Checked.be
Active
BE 0681.590.393Private limited company
HEW PHARMA
Heiken (Ab) 5 ·2920 Kalmthout, Belgium· 8 yrs active
Sector: Manufacture of basic pharmaceutical products and pharmaceutical preparations
(21201)
Conclusion
HEW PHARMA has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €249k and a net result of €-87k. Equity is growing by ~17% per year across the filed fiscal years. Its solvency ranks better than 40% of 86 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €249k |
| Net result | €-87k |
| Staff (FTE) | 1.4 |
| Better than sector | 40% |
Financial profile
46
/ 100
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
32
Profitability
0
Solvency
47
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
More than 3 years active
Founded in 2017, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
32
/ 100
Weak
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€8k
estimate, not credit advice
Score history
85
2020
83
2021
94
2022
83
2023
32
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.42 (≥ 1.0)
+5
Profitability
Negatieve ROE -35%
-10
Interest coverage
Interest coverage -72.2× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 31-07-2025 with the NBB · fiscal year 2024 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~17%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 21, Manufacture of basic pharmaceutical products and pharmaceutical preparations · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 25.1% | 49.1% | |
| Net result | €-87k | €14k | |
| Equity | €249k | €71k | |
| Gross operating margin | €30k | €32k | |
| Total assets | €989k | €201k |
€-76k
-
20-24
€-87k
-
20-24
€-68k
-
20-24
€989k
-2.4%
20-24
€249k
-26.0%
20-24
€273k
-20.0%
20-24
1
+40.0%
20-24
€69k
-3.9%
20-24
€-9k
-
20-24
€740k
+9.3%
20-24
€650k
+10.7%
20-24
€90k
0.0%
20-24
1.42
-10.2%
20-24
0.95
-24.8%
20-24
25.1%
-24.2%
20-24
2.98
+47.7%
20-24
-35.1%
-
20-24
-8.8%
-
20-24
-72.18
-
20-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | €-76k | €89k | €87k | €54k | €507k |
| Net profit | €-87k | €62k | €70k | €33k | €152k |
| Cash flow | €-68k | €66k | €74k | €40k | €157k |
| Staff costs | €69k | €72k | €111k | €119k | - |
| Income taxes | €-9k | €23k | €9k | €17k | €46k |
| Dividends | - | - | - | - | - |
| Total assets | €989k | €1.01M | €715k | €620k | €541k |
| Equity | €249k | €336k | €274k | €204k | €171k |
| Debt | €740k | €677k | €441k | €416k | €370k |
| of which ≤ 1y | €650k | €587k | €351k | €317k | €251k |
| of which > 1y | €90k | €90k | €90k | €99k | €119k |
| Working capital | €273k | €341k | €354k | €290k | €271k |
| Employees (FTE) | 1.4 | 1.0 | 1.8 | 3.1 | 5.3 |
Note: these years are not on the same basis. The filed schemas differ (micro schema, abbreviated schema), so the columns are not directly comparable.
Ratios (computed)
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Current ratio | 1.42 | 1.58 | 2.01 | 1.91 | 2.08 |
| Quick ratio | 0.95 | 1.27 | 1.51 | 1.25 | 1.62 |
| Working capital ratio | 27.6% | 33.7% | 49.5% | 46.7% | 50.1% |
| Solvency | 25.1% | 33.2% | 38.3% | 32.9% | 31.6% |
| Debt / equity | 2.98 | 2.02 | 1.61 | 2.04 | 0.70 |
| Long-term debt ratio | 0.36 | 0.27 | 0.33 | 0.48 | 0.70 |
| Interest coverage | -72.18 | 101.51 | 25.50 | 20.73 | - |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -8.8% | 6.1% | 9.7% | 5.4% | 28.2% |
| ROE | -35.1% | 18.5% | 25.4% | 16.3% | 89.2% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2024
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €989k | €1.01M | €715k | €620k | €541k |
| Fixed assets | 21/28 | €66k | €85k | €10k | €13k | €19k |
| Intangible fixed assets | 21 | - | - | €0 | €725 | €2k |
| Tangible fixed assets | 22/27 | €66k | €85k | €10k | €13k | €17k |
| Current assets | 29/58 | €924k | €929k | €705k | €607k | €522k |
| Stocks & contracts in progress | 3 | €302k | €183k | €174k | €210k | €115k |
| Amounts receivable within one year | 40/41 | €191k | €317k | €126k | €56k | €84k |
| Cash & bank | 54/58 | €429k | €429k | €405k | €336k | €319k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €989k | €1.01M | €715k | €620k | €541k |
| Equity | 10/15 | €249k | €336k | €274k | €204k | €171k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | - |
| Accumulated profits (losses) | 14 | €230k | €318k | €255k | €186k | €152k |
| Amounts payable | 17/49 | €740k | €677k | €441k | €416k | €370k |
| Amounts payable after one year | 17 | €90k | €90k | €90k | €99k | €119k |
| Amounts payable within one year | 42/48 | €650k | €587k | €351k | €317k | €251k |
| Trade debts payable within one year | 44 | €504k | €414k | €151k | €135k | €73k |
| Income statement | ||||||
| Gross operating margin | 9900 | €30k | €166k | €204k | €174k | €690k |
| Operating result | 9901 | €-95k | €86k | €82k | €48k | €503k |
| Financial income | 75 | - | - | €0 | €6k | €5k |
| Financial charges | 65 | €1k | €881 | €3k | €3k | €7k |
| Result before taxes | 9903 | €-96k | €85k | €79k | €51k | €500k |
| Income taxes | 67/77 | €-9k | €23k | €9k | €17k | €46k |
| Net result for the period | 9904 | €-87k | €62k | €70k | €33k | €454k |
| Result to be appropriated | 9905 | €-87k | €62k | €70k | €33k | €454k |
Legal Structure
| NACE primary | Manufacture of basic pharmaceutical products and pharmaceutical preparations(21201) |
| Legal form | Private limited company(610) |
| Incorporation | 20-09-2017 |
| Status | Active |
| Postal code | 2920 |
Establishment units
HeW PHARMA
since 20172.269.640.444
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11662A0035/00T000 | Flanders | 1,217 m² | 1 · 176 m² | 11.5 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-87k ▼240%
Net result drops to €-87k, the lowest in the series.
28-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 89 days late
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 92 days late
2022
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 60 days late
2021
31-12
Financial
Equity above €200kEq €204k ▲19.4%
2 profitable years in a row build equity to €204k.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
13-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 105 days late
2019
29-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 90 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Manufacture of basic pharmaceutical products and pharmaceutical preparations21201Wholesale of perfume and cosmetics46450Manufacture of basic pharmaceutical products and pharmaceutical preparations21100Wholesale trade46419Retail sale of clothing and accessories for women, men, children and babies (general range)47716Human health activities86909Nutrition and dietetics services86995
Names & trade names
| Legal nameNL | HEW PHARMA |
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