STUDIO PHARMA
InactiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 19 filings
Turnover
≈ €2.0m
Estimated: probably between €1.2m and €3.4m
Total assets
€1.3m▲ 39.6%
2024 · €918,815
Net result
€349,051▼ 49.7%
2024 · €694,614
Working capital
€108,377▼ 85.7%
2024 · €755,996
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€452,429
▼ 34.1%
2025
20182025
Net result
€349,051
▼ 49.7%
2025
20182025
Equity
€138,700
▼ 83.0%
2025
20182025
Total assets
€1.3m
▲ 39.6%
2025
20182025
Debt
€1.1m
▲ 11×
2025
20182025
Working capital
€108,377
▼ 85.7%
2025
20182025
Staff (FTE)
4.9
▼ 2.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.2m▲ 35.1%€0.3m▲ 18.4%€0.3m▲ 1.4%€0.4m▲ 54.6%€0.6m▲ 25.4%€0.7m▲ 22.2%€0.5m▼ 34.1%
Net result€0.1m-€0.2m▲ 29.6%€0.2m▲ 24.5%€0.2m▲ 2.7%€0.3m▲ 48.9%€0.4m▲ 23.1%€0.7m▲ 83.5%€0.3m▼ 49.7%
Equity€0.4m-€0.5m▲ 19.4%€0.7m▲ 33.6%€0.8m▲ 18.0%€1.0m▲ 21.0%€1.3m▲ 29.7%€0.8m▼ 37.3%€0.1m▼ 83.0%
Total assets€0.5m-€0.6m▲ 39.5%€1.2m▲ 84.5%€1.3m▲ 8.4%€1.5m▲ 15.3%€1.8m▲ 17.7%€0.9m▼ 47.6%€1.3m▲ 39.6%
Debt€0.02m-€0.1m▲ 413%€0.5m▲ 306%€0.5m▼ 5.4%€0.5m▲ 5.1%€0.5m▼ 6.9%€0.1m▼ 77.1%€1.1m▲ 11×
Working capital€0.3m-€0.4m▲ 35.6%€0.6m▲ 35.2%€0.7m▲ 22.0%€0.9m▲ 25.3%€1.1m▲ 30.0%€0.8m▼ 33.8%€0.1m▼ 85.7%
Staff (FTE)0.8-1.6▲ 100%2.3▲ 43.8%3.5▲ 52.2%3.4▼ 2.9%3.9▲ 14.7%5▲ 28.2%4.9▼ 2.0%
The operating result for 2025 is 34% lower than in 2024.
Large changes and their cause
- 2025 Equity -83% on 2024. Last accounts before the absorption by IN2PHARMA (effective 02-04-2026).
- 2024 Net result +84% on 2023. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €1.3m
Fixed assets
€32,621 ▼ 44.7%
Current assets
€1.3m ▲ 45.4%
Equity and liabilities €1.3m
Equity
€138,700 ▼ 83.0%
Debt
€1.1m ▲ 11×
Debt's share of the balance-sheet total rises from 11.3% to 89.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€464,013▼
2024 · €708,595
Cash flow
€360,634▼
2024 · €716,572
Current ratio
1.09▼
2024 · 8.28
Debt to equity
8.25▲
2024 · 0.13
ROE
251.7%▲
2024 · 85.2%
ROA
27.2%▼
2024 · 75.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1.1m▲
2024 · €103,845
Income taxes
€120,338▼
2024 · €182,556
Staff costs
€384,337▲
2024 · €368,451
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 | 4 | 5 | 6 | 5 |
| full-time | 3 | 2 | 4 | 4 | 2 |
| part-time | 1 | 2 | 1 | 2 | 3 |
| in full-time equivalents | 3.8 | 3.6 | 4.8 | 5.6 | 4.4 |
| Average over the year, in full-time equivalents | 3.5 | 3.4 | 3.9 | 5 | 4.9 |
| On a permanent contract | 4 | 4 | 5 | 6 | 5 |
| Joined | 2 | 1 | 2 | 5 | 1 |
| Left | 1 | 1 | 1 | 4 | 2 |
| Training hours | - | 8 | 16 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €115,000 | €115,000 | €115,000 | - | - |
| Carrying value of the mortgaged assets | €411,022 | €394,777 | €378,532 | - | - |
| Pledge on other assets, amount secured | €284,000 | €284,000 | €284,000 | - | - |
| Carrying value of the other pledged assets | €310,192 | €310,192 | €310,192 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,568 | €3,633 | €42,912 | €15,999 | €9,297 |
| Financial fixed assets | €100 | - | - | - | €0 |
| Depreciation and write-downs of the year | €34,164 | €32,403 | €33,784 | €21,958 | €11,583 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,985 awarded · €2,985 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.006m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.01m | ▼ 47.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.005m | €0.004m | €0.006m | €0.005m | ▼ 15.7% |
| Gross operating margin9900 | €0.3m | €0.4m | €0.5m | €0.5m | €0.8m | €0.9m | €1.1m | €0.9m | ▼ 21.2% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.6m | €0.7m | €0.5m | ▼ 34.1% |
| Financial income75/76B | - | - | - | €0.01m | €0.01m | €0.008m | €0.2m | €0.02m | ▼ 91.3% |
| Recurring financial income75 | €0.002m | €0.003m | €0.004m | €0.01m | €0.01m | €0.008m | €0.2m | €0.02m | ▼ 91.3% |
| Financial charges65/66B | - | - | - | €0.007m | €0.006m | €0.007m | €0.007m | €285 | ▼ 96.0% |
| Recurring financial charges65 | €63 | €86 | €0.005m | €0.007m | €0.006m | €0.007m | €0.007m | €285 | ▼ 96.0% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | €0.9m | €0.5m | ▼ 46.5% |
| Income taxes67/77 | €0.06m | €0.08m | €0.08m | €0.09m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 34.1% |
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.7m | €0.3m | ▼ 49.7% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €0.04m | €0.08m | €0.04m | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.7m | €0.3m | ▼ 49.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.6m | €1.2m | €1.3m | €1.5m | €1.8m | €0.9m | €1.3m | ▲ 39.6% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.5m | €0.5m | €0.4m | €0.4m | €0.06m | €0.03m | ▼ 44.7% |
| Intangible fixed assets21 | €0.005m | €0.002m | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.5m | €0.5m | €0.4m | €0.4m | €0.06m | €0.03m | ▼ 44.8% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €473 | €303 | €0.002m | €0.002m | ▲ 6.1% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.04m | €0.04m | €0.03m | ▼ 27.9% |
| Other tangible fixed assets26 | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | €0 | ▼ 100% |
| Financial fixed assets28 | - | - | - | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €0.3m | €0.5m | €0.7m | €0.8m | €1.0m | €1.3m | €0.9m | €1.3m | ▲ 45.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €1.1m | ▲ 476% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.7% |
| Other amounts receivable41 | - | - | - | - | €97 | €0 | €133 | €1.0m | ▲ 7,238× |
| Current investments50/53 | €0.03m | €0.05m | €0.3m | €0.5m | €0.7m | €0.9m | €0.5m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.1m | €0.4m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 29.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.006m | €0.01m | €0.008m | ▼ 36.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €1.2m | €1.3m | €1.5m | €1.8m | €0.9m | €1.3m | ▲ 39.6% |
| Equity10/15 | €0.4m | €0.5m | €0.7m | €0.8m | €1.0m | €1.3m | €0.8m | €0.1m | ▼ 83.0% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.4m | €0.5m | €0.7m | €0.8m | €1.0m | €1.3m | €0.8m | €0.1m | ▼ 84.3% |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.7m | €0.8m | €1.2m | €0.7m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.02m | €0.1m | €0.5m | €0.5m | €0.5m | €0.5m | €0.1m | €1.1m | ▲ 11× |
| Amounts payable after more than one year17 | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0 | - | - |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0 | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €1.1m | ▲ 1,000% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.03m | €0 | - | - |
| Trade debts44 | €0.006m | €0.003m | €0.005m | €0.03m | €0.03m | €0.04m | €0.03m | €0.05m | ▲ 55.8% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.04m | €0.03m | €0.05m | ▲ 55.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.07m | €0.06m | €0.04m | €0.07m | ▲ 63.1% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.03m | €0.008m | €0.03m | ▲ 227% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 26.8% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.05m | €0.04m | €0.03m | €1.0m | ▲ 32× |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0 | €0.002m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €124,663 | €161,552 | €201,164 | €206,506 | €307,508 | €378,479 | €694,614 | €349,051 | ▼ 49.7% |
| + Depreciation and write-downs630 | €30,375 | €30,690 | €29,135 | €34,164 | €32,403 | €33,784 | €21,958 | €11,583 | ▼ 47.2% |
| Operating cash flow (approximation) | €155,038 | €192,242 | €230,299 | €240,670 | €339,910 | €412,262 | €716,572 | €360,634 | ▼ 49.7% |
| Investment in fixed assets (approximation) | - | -€4,496 | -€422,581 | -€8,606 | -€3,633 | -€42,912 | €367,131 | €14,770 | ▼ 96.0% |
| Change in cash | - | €219,851 | -€83,778 | -€53,926 | -€5,357 | -€105,940 | €37,665 | -€43,288 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00182875 | |
| 31-12-2024 | abbreviated format | 19-05-2025 | 2025-00097664 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00251644 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00139379 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20179064 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-36200220 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-23000003 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-23400335 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-21800021 | |
| 31-12-2016 | micro format | 22-06-2017 | 2017-20300147 |