ACTIVE

A.forall Development

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Financial year 2025 · Closed on 31/12/2025

Net result-1,7 M €-113,5 %over 1 year

Gross margin5,5 M €+5,2 %over 1 year

Equity37,6 M €-4,2 %over 1 year

Workforce10,9 ETP+2,8 %over 1 year

Identity

Source · BCE/KBO

A.forall Development is a Public limited company incorporated in 2010. Its main activity is: Manufacture of pharmaceutical preparations. Its registered office is in Anderlecht. It employs on average 10,9 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0827.869.165
Incorporation: 15/07/2010
Legal form: Public limited company
Registered office: Square Marie Curie 50
1070 Anderlecht · BruxellesSee on map
Contributed capital: 19 636 619,72 €
Latest accounts: 31/12/2025
Average workforce: 10,9 ETP

Activities (NACE)

21201Manufacture of pharmaceutical preparations· main 21201Manufacture of pharmaceutical preparations 64200Activities of holding companies 64210Activities of holding companies

Joint committees (2)

Signals

Solid equityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 22 filings

Trend over 15 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	5,5 M €	+5.2%	5,2 M €	-0.6%	5,3 M €	+118%	2,4 M €	+57.1%	1,5 M €
EBITDA	3,7 M €	+9.5%	3,4 M €	-0.2%	3,4 M €	+913%	335,2 k €	+131%	-1,1 M €
Operating result	-225,2 k €	-110%	2,2 M €	-7.7%	2,4 M €	+802%	-337,1 k €	+78.3%	-1,6 M €
Net result	-1,7 M €	-114%	12,3 M €	+453%	2,2 M €	+472%	-598,7 k €	-102%	28,3 M €
Balance sheet
Equity	37,6 M €	-4.2%	39,3 M €	-24.4%	51,9 M €	+4.5%	49,7 M €	-1.2%	50,3 M €
Total assets	71,3 M €	+16.6%	61,2 M €	-17.0%	73,7 M €	+11.1%	66,4 M €	+1.1%	65,6 M €
Cash	439,6 k €	-60.3%	1,1 M €	+306%	272,4 k €	-41.5%	465,8 k €	+27.9%	364,1 k €
Debts	33,7 M €	+53.9%	21,9 M €	+0.7%	21,7 M €	+30.5%	16,7 M €	+8.7%	15,3 M €
Other
Workforce	10,9 ETP	+2.8%	10,6 ETP	-6.2%	11,3 ETP	-4.2%	11,8 ETP	-3.3%	12,2 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 21 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
LMDC Advisory s.r.o. BORepresented by Libor Matyasek	Director01/01/2026 → 18/06/2031
Pharma Handshake1028.856.036Represented by Steen Vangsgaard	Managing director10/10/2025 → 18/06/2031
A.forall Development0827.869.165Represented by Bruno Cardoso Simoes Febra	Director01/01/2022 → 18/06/2031
Steen Vangsgaard	Managing director03/09/2025 → 18/06/2031
LMDC GmbH BORepresented by Libor Matyasek	Director01/07/2024 → 31/12/2025

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
LMDC GmbHRepresented by Libor Matyasek	Director01/07/2024 → 2024 accounts
Cellular consultig LDARepresented by Bruno Febra	Director31/12/2021 → 2023 accounts
Cellular Consulting LDARepresented by Bruno Febra	Director31/12/2021 → 2022 accounts
Celullar Consulting LDARepresented by Bruno Febra	Director31/12/2021 → 2021 accounts

Other companies at this address

Square Marie Curie 50 1070 Anderlecht

Company	CBE no.
A.forall Group● Active	0684.777.042
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

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	27/10/2026	09/09/2025	09/07/2024	29/08/2023	05/07/2022	09/09/2021
General meeting	23/10/2026	03/09/2025	28/06/2024	04/08/2023	30/06/2022	24/08/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 22 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	23/10/2026	27/10/2026	Dutch	PDF
Abridged model	31/12/2024	03/09/2025	09/09/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	09/07/2024	Dutch	PDF
Abridged model	31/12/2022	04/08/2023	29/08/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	05/07/2022	Dutch	PDF
Abridged model	31/12/2020	24/08/2021	09/09/2021	Dutch	PDF
Abridged model	31/12/2019	08/07/2020	14/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	10/07/2019	Dutch	PDF
Full model	31/03/2018	28/09/2018	20/11/2018	Dutch	PDF
Full model	31/03/2017	09/11/2017	21/11/2017	Dutch	PDF
Consolidated accounts	31/03/2017	09/11/2017	21/11/2017	Dutch	PDF
Full model	31/03/2016	30/09/2016	28/10/2016	Dutch	PDF
Consolidated accounts	31/03/2016	30/09/2016	28/10/2016	Dutch	PDF
Full model	31/03/2015	24/11/2015	04/01/2016	Dutch	PDF
Consolidated accounts	31/03/2015	24/11/2015	06/01/2016	Dutch	PDF
Full model	31/03/2014	15/10/2014	22/10/2014	Dutch	PDF
Consolidated accounts	31/03/2014	15/10/2014	22/10/2014	Dutch	PDF
Full model	31/03/2013	31/10/2013	31/10/2013	Dutch	PDF
Consolidated accountsCorrection	31/03/2013	31/10/2013	22/10/2014	Dutch	PDF
Consolidated accounts	31/03/2013	31/10/2013	31/10/2013	Dutch	PDF
Full model	31/03/2012	14/09/2012	29/10/2012	Dutch	PDF
Full model	31/03/2011	21/12/2011	24/01/2012	Dutch	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 21 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
LMDC Advisory s.r.o. BORepresented by Libor Matyasek	Director01/01/2026 → 18/06/2031
Pharma Handshake1028.856.036Represented by Steen Vangsgaard	Managing director10/10/2025 → 18/06/2031
A.forall Development0827.869.165Represented by Bruno Cardoso Simoes Febra	Director01/01/2022 → 18/06/2031
Steen Vangsgaard	Managing director03/09/2025 → 18/06/2031
LMDC GmbH BORepresented by Libor Matyasek	Director01/07/2024 → 31/12/2025

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
LMDC GmbHRepresented by Libor Matyasek	Director01/07/2024 → 2024 accounts
Cellular consultig LDARepresented by Bruno Febra	Director31/12/2021 → 2023 accounts
Cellular Consulting LDARepresented by Bruno Febra	Director31/12/2021 → 2022 accounts
Celullar Consulting LDARepresented by Bruno Febra	Director31/12/2021 → 2021 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates16/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other11/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING
PDF
Mandates27/01/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/10/2021
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring03/08/2020
RUBRIEK EINDE (STOPZETTING, INTREKKING STOPZETTING, NIETIGHEID, GER. AK., GERECHTELIJKE REORGANISATIE, ENZ... - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates27/05/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL - ONTSLAGEN - BENOEMINGEN
PDF

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings15 filings

Mandates

LMDC Advisory s.r.o. BO

Pharma Handshake

A.forall Development

Steen Vangsgaard

LMDC GmbH BO

LMDC GmbH

Cellular consultig LDA

Cellular Consulting LDA

Celullar Consulting LDA

Themtis

HANDS-ON FINANCE SOLUTIONS

Vilas Pharmaceutical Services ApS

Show the 14 other mandates

2010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

A.forall DevelopmentALTER PHARMA

Square Marie Curie 50, 1070 Anderlecht

Director

Managing director

Director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Square Marie Curie 50, 1070 AnderlechtCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00569931

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
A.forall DevelopmentCurrent	accounts 2023 → 2025	Accounts 2025 · 2026-00569931
ALTER PHARMA	accounts 2021 → 2022	Accounts 2022 · 2023-00415347

Events

01/01/2026
nominationLMDC Advisory s.r.o · bestuurder
2025
Annual accounts 2025-1,7 M €↓
10/10/2025
nominationPharma Handshake BV · bestuurder
10/10/2025
nominationPharma Handshake BV · dagelijks bestuurder
04/09/2025
reconductionLMDC GmbH · bestuurder
04/09/2025
reconductionCellular Consulting LDA · bestuurder
03/09/2025
nominationSteen Vangsgaard · bestuurder
2024
Annual accounts 202412,3 M €↑
01/07/2024
nominationLMDC GmbH · bestuurder
28/06/2024
reconductionDeloitte Bedrijfsrevisoren BV · commissaris
2023
Annual accounts 20232,2 M €↑
2023
Name changeA.forall Development
2022
Annual accounts 2022-598,7 k €↓
2021
Annual accounts 202128,3 M €↓
2019
Annual accounts 201974,5 M €↑
2018
Annual accounts 2018-572,9 k €↑
2018
Annual accounts 2018-948,9 k €↓
2017
Annual accounts 2017-37,6 k €↑
2016
Annual accounts 2016-391,4 k €↓
2015
Annual accounts 2015-286,7 k €↓
2014
Annual accounts 2014-272,3 k €↑
2013
Annual accounts 2013-633,7 k €↓
2012
Annual accounts 2012-602,3 k €↓
2011
Annual accounts 2011-316,6 k €
15/07/2010
IncorporationPublic limited company

A.forall Development

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events