ACTIVE

PHARMAX

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Financial year 2025 · closed on 31/12/2025

Net result

76,7 k €

-2.5% YoY

Gross margin

108,2 k €

-2.7% YoY

Equity

457,2 k €

-0.5% YoY

What does PHARMAX do?

PHARMAX is a Public limited company incorporated in 1997. Its main activity is: Dispensing chemist in specialised stores. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0461.189.963

Incorporation

23/07/1997

Legal form

Public limited company

Registered office

Rue de Visé 26
4020 Liège · WallonieSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

47730Dispensing chemist in specialised stores· main 47730Dispensing chemist in specialised stores 52310Warehousing and support activities for transportation

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	108,2 k €	-2.7%	111,3 k €	+12.2%	99,2 k €	-9.7%	109,8 k €	+14.1%	96,3 k €	+85.0%	52 k €	+3.0%	50,5 k €	-0.5%	50,8 k €	-19.3%	63 k €	-33.8%	95,2 k €	-6.8%	102,2 k €	-8.0%	111 k €	-4.3%	116 k €	-0.2%	116,2 k €	+7.5%	108,1 k €	-12.9%	124,1 k €	+21.1%	102,5 k €	+9.0%	94 k €	+12.2%	83,8 k €	+6.8%	78,5 k €
EBITDA	108,2 k €	-2.8%	111,3 k €	+12.8%	98,7 k €	-10.1%	109,8 k €	+14.1%	96,3 k €	+85.0%	52 k €	+3.0%	50,5 k €	+21.0%	41,8 k €	-33.7%	63 k €	-33.8%	95,2 k €	+21.3%	78,5 k €	+9.0%	72 k €	+11.0%	64,9 k €	+11.3%	58,3 k €	+8.4%	53,8 k €	-35.7%	83,7 k €	+28.6%	65,1 k €	+9.9%	59,2 k €	+18.7%	49,9 k €	+24.2%	40,2 k €
Operating result	96 k €	-2.4%	98,3 k €	+17.2%	83,9 k €	-14.6%	98,2 k €	+15.5%	85 k €	+114%	39,6 k €	+6.6%	37,2 k €	+51.7%	24,5 k €	-36.2%	38,4 k €	-44.0%	68,7 k €	+58.2%	43,4 k €	+17.8%	36,8 k €	+19.8%	30,7 k €	+22.1%	25,2 k €	+0.3%	25,1 k €	-53.0%	53,4 k €	+46.5%	36,5 k €	+20.2%	30,4 k €	+66.9%	18,2 k €	+155%	7,1 k €
Net result	76,7 k €	-2.5%	78,7 k €	+31.8%	59,7 k €	-15.0%	70,3 k €	+17.2%	60 k €	+122%	27,1 k €	-4.7%	28,4 k €	+60.4%	17,7 k €	-23.8%	23,2 k €	-46.7%	43,5 k €	+61.1%	27 k €	+16.4%	23,2 k €	-9.3%	25,6 k €	+19.5%	21,4 k €	+4.1%	20,6 k €	-47.6%	39,3 k €	+39.2%	28,2 k €	+14.9%	24,6 k €	+66.7%	14,7 k €	+67.4%	8,8 k €
Balance sheet
Equity	457,2 k €	-0.5%	459,4 k €	+0.2%	458,7 k €	+9.5%	419 k €	+12.7%	371,7 k €	+5.7%	351,7 k €	+0.0%	351,6 k €	+0.1%	351,2 k €	-3.4%	363,5 k €	+6.8%	340,3 k €	+14.7%	296,8 k €	+10.0%	269,7 k €	-22.2%	346,5 k €	+5.4%	328,9 k €	+4.3%	315,5 k €	+4.2%	302,9 k €	+11.5%	271,6 k €	+8.0%	251,4 k €	+7.0%	234,9 k €	+6.7%	220,1 k €
Total assets	586,3 k €	+2.0%	574,9 k €	+9.9%	522,9 k €	-2.1%	534 k €	+12.0%	476,7 k €	+11.1%	429,1 k €	+1.4%	423,1 k €	+1.8%	415,7 k €	-6.0%	442,4 k €	+9.4%	404,5 k €	-4.6%	423,9 k €	+0.2%	422,9 k €	+5.8%	399,6 k €	+1.8%	392,3 k €	-1.1%	396,7 k €	-3.5%	411 k €	+6.7%	385 k €	+4.7%	367,8 k €	+3.5%	355,3 k €	+6.2%	334,4 k €
Cash	361,2 k €	+0.7%	358,5 k €	+25.4%	286 k €	-8.4%	312,3 k €	+0.4%	310,9 k €	+25.3%	248,2 k €	+0.5%	246,8 k €	+6.3%	232,2 k €	-11.4%	262,2 k €	+13.3%	231,5 k €	-2.6%	237,7 k €	+1.2%	234,8 k €	+14.9%	204,3 k €	+13.1%	180,7 k €	+4.9%	172,3 k €	+4.9%	164,2 k €	+44.7%	113,5 k €	+8.2%	104,9 k €	-5.1%	110,5 k €	+53.9%	71,8 k €
Debts	129,1 k €	+11.8%	115,5 k €	+79.8%	64,2 k €	-44.2%	115 k €	+10.8%	103,8 k €	+36.3%	76,2 k €	+13.1%	67,4 k €	+4.5%	64,5 k €	-18.3%	78,9 k €	+22.8%	64,2 k €	-49.5%	127,1 k €	-17.0%	153,2 k €	+189%	53 k €	-16.4%	63,4 k €	-21.9%	81,2 k €	-24.7%	107,8 k €	+10.6%	97,5 k €	-16.2%	116,4 k €	-3.4%	120,4 k €	+5.4%	114,3 k €
Other
Workforce	–		–		–		–		–		–		–		0,8 ETP		–		–		0,1 ETP	-50.0%	0,2 ETP	-80.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	-9.1%	1,1 ETP	-8.3%	1,2 ETP	+9.1%	1,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 5 ended

Active mandates

MARIE BRAUN

Director · since 19 décembre 2023 · until 19 décembre 2029

Active

MATHILDE BRAUN

Director · since 19 décembre 2023 · until 19 décembre 2029

Active

CATHERINE HALKIN

Director · since 14 juillet 1997 · until 19 décembre 2029

Active

Ended mandates

ALAIN SNOECK

Director · since 01 janvier 2017 · until 19 décembre 2023

Ended

ALAIN SNOECK

Mandate

Ended

CATHERINE HALKIN

Director

Ended

CATHERINE HALKIN

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	24/06/2026	17/07/2025	11/07/2024	23/06/2023	29/06/2022	18/06/2021
General meeting	15/06/2026	15/06/2025	15/06/2024	25/05/2023	19/05/2022	20/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	15/06/2026	24/06/2026	French	PDF
Micro model	31/12/2024	15/06/2025	17/07/2025	French	PDF
Micro model	31/12/2023	15/06/2024	11/07/2024	French	PDF
Micro model	31/12/2022	25/05/2023	23/06/2023	French	PDF
Micro model	31/12/2021	19/05/2022	29/06/2022	French	PDF
Abridged model	31/12/2020	20/05/2021	18/06/2021	French	PDF
Abridged model	31/12/2019	28/05/2020	22/06/2020	French	PDF
Abridged model	31/12/2018	16/05/2019	13/06/2019	French	PDF
Abridged model	31/12/2017	17/05/2018	18/06/2018	French	PDF
Abridged model	31/12/2016	18/05/2017	19/06/2017	French	PDF
Abridged model	31/12/2015	19/05/2016	20/06/2016	French	PDF
Abridged model	31/12/2014	21/05/2015	22/06/2015	French	PDF
Abridged model	31/12/2013	22/05/2014	20/06/2014	French	PDF
Abridged model	31/12/2012	23/05/2013	17/06/2013	French	PDF
Abridged model	31/12/2011	24/05/2012	18/06/2012	French	PDF
Abridged model	31/12/2010	26/05/2011	27/05/2011	French	PDF
Abridged model	31/12/2009	27/05/2010	31/05/2010	French	PDF
Abridged model	31/12/2008	28/05/2009	28/05/2009	French	PDF
Abridged model	31/12/2007	29/05/2008	26/06/2008	French	PDF
Abridged model	31/12/2006	29/06/2007	09/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 5 ended

Active mandates

MARIE BRAUN

Director · since 19 décembre 2023 · until 19 décembre 2029

Active

MATHILDE BRAUN

Director · since 19 décembre 2023 · until 19 décembre 2029

Active

CATHERINE HALKIN

Director · since 14 juillet 1997 · until 19 décembre 2029

Active

Ended mandates

ALAIN SNOECK

Director · since 01 janvier 2017 · until 19 décembre 2023

Ended

ALAIN SNOECK

Mandate

Ended

CATHERINE HALKIN

Director

Ended

CATHERINE HALKIN

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Mandates23/05/2017
DEMISSIONS, NOMINATIONS
PDF
Capital / shares24/10/2005
CAPITAL, ACTIONS - ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares12/03/2004
CAPITAL, ACTIONS - DIVERS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202576,7 k €↓
2024
Annual accounts 202478,7 k €↑
2023
Annual accounts 202359,7 k €↓
2022
Annual accounts 202270,3 k €↑
2021
Annual accounts 202160 k €↑
2020
Annual accounts 202027,1 k €↓
2019
Annual accounts 201928,4 k €↑
2018
Annual accounts 201817,7 k €↓
2017
Annual accounts 201723,2 k €↓
2016
Annual accounts 201643,5 k €↑
2015
Annual accounts 201527 k €↑
2014
Annual accounts 201423,2 k €↓
2013
Annual accounts 201325,6 k €↑
2012
Annual accounts 201221,4 k €↑
2011
Annual accounts 201120,6 k €↓
2010
Annual accounts 201039,3 k €↑
2009
Annual accounts 200928,2 k €↑
2008
Annual accounts 200824,6 k €↑
2007
Annual accounts 200714,7 k €↑
2006
Annual accounts 20068,8 k €
23/07/1997
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PHARMAX

Overview

What does PHARMAX do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline