ACTIVE

A.forall Development

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Financial year 2024 · closed on 31/12/2024
Net result
12,3 M €
+453.4% YoY
Gross margin
5,2 M €
-0.6% YoY
Equity
39,3 M €
-24.4% YoY
Workforce
10,6 ETP
-6.2% YoY

What does A.forall Development do?

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 10,6 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
31/12/2024
Average workforce
10,6 ETP
Activities (NACE)
21201Manufacture of pharmaceutical preparations· main21201Manufacture of pharmaceutical preparations64200Activities of holding companies64210Activities of holding companies
Joint committees (2)
  • 207
  • 323
Signals
ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 14 financial years

20242023202220212019201820182017201620152014201320122011
Income statement
Gross margin5,2 M €5,3 M €2,4 M €1,5 M €1,2 M €–––––––––
EBITDA3,4 M €3,4 M €335,2 k €-1,1 M €-1,1 M €54,5 k €-42,4 k €-50,8 k €-56,2 k €-201,7 k €-112,6 k €-388,9 k €-382,7 k €-15,2 k €
Operating result2,2 M €2,4 M €-337,1 k €-1,6 M €-1,2 M €21,7 k €-88,7 k €-90,1 k €-92 k €-243,4 k €-151,6 k €-415,3 k €-415 k €-34,1 k €
Net result12,3 M €2,2 M €-598,7 k €28,3 M €74,5 M €-572,9 k €-948,9 k €-37,6 k €-391,4 k €-286,7 k €-272,3 k €-633,7 k €-602,3 k €-316,6 k €
Balance sheet
Equity39,3 M €51,9 M €49,7 M €50,3 M €90,1 M €15,6 M €16,2 M €17,1 M €17,1 M €16,9 M €17,2 M €17,5 M €11,1 M €11,7 M €
Total assets61,2 M €73,7 M €66,4 M €65,6 M €92,5 M €53,1 M €48,6 M €38 M €36,8 M €33,3 M €33,5 M €29,1 M €19,8 M €15,2 M €
Cash1,1 M €272,4 k €465,8 k €364,1 k €232 k €176 k €140,2 k €175,1 k €77,3 k €365,3 k €94,6 k €108,5 k €1 M €61 k €
Debts21,9 M €21,7 M €16,7 M €15,3 M €2,4 M €37,5 M €32,4 M €20,9 M €19,6 M €16,4 M €16,3 M €11,7 M €8,7 M €3,5 M €
Other
Workforce10,6 ETP11,3 ETP11,8 ETP12,2 ETP25,8 ETP20,5 ETP16,7 ETP15,8 ETP16,0 ETP16,2 ETP17,8 ETP10,6 ETP2,7 ETP0,2 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 31/12/2024 · 5 active · 54 ended

Active mandates

Steen Vangsgaard

Managing director · since 03 septembre 2025 · until 18 juin 2031

Active
LMDC GmbH

Director · since 01 juillet 2024 · until 04 septembre 2025

Represented by Libor Matyasek

Active
A.forall Development

Director · since 01 janvier 2022 · until 04 septembre 2025 · 0827.869.165

Represented by Bruno Cardoso Simoes Febra

Active
Themtis

Director · since 13 mai 2020 · until 03 septembre 2025 · 0536.341.110

Represented by Filip Van de Vliet

Active
HANDS-ON FINANCE SOLUTIONS

Director · since 12 février 2020 · until 01 juillet 2024 · 0825.704.085

Represented by Ivo Peeters

Active

Ended mandates

Cellular consultig LDA

Director · since 31 décembre 2021 · until 18 juin 2025

Represented by Bruno Febra

Ended
Cellular Consulting LDA

Director · since 31 décembre 2021 · until 18 juin 2025

Represented by Bruno Febra

Ended
Celullar Consulting LDA

Director · since 31 décembre 2021 · until 18 juin 2025

Represented by Bruno Febra

Ended
HANDS-ON FINANCE SOLUTIONS

Director · since 12 février 2020 · until 11 juin 2025 · 0825.704.085

Represented by Ivo Peeters

Ended
At this address

Other companies at this address

CompanyCBE 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
Annual accounts

Full financial information

202420232022202120202019
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202401/01/202301/01/202201/01/202101/01/202001/01/2019
Closing of the financial year31/12/202431/12/202331/12/202231/12/202131/12/202031/12/2019
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date09/09/202509/07/202429/08/202305/07/202209/09/202114/07/2020
General meeting03/09/202528/06/202404/08/202330/06/202224/08/202108/07/2020
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202403/09/202509/09/2025DutchPDF
Abridged model31/12/202328/06/202409/07/2024DutchPDF
Abridged model31/12/202204/08/202329/08/2023DutchPDF
Abridged model31/12/202130/06/202205/07/2022DutchPDF
Abridged model31/12/202024/08/202109/09/2021DutchPDF
Abridged model31/12/201908/07/202014/07/2020DutchPDF
Full model31/12/201828/06/201910/07/2019DutchPDF
Full model31/03/201828/09/201820/11/2018DutchPDF
Full model31/03/201709/11/201721/11/2017DutchPDF
m120-f-p31/03/201709/11/201721/11/2017DutchPDF
Full model31/03/201630/09/201628/10/2016DutchPDF
m120-f-p31/03/201630/09/201628/10/2016DutchPDF
Full model31/03/201524/11/201504/01/2016DutchPDF
m120-f-p31/03/201524/11/201506/01/2016DutchPDF
Full model31/03/201415/10/201422/10/2014DutchPDF
m120-f-p31/03/201415/10/201422/10/2014DutchPDF
Full model31/03/201331/10/201331/10/2013DutchPDF
m120-f-pCorrection31/03/201331/10/201322/10/2014DutchPDF
m120-f-p31/03/201331/10/201331/10/2013DutchPDF
Full model31/03/201214/09/201229/10/2012DutchPDF
Full model31/03/201121/12/201124/01/2012DutchPDF
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 31/12/2024 · 5 active · 54 ended

Active mandates

Steen Vangsgaard

Managing director · since 03 septembre 2025 · until 18 juin 2031

Active
LMDC GmbH

Director · since 01 juillet 2024 · until 04 septembre 2025

Represented by Libor Matyasek

Active
A.forall Development

Director · since 01 janvier 2022 · until 04 septembre 2025 · 0827.869.165

Represented by Bruno Cardoso Simoes Febra

Active
Themtis

Director · since 13 mai 2020 · until 03 septembre 2025 · 0536.341.110

Represented by Filip Van de Vliet

Active
HANDS-ON FINANCE SOLUTIONS

Director · since 12 février 2020 · until 01 juillet 2024 · 0825.704.085

Represented by Ivo Peeters

Active

Ended mandates

Cellular consultig LDA

Director · since 31 décembre 2021 · until 18 juin 2025

Represented by Bruno Febra

Ended
Cellular Consulting LDA

Director · since 31 décembre 2021 · until 18 juin 2025

Represented by Bruno Febra

Ended
Celullar Consulting LDA

Director · since 31 décembre 2021 · until 18 juin 2025

Represented by Bruno Febra

Ended
HANDS-ON FINANCE SOLUTIONS

Director · since 12 février 2020 · until 11 juin 2025 · 0825.704.085

Represented by Ivo Peeters

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • 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

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

Timeline

  1. 01/01/2026
    nominationLMDC Advisory s.r.o — bestuurder
  2. 10/10/2025
    nominationPharma Handshake BV — bestuurder
  3. 10/10/2025
    nominationPharma Handshake BV — dagelijks bestuurder
  4. 04/09/2025
    reconductionLMDC GmbH — bestuurder
  5. 04/09/2025
    reconductionCellular Consulting LDA — bestuurder
  6. 03/09/2025
    nominationSteen Vangsgaard — bestuurder
  7. 2024
    Annual accounts 202412,3 M €↑
  8. 01/07/2024
    nominationLMDC GmbH — bestuurder
  9. 28/06/2024
    reconductionDeloitte Bedrijfsrevisoren BV — commissaris
  10. 2023
    Annual accounts 20232,2 M €↑
  11. 2023
    Name changeA.forall Development
  12. 2022
    Annual accounts 2022-598,7 k €↓
  13. 2021
    Annual accounts 202128,3 M €↓
  14. 2021
    Name changeALTER PHARMA
  15. 2019
    Annual accounts 201974,5 M €↑
  16. 2018
    Annual accounts 2018-572,9 k €↑
  17. 2018
    Annual accounts 2018-948,9 k €↓
  18. 2017
    Annual accounts 2017-37,6 k €↑
  19. 2016
    Annual accounts 2016-391,4 k €↓
  20. 2015
    Annual accounts 2015-286,7 k €↓
  21. 2014
    Annual accounts 2014-272,3 k €↑
  22. 2013
    Annual accounts 2013-633,7 k €↓
  23. 2012
    Annual accounts 2012-602,3 k €↓
  24. 2011
    Annual accounts 2011-316,6 k €
  25. 15/07/2010
    IncorporationPublic limited company