ACTIVE

Will - Pharma

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Financial year 2025 · closed on 31/12/2025

Net result

358,2 k €

+15.4% YoY

Revenue

17,8 M €

+9.5% YoY

Equity

4,7 M €

+8.3% YoY

Workforce

27,1 ETP

+1.5% YoY

What does Will - Pharma do?

Will - Pharma is a Public limited company incorporated in 1960. Its main activity is: Manufacture of pharmaceutical preparations. Its registered office is in Wavre. It employs on average 27,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0402.018.775

Incorporation

07/10/1960

Legal form

Public limited company

Registered office

Rue du Manil 80
1301 Wavre · WallonieSee on map

Contributed capital

3 008 981,26 €

Latest accounts

31/12/2025

Average workforce

27,1 ETP

Activities (NACE)

21201Manufacture of pharmaceutical preparations· main 21201Manufacture of pharmaceutical preparations 24421Aluminium production

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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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
Revenue	17,8 M €	+9.5%	16,3 M €	+3.4%	15,7 M €	-0.9%	15,9 M €	-52.9%	33,7 M €	-53.3%	72,2 M €	+13.8%	63,5 M €	+24.8%	50,9 M €	+26.0%	40,4 M €	+10.7%	36,4 M €	+7.0%	34,1 M €	+1.8%	33,5 M €	+0.3%	33,4 M €	+1.5%	32,9 M €	+2.8%	32 M €	+6.2%	30,1 M €	+6.4%	28,3 M €	+8.7%	26 M €	+18.7%	21,9 M €	+14.0%	19,2 M €
EBITDA	1,2 M €	+33.1%	918,6 k €	-11.7%	1 M €	+11.4%	933,9 k €	-77.0%	4,1 M €	+166%	1,5 M €	+310%	-726,4 k €	-203%	702,7 k €	+87.3%	375,1 k €	+16.2%	322,8 k €	+116%	149,7 k €	-72.8%	550,6 k €	+608%	-108,5 k €	-140%	269 k €	-52.1%	561,5 k €	+30.3%	431 k €	-6.1%	459,2 k €	+196%	155,4 k €	+52.4%	102 k €	-60.1%	255,8 k €
Operating result	589,9 k €	+5.6%	558,9 k €	-4.2%	583,4 k €	+9.3%	533,9 k €	-85.2%	3,6 M €	+230%	1,1 M €	+199%	-1,1 M €	-320%	501,8 k €	+202%	166,2 k €	-20.5%	209,2 k €	+119%	95,4 k €	-43.5%	169 k €	+143%	-388,7 k €	-305%	189,8 k €	-51.5%	391 k €	+30.7%	299,2 k €	-16.4%	358,1 k €	+16924%	-2,1 k €	+91.6%	-25,4 k €	-119%	133,9 k €
Net result	358,2 k €	+15.4%	310,4 k €	+3.6%	299,8 k €	+12.5%	266,3 k €	-92.2%	3,4 M €	+251%	968,8 k €	+183%	-1,2 M €	-518%	280,6 k €	+543%	43,6 k €	-50.0%	87,2 k €	+22.5%	71,2 k €	-44.2%	127,6 k €	+127%	-469,8 k €	-476%	124,8 k €	-50.7%	253 k €	-13.1%	291,2 k €	+21.5%	239,7 k €	+441%	-70,2 k €	-378%	25,3 k €	-77.4%	112,1 k €
Balance sheet
Equity	4,7 M €	+8.3%	4,3 M €	+7.8%	4 M €	-54.1%	8,7 M €	+3.2%	8,4 M €	+67.6%	5 M €	+23.9%	4,1 M €	-22.4%	5,2 M €	+5.7%	5 M €	+0.9%	4,9 M €	+1.8%	4,8 M €	+1.5%	4,8 M €	+2.8%	4,6 M €	-9.2%	5,1 M €	+2.5%	5 M €	+5.4%	4,7 M €	+6.6%	4,4 M €	+5.7%	4,2 M €	-1.7%	4,3 M €	+0.6%	4,2 M €
Total assets	9,7 M €	+8.0%	9 M €	-4.9%	9,5 M €	-47.2%	17,9 M €	+8.8%	16,5 M €	-17.9%	20,1 M €	+12.4%	17,9 M €	+9.5%	16,3 M €	+19.8%	13,6 M €	+9.7%	12,4 M €	+5.6%	11,8 M €	-4.6%	12,3 M €	-6.4%	13,2 M €	-31.6%	19,3 M €	+7.1%	18 M €	-1.7%	18,3 M €	+19.8%	15,3 M €	-5.8%	16,2 M €	+24.5%	13 M €	+17.5%	11,1 M €
Cash	1,5 M €	+176%	557,4 k €	-66.1%	1,6 M €	-2.1%	1,7 M €	+177%	607,2 k €	-60.9%	1,6 M €	-37.0%	2,5 M €	+74.9%	1,4 M €	+16.6%	1,2 M €	+83.6%	657,7 k €	-63.2%	1,8 M €	+106%	869 k €	+11.4%	780,4 k €	-30.7%	1,1 M €	-2.3%	1,2 M €	-60.2%	2,9 M €	+9.9%	2,6 M €	+49.3%	1,8 M €	+199%	589,9 k €	+45.5%	405,3 k €
Debts	4,9 M €	+8.3%	4,5 M €	-14.1%	5,2 M €	-42.8%	9,1 M €	+15.9%	7,9 M €	-46.7%	14,8 M €	+9.0%	13,6 M €	+25.6%	10,8 M €	+26.1%	8,6 M €	+16.5%	7,4 M €	+7.2%	6,9 M €	-9.5%	7,6 M €	-11.0%	8,5 M €	-39.8%	14,1 M €	+8.7%	13 M €	-4.1%	13,6 M €	+26.5%	10,7 M €	-10.6%	12 M €	+37.2%	8,7 M €	+28.1%	6,8 M €
Other
Workforce	27,1 ETP	+1.5%	26,7 ETP	+9.4%	24,4 ETP	-5.1%	25,7 ETP	-7.9%	27,9 ETP	-28.3%	38,9 ETP	+5.1%	37,0 ETP	-5.1%	39,0 ETP	+8.3%	36,0 ETP	-1.1%	36,4 ETP	+5.5%	34,5 ETP	-1.4%	35,0 ETP	-11.6%	39,6 ETP	+5.6%	37,5 ETP	+4.2%	36,0 ETP	+2.6%	35,1 ETP	+5.7%	33,2 ETP	+11.8%	29,7 ETP	+4.2%	28,5 ETP	-2.7%	29,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 48 ended

Active mandates

MAGILITY

Director · since 01 août 2024 · until 01 août 2030 · 1009.883.232

Represented by MAURIENNE WILL

Active

Daniel DELATTE

Director · until 12 mai 2026

Active

Ended mandates

Anne RUSCART

Director · since 08 mai 2018 · until 01 mai 2019

Ended

Anne RUSCART

Director · since 14 septembre 2012 · until 08 mai 2018

Ended

Anne RUSCART

Director · since 14 septembre 2012 · until 13 septembre 2018

Ended

Anne RUSCART

Director · since 08 juin 2012 · until 11 juin 2018

Ended

At this address

Other companies at this address

Company	CBE no.
DEPHARM● Active	0445.912.760
DURONDO● Active	0795.356.250
L.F. Will et Cie● Active	0402.188.427
M.V.V.M.● Active	0880.378.136

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	06/07/2026	27/06/2025	17/07/2024	25/07/2023	25/07/2022	26/07/2021
General meeting	26/06/2026	25/06/2025	10/07/2024	29/06/2023	15/07/2022	19/07/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/06/2026	06/07/2026	French	PDF
Full model	31/12/2024	25/06/2025	27/06/2025	French	PDF
Full model	31/12/2023	10/07/2024	17/07/2024	French	PDF
Full model	31/12/2022	29/06/2023	25/07/2023	French	PDF
Full model	31/12/2021	15/07/2022	25/07/2022	French	PDF
Full model	31/12/2020	19/07/2021	26/07/2021	French	PDF
Full model	31/12/2019	30/06/2020	09/09/2020	French	PDF
Full model	31/12/2018	30/06/2019	23/07/2019	French	PDF
Full model	31/12/2017	12/06/2018	30/07/2018	French	PDF
Full model	31/12/2016	09/05/2017	30/06/2017	French	PDF
Full model	31/12/2015	10/05/2016	29/06/2016	French	PDF
Full model	31/12/2014	30/06/2015	30/07/2015	French	PDF
Full model	31/12/2013	30/06/2014	28/08/2014	French	PDF
Full model	31/12/2012	14/05/2013	30/08/2013	French	PDF
Full modelCorrection	31/12/2011	10/06/2012	31/08/2012	French	PDF
Full model	31/12/2011	10/06/2012	20/07/2012	French	PDF
Full model	31/12/2010	10/06/2011	14/07/2011	French	PDF
Full model	31/12/2009	11/05/2010	12/07/2010	French	PDF
Full model	31/12/2008	15/06/2009	17/07/2009	French	PDF
Full model	31/12/2007	13/05/2008	13/06/2008	French	PDF
Full model	31/12/2006	08/05/2007	01/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 2 active · 48 ended

Active mandates

MAGILITY

Director · since 01 août 2024 · until 01 août 2030 · 1009.883.232

Represented by MAURIENNE WILL

Active

Daniel DELATTE

Director · until 12 mai 2026

Active

Ended mandates

Anne RUSCART

Director · since 08 mai 2018 · until 01 mai 2019

Ended

Anne RUSCART

Director · since 14 septembre 2012 · until 08 mai 2018

Ended

Anne RUSCART

Director · since 14 septembre 2012 · until 13 septembre 2018

Ended

Anne RUSCART

Director · since 08 juin 2012 · until 11 juin 2018

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/10/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates11/12/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates09/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates13/01/2023
DEMISSIONS, NOMINATIONS
PDF
Other31/08/2022
DIVERS
PDF
Mandates23/11/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates09/06/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates08/07/2019
DEMISSIONS, NOMINATIONS
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 2025358,2 k €↑
2024
Annual accounts 2024310,4 k €↑
2023
Annual accounts 2023299,8 k €↑
2022
Annual accounts 2022266,3 k €↓
2021
Annual accounts 20213,4 M €↑
2020
Annual accounts 2020968,8 k €↑
2019
Annual accounts 2019-1,2 M €↓
2018
Annual accounts 2018280,6 k €↑
2017
Annual accounts 201743,6 k €↓
2016
Annual accounts 201687,2 k €↑
2015
Annual accounts 201571,2 k €↓
2014
Annual accounts 2014127,6 k €↑
2013
Annual accounts 2013-469,8 k €↓
2012
Annual accounts 2012124,8 k €↓
2011
Annual accounts 2011253 k €↓
2010
Annual accounts 2010291,2 k €↑
2009
Annual accounts 2009239,7 k €↑
2008
Annual accounts 2008-70,2 k €↓
2007
Annual accounts 200725,3 k €↓
2006
Annual accounts 2006112,1 k €
07/10/1960
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

Will - Pharma

Overview

What does Will - Pharma do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

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