Equity
€928,880 ▲ 1.1%
TORNAPHAR has made a profit without a break since 2013.
TORNAPHAR
Lifetime
20 annual accounts with figures on one time axis, 32 filings since 1993peak €1.1m (2019)
€973,113▲ 13.3%
lowest -€32,636 (2007)
€9,903▲ 56.1%
peak €928,880 (2025)
€928,880▲ 1.1%
€2.7m▲ 8.4%
peak 13.2 FTE (2025)
13.2 FTE▲ 32.0%
Board5 names since 2019
3 directorsBEL MANAGEMENT and 2 others
Owners2 names in the annual accounts
Documentsfilings and deeds
29-10-202690 days late
2025financial year
Gross margin from €858,962 to €973,113Result from €6,343 to €9,903Staff from 10 FTE to 13.2 FTE1 director appointed, 1 resignation, 2 reappointments 28-01Cash from €124,529 to €256,299
Key points
from the 2025 annual accountsTurnover
≈ €3.5m estimated
The accounts state no turnover.
Debts
€2.7m 73% of the balance sheet
Financial debts 23%Suppliers 47%Taxes and wages 6%Other 24%
Of this, €2.1m falls due within a year.
Staff
13.2 FTE ▲ 32.0%
More staff in 2025 from 10 FTE to 13.2 FTE.
Filings
32 annual accounts 90 days
Latest accounts filed late: after the legal deadline.
Position in the sector
€973,113
Higher gross margin than 82% of companies in retail trade. Sector median €332,168 · 4,029 companies.
Checked score
68
Healthy
Financially stronger than 42% of small companies in retail trade (NACE 47)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 3,697 companies (NACE 47, small).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.2%
01-2025: 1.2%● unchanged vs 12-2024
02-2025: 1.2%● unchanged vs 01-2025
03-2025: 1.3%▲ +0.1 percentage points vs 02-2025
04-2025: 1.4%▲ +0.1 percentage points vs 03-2025
05-2025: 1.4%● unchanged vs 04-2025
06-2025: 1.4%● unchanged vs 05-2025
07-2025: 1.7%▲ +0.3 percentage points vs 06-2025
08-2025: 2.5%▲ +0.8 percentage points vs 07-2025
09-2025: 2.9%▲ +0.4 percentage points vs 08-2025
10-2025: 3.5%▲ +0.6 percentage points vs 09-2025highest value
11-2025: 0.8%▼ -2.7 percentage points vs 10-2025
12-2025: 0.8%● unchanged vs 11-2025
01-2026: 0.8%● unchanged vs 12-2025
02-2026: 0.8%● unchanged vs 01-2026
03-2026: 0.9%▲ +0.1 percentage points vs 02-2026
04-2026: 0.9%● unchanged vs 03-2026
05-2026: 0.9%● unchanged vs 04-2026
06-2026: 1.0%▲ +0.1 percentage points vs 05-2026
07-2026: 1.0%● unchanged vs 06-2026
08-2026: 1.7%▲ +0.7 percentage points vs 07-2026
09-2026: 2.0%▲ +0.3 percentage points vs 08-2026
10-2026: 2.7%▲ +0.7 percentage points vs 09-2026
11-2026: 0.8%▼ -1.9 percentage points vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Last filed accounts filed 90 days late; 3 of the last 3 accounts late
Equity €928,880 (24.8% of total assets)
Sector: Retail trade (NACE 47)
lowers risk
Founded in 1992
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 47, small). It does better than 42% of them on solvency, 29% on liquidity, 53% on profitability and 42% on growth.
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, 4,685 companies had the same profile as TORNAPHAR has now. Each dot stands for 12 companies, two years later.
97.0%
were still trading
1.9%
stopped another way
1.1%
went bankrupt
That fits the bankruptcy probability of TORNAPHAR itself: 0.8% within 12 months.
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 4,685 companies, not a prediction for TORNAPHAR. 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
Credit of up to €60,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.49 (0.49 in 2024), below 1. Short-term debt is 57.4% and cash 6.9% of total assets. 75.2% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 90 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-10-2026, 90 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
90 days late
2024
74 days late
2023
78 days late
2022
73 days late
2021
78 days late
2020
96 days late
2019
123 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 87 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 17 October (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
B
BLEUSTONE
Director, since 27-12-2024
- ANTARES INVEST 80%score 82equity €260,087 (2025) · 2025 annual accounts of ANTARES INVEST
- LES PHARMACIES RURALES 20%score 52equity €192,983 (2025) · 2025 annual accounts of LES PHARMACIES RURALES
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0448509588
1 director appointed, 1 resignation, 2 reappointments
Resignation: Société de Participations et de Gestion Financières et Immobilières · Permanent representatives: RANSART Paul Daniel Luc Ghislain and Charles RANSART · Reappointments: BEL MANAGEMENT (director) and Serge RANSART (director) · General meeting of 27-12-2024 · Gazette deed
3 directors appointed
SPRL BEL MANAGEMENT (managing director), SPRL PARGEFI and Serge Ransart · Permanent representatives: Charles RANSART and Paul RANSART · General meeting of 01-08-2019 · Gazette deed
New establishment in Tournai
Rue des Combattants de Kain 6
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TORNAPHAR Tournai | €3.7m | €1.0m | 24.8% | 13.2 |
| HAINAPHARMA Aiseau-Presles | €4.0m | €0.9m | 50.1% | 9.3 |
| APOTHEEK PEETERS - PETIT Maasmechelen | €5.0m | €1.1m | 20.3% | 14.2 |
| OFFIPLANT Lessines | €3.2m | €1.3m | 25.8% | 18.1 |
| Pharmacie Forthomme Bastogne | €2.7m | €0.9m | -0.4% | 12 |
| Europhar Genappe | €3.5m | €1.6m | 6.6% | 16.1 |
| Pharmaceutica Lier | €3.8m | €1.0m | 74.3% | 11.2 |
These companies have the same main activity as TORNAPHAR: retail sale of pharmaceutical products (NACE 47730). They are comparable in size and age: total assets between €2.7m and €5m, founded between 1968 and 2002.
Official details
Source: KBO- Status
- Active since 28-09-1992Normal situation
- Activity
- Retail sale of pharmaceutical productsNACE 47730
- Joint committee
- 313Pharmacies and pricing offices · annual accounts 2025
- Establishment units
- 2.060.496.6657503 Tournai, since 28-01-1993
- 2.178.160.9327520 Tournai, since 01-01-2003and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable since 19-02-2026
Annual accounts 2025
- €3.7m▲ 6.1%
- Employeeson 31-12-2025
- 15▲ 15.4%
- Filing
- Filed on 29-10-2026
Companies linked to TORNAPHAR
Parent and group
Insights on TORNAPHAR
TORNAPHAR has existed since 1992. The present size dates from 2008. The gross margin rose that year from €266,582 to €560,587 and staff from 4.6 to 8.1 full-time equivalents. On 1 January 2008 a site was added.
The gross margin has grown every year since 2022.
ANTARES INVEST holds 80% of the shares.
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 TORNAPHAR
- What is the company number of TORNAPHAR?
- The company number of TORNAPHAR is 0448.509.588. The VAT number is the same number with BE in front: BE 0448.509.588.
- Where is TORNAPHAR based?
- The registered office is at Rue de Roubaix 12, 7520 Tournai.Company details
- What does TORNAPHAR do?
- According to the KBO register, the main activity is retail sale of pharmaceutical products (NACE 47730).
- What is the legal form of TORNAPHAR?
- TORNAPHAR is a public limited company (NV).
- When was TORNAPHAR founded?
- TORNAPHAR was founded on 28-09-1992.
- Is TORNAPHAR still active?
- Yes, TORNAPHAR is an active enterprise in the KBO register.
- How many employees does TORNAPHAR have?
- TORNAPHAR had an average of 13.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does TORNAPHAR fall under?
- In its 2025 annual accounts, TORNAPHAR states joint committee 313 (Pharmacies and pricing offices).
- What is the turnover of TORNAPHAR?
- The turnover in financial year 2025 is ≈ €3.5m. This figure is estimated from the gross margin of €973,113 and 47 comparable companies (NACE 477). It probably lies between €2.6m and €5.5m. In financial year 2024 turnover was €0.
- Is TORNAPHAR profitable?
- In financial year 2025, TORNAPHAR made a profit of €9,903.
- Where can I find the annual accounts of TORNAPHAR?
- TORNAPHAR filed 32 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TORNAPHAR due?
- TORNAPHAR must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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