Ipsen
ActiveSummary
Ipsen has been active since 1982 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €119.88M and a net result of €4.17M. Equity is growing by ~2.5% per year across the filed fiscal years. Its solvency ranks better than 92% of 4867 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
76
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability62▲+1
Solvency100=
Growth75▼-2
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 9.27 against 12.8 in 2024; short-term debt: 10.7% and cash: 0% of total assets), and 10.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
89.2%
Return on assets
3.1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
50 d early
2023
57 d early
2022
83 d early
2021
74 d early
2020
66 d early
2019
77 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€71.32M▲ 2.6%
2024 · €69.49M
2019: €38.10M
2020: €41.89M
2021: €48.78M
2022: €58.24M
2023: €66.18M
2024: €69.49M
2019 → 2025
EBIT margin
4.8%▲ 0.8pp
2024 · 4.0%
2019: 4.8%
2020: 3.3%
2021: 3.6%
2022: 3.0%
2023: 3.3%
2024: 4.0%
2019 → 2025
Net result
€4.17M▼ 17.7%
2024 · €5.07M
2019: €1.66M
2020: €1.14M
2021: €1.16M
2022: €1.39M
2023: €3.77M
2024: €5.07M
2019 → 2025
Working capital
€119.48M▲ 3.4%
2024 · €115.55M
2019: €48.15M
2020: €104.30M
2021: €105.43M
2022: €106.83M
2023: €110.55M
2024: €115.55M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€48.78M-€58.24M▲ 19.4%€66.18M▲ 13.6%€69.49M▲ 5.0%€71.32M▲ 2.6%
Equity€105.49M-€106.87M▲ 1.3%€110.65M▲ 3.5%€115.71M▲ 4.6%€119.88M▲ 3.6%
Operating result€1.73M-€1.73M=€2.16M▲ 24.5%€2.76M▲ 27.7%€3.41M▲ 23.8%
Net result€1.16M-€1.39M▲ 19.9%€3.77M▲ 172%€5.07M▲ 34.3%€4.17M▼ 17.7%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 24% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €134.36M
Fixed assets
€444k ▲ 177%
Current assets
€133.92M ▲ 6.8%
Equity and liabilities €134.36M
Equity
€119.88M ▲ 3.6%
Debt
€14.48M ▲ 47.8%
Debt's share of the balance-sheet total rises from 7.8% to 10.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.47M▲
2024 · €2.80M
Cash flow
€4.23M▼
2024 · €5.11M
Current ratio
9.27▼
2024 · 12.80
Quick ratio
8.34▼
2024 · 11.81
Debt to equity
0.12▲
2024 · 0.08
ROE
3.5%▼
2024 · 4.4%
ROA
3.1%▼
2024 · 4.0%
Interest coverage
36.15▼
2024 · 38.12
Debt ≤ 1 year
€14.44M▲
2024 · €9.80M
Income taxes
€1.48M▼
2024 · €1.63M
Staff costs
€9.47M▲
2024 · €8.92M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 65 lines
Balance sheet
Code20242025
Assets
Total assets20/58€125.51M€134.36M▲
Fixed assets21/28€160k€444k▲
Intangible fixed assets21€87k€74k▼
Tangible fixed assets22/27€74k€371k▲
Plant, machinery and equipment23€28k€17k▼
Furniture and vehicles24€21k€75k▲
Other tangible fixed assets26€25k€278k▲
Current assets29/58€125.35M€133.92M▲
Stocks and contracts in progress3€9.67M€13.53M▲
Stocks30/36€9.67M€13.53M▲
Goods purchased for resale34€9.67M€13.53M▲
Amounts receivable within one year40/41€115.62M€120.27M▲
Trade receivables40€8.29M€11.36M▲
Other amounts receivable41€107.33M€108.91M▲
Cash at bank and in hand54/58€350€252▼
Deferred charges and accrued income490/1€58k€114k▲
Equity and liabilities
Total equity and liabilities10/49€125.51M€134.36M▲
Equity10/15€115.71M€119.88M▲
Contributions10/11€78.75M€78.75M=
Capital10€78.75M€78.75M=
Issued capital100€78.75M€78.75M=
Reserves13€2.09M€2.30M▲
Non-distributable reserves130/1€2.09M€2.30M▲
Legal reserve130€2.09M€2.30M▲
Profit (loss) carried forward14€34.87M€38.84M▲
Amounts payable17/49€9.80M€14.48M▲
Amounts payable within one year42/48€9.80M€14.44M▲
Trade debts44€7.95M€11.58M▲
Suppliers440/4€7.95M€11.58M▲
Taxes, remuneration and social security45€1.84M€2.86M▲
Taxes450/3€167k€936k▲
Remuneration and social security454/9€1.68M€1.92M▲
Accrued charges and deferred income492/3-€37k
Income statement
Code20242025
Operating income70/76A€71.15M€73.08M▲
Turnover70€69.49M€71.32M▲
Other operating income74€1.66M€1.76M▲
Operating charges60/66A€68.39M€69.67M▲
Goods for resale, raw materials and consumables60€38.98M€38.16M▼
Purchases600/8€41.88M€42.00M▲
Change in stocks: decrease (increase)609€-2.90M€-3.84M▼
Services and other goods61€6.83M€7.29M▲
Remuneration, social security and pensions62€8.92M€9.47M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€41k€59k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€21k€-21k▼
Other operating charges640/8€13.61M€14.71M▲
Operating profit (loss)9901€2.76M€3.41M▲
Financial income75/76B€4.07M€2.38M▼
Recurring financial income75€4.07M€2.38M▼
Income from current assets751€4.07M€2.38M▼
Other financial income752/9€71€2k▲
Financial charges65/66B€126k€141k▲
Recurring financial charges65€126k€141k▲
Debt charges650€73k€96k▲
Other financial charges652/9€52k€45k▼
Profit (loss) for the period before taxes9903€6.70M€5.65M▼
Income taxes67/77€1.63M€1.48M▼
Taxes670/3€1.72M€1.48M▼
Tax adjustments and reversals of tax provisions77€91k-
Profit (loss) for the period9904€5.07M€4.17M▼
Profit (loss) for the period to be appropriated9905€5.07M€4.17M▼
Appropriation of the result
Profit (loss) to be appropriated9906€35.13M€39.04M▲
Profit (loss) brought forward from the previous period14P€30.06M€34.87M▲
Transfer to equity691/2€253k€209k▼
To the legal reserve6920€253k€209k▼
Social balance
Average headcount (FTE)908742.939.9▼
The notes to these accounts (55 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2019net €5.07M ▲34.3%
Net result €5.07M, the highest in the series.
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
09-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
18-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
26-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €1.14M ▼31.5%
Net result drops to €1.14M, the lowest in the series; recovery starts the following year.
15-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
04-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
28-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
32 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 1982
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Treurenberg 2-41000 BrusselGround area
780 m²
Building footprint
783 m²
Volume, LiDAR
15,204 m³
Parcel 21803C1344/00B000, Brussels · tallest building 24.9 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Treurenberg 2-4, 1000 Brussel
since 19822.020.493.469
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21803C1344/00B000 | Brussels | 780 m² | 1 · 783 m² | 24.9 m · 7 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 1,412 EUR awarded · 1,412 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 1,412 EUR | 1,412 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Recognitions · licences · registrations
Food safety, FASFC
1 siteBrussel2.020.493.469
Legal Entity Identifier
967600FKQGV7R5KF9470
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BE 0415.283.427
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BESINS HEALTHCARE
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Elsene · Eq €99.26M
Of 1,898 companies in sector 46460 we hold annual accounts for 1,116. 109 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded09-04-1982
Fiscal year end31-12
Activities, NACEBEL 2025
21201Manufacture of basic pharmaceutical products and pharmaceutical preparations
46460Wholesale of pharmaceutical and medical goods
Sources
Crossroads Bank for EnterprisesNational Bank · 43 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.