Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 49 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
PHARMA FLEX from Nivelles, company number BE0897187147, closed financial year 2025 with a result of € 4.3 million after tax. For that financial year PHARMA FLEX recorded revenue of € 2.1 million and equity of € 10.5 million. Compared with financial year 2024, the result moved from € 7.4 million to € 4.3 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on March 27, 2026.
€ 10.5 million
▲ 8% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 4.3 million
▼ 41% vs 2024
Profit after tax over the fiscal year.
€ 1.5 million
▲ 47% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 3.6 million paid out
82 % of the profit went to the shareholders, mostly to AdFinitis (55 % of the shares). That is where the money ends up.
People and assets in 2025
3.8
▼ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 540,770
▲ 5% vs 2024
€ 142,300 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.
€ 122,211
▼ 25% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 98,723
▼ 21% vs 2024
€ 27,980 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 71,790
▼ 56% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 18 days on average.
€ 83,789
▲ 55% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 12,742,867 | € 2,265,449 | € 1,903,225 | € 2,101,962 | ▲ 10% |
| Profit after taxes | € 3,681,737 | € 5,462,675 | € 7,385,209 | € 4,329,170 | ▼ 41% |
| Equity | € 20,852,117 | € 6,082,650 | € 9,723,119 | € 10,488,034 | ▲ 8% |
| Total debts | € 8,114,546 | € 12,538,059 | € 4,122,092 | € 3,819,752 | ▼ 7% |
| Cash | € 5,621,504 | € 1,857,261 | € 1,037,237 | € 1,522,964 | ▲ 47% |
| Retained profit | € 20,452,117 | € 5,682,650 | € 9,323,119 | € 10,088,034 | ▲ 8% |
| Dividend | € 0 | € 20,232,142 | € 3,744,740 | € 3,564,254 | ▼ 5% |
| Bank debt | € 7,631 | € 2,644 | € 124,697 | € 98,723 | ▼ 21% |
| Balance sheet total | € 28,966,663 | € 18,620,709 | € 13,845,210 | € 14,307,786 | ▲ 3% |
| Employees (FTE) | 3.9 | 1 | 4.3 | 3.8 | ▼ 0.5 |
Key figures of PHARMA FLEX, 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 PHARMA FLEX?
What happened at PHARMA FLEX in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- AdFinitis Srl stepped down as director. NBB
- NextGen Invest Srl stepped down as director. NBB
- AdFines Srl stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 4.3 million (▼ 41% vs 2024). Source: NBB ↗
- AdFinitis Srl became a director. NBB
- NextGen Invest Srl became a director. NBB
- AdFines Srl became a director. NBB
- Martial Dollinger became a director. NBB
In short
From € 3.7 million profit in 2022 to € 4.3 million profit in 2025.
Paid € 197,494 in corporate taxes since 2022.
Best year ever: 2024, with € 7.4 million profit.
Paid out € 27.5 million in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of AdFinitis, NextGen Invest, AdFines comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
PHARMA FLEXBehind PHARMA FLEX is Martial Dollinger. The shares are held by AdFinitis (55%), NextGen Invest (32%) and AdFines (13%). It owns 100% of PHARMA TECHNOLOGY INC, 100% of PHARMA TECHNOLOGY - PHARMA FLEX GMBH, 100% of PHARMA TECHNOLOGY ASIA PACIFIC LTD and 100% of PHARMA TECHNOLOGY itself.
Directors
According to the 2025 annual accounts
since 2020
Director · represented by Martial Dollinger
Also active at: DOLFINANCE, DOLLIMMO BELGIUM
since 2024 · until 2030
since 2024 · until 2030
since 2024 · until 2030
Shareholders
Participations
PHARMA TECHNOLOGY INC
100%
PHARMA TECHNOLOGY - PHARMA FLEX GMBH
100%
PHARMA TECHNOLOGY ASIA PACIFIC LTD
100%
100%
Establishments
Establishment units
Physical locations of this company
Rue Graham Bell 8
1402 Nivelles
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 6 companies are registered at this address.
All companies at this address →PHARMA TECHNOLOGY same network
€ 26.8 million revenue · 2025
DOLFINANCE same network
€ 116,272 gross margin · 2025
PHARMA VAT UNIT
DOLLIMMO BELGIUM same network
€ -28,846 gross margin · 2025
NextGen Invest same network
€ 123,127 gross margin · 2025
+1 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0897.187.147
- VAT number
- BE 0897.187.147
- Registered office
- Rue Graham Bell 8, 1402 Nivelles
- Names & denominations
- PHARMA FLEX
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 4 April 2008
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
Vervaardiging van overige machines en apparaten voor algemeen gebruik, neg
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