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Ziphius

Active
Public limited companyfounded 2020active for 6 yearsRijvisschestraat 120, 9052 Gent, BelgiumKBO/BCE: BE 0750.500.975
Summary

The annual accounts of Ziphius for financial year 2025 show a net loss of 124% of total assets and of 94% of the equity at the start of that year. The 2025 annual accounts show equity of €5.9m and a net result of -€11.8m. Equity is shrinking by about 34% per year and would, assuming unchanged policy, indicatively turn negative around financial year 2027. Its solvency ranks better than 74% of 59 sector peers (NACE 21, financial year 2025). The company has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.9% (low).

Overview

Activity
Manufacture of basic pharmaceutical products and pharmaceutical preparations
NACE 21201Research and development on biotechnology NACE 72101
#3 company by equity in East Flanders, Pharmaceuticals sector1 site
Size
€9.5mtotal assets 2025
Staff
41.2 FTE
Equity
€5.9m
Loss
-€11.8m
Turnover not published (abbreviated format)
Financial health
55 Fair Checked score 2025
Bankruptcy probabilitywithin 12 months
0.9%
Structure
Parent
RNA Pioneering · 58.99%
Holdings
1
Accounts 66 days early2 of 14 deeds read
Why 55raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €11.8m, the second in a row (financial year 2025)1 change of registered office in 24 monthslowers riskFigures for financial year 2025 (filed 26-05-2026)Sector: Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21)Show the evidence

Checked score

Score 2025
55 / 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 42% of its sector peers (NACE 21, small)
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Average
Solvency 87-13
equity 62.1% of total assets
Liquidity 52-38
short-term debt 21.7% · cash 7.7%
Profitability 0=
return on assets -123.9%
Bankruptcy probability, 12 months
0.9% Low
0%0.5%1.5%4%10%≥ 25%

About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.5% (43 companies, NACE 21, small)
Last 24 months 11-2024: 0.6% 12-2024: 0.7%▲ +0.1 percentage points vs 11-2024 01-2025: 0.7%● unchanged vs 12-2024 02-2025: 0.7%● unchanged vs 01-2025 03-2025: 0.7%● unchanged vs 02-2025 04-2025: 0.8%▲ +0.1 percentage points vs 03-2025 05-2025: 0.8%● unchanged vs 04-2025 06-2025: 0.9%▲ +0.1 percentage points vs 05-2025 07-2025: 0.5%▼ -0.4 percentage points vs 06-2025 08-2025: 0.5%● unchanged vs 07-2025 09-2025: 0.5%● unchanged vs 08-2025 10-2025: 0.5%● unchanged vs 09-2025 11-2025: 0.4%▼ -0.1 percentage points vs 10-2025 12-2025: 0.4%● unchanged vs 11-2025 01-2026: 0.4%● unchanged vs 12-2025 02-2026: 0.4%● unchanged vs 01-2026 03-2026: 0.4%● unchanged vs 02-2026lowest value 04-2026: 0.5%▲ +0.1 percentage points vs 03-2026 05-2026: 0.6%▲ +0.1 percentage points vs 04-2026 06-2026: 1.0%▲ +0.4 percentage points vs 05-2026highest value 07-2026: 1.0%● unchanged vs 06-2026highest value 08-2026: 1.0%● unchanged vs 07-2026highest value 09-2026: 1.0%● unchanged vs 08-2026highest value 10-2026: 0.9%▼ -0.1 percentage points vs 09-2026
Credit of up to €320,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 3.17, compared with 6.21 in 2024; short-term debt: 21.7% and cash: 7.7% of total assets), and 37.9% of the assets are financed with debt.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 21, small): better than 67% on solvency, 72% on liquidity, 14% on profitability and 14% on growth.

The bankruptcy probability was computed on 09-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
lowers riskraises riskneutral
raises risk · Loss of €11.8m, the second in a row (financial year 2025)
NBB · annual accounts
raises risk · 1 change of registered office in 24 months
Belgian Official Gazette
lowers risk · Figures for financial year 2025 (filed 26-05-2026)
NBB · annual accounts
lowers risk · Sector: Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21)
KBO
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 2025
Net result per financial year
2122232425
2021 to 2025 · latest year -€11.8m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.
NBB · 5 filings
Deviation from the deadline
2025
66 days early
2024
51 days early
2023
65 days early
2022
69 days early
2021
48 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 5 accounts on average 60 days before the deadline; the sector median (NACE 21) for financial year 2024 is 9 days before the deadline, and 32% 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 28 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
10-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Capital & sharesAuditor report · Capital increase…
  2. Annual accounts filedfinancial year 2025 · abbreviated…
  3. Capital & shares · Amendment of…Capital decrease · Capital ·…

Key points

  • Risk: 5 loss-making years in a rowloss financial year 2025 -€11.8m View
  • Caution: Among the weakest 5% on net resultsector median -€6,062 · 59 companies -€11.8m View
  • Caution: Equity fell in 2025from €12.5m to €5.9m ▼ 52.6% View
  • Controlled by RNA Pioneeringitself parent of 1 companies 58.99% View
  • Flemish supportawarded 2022 - 2025 €641,270 View
  • Positive: Always filed on timeaccounts within the deadline every year 5 years View

By topic

Financials

Financial year
2025
Total assets
€9.5m
Loss
-€11.8m
Solvency
62.1%
Total assets▼ 43.2%
Net result
20212025
Go to Financials

Timeline

Events
10
Since
2022
Next accounts
by 31-07-2027
  1. 31-12-2025Weakest financial year
  2. 10-06-2025Annual accounts filed
  3. 31-12-2024Liquidity more than triples
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Manufacture of basic pharmaceutical products and pharmaceutical preparationsNACE 21201
Founded
10-07-2020
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
29
Annual meeting
Second Friday of May at 10:00
Purpose
Het leiden, beheren en besturen van andere vennootschappen door deze onder meer…
Go to Articles of association

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