trade debts44 | €62,059 | €54,404 | €62,771 | €76,232 | €96,409 | ▲ 26.5% |
| Suppliers440/4 | €62,059 | €54,404 | €62,771 | €76,232 | €96,409 | ▲ 26.5% |
| Taxes, remuneration and social security45 | €3,844 | €10,941 | €7,531 | €11,995 | €17,732 | ▲ 47.8% |
| Taxes450/3 | - | €1,106 | €66 | - | €2,209 | - |
| Remuneration and social security454/9 | €3,844 | €9,834 | €7,464 | €11,995 | €15,522 | ▲ 29.4% |
| Other amounts payable47/48 | €36,495 | €31,480 | €21,103 | €67,047 | €97,320 | ▲ 45.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,709 | €1,563 | ▼ 8.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,707 | -€1,055 | -€536 | -€38,424 | -€37,265 | ▲ 3.0% |
| + Depreciation and write-downs630 | €26,116 | €26,532 | €33,429 | €25,928 | €11,549 | ▼ 55.5% |
| Operating cash flow (approximation) | €50,823 | €25,477 | €32,893 | -€12,496 | -€25,716 | ▼ 106% |
| Investment in fixed assets (approximation) | - | €0 | -€12,193 | -€2,099 | €0 | ▲ 100% |
| Change in cash | - | -€27,131 | -€11,259 | -€7,068 | €5,299 | ▲ 175% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 24 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€38,424
Net result drops to -€38,424, the lowest in the series; recovery starts the following year.
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 22 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €150,000Eq €161,390 ▲18.1%
4 profitable years in a row build equity to €161,390.
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €75,204 ▲48.2%
Operating result €98,015, net result €75,204, both a record.
31-12
Financial
Equity above €100,000Eq €136,683 ▲40.2%
3 profitable years in a row build equity to €136,683.
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
03-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Elsene · 1 establishment unit since 2015
Ground area
273 m²
Building footprint
264 m²
Volume, LiDAR
4,774 m³
Parcel 21447B0274/00W009, Brussels · tallest building 21.8 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
PHARMACIE
since 20152.241.404.536
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21447B0274/00W009 | Brussels | 273 m² | 1 · 264 m² | 21.8 m · 6 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 ownerChain of control
- ROZENTAL & HERMAN
- Smart Pharma
Highest known parent: ROZENTAL & HERMAN. The sources do not say who stands above it.
Owners 1
-
100%
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.
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 3,294 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 (pre-2019)
Founded29-01-2015
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
68121Development of residential building projects
46150Agents in the wholesale of furniture, household goods and hardware
46190Agents in non-specialised wholesale trade
46460Wholesale of pharmaceutical and medical goods
47741Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
64999Other financial services
68201Renting and operating of own or leased residential real estate, excluding social housing
68310Real estate agency activities
70200Business and other management consultancy
85599Other education
E-invoicing
Reachable via Peppol
Peppol ID
0208:0588980436
Also
9925:BE0588980436
Registered
26-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.