ACTIVE

Ipsen

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Financial year 2025 · closed on 31/12/2025

Net result

4,2 M €

-17.7% YoY

Revenue

71,3 M €

+2.6% YoY

Equity

119,9 M €

+3.6% YoY

Workforce

39,9 ETP

-7.0% YoY

What does Ipsen do?

Ipsen is a Public limited company incorporated in 1982. Its main activity is: Manufacture of pharmaceutical preparations. Its registered office is in Bruxelles. It employs on average 39,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0422.650.477

Incorporation

09/04/1982

Legal form

Public limited company

Registered office

Treurenberg 2-4 box 4
1000 Bruxelles · BruxellesSee on map

Contributed capital

78 748 000,00 €

Latest accounts

31/12/2025

Average workforce

39,9 ETP

Activities (NACE)

21201Manufacture of pharmaceutical preparations· main 21201Manufacture of pharmaceutical preparations 46460Wholesale of pharmaceutical goods 46460Wholesale of pharmaceutical goods 51460Air transport 21201Manufacture of pharmaceutical preparations+2

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 13 financial years

	2025		2024		2023		2022		2021		2020		2019		2017		2016		2015		2014		2013		2009
Income statement
Revenue	71,3 M €	+2.6%	69,5 M €	+5.0%	66,2 M €	+13.6%	58,2 M €	+19.4%	48,8 M €	+16.4%	41,9 M €	+9.9%	38,1 M €	+42.6%	26,7 M €	-0.8%	26,9 M €	+1.2%	26,6 M €	+3.7%	25,7 M €	+7.0%	24 M €	+11.8%	21,5 M €
EBITDA	3,5 M €	+22.5%	2,8 M €	+31.5%	2,1 M €	+17.8%	1,8 M €	+4.2%	1,7 M €	+26.3%	1,4 M €	-23.4%	1,8 M €	+139%	756,2 k €	-54.9%	1,7 M €	+49.5%	1,1 M €	-11.9%	1,3 M €	-13.3%	1,5 M €	-14.2%	1,7 M €
Operating result	3,4 M €	+23.8%	2,8 M €	+27.7%	2,2 M €	+24.5%	1,7 M €	-0.0%	1,7 M €	+25.9%	1,4 M €	-25.0%	1,8 M €	+200%	612,6 k €	-61.4%	1,6 M €	+57.8%	1 M €	-13.5%	1,2 M €	-14.0%	1,3 M €	-17.8%	1,6 M €
Net result	4,2 M €	-17.7%	5,1 M €	+34.3%	3,8 M €	+172%	1,4 M €	+19.9%	1,2 M €	+1.8%	1,1 M €	-31.5%	1,7 M €	+84.4%	898,8 k €	-51.7%	1,9 M €	+12.7%	1,7 M €	-32.6%	2,4 M €	-4.8%	2,6 M €	-44.1%	4,6 M €
Balance sheet
Equity	119,9 M €	+3.6%	115,7 M €	+4.6%	110,6 M €	+3.5%	106,9 M €	+1.3%	105,5 M €	+1.1%	104,3 M €	+1.1%	103,2 M €	+3.1%	100,1 M €	+0.9%	99,2 M €	+1.9%	97,3 M €	+1.7%	95,7 M €	-2.4%	98 M €	+7.0%	91,5 M €
Total assets	134,4 M €	+7.1%	125,5 M €	-0.8%	126,5 M €	+1.6%	124,5 M €	+10.5%	112,7 M €	-1.4%	114,2 M €	+4.3%	109,6 M €	+2.8%	106,6 M €	+1.8%	104,6 M €	+1.5%	103,1 M €	-2.4%	105,6 M €	+4.0%	101,6 M €	+6.3%	95,6 M €
Cash	252 €	-28.0%	350 €		–		–		–		–		–		–		63,1 €	-100.0%	1,1 M €	+292%	277,7 k €	-70.7%	947,1 k €	+63.9%	578 k €
Debts	14,4 M €	+47.4%	9,8 M €	-38.3%	15,9 M €	-9.7%	17,6 M €	+145%	7,2 M €	-27.6%	9,9 M €	+55.5%	6,4 M €	-1.7%	6,5 M €	+21.0%	5,4 M €	-5.1%	5,6 M €	-43.0%	9,9 M €	+175%	3,6 M €	-7.3%	3,9 M €
Other
Workforce	39,9 ETP	-7.0%	42,9 ETP	+1.9%	42,1 ETP	+6.0%	39,7 ETP	-4.1%	41,4 ETP	+24.3%	33,3 ETP	+8.1%	30,8 ETP	+30.0%	23,7 ETP	-4.0%	24,7 ETP	-6.4%	26,4 ETP	-9.3%	29,1 ETP	-4.0%	30,3 ETP	-15.6%	35,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 36 ended

Active mandates

Rafael Giglio

Director · since 01 septembre 2025 · until 01 septembre 2031

Active

Catherine Abi-Habib

Director · since 01 juin 2025 · until 01 juin 2031

Active

Abla Abrial

Director · since 25 août 2023 · until 01 septembre 2025

Active

Jana Smidlova

Director · since 01 mai 2023 · until 30 avril 2029

Active

Agathe Pallière-Caline

Director · since 01 mars 2023 · until 01 juin 2025

Active

Ended mandates

Abla Abrial

Director · since 25 août 2023 · until 24 août 2029

Ended

Agathe Pallière-Caline

Director · since 01 mars 2023 · until 28 février 2029

Ended

Jeroen Murk

Director · since 29 juillet 2022 · until 01 mars 2023

Ended

Michal Koutný

Director · since 29 avril 2022 · until 01 mai 2023

Ended

At this address

Other companies at this address

Company	CBE no.
Belgian Management & Marketing Association● Active	0451.119.581
H Advisors Brussels● Active	0450.579.351
HAVAS MEDIA BELGIUM● Active	0476.461.723
PROVIDENCE● Active	0437.061.016

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	17/07/2026	11/06/2025	04/06/2024	09/05/2023	18/05/2022	26/05/2021
General meeting	08/07/2026	27/05/2025	28/05/2024	28/04/2023	29/04/2022	30/04/2021
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

23 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/07/2026	17/07/2026	Dutch	PDF
Full model	31/12/2024	27/05/2025	11/06/2025	Dutch	PDF
Full model	31/12/2023	28/05/2024	04/06/2024	Dutch	PDF
Full model	31/12/2022	28/04/2023	09/05/2023	Dutch	PDF
Full model	31/12/2021	29/04/2022	18/05/2022	Dutch	PDF
Full model	31/12/2020	30/04/2021	26/05/2021	Dutch	PDF
Full model	31/12/2019	24/04/2020	15/05/2020	Dutch	PDF
Full model	31/12/2018	26/04/2019	14/06/2019	Dutch	PDF
Full model	31/12/2017	06/04/2018	04/05/2018	Dutch	PDF
Full model	31/12/2016	07/04/2017	28/04/2017	Dutch	PDF
Full model	31/12/2015	01/04/2016	19/04/2016	Dutch	PDF
Full model	31/12/2014	24/04/2015	11/05/2015	Dutch	PDF
Full model	31/12/2013	25/04/2014	14/05/2014	Dutch	PDF
Full model	31/12/2012	26/04/2013	21/05/2013	Dutch	PDF
Full modelCorrection	31/12/2011	27/07/2012	13/09/2012	Dutch	PDF
Full model	31/12/2011	27/04/2012	22/05/2012	Dutch	PDF
Full modelCorrection	31/12/2010	29/04/2011	16/05/2012	Dutch	PDF
Full model	31/12/2010	29/04/2011	24/05/2011	Dutch	PDF
Full model	31/12/2009	30/04/2010	27/05/2010	French	PDF
Full model	31/12/2008	24/04/2009	10/07/2009	Dutch	PDF
Full model	31/12/2007	25/04/2008	23/05/2008	Dutch	PDF
Full model	31/12/2006	29/06/2007	27/07/2007	Dutch	PDF
Full model	31/12/2005	28/08/2006	22/03/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 5 active · 36 ended

Active mandates

Rafael Giglio

Director · since 01 septembre 2025 · until 01 septembre 2031

Active

Catherine Abi-Habib

Director · since 01 juin 2025 · until 01 juin 2031

Active

Abla Abrial

Director · since 25 août 2023 · until 01 septembre 2025

Active

Jana Smidlova

Director · since 01 mai 2023 · until 30 avril 2029

Active

Agathe Pallière-Caline

Director · since 01 mars 2023 · until 01 juin 2025

Active

Ended mandates

Abla Abrial

Director · since 25 août 2023 · until 24 août 2029

Ended

Agathe Pallière-Caline

Director · since 01 mars 2023 · until 28 février 2029

Ended

Jeroen Murk

Director · since 29 juillet 2022 · until 01 mars 2023

Ended

Michal Koutný

Director · since 29 avril 2022 · until 01 mai 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates18/11/2025
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other20/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates03/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/09/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/07/2022
ONTSLAGEN - BENOEMINGEN
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 20254,2 M €↓
01/09/2025
nominationRAFAEL GIGLIO — niet-statutaire bestuurder
01/06/2025
nominationCATHERINE ABI-HABIB — niet-statutaire bestuurder
2024
Annual accounts 20245,1 M €↑
28/05/2024
reconductionBrecht Buysschaert — commissaris (vaste vertegenwoordiger van KPMG Bedrijfsrevisoren BV)
2023
Annual accounts 20233,8 M €↑
25/08/2023
nominationAbla Abrial — Bestuurder
01/05/2023
nominationJana Smidlova — Bestuurder
01/03/2023
nominationAgathe Pallière-Caline — Bestuurder
01/01/2023
demissionMichal Koutny — Bestuurder
2022
Annual accounts 20221,4 M €↑
29/07/2022
demissionJeroen Murk — Bestuurder
29/07/2022
nominationJeroen Murk — Bestuurder
29/04/2022
nominationKoutnÿ Michal — Bestuurder
01/01/2022
demissionSophie Jacq — Bestuurder
01/01/2022
demissionVisciglio Alexandre — Bestuurder
2021
Annual accounts 20211,2 M €↑
01/11/2021
demissionVincent Carrere — Bestuurder
2020
Annual accounts 20201,1 M €↓
2019
Annual accounts 20191,7 M €↑
2017
Annual accounts 2017898,8 k €↓
2016
Annual accounts 20161,9 M €↑
2015
Annual accounts 20151,7 M €↓
2014
Annual accounts 20142,4 M €↓
2013
Annual accounts 20132,6 M €↓
2009
Annual accounts 20094,6 M €
09/04/1982
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

Ipsen

Overview

What does Ipsen do?

Trend over 13 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