THEMAPHARMA
ActiveSummary
THEMAPHARMA has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.71M and a net result of €-14k. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 37% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▼-1
Solvency65▲+5
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120k at 30 days acceptable
Liquidity ample (current ratio 10.29 against 3.26 in 2024; short-term debt: 3.7% and cash: 8.8% of total assets), but 60.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.9%
Return on assets
-0.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
29 d late
2023
30 d late
2022
59 d late
2021
31 d late
2020
124 d late
2019
87 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-14k
2024 · €20k
2018: €167k
2019: €158k▼ -5.5% vs 2018
2020: €1.10M▲ +592% vs 2019highest in 8 years
2021: €-2k▼ -100% vs 2020
2022: €-21k▼ -1080% vs 2021lowest in 8 years
2023: €-16k▲ +21.2% vs 2022
2024: €20k▲ +223% vs 2023
2025: €-14k▼ -167% vs 2024
2018 → 2025
Working capital
€1.45M▼ 0.5%
2024 · €1.46M
2018: €451klowest in 8 years
2019: €491k▲ +8.9% vs 2018
2020: €2.67M▲ +444% vs 2019highest in 8 years
2021: €2.34M▼ -12.4% vs 2020
2022: €1.64M▼ -30.0% vs 2021
2023: €1.45M▼ -11.3% vs 2022
2024: €1.46M▲ +0.6% vs 2023
2025: €1.45M▼ -0.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.74M-€1.71M▼ 1.2%€1.70M▼ 1.0%€1.72M▲ 1.2%€1.71M▼ 0.8%
2021: €1.74Mhighest in 5 years
2022: €1.71M▼ -1.2% vs 2021
2023: €1.70M▼ -1.0% vs 2022lowest in 5 years
2024: €1.72M▲ +1.2% vs 2023
2025: €1.71M▼ -0.8% vs 2024
Operating result€35k-€17k▼ 50.2%€20k▲ 18.1%€81k▲ 297%€30k▼ 63.2%
2021: €35k
2022: €17k▼ -50.2% vs 2021lowest in 5 years
2023: €20k▲ +18.1% vs 2022
2024: €81k▲ +297% vs 2023highest in 5 years
2025: €30k▼ -63.2% vs 2024
Net result€-2k-€-21k▼ 1,080%€-16k▲ 21.2%€20k€-14k
2021: €-2k
2022: €-21k▼ -1080% vs 2021lowest in 5 years
2023: €-16k▲ +21.2% vs 2022
2024: €20k▲ +223% vs 2023highest in 5 years
2025: €-14k▼ -167% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 63% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.28M
Fixed assets
€2.67M ▼ 4.8%
Current assets
€1.61M ▼ 23.6%
Equity and liabilities €4.28M
Equity
€1.71M ▼ 0.8%
Provisions
€233k ▼ 3.9%
Debt
€2.34M ▼ 20.6%
Debt's share of the balance-sheet total falls from 60.1% to 54.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€165k▼
2024 · €216k
Cash flow
€121k▼
2024 · €155k
Current ratio
10.29▲
2024 · 3.26
Debt to equity
1.37▼
2024 · 1.72
ROE
-0.8%▼
2024 · 1.2%
ROA
-0.3%▼
2024 · 0.4%
Interest coverage
5.98▼
2024 · 7.47
Debt ≤ 1 year
€156k▼
2024 · €645k
Debt > 1 year
€2.18M▼
2024 · €2.30M
Income taxes
€25k▼
2024 · €43k
Staff costs
€2k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€4.91M€4.28M▼
Fixed assets21/28€2.80M€2.67M▼
Intangible fixed assets21€194k€162k▼
Tangible fixed assets22/27€2.61M€2.50M▼
Land and buildings22€2.59M€2.49M▼
Furniture and vehicles24€17k€10k▼
Financial fixed assets28€2k€2k=
Current assets29/58€2.11M€1.61M▼
Amounts receivable within one year40/41€1.79M€1.23M▼
Trade receivables40€445k€158k▼
Other amounts receivable41€1.35M€1.07M▼
Cash at bank and in hand54/58€312k€379k▲
Deferred charges and accrued income490/1€86€330▲
Equity and liabilities
Total equity and liabilities10/49€4.91M€4.28M▼
Equity10/15€1.72M€1.71M▼
Contributions10/11€19k€19k=
Reserves13€1.70M€1.69M▼
Tax-exempt reserves132€968k€931k▼
Distributable reserves133€732k€756k▲
Provisions and deferred taxes16€242k€233k▼
Deferred taxes168€242k€233k▼
Amounts payable17/49€2.95M€2.34M▼
Amounts payable after more than one year17€2.30M€2.18M▼
Financial debts170/4€2.30M€2.18M▼
Amounts payable within one year42/48€645k€156k▼
Current portion of amounts payable after more than one year42€116k€121k▲
Trade debts44€35k€5k▼
Suppliers440/4€35k€5k▼
Advances received on contracts in progress46€494k-
Taxes, remuneration and social security45-€30k
Taxes450/3-€30k
Accrued charges and deferred income492/3€3k€2k▼
Income statement
Code20242025
Remuneration, social security and pensions62-€2k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€135k€135k▼
Other operating charges640/8€17k€10k▼
Gross operating margin9900€233k€177k▼
Operating profit (loss)9901€81k€30k▼
Financial income75/76B€1k€122▼
Recurring financial income75€1k€122▼
Financial charges65/66B€29k€28k▼
Recurring financial charges65€29k€28k▼
Profit (loss) for the period before taxes9903€54k€2k▼
Transfer from deferred taxes780€9k€9k=
Income taxes67/77€43k€25k▼
Profit (loss) for the period9904€20k€-14k▼
Transfer from tax-exempt reserves789€37k€37k=
Profit (loss) for the period to be appropriated9905€58k€24k▼
Appropriation of the result
Profit (loss) to be appropriated9906€58k€24k▼
Transfer to equity691/2€58k€24k▼
To other reserves6921€58k€24k▼
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €352 | - | €160 | - | €2k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €104k | €122k | €131k | €135k | €135k | ▼ 0.2% |
| Other operating charges640/8 | €125k | €52k | €30k | €17k | €10k | ▼ 39.6% |
| Non-recurring operating charges66A | €606 | - | - | - | - | - |
| Gross operating margin9900 | €265k | €191k | €181k | €233k | €177k | ▼ 24.0% |
| Operating profit (loss)9901 | €35k | €17k | €20k | €81k | €30k | ▼ 63.2% |
| Financial income75/76B | €134 | €331 | €3k | €1k | €122 | ▼ 91.3% |
| Recurring financial income75 | €134 | €331 | €3k | €1k | €122 | ▼ 91.3% |
| Financial charges65/66B | €28k | €32k | €32k | €29k | €28k | ▼ 5.0% |
| Recurring financial charges65 | €25k | €32k | €31k | €29k | €28k | ▼ 5.0% |
| Non-recurring financial charges66B | €3k | €139 | €334 | - | - | - |
| Profit (loss) for the period before taxes9903 | €7k | €-15k | €-9k | €54k | €2k | ▼ 95.4% |
| Transfer from deferred taxes780 | €4k | €8k | €9k | €9k | €9k | = |
| Income taxes67/77 | €13k | €14k | €17k | €43k | €25k | ▼ 40.5% |
| Profit (loss) for the period9904 | €-2k | €-21k | €-16k | €20k | €-14k | ▼ 167% |
| Transfer from tax-exempt reserves789 | €18k | €32k | €37k | €37k | €37k | = |
| Profit (loss) for the period to be appropriated9905 | €16k | €11k | €21k | €58k | €24k | ▼ 58.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.97M | €4.78M | €4.52M | €4.91M | €4.28M | ▼ 12.9% |
| Fixed assets21/28 | €2.46M | €2.94M | €2.92M | €2.80M | €2.67M | ▼ 4.8% |
| Intangible fixed assets21 | €292k | €259k | €227k | €194k | €162k | ▼ 16.7% |
| Tangible fixed assets22/27 | €2.16M | €2.68M | €2.69M | €2.61M | €2.50M | ▼ 3.9% |
| Land and buildings22 | €2.16M | €2.68M | €2.69M | €2.59M | €2.49M | ▼ 3.7% |
| Furniture and vehicles24 | €2k | €878 | €25 | €17k | €10k | ▼ 42.9% |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €2.52M | €1.84M | €1.60M | €2.11M | €1.61M | ▼ 23.6% |
| Amounts receivable within one year40/41 | €2.41M | €1.65M | €1.34M | €1.79M | €1.23M | ▼ 31.4% |
| Trade receivables40 | €180k | €212k | €233k | €445k | €158k | ▼ 64.6% |
| Other amounts receivable41 | €2.23M | €1.43M | €1.10M | €1.35M | €1.07M | ▼ 20.4% |
| Cash at bank and in hand54/58 | €108k | €192k | €263k | €312k | €379k | ▲ 21.2% |
| Deferred charges and accrued income490/1 | €1k | €2k | €2k | €86 | €330 | ▲ 281% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.97M | €4.78M | €4.52M | €4.91M | €4.28M | ▼ 12.9% |
| Equity10/15 | €1.74M | €1.71M | €1.70M | €1.72M | €1.71M | ▼ 0.8% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €1.72M | €1.70M | €1.68M | €1.70M | €1.69M | ▼ 0.8% |
| Tax-exempt reserves132 | €1.07M | €1.04M | €1.01M | €968k | €931k | ▼ 3.9% |
| Distributable reserves133 | €643k | €654k | €675k | €732k | €756k | ▲ 3.2% |
| Provisions and deferred taxes16 | €268k | €261k | €251k | €242k | €233k | ▼ 3.9% |
| Deferred taxes168 | €268k | €261k | €251k | €242k | €233k | ▼ 3.9% |
| Amounts payable17/49 | €2.97M | €2.81M | €2.57M | €2.95M | €2.34M | ▼ 20.6% |
| Amounts payable after more than one year17 | €2.79M | €2.61M | €2.42M | €2.30M | €2.18M | ▼ 5.1% |
| Financial debts170/4 | €2.79M | €2.61M | €2.42M | €2.30M | €2.18M | ▼ 5.1% |
| Amounts payable within one year42/48 | €178k | €204k | €149k | €645k | €156k | ▼ 75.8% |
| Current portion of amounts payable after more than one year42 | €44k | €115k | €115k | €116k | €121k | ▲ 4.1% |
| Trade debts44 | €131k | €32k | €32k | €35k | €5k | ▼ 84.7% |
| Suppliers440/4 | €131k | €32k | €32k | €35k | €5k | ▼ 84.7% |
| Advances received on contracts in progress46 | - | - | - | €494k | - | - |
| Taxes, remuneration and social security45 | €3k | €56k | €2k | - | €30k | - |
| Taxes450/3 | €2k | €56k | €2k | - | €30k | - |
| Remuneration and social security454/9 | €947 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €38 | - | €3k | €3k | €2k | ▼ 33.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-2k | €-21k | €-16k | €20k | €-14k | ▼ 167% |
| + Depreciation and write-downs630 | €104k | €122k | €131k | €135k | €135k | ▼ 0.2% |
| Operating cash flow (approximation) | €103k | €101k | €114k | €155k | €121k | ▼ 22.0% |
| Investment in fixed assets (approximation) | - | €-608k | €-104k | €-22k | €0 | ▲ 100% |
| Change in cash | - | €84k | €71k | €49k | €66k | ▲ 34.3% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Liquidity triplescurrent ratio 10.29
Current ratio from 3.26 to 10.29; short-term debt falls from €645k to €156k.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Back to profitnet €20k
Net result €20k after 3 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 59 days late
2022
31-12
Financial
Weakest financial yearnet €-21k
Net result drops to €-21k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 14.16
Current ratio from 6.82 to 14.16; short-term debt falls from €458k to €178k.
02-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 124 days late
2020
31-12
Financial
Highest result since 2018net €1.10M ▲592%
Net result €1.10M, the highest in the series.
31-12
Financial
Liquidity triplescurrent ratio 6.82
Current ratio from 2.06 to 6.82; short-term debt falls from €463k to €458k.
Show earlier events
31-12
Financial
Equity above €1MEq €1.74M ▲170%
3 profitable years in a row build equity to €1.74M.
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 87 days late
2019
31-12
Financial
Equity above €500kEq €642k ▲32.7%
2 profitable years in a row build equity to €642k.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Les Bons Villers · 1 establishment unit since 1988
Ground area
1,236 m²
Building footprint
85 m²
Parcel 52046B0404/02E000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue d'En-dessous(MEL) 41, 6211 Les Bons Villers
since 19882.041.291.457
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52046B0404/02E000 | Wallonia | 1,236 m² | 1 · 85 m² | - |
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.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 21,994 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
Founded05-12-1988
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68121Development of residential building projects
68310Real estate agency activities
73300Public relations and communication consultancy
Scores and ratios are computed by Checked and are not a credit decision.