Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 1 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 38 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
ETHERNA IMMUNOTHERAPIES from Niel, company number BE0502703389, closed financial year 2025 with a result of € -4.3 million after tax. For that financial year ETHERNA IMMUNOTHERAPIES recorded revenue of € 8.8 million and equity of € -3.9 million. Compared with financial year 2024, the result moved from € -6.6 million to € -4.3 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on May 29, 2026.
€ -3.9 million
▼ € 4.3 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -4.3 million
▲ 36 % less loss than in 2024
Profit after tax over the fiscal year.
€ 2.4 million
▼ 4% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -29.6 million.
People and assets in 2025
52.1
▼ 17.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 4.6 million
▼ 33% vs 2024
€ 88,000 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 554,597
▼ 27% vs 2024
Of which on lease € 345,482.
Debts at end 2025
€ 5.4 million
▲ € 4.9 million vs 2024
€ 5.2 million is repaid this year. At this pace the long-term loan is gone in ≈ 1 years.
€ 2.6 million
▲ 1% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 144 days on average.
€ 855,283
▼ 48% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 4,111,500 | € 6,796,302 | € 11,226,381 | € 8,788,056 | ▼ 22% |
| Profit after taxes | € -18,453,870 | € -10,679,614 | € -6,623,923 | € -4,271,721 | ▲ € 2.4 million |
| Equity | € 17,652,992 | € 6,973,378 | € 349,455 | € -3,907,881 | ▼ € 4.3 million |
| Total debts | € 7,396,504 | € 9,032,667 | € 14,715,658 | € 15,948,448 | ▲ 8% |
| Cash | € 13,943,394 | € 2,280,940 | € 2,517,887 | € 2,417,919 | ▼ 4% |
| Land & buildings | € 592 | - | - | - | |
| Retained profit | € -8,035,942 | € -18,715,556 | € -25,339,479 | € -29,611,200 | ▼ € 4.3 million |
| Bank debt | € 582,738 | € 595,803 | € 533,641 | € 5,385,503 | ▲ € 4.9 million |
| Balance sheet total | € 25,049,496 | € 16,006,045 | € 15,065,113 | € 12,757,962 | ▼ 15% |
| Employees (FTE) | 64.1 | 68.6 | 69.9 | 52.1 | ▼ 17.8 |
Key figures of ETHERNA IMMUNOTHERAPIES, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to ETHERNA IMMUNOTHERAPIES?
What happened at ETHERNA IMMUNOTHERAPIES in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Inphacon BV stepped down as director. NBB
- 21-23 Newell Road LLC stepped down as director. NBB
- Antonin Rollet De Fougerolles stepped down as director. NBB
- Biotech Fonds Vlaanderen BV stepped down as director. NBB
- John De Koning stepped down as director. NBB
- Marinus Emmanuel Dekkers stepped down as director. NBB
- Kenneth Chien Randall stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 4.3 million. Source: NBB ↗
In short
From € 18.5 million loss in 2022 to € 4.3 million loss in 2025.
Pays suppliers within 144 days on average.
Management
The stake of PROGRESS PHARMA, Fund+, Participatiemaatschappij Vlaanderen comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
ETHERNA IMMUNOTHERAPIESThe shares are held by PROGRESS PHARMA (100%), Fund+ (31.2%) and Participatiemaatschappij Vlaanderen (11.1%). It owns 100% of eTheRNA Asia Limited, 100% of Administratiekantoor eTheRNA Immunotherapies, 100% of Etherna Inc. and 0% of Nanjing Aurorna Biotechnology Company Limited itself.
Directors
According to the 2025 annual accounts
Director · represented by Kenneth Wils
Also active at: ViroVet, Flamingo Therapeutics
since 2022 · until 2028
John De Koning
Director
since 2022 · until 2028
Marinus Emmanuel Dekkers
Director
since 2022 · until 2028
Director · represented by Bernard Sagaert
since 2024 · until 2030
Kenneth Chien Randall
Director
since 2022 · until 2028
21-23 Newell Road LLC
Director · represented by Philip Chase
since 2023 · until 2029
Antonin Rollet De Fougerolles
Chairman of the board
since 2024 · until 2028
Shareholders
Participations
eTheRNA Asia Limited
100%
Etherna Inc.
100%
Nanjing Aurorna Biotechnology Company Limited
0%
Establishments
Establishment units
Physical locations of this company
Galileilaan 19
2845 Niel
Frieda Saeysstraat 1B
9052 Gent
Active since 23 January 2013
Galileilaan 21 box Unit 2
2845 Niel
Active since 25 April 2019
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0502.703.389
- VAT number
- BE 0502.703.389
- Registered office
- Galileilaan 19, 2845 Niel
- Names & denominations
- ETHERNA IMMUNOTHERAPIES
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 21 January 2013
- Peppol
- Active · Active since 24 Nov 2023
- Contact
- etherna.be [email protected]
- Activities · NACE
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Speur- en ontwikkelingswerk op biotechnologisch gebied
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies
Vervaardiging van overige farmaceutische producten
Vervaardiging van farmaceutische grondstoffen
Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering