Summary
Welpharma is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.4m and a net result of €203,418. Equity is growing by ~20.3% per year across the filed fiscal years. Its solvency ranks better than 52% of 5593 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 27-11-2025, 27 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 8 filingsDeviation from the deadline
2025
27 d late
2024
3 d early
2023
22 d early
2022
4 d early
2021
16 d early
2020
38 d early
2019
46 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 1 day before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 27 October (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close30-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.4m▲ 16.4%
2024 · €1.2m
Net result
€203,418▼ 6.2%
2024 · €216,955
Total assets
€2.7m▲ 2.3%
2024 · €2.6m
Solvency
54.2%▲ 6.6pp
2024 · 47.6%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
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 64, Financial service activities, except insurance and pension funding, 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).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€177,584▼ 2.7%€127,523▼ 28.2%€124,426▼ 2.4%€338,358▲ 172%€317,239▼ 6.2%
Net result€108,946within the sector's middle half▼ 0.3%€375,905above the sector's middle half▲ 245%€71,990within the sector's middle half▼ 80.8%€216,955above the sector's middle half▲ 201%€203,418above the sector's middle half▼ 6.2%
Equity€576,014within the sector's middle half▲ 23.3%€951,919within the sector's middle half▲ 65.3%€1.0mwithin the sector's middle half▲ 7.6%€1.2mwithin the sector's middle half▲ 21.2%€1.4mwithin the sector's middle half▲ 16.4%
Total assets€2.4mwithin the sector's middle half▼ 1.0%€2.5mwithin the sector's middle half▲ 4.1%€2.6mwithin the sector's middle half▲ 5.8%€2.6mwithin the sector's middle half▼ 0.1%€2.7mwithin the sector's middle half▲ 2.3%
Debt€1.8m▼ 6.9%€1.5m▼ 15.6%€1.6m▲ 4.8%€1.4m▼ 13.8%€1.2m▼ 10.5%
Working capital-€437,283below the sector's middle half▼ 2.8%-€224,954below the sector's middle half▲ 48.6%-€308,080below the sector's middle half▼ 37.0%-€231,503below the sector's middle half▲ 24.9%-€160,431within the sector's middle half▲ 30.7%
Solvency24.3%within the sector's middle half▲ 4.8pp38.6%within the sector's middle half▲ 14.3pp39.3%within the sector's middle half▲ 0.6pp47.6%within the sector's middle half▲ 8.3pp54.2%within the sector's middle half▲ 6.6pp
Current ratio0.10below the sector's middle half▼ 0.030.25below the sector's middle half▲ 0.150.20below the sector's middle half▼ 0.050.29below the sector's middle half▲ 0.090.51within the sector's middle half▲ 0.23
Return on assets (ROA)4.6%within the sector's middle half=15.3%above the sector's middle half▲ 10.7pp2.8%within the sector's middle half▼ 12.5pp8.3%within the sector's middle half▲ 5.6pp7.6%within the sector's middle half▼ 0.7pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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 falls in 2025; 2025 is 6% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€2.5m ▼ 0.7%
Current assets
€169,567 ▲ 83.1%
Equity and liabilities €2.7m
Equity
€1.4m ▲ 16.4%
Debt
€1.2m ▼ 10.5%
Debt's share of the balance-sheet total falls from 52.4% to 45.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
14.1%▼
2024 · 17.5%
Debt ≤ 1 year
€329,998▲
2024 · €324,127
Debt > 1 year
€881,352▼
2024 · €1.0m
Income taxes
€91,134▼
2024 · €95,835
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,595 | €18,470 | €21,911 | €21,486 | €21,136 | ▼ 1.6% |
| Other operating charges640/8 | - | €2,324 | €2,430 | €1,750 | €2,269 | ▲ 29.7% |
| Gross operating margin9900 | €192,570 | €148,316 | €148,768 | €361,593 | €340,645 | ▼ 5.8% |
| Operating profit (loss)9901 | €177,584 | €127,523 | €124,426 | €338,358 | €317,239 | ▼ 6.2% |
| Financial income75/76B | - | €300,000 | €576 | - | - | - |
| Recurring financial income75 | - | €300,000 | €1 | - | - | - |
| Non-recurring financial income76B | - | - | €575 | - | - | - |
| Financial charges65/66B | - | €21,618 | €24,887 | €25,567 | €22,688 | ▼ 11.3% |
| Recurring financial charges65 | €21,884 | €21,618 | €24,887 | €25,567 | €22,688 | ▼ 11.3% |
| Profit (loss) for the period before taxes9903 | €155,699 | €405,905 | €100,115 | €312,791 | €294,552 | ▼ 5.8% |
| Income taxes67/77 | €46,753 | €30,000 | €28,124 | €95,835 | €91,134 | ▼ 4.9% |
| Profit (loss) for the period9904 | €108,946 | €375,905 | €71,990 | €216,955 | €203,418 | ▼ 6.2% |
| Profit (loss) for the period to be appropriated9905 | €108,946 | €375,905 | €71,990 | €216,955 | €203,418 | ▼ 6.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.4m | €2.5m | €2.6m | €2.6m | €2.7m | ▲ 2.3% |
| Fixed assets21/28 | €2.3m | €2.4m | €2.5m | €2.5m | €2.5m | ▼ 0.7% |
| Tangible fixed assets22/27 | €199,846 | €268,751 | €410,792 | €393,230 | €376,032 | ▼ 4.4% |
| Land and buildings22 | - | €211,398 | €367,619 | €360,324 | €353,029 | ▼ 2.0% |
| Plant, machinery and equipment23 | - | - | - | - | €3,503 | - |
| Furniture and vehicles24 | - | €57,353 | €43,173 | €32,906 | €19,501 | ▼ 40.7% |
| Financial fixed assets28 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Current assets29/58 | €47,016 | €74,440 | €76,473 | €92,623 | €169,567 | ▲ 83.1% |
| Amounts receivable within one year40/41 | €3 | €39,576 | €2,864 | €41,274 | €131,422 | ▲ 218% |
| Trade receivables40 | - | - | - | €2,538 | - | - |
| Other amounts receivable41 | - | €39,576 | €2,864 | €38,736 | €131,422 | ▲ 239% |
| Cash at bank and in hand54/58 | €44,770 | €32,248 | €70,764 | €46,175 | €32,120 | ▼ 30.4% |
| Deferred charges and accrued income490/1 | - | €2,616 | €2,845 | €5,174 | €6,025 | ▲ 16.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.4m | €2.5m | €2.6m | €2.6m | €2.7m | ▲ 2.3% |
| Equity10/15 | €576,014 | €951,919 | €1.0m | €1.2m | €1.4m | ▲ 16.4% |
| Contributions10/11 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €474,700 | €540,856 | €612,846 | €829,802 | €1.0m | ▲ 24.5% |
| Non-distributable reserves130/1 | - | €10,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | €10,000 | - | - | - | - |
| Distributable reserves133 | - | €530,856 | €612,846 | €829,802 | €1.0m | ▲ 24.5% |
| Profit (loss) carried forward14 | €1,314 | €311,063 | €311,063 | €311,063 | €311,063 | = |
| Amounts payable17/49 | €1.8m | €1.5m | €1.6m | €1.4m | €1.2m | ▼ 10.5% |
| Amounts payable after more than one year17 | €1.3m | €1.2m | €1.2m | €1.0m | €881,352 | ▼ 14.4% |
| Financial debts170/4 | - | €1.2m | €1.2m | €1.0m | €881,352 | ▼ 14.4% |
| Amounts payable within one year42/48 | €484,299 | €299,394 | €384,553 | €324,127 | €329,998 | ▲ 1.8% |
| Current portion of amounts payable after more than one year42 | - | €142,793 | €158,212 | €159,758 | €148,821 | ▼ 6.8% |
| Trade debts44 | €1,474 | €1,799 | €1,655 | €6,627 | €949 | ▼ 85.7% |
| Suppliers440/4 | - | €1,799 | €1,655 | €6,627 | €949 | ▼ 85.7% |
| Taxes, remuneration and social security45 | - | €3,949 | €7,389 | €19,215 | €20,315 | ▲ 5.7% |
| Taxes450/3 | - | €3,949 | €7,389 | €19,215 | €20,315 | ▲ 5.7% |
| Other amounts payable47/48 | - | €150,853 | €217,298 | €138,526 | €159,913 | ▲ 15.4% |
| Accrued charges and deferred income492/3 | - | €6,994 | €9,102 | €10,919 | €10,197 | ▼ 6.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €108,946 | €375,905 | €71,990 | €216,955 | €203,418 | ▼ 6.2% |
| + Depreciation and write-downs630 | €12,595 | €18,470 | €21,911 | €21,486 | €21,136 | ▼ 1.6% |
| Operating cash flow (approximation) | €121,541 | €394,374 | €93,902 | €238,441 | €224,554 | ▼ 5.8% |
| Investment in fixed assets (approximation) | - | -€87,374 | -€163,953 | -€3,923 | -€3,939 | ▼ 0.4% |
| Change in cash | - | -€12,522 | €38,516 | -€24,589 | -€14,055 | ▲ 42.8% |
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
2025
27-11
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2024
28-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Weakest financial yearnet €71,990 ▼80.8%
Net result drops to €71,990, the lowest in the series; recovery starts the following year.
31-03
Financial
Equity above €1mEq €1.0m ▲7.6%
5 profitable years in a row build equity to €1.0m.
2022
27-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Highest result since 2019net €375,905 ▲245%
Net result €375,905, the highest in the series.
2021
15-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
31-03
Financial
Equity above €500,000Eq €576,014 ▲23.3%
3 profitable years in a row build equity to €576,014.
2020
23-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
16-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 46 days late
2018
04-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated 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
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Herentals · 1 establishment unit since 2016
Ground area
3,430 m²
Building footprint
339 m²
Volume, LiDAR
1,754 m³
2 parcels, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Welpharma
since 20162.256.861.287
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24073H0052/00N000 | Flanders | 2,163 m² | 1 · 138 m² | 7.8 m · 2 fl. |
| 13302C0284/00B000 | Flanders | 1,268 m² | 1 · 201 m² | 8.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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 holdingOwners 0
The accounts to 31-03-2025 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the annual accounts to 31-03-2025 of Welpharma and those 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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Company details
Identification
Legal formPrivate limited company
Founded02-09-2016
Fiscal year end31-03
Activities, NACEBEL 2025
64210Activities of holding companies
63920Other information service activities
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0661922258
Also
9925:BE0661922258
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.