ACTIVE

A.forall Group

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Financial year 2024 · closed on 31/12/2024

Net result

-16,1 M €

-137.0% YoY

Revenue

6,9 M €

+23.5% YoY

Equity

127 M €

-11.3% YoY

Workforce

6,6 ETP

-2.9% YoY

What does A.forall Group do?

A.forall Group is a Public limited company incorporated in 2017. Its main activity is: Activities of holding companies. Its registered office is in Anderlecht. It employs on average 6,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0684.777.042

Incorporation

17/11/2017

Legal form

Public limited company

Registered office

Square Marie Curie 50
1070 Anderlecht · BruxellesSee on map

Contributed capital

112 948 581,00 €

Latest accounts

31/12/2024

Average workforce

6,6 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 82990Other business support service activities n.e.c.82990Other business support service activities n.e.c.64200Activities of holding companies 64210Activities of holding companies

Joint committees (1)

Signals

Solid equityHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 7 financial years

	2024		2023		2022		2021		2020		2018		2018
Income statement
Revenue	6,9 M €	+23.5%	5,6 M €	-17.8%	6,8 M €	-2.4%	7 M €	+26.3%	5,5 M €		–		–
EBITDA	-1,8 M €	-144%	-750,1 k €	-364%	284,3 k €	+200%	-283,5 k €	+42.8%	-495,9 k €	+50.8%	-1 M €	-279%	-266 k €
Operating result	-2 M €	-117%	-935 k €	-761%	141,4 k €	+137%	-380,7 k €	+30.3%	-546,3 k €	+45.8%	-1 M €	-279%	-266 k €
Net result	-16,1 M €	-137%	43,5 M €	+2270%	-2 M €	-115%	13,2 M €	+168%	-19,4 M €	-1075%	-1,7 M €	-194%	-562,2 k €
Balance sheet
Equity	127 M €	-11.3%	143,1 M €	+43.7%	99,5 M €	-2.0%	101,6 M €	+14.9%	88,4 M €	-20.2%	110,7 M €	-1.5%	112,4 M €
Total assets	156,6 M €	-26.9%	214,2 M €	+30.1%	164,6 M €	-0.3%	165 M €	-24.6%	218,9 M €	+59.3%	137,4 M €	-2.7%	141,3 M €
Cash	80 k €	-90.9%	878,6 k €	+397%	176,8 k €	-22.7%	228,6 k €	-72.3%	823,9 k €	+5310%	15,2 k €	-98.6%	1,1 M €
Debts	29,3 M €	-58.7%	70,8 M €	+9.2%	64,8 M €	+2.3%	63,3 M €	-51.3%	130,1 M €	+388%	26,6 M €	-7.2%	28,7 M €
Other
Workforce	6,6 ETP	-2.9%	6,8 ETP	0.0%	6,8 ETP	+6.2%	6,4 ETP	-29.7%	9,1 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2024 · 6 active · 26 ended

Active mandates

Pharma Handshake

Director · since 03 septembre 2025 · until 28 juin 2028 · 1028.856.036

Represented by Steen Vangsgaard

Active

VS Pharma Consulting LLC

Director · since 19 juin 2019 · until 28 juin 2028

Represented by Jatin Shah

Active

Themtis

Managing director · since 10 janvier 2019 · until 28 juin 2028 · 0536.341.110

Represented by Filip Van de Vliet

Active

George Frederick Wilkinson

Director · since 01 août 2018 · until 28 juin 2028

Active

Damien Gaudin

Director · since 17 novembre 2017 · until 28 juin 2028

Active

Karsten Langer

Director · since 17 novembre 2017 · until 28 juin 2028

Active

Ended mandates

Damien Gaudin

Director · since 02 décembre 2022 · until 28 juin 2028

Ended

Frederick Wilkinson

Director · since 02 décembre 2022 · until 28 juin 2028

Ended

Karsten Langer

Director · since 02 décembre 2022 · until 28 juin 2028

Ended

Themtis

Director · since 02 décembre 2022 · until 28 juin 2028 · 0536.341.110

Represented by Filip Van de Vliet

Ended

At this address

Other companies at this address

Company	CBE no.
A.forall Development● Active	0827.869.165
Maatschap Eden● Active	0730.754.250
MEDIGROUP● Active	0826.773.857
NEOGEN● Active	0445.922.856
S.A. ISTA N.V.● Active	0417.918.263

Annual accounts

Full financial information

	2024	2023	2022	2021	2020	2019
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	24/11/2025	14/11/2024	10/10/2023	05/12/2022	16/09/2021	15/07/2020
General meeting	14/11/2025	12/11/2024	05/10/2023	02/12/2022	15/09/2021	08/07/2020
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

16 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2024	14/11/2025	24/11/2025	Dutch	PDF
Consolidated accounts	31/12/2024	14/11/2025	24/11/2025	Dutch	PDF
Full model	31/12/2023	12/11/2024	14/11/2024	Dutch	PDF
Consolidated accounts	31/12/2023	12/11/2024	14/11/2024	Dutch	PDF
Full model	31/12/2022	05/10/2023	10/10/2023	Dutch	PDF
Consolidated accounts	31/12/2022	05/10/2023	10/10/2023	Dutch	PDF
Full model	31/12/2021	02/12/2022	05/12/2022	Dutch	PDF
Consolidated accounts	31/12/2021	02/12/2022	09/12/2022	Dutch	PDF
Full model	31/12/2020	15/09/2021	16/09/2021	Dutch	PDF
Consolidated accounts	31/12/2020	15/09/2021	16/09/2021	Dutch	PDF
Full model	31/12/2019	08/07/2020	15/07/2020	Dutch	PDF
Consolidated accounts	31/12/2019	08/07/2020	14/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	10/07/2019	Dutch	PDF
Consolidated accounts	31/12/2018	31/12/2018	23/07/2019	Dutch	PDF
Full model	31/03/2018	11/10/2018	23/10/2018	Dutch	PDF
Consolidated accounts	31/03/2018	11/10/2018	24/10/2018	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 31/12/2024 · 6 active · 26 ended

Active mandates

Pharma Handshake

Director · since 03 septembre 2025 · until 28 juin 2028 · 1028.856.036

Represented by Steen Vangsgaard

Active

VS Pharma Consulting LLC

Director · since 19 juin 2019 · until 28 juin 2028

Represented by Jatin Shah

Active

Themtis

Managing director · since 10 janvier 2019 · until 28 juin 2028 · 0536.341.110

Represented by Filip Van de Vliet

Active

George Frederick Wilkinson

Director · since 01 août 2018 · until 28 juin 2028

Active

Damien Gaudin

Director · since 17 novembre 2017 · until 28 juin 2028

Active

Karsten Langer

Director · since 17 novembre 2017 · until 28 juin 2028

Active

Ended mandates

Damien Gaudin

Director · since 02 décembre 2022 · until 28 juin 2028

Ended

Frederick Wilkinson

Director · since 02 décembre 2022 · until 28 juin 2028

Ended

Karsten Langer

Director · since 02 décembre 2022 · until 28 juin 2028

Ended

Themtis

Director · since 02 décembre 2022 · until 28 juin 2028 · 0536.341.110

Represented by Filip Van de Vliet

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/05/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other11/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING
PDF
Mandates23/12/2022
ONTSLAGEN - BENOEMINGEN
PDF
Other29/09/2022
DIVERSEN
PDF
Other22/10/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates26/07/2021
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates13/07/2021
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

10/10/2025
nominationPharma Handshake BV — bestuurder
03/09/2025
nominationSteen Vangsgaard — bestuurder
2024
Annual accounts 2024-16,1 M €↓
2023
Annual accounts 202343,5 M €↑
05/10/2023
reconductionDeloitte Bedrijfsrevisoren BV — commissaris
2023
Name changeA.forall Group
2022
Annual accounts 2022-2 M €↓
02/12/2022
reconductionKarsten Langer — bestuurder
02/12/2022
reconductionDamien Gaudin — bestuurder
02/12/2022
reconductionFilip Van de Vliet — bestuurder (vertegenwoordiger van Themtis BV)
02/12/2022
reconductionJatin Shah — bestuurder (vertegenwoordiger van VS Pharma Consulting LLC)
02/12/2022
reconductionGeorge Frederick Wilkinson — bestuurder
2021
Annual accounts 202113,2 M €↑
2021
Name changeAlter Pharma Group
2020
Annual accounts 2020-19,4 M €↓
2018
Annual accounts 2018-1,7 M €↓
2018
Annual accounts 2018-562,2 k €
17/11/2017
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

A.forall Group

Overview

What does A.forall Group do?

Trend over 7 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