SMARTVALUE
InactiveInactive; last annual accounts for fiscal year 2025.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 25-09-2025, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
36 d early
2024
42 d early
2022
26 d early
2021
25 d early
2020
3 d early
2019
14 d late
2018
6 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, full schema
Turnover
€49.03M▼ 14.2%
2024 · €57.16M
2018: €18.87M
2019: €24.12M
2020: €36.45M
2021: €39.63M
2022: €42.91M
2024: €57.16M
2018 → 2025
EBIT margin
0.1%▲ 0.6pp
2024 · -0.5%
2018: 0.7%
2019: -0.8%
2020: -1.8%
2021: -0.3%
2022: 0.4%
2024: -0.5%
2018 → 2025
Net result
€-224k▲ 47.2%
2024 · €-424k
2018: €75k
2019: €-127k
2020: €-597k
2021: €-135k
2022: €191k
2024: €-424k
2018 → 2025
Working capital
€-8.62M▼ 52.1%
2024 · €-5.67M
2018: €2.28M
2019: €2.19M
2020: €574k
2021: €-309k
2022: €-4.70M
2024: €-5.67M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220242025Trend
Turnover€36.45M-€39.63M▲ 8.7%€42.91M▲ 8.3%€57.16M▲ 33.2%€49.03M▼ 14.2%
Equity€3.23M-€3.07M▼ 5.0%€3.09M▲ 0.8%€2.67M▼ 13.8%€2.44M▼ 8.4%
Operating result€-645k-€-135k▲ 79.0%€170k€-289k€50k
Net result€-597k-€-135k▲ 77.3%€191k€-424k€-224k▲ 47.2%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €50k after a loss of €289k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.21M
Fixed assets
€11.13M ▲ 31.3%
Current assets
€4.07M ▼ 52.9%
Equity and liabilities €15.21M
Equity
€2.44M ▼ 8.4%
Provisions
€0 ▼ 100%
Debt
€12.76M ▼ 11.3%
Debt's share of the balance-sheet total falls from 84.0% to 83.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2.22M▲
2024 · €1.73M
Cash flow
€1.95M▲
2024 · €1.60M
Current ratio
0.32▼
2024 · 0.60
Quick ratio
0.31▼
2024 · 0.60
Debt to equity
5.23▼
2024 · 5.40
ROE
-9.2%▲
2024 · -15.9%
ROA
-1.5%▲
2024 · -2.5%
Interest coverage
9.58▼
2024 · 10.03
Debt ≤ 1 year
€12.69M▼
2024 · €14.31M
Income taxes
€52k▲
2024 · €-40k
Staff costs
€7.54M▼
2024 · €9.12M
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 · 81 lines
Balance sheet
Code20242025
Assets
Total assets20/58€17.13M€15.21M▼
Fixed assets21/28€8.48M€11.13M▲
Intangible fixed assets21€2.70M€2.98M▲
Tangible fixed assets22/27€730k€3.10M▲
Land and buildings22€0-
Plant, machinery and equipment23€348k€323k▼
Furniture and vehicles24€27k€88k▲
Other tangible fixed assets26€239k€2.44M▲
Assets under construction and advance payments27€116k€252k▲
Financial fixed assets28€5.05M€5.05M=
Affiliated companies280/1€5.05M€5.05M=
Participating interests280€5.05M€5.05M=
Other financial fixed assets284/8€200€200=
Amounts receivable and cash guarantees285/8€200€200=
Current assets29/58€8.65M€4.07M▼
Stocks and contracts in progress3€25k€89k▲
Stocks30/36€25k€89k▲
Raw materials and consumables30/31€25k€89k▲
Amounts receivable within one year40/41€7.77M€3.35M▼
Trade receivables40€7.28M€2.98M▼
Other amounts receivable41€488k€364k▼
Cash at bank and in hand54/58€490k€221k▼
Deferred charges and accrued income490/1€367k€414k▲
Equity and liabilities
Total equity and liabilities10/49€17.13M€15.21M▼
Equity10/15€2.67M€2.44M▼
Contributions10/11€25k€62k▲
Capital10-€62k
Issued capital100-€62k
Reserves13€2.99M€2.96M▼
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Distributable reserves133€2.99M€2.95M▼
Profit (loss) carried forward14€-366k€-590k▼
Investment grants15€15k€15k=
Provisions and deferred taxes16€72k-
Provisions for liabilities and charges160/5€72k-
Other liabilities and charges164/5€72k-
Amounts payable17/49€14.39M€12.76M▼
Amounts payable after more than one year17€0-
Financial debts170/4€0-
Other loans174€0-
Amounts payable within one year42/48€14.31M€12.69M▼
Trade debts44€8.16M€6.55M▼
Suppliers440/4€8.16M€6.55M▼
Taxes, remuneration and social security45€1.15M€1.14M▼
Taxes450/3€42k€80k▲
Remuneration and social security454/9€1.11M€1.06M▼
Other amounts payable47/48€5.00M€5.00M=
Accrued charges and deferred income492/3€75k€72k▼
Income statement
Code20242025
Operating income70/76A€57.53M€49.35M▼
Turnover70€57.16M€49.03M▼
Other operating income74€372k€323k▼
Non-recurring operating income76A€0-
Operating charges60/66A€57.82M€49.30M▼
Goods for resale, raw materials and consumables60€1.51M€1.28M▼
Purchases600/8€1.43M€1.35M▼
Change in stocks: decrease (increase)609€79k€-65k▼
Services and other goods61€45.07M€38.37M▼
Remuneration, social security and pensions62€9.12M€7.54M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.02M€2.17M▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€72k€-72k▼
Other operating charges640/8€29k€7k▼
Non-recurring operating charges66A€276-
Operating profit (loss)9901€-289k€50k▲
Financial income75/76B€10k€13k▲
Recurring financial income75€10k€13k▲
Other financial income752/9€10k€13k▲
Financial charges65/66B€184k€236k▲
Recurring financial charges65€184k€236k▲
Debt charges650€173k€232k▲
Other financial charges652/9€11k€4k▼
Non-recurring financial charges66B€20-
Profit (loss) for the period before taxes9903€-464k€-172k▲
Income taxes67/77€-40k€52k▲
Taxes670/3€103k€52k▼
Tax adjustments and reversals of tax provisions77€142k-
Profit (loss) for the period9904€-424k€-224k▲
Profit (loss) for the period to be appropriated9905€-424k€-224k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-366k€-590k▼
Profit (loss) brought forward from the previous period14P€59k€-366k▼
Social balance
Average headcount (FTE)9087146.9149.0▲
The notes to these accounts (70 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
20-11
State Gazette act
General meeting · Merger
Accounting effect · Share cancellation
25-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
04-09
State Gazette act
Merger · Accounting effect
Capital · Corporate purpose
2024
19-09
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · unclassified schema
2022
31-12
Financial
Back to profitnet €191k
Net result €191k after 3 loss-making years.
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · unclassified schema
2020
31-12
Financial
Weakest financial yearnet €-597k
Net result drops to €-597k, the lowest in the series.
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 14 days late
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
25-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 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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Structure & network
Acquisitions and mergers
1 transactionTaken over by:Newpharma Group