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Ipsen

Active Public limited companyfounded 1982active for 44 yearsTreurenberg 2-4, 1000 BrusselsKBO/BCE: BE 0422.650.477 subsidiary of Ipsen Pharma SAS#2 company by equity in Brussels, Wholesale and retail trade sector
Ipsen
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Overview

Lifetime

16 annual accounts with figures on one time axis, 43 filings since 1983
peak €71.3m (2025)
€71.3m▲ 2.6%
peak €5.1m (2024)
€4.2m▼ 17.7%
peak €119.9m (2025)
€119.9m▲ 3.6%
€14.5m▲ 47.8%
peak 42.9 FTE (2024)
39.9 FTE▼ 7.0%
Board17 names since 2019all names
3 directorsJana Smidlova and 2 others
Owners3 names in the annual accounts
89.85%Ipsen Pharma SAS and 2 others
Documentsfilings and deeds
17-07-202614 days before the deadline
2025financial year
Registered office moved from Merelbeke-Melle to Brussels 18-11Debts from €9.8m to €14.5mInvestments €343,327

Key points

from the 2025 annual accounts

Equity

€119.9m ▲ 3.6%

Ipsen has made a profit in every financial year since 2009.

Debts

€14.5m ▲ 47.8%
Suppliers
+3.6
Taxes and wages
+1.0

Debts rose by €4.7m in 2025.

Investments

€363,194 6.1 × depreciation
20212022202320242025

Green is investment, beige is depreciation.

Payment terms

93 days to suppliers
Suppliers
63 to 93
Customers
44 to 58

Ipsen pays its suppliers 30 days later than in 2024. Customers pay 14 days later.

Filings

43 annual accounts since 1983
AprilJune31 JulyOctober199520102025

The last five annual accounts were filed 14 to 83 days before the end of the period.

Position in the sector

€119.9m

More equity than 95% of companies in wholesale trade. Sector median €1.6m · 6,122 companies.

Checked score

88
Excellent
Financially stronger than 63% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025lowest value 08-2025: 0.1%● unchanged vs 07-2025lowest value 09-2025: 0.1%● unchanged vs 08-2025lowest value 10-2025: 0.1%● unchanged vs 09-2025lowest value 11-2025: 0.1%● unchanged vs 10-2025lowest value 12-2025: 0.2%▲ +0.1 percentage points vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.2%● unchanged vs 03-2026 05-2026: 0.3%▲ +0.1 percentage points vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026highest value 08-2026: 0.3%● unchanged vs 07-2026 09-2026: 0.3%● unchanged vs 08-2026 10-2026: 0.3%● unchanged vs 09-2026 11-2026: 0.3%● unchanged vs 10-2026

Financial strength
Strong

100=equity 89.2% of total assets
50=short-term debt 10.7% · cash 0.0%
62+1return on assets 3.1%

Score breakdown

raises risk
1 change of registered office in 24 months
Liquidity: current ratio 9.27, cash €252
lowers risk
Size: turnover €71.3m, 39.9 FTE, total assets €134.4m
Founded in 1982
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small). It does better than 92% of them on solvency, 60% on liquidity, 47% on profitability and 53% on growth.

The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 14,766 companies had the same profile as Ipsen has now. Each dot stands for 37 companies, two years later.

96.2%
were still trading
3.5%
stopped another way
0.2%
went bankrupt
  • Small
  • 20 years or older
  • solvency 30% or more
  • a profit under 5% of the balance sheet

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of Ipsen itself: 0.3% within 12 months.

Test of the method

The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 14,766 companies, not a prediction for Ipsen. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

Credit of up to €7,100,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 9.27 (12.8 in 2024), above the usual 1.5. Short-term debt is 10.7% and cash 0% of total assets. 10.8% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
raises risk · 1 change of registered office in 24 months
Belgian Official Gazette
raises risk · Liquidity: current ratio 9.27, cash €252
NBB · annual accounts
lowers risk · Size: turnover €71.3m, 39.9 FTE, total assets €134.4m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Founded in 1982
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
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 filings
Deviation from the deadline
2025
14 days early
2024
50 days early
2023
57 days early
2022
83 days early
2021
74 days early
2020
66 days early
2019
77 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 60 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 5 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

JS
Jana Smidlova
Director, since 01-05-2023
CA
CATHERINE ABI-HABIB
Director, since 01-06-2025
RG
RAFAEL GIGLIO
Director, since 01-09-2025
KB
KPMG Bedrijfsrevisoren BV
Auditor, Brecht Buysschaert
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0422650477
Registered office moved from Merelbeke-Melle to Brussels New registered office: TRÉURENBERG 2-4 BUS 4, 1000 BRUSSEL · Previous registered office: GULDENSPORENPARK 87, 9820 MERELBEKE-MELLE · Resignations: AGATHE PALLIÈRE-CALINE (director) and ABLA ABRIAL (director) · General meeting of 12-09-2025 · Gazette deed
1 statutory auditor reappointed KPMG Bedrijfsrevisoren BV (statutory auditor) · Permanent representatives: Brecht Buysschaert and Dieter Schelpe · General meeting of 28-05-2024 · Gazette deed
Amendment of the articles General meeting of 07-03-2024 · Gazette deed
All 62 events

Comparable companies

same main activity, similar in size and age
Company
Ipsen Brussels €71.3m 4.8% 89.2% 39.9
TOSOH EUROPE Tessenderlo-Ham €71.5m 4.0% 56.0% 59.4
Servier Benelux Anderlecht €89.1m 3.6% 81.8% 39.1
Fresenius Kabi Schelle €78.3m 5.0% 33.1% 60.8
CONMED Europe Drogenbos €39.7m 5.0% 97.7% 48.7
LIVANOVA BELGIUM Zaventem €70.3m 5.3% 78.5% 29.2
ABBOTT MEDICAL BELGIUM Zaventem €85.5m 3.0% 32.6% 75.4
-10%0%10%20%€50m€500m€5bnIpsenEBIT margin

Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.

These companies have the same main activity as Ipsen: wholesale of pharmaceutical and medical goods (NACE 46460). They are comparable in size and age: total assets between €39m and €132m, founded between 1968 and 1998.

Official details

Source: KBO
Status
Active since 09-04-1982Normal situation
Registered office
15 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 8 November 2026.
Activity
Wholesale of pharmaceutical and medical goodsNACE 46460and 1 other
Joint committee
200Auxiliary committee for white-collar workers · annual accounts 2025
Establishment unit
2.020.493.4691000 Brussels, since 30-04-1982
Financial year end
31 December
Peppol
Reachable since 25-09-2026
Company details

Annual accounts 2025

€71.3m▲ 2.6%
€4.2m▼ 17.7%
€119.9m▲ 3.6%
€134.4m▲ 7.1%
Employeeson 31-12-2025
39▼ 9.3%
Filing
Filed on 17-07-2026, 14 days before the end of the filing period
Financials

Insights on Ipsen

Ipsen has existed since 1982. Turnover grew from €21.5m in 2009 to €71.3m in 2025.

Turnover has grown every year since 2017.

Ipsen Pharma SAS holds 89.85% of the shares. In 2023, three directors stepped down.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, filed on 17-07-2026, 14 days before the deadline
€71.3m
▲ 2.6%
€3.4m
▲ 23.8%
€3.5m
▲ 24.1%
€4.2m
▼ 17.2%
89.2%
▼ 3.0 percentage points
9.27
▼ 3.52
In the rankings #2 company by equity in Brussels, Wholesale and retail trade sector

Money flows

of every €100 of turnover, €5.85 remains as profit in 2025

Balance sheet

balance sheet total €134.4m on 31-12-2025
What the company ownsHow it is paid for

in €m

in €m

Position in the sector

Compare with sector

89.2%

Higher than 92% of 6,191 companies in 2025.

9.27

Higher than 93% of 6,111 companies in 2025.

3.1%

Higher than 48% of 6,175 companies in 2025.

Ipsen Middle half of the sector 80% of the sector Full accounts in wholesale trade (NACE 46)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter

Staff

Men and women73% women

10.8 men and 29.1 women in full-time equivalents in 2025.

€237,443

Men €343,401, women €198,118 per full-time equivalent. Jobs differ, so this is not a pay gap.

-4 people

people who joined people who left

In 2025, 1 person joined and 5 left. Training hours in 2025: 474.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172016201520142013201220102009
Balance sheet: assets
20/58 134.4m125.5m126.5m124.5m112.7m114.2m109.6m109.2m106.6m104.6m103.1m105.6m101.6m103.8m98.2m95.6m
21/28 444,365160,28595,429102,78454,25134,45755.0m55.1m55.1m79.1m79.2m79.3m79.4m--79.0m
21 73,77686,546-------61,484102,430173,191245,528317,880369,638423,080
22/27 370,58973,73995,429102,78454,25134,45749,05362,27773,45973,45962,96992,159108,788109,17861,15368,162
23 17,22927,65833,87547,12020,88719,41720,77232,07433,26020,08727,35432,66823,64726,12020,67223,544
24 75,45520,75725,93931,80513,7408,56412,98714,34119,20524,25833,91841,52749,34747,40232,16338,069
26 277,90525,32435,61523,85919,6246,47615,29515,86220,99529,1131,69717,96435,79435,6568,3186,549
28 ------55.0m55.0m55.0m79.0m79.0m79.0m79.0m78.5m78.5m78.5m
280/1 ------55.0m55.0m55.0m79.0m79.0m79.0m79.0m78.5m78.5m78.5m
281 ------55.0m55.0m55.0m79.0m79.0m79.0m79.0m78.5m78.5m78.5m
284/8 --------------2,400-
285/8 --------------2,400-
29/58 133.9m125.3m126.4m124.4m112.6m114.2m54.5m54.1m51.5m25.5m23.9m26.4m22.3m24.9m19.2m16.6m
3 13.5m9.7m6.8m9.2m3.8m6.4m5.1m3.3m2.5m1.9m2.3m1.4m1.9m1.5m2.0m1.7m
30/36 13.5m9.7m6.8m9.2m3.8m6.4m5.1m3.3m2.5m1.9m2.3m1.4m1.9m1.5m2.0m1.7m
34 13.5m9.7m6.8m9.2m3.8m6.4m5.1m3.3m2.5m1.9m2.3m1.4m1.9m1.5m2.0m1.7m
40/41 120.3m115.6m119.4m115.2m108.7m107.8m49.2m50.7m49.0m23.6m20.5m24.7m19.4m22.6m16.7m14.4m
40 11.4m8.3m7.0m7.9m5.9m6.9m8.1m7.5m4.4m3.7m4.3m4.2m3.9m3.9m3.8m4.0m
41 108.9m107.3m112.4m107.3m102.8m100.9m41.1m43.2m44.6m19.9m16.2m20.4m15.5m18.7m12.9m10.4m
54/58 252350-------631.1m277,705947,059788,255564,967577,978
490/1 113,82957,941193,43769,95958,46920,453169,12482,09241,06337,99213,7226001,1501,0282,57015,217
Balance sheet: equity and liabilities
10/49 134.4m125.5m126.5m124.5m112.7m114.2m109.6m109.2m106.6m104.6m103.1m105.6m101.6m103.8m98.2m95.6m
10/15 119.9m115.7m110.6m106.9m105.5m104.3m103.2m101.5m100.1m99.2m97.3m95.7m98.0m95.4m94.4m91.5m
10/11 78.7m78.7m78.7m78.7m78.7m78.7m78.7m-78.7m78.7m78.7m78.7m78.7m--78.7m
10 78.7m78.7m78.7m78.7m78.7m--78.7m-----78.7m78.7m-
100 78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m78.7m
13 2.3m2.1m1.8m1.6m1.6m1.5m1.5m1.4m1.3m1.3m1.2m1.1m966,921838,404549,454405,288
130/1 2.3m2.1m1.8m1.6m1.6m1.5m----------
130 2.3m2.1m1.8m1.6m1.6m1.5m1.5m1.4m1.3m1.3m1.2m1.1m966,921838,404549,454405,288
14 38.8m34.9m30.1m26.5m25.2m24.1m23.0m21.4m20.0m19.2m17.4m15.8m18.3m15.8m15.1m12.4m
16 ---57,213-----110,000138,59177,87237,740238,791146,632209,550
160/5 ---57,213-----110,000138,59177,87237,740238,791146,632209,550
160 --------------49,821138,950
164/5 ---57,213-----110,000138,59177,87237,740--70,600
17/49 14.5m9.8m15.9m17.6m7.2m9.9m6.4m7.7m6.5m5.4m5.6m9.9m3.6m8.2m3.6m3.9m
42/48 14.4m9.8m15.9m17.6m7.2m9.9m6.4m7.7m6.5m5.4m5.6m9.9m3.6m--3.9m
43 ---283------------
430/8 ---283------------
44 11.6m8.0m13.0m15.5m4.9m8.5m5.6m6.6m5.8m4.8m5.0m4.4m2.9m4.7m3.1m3.2m
440/4 11.6m8.0m13.0m15.5m4.9m8.5m5.6m6.6m5.8m4.8m5.0m4.4m2.9m4.7m3.1m3.2m
45 2.9m1.8m2.9m2.1m2.3m1.4m809,2431.0m710,637607,655646,042721,571686,694679,896533,036654,557
450/3 936,443166,8921.2m344,518495,525312,08121,400110,45754,0385,68322,1142,9852432878884,394
454/9 1.9m1.7m1.6m1.8m1.8m1.1m787,844916,938656,599601,972623,927718,585686,451679,609532,948570,163
47/48 -----------4.8m-2.8m--
492/3 37,276---------------
Income statement
70/76A 73.1m71.2m71.4m61.9m52.2m44.0m40.2m37.1m27.4m28.0m27.3m25.9m24.3m--22.0m
70 71.3m69.5m66.2m58.2m48.8m41.9m38.1m35.6m26.7m26.9m26.6m25.7m24.0m23.2m20.9m21.5m
74 1.8m1.7m5.2m3.7m3.4m--1.5m-----356,460519,082-
60/66A 69.7m68.4m69.3m60.2m50.4m42.6m38.4m35.6m26.8m26.4m26.3m24.7m23.0m--20.4m
60 38.2m39.0m42.1m35.1m28.4m23.0m19.3m18.2m14.8m14.6m14.7m14.0m12.1m11.9m9.7m10.4m
600/8 42.0m41.9m39.8m40.4m25.9m24.2m21.0m-15.4m14.2m15.6m13.5m12.5m--10.1m
609 -3.8m-2.9m2.4m-5.3m2.5m-1.2m-1.7m-946,143-573,136408,546-902,212491,533-412,132939,970-299,755216,138
61 7.3m6.8m7.2m6.8m6.0m6.0m6.7m6.8m6.1m5.2m5.6m5.1m5.0m5.0m5.5m4.8m
62 9.5m8.9m8.5m8.4m7.7m6.0m5.3m4.5m3.3m3.8m3.5m3.6m3.9m4.0m3.4m3.9m
630 59,24740,85736,08629,48324,57529,65431,25231,95278,92173,954109,393114,550123,86090,44580,037123,017
631/4 -21,02621,0266,784--12,580-24,133-62,59689,03464,71818,1038,276-1,139-4,066-10,67828,578-51,660
635/8 ---57,21357,213-----110,000-28,59160,71840,132-201,051---544,709
640/8 14.7m13.6m11.4m9.8m8.3m7.6m7.2m5.9m2.6m2.7m2.4m1.9m2.0m1.5m1.4m1.7m
66A ---------------74,004
9901 3.4m2.8m2.2m1.7m1.7m1.4m1.8m1.6m612,6071.6m1.0m1.2m1.3m1.2m1.3m1.6m
75/76B 2.4m4.1m3.3m296,43437335,463679,496-779,674786,0281.1m1.3m1.3m--3.4m
75 2.4m4.1m3.3m296,43437335,463679,496650,730779,674786,0281.1m1.3m1.3m1.8m1.6m3.4m
750 --3.3m296,342-334,490679,267650,451778,836785,8861.1m1.3m1.3m1.7m1.5m3.3m
751 2.4m4.1m---------14,49510,76880,49477,68785,961
752/9 2,4107138092379732292798381421,392164874,2911911,209
65/66B 141,029125,68378,51167,06991,03871,30856,76559,12430,19229,71837,29535,77839,127--49,999
65 141,029125,68378,51167,06991,03871,30856,76559,12430,19229,71837,29535,77839,12740,17646,80149,999
650 96,02773,36032,87721,35022,14022,03823,01725,83725,16825,68032,50531,81834,90936,41743,18445,811
652/9 45,00252,32345,63445,71968,89849,27033,74933,2875,0244,0374,7903,9614,2183,7593,6174,188
9903 5.7m6.7m5.3m2.0m1.6m1.6m2.5m2.2m1.4m2.3m2.0m2.5m2.6m2.9m2.9m4.9m
67/77 1.5m1.6m1.6m575,155485,808505,229800,209695,352463,318481,902368,45722,62113,211506318,865
670/3 1.5m1.7m1.6m575,155487,585505,942800,209695,352483,016496,503373,80622,62113,211566414,632
77 -90,528--1,777713--19,69914,6015,349--6-95,767
9904 4.2m5.1m3.8m1.4m1.2m1.1m1.7m1.5m898,7711.9m1.7m2.4m2.6m2.9m2.9m4.6m
9905 4.2m5.1m3.8m1.4m1.2m1.1m1.7m1.5m898,7711.9m1.7m2.4m2.6m2.9m2.9m4.6m
Appropriation of the result
9906 39.0m35.1m30.2m26.5m25.2m24.1m23.1m21.5m20.1m19.3m17.5m20.7m18.4m18.8m15.3m12.6m
14P 34.9m30.1m26.5m25.2m24.1m--20.0m-----15.8m12.4m-
691/2 208,502253,417188,66869,32757,80956,77682,88073,11344,93992,98382,516122,360128,517147,178144,166230,008
6920 208,502253,417188,66869,32757,80956,77682,88073,11344,93992,98382,516122,360128,517147,178144,166230,008
694/7 -----------4.8m----
694 -----------4.8m-2.8m--
Social balance sheet
9087 39.942.942.139.741.433.330.829.223.724.726.429.130.33235.135.9
Men (FTE)1003 10.810.210.111.310.79.39.6-8.36.85.355.3---
Women (FTE)1003 29.132.73228.428.22421.2-15.417.921.124.125---
Agency workers1501 ----0.10.50.6-0.60.6--0.2--1
Hours worked1013 63,58669,43970,49065,82062,80856,82051,659-39,96340,01741,32445,19648,115--54,133
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 26 older financial years (1983-2008) were filed as documents without figures as data, scans for example.

The notes to these accounts have 55 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 17-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 17-07-2026 2026-00304691 PDF
31-12-2024 full format 11-06-2025 2025-00130949 PDF
31-12-2023 full format 04-06-2024 2024-00107772 PDF
31-12-2022 full format 09-05-2023 2023-00083163 PDF
31-12-2021 full format 18-05-2022 2022-20028786 PDF
31-12-2020 full format 26-05-2021 2021-15400216 PDF
31-12-2019 full format 15-05-2020 2020-12300376 PDF
31-12-2018 full format 14-06-2019 2019-18500388 PDF
31-12-2017 full format 04-05-2018 2018-11800366 PDF
31-12-2016 full format 28-04-2017 2017-10300269 PDF
31-12-2015 full format 19-04-2016 2016-10300577 PDF
31-12-2014 full format 11-05-2015 2015-11900481 PDF
31-12-2013 full format 14-05-2014 2014-12100167 PDF
31-12-2012 full format 21-05-2013 2013-13200343 PDF
31-12-2011 full format 22-05-2012 2012-12600103 PDF
31-12-2010 full format 24-05-2011 2011-12500151 PDF
31-12-2009 full format 27-05-2010 2010-14300392 PDF
31-12-2008 full format 10-07-2009 2009-40600122 PDF
31-12-2007 full format 23-05-2008 2008-14900122 PDF
31-12-2006 full format 27-07-2007 2007-48600145 PDF
31-12-2005 full format 22-03-2007 2007-08203589 PDF
31-12-2004 full format 10-06-2005 2005-24200117 PDF
31-12-2003 full format 14-05-2004 2004-15001149 PDF
31-12-2002 full format 27-06-2003 2003-33802368 PDF
31-12-2001 full format 06-05-2002 2002-11800275 PDF
31-12-2000 full format 22-08-2001 2001-51502716 PDF
31-12-1999 full format 31-08-2000 2000-54102275 PDF
31-12-1998 full format 28-05-1999 1999-12503644 PDF
31-12-1997 full format 12-06-1998 1998-16700534 PDF
31-12-1996 full format 04-06-1997 1997-12003654 PDF
31-12-1995 full format 06-06-1996 1996-12804381 PDF
31-12-1994 full format 26-06-1995 1995-28700663 PDF
31-12-1993 full format 17-05-1994 1994-08404781 PDF
31-12-1992 full format 11-01-1994 1994-00701639 PDF
31-12-1991 full format 22-10-1993 1993-40900397 PDF
31-12-1990 full format 14-10-1991 1991-28200942 PDF
31-12-1989 full format 16-11-1990 1990-27900859 PDF
31-12-1988 full format 11-08-1989 1989-20105297 PDF
31-12-1987 full format 14-04-1989 1989-02702473 PDF
31-12-1986 full format 14-10-1987 1987-23204259 PDF
31-12-1985 full format 16-06-1986 1986-14501641 PDF
31-12-1984 full format 24-10-1985 1985-36400640 PDF
31-12-1983 unclassified schema 26-11-1984 1984-14900905 PDF

Subsidies and aid

Flemish government 2022, 1 entry, €1,412 awarded, €1,412 paid

Vlaams opleidingsverlof (VOV)
€1,412

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172016201520142013201220102009
3.5m2.8m2.2m1.8m1.8m1.4m1.9m1.6m691,5281.7m1.1m1.3m1.5m1.3m1.4m1.8m
4.2m5.1m3.8m1.4m1.2m1.2m1.7m1.5m977,6931.9m1.8m2.6m2.7m3.0m3.0m4.7m
363,194105,71338,95078,13844,36915,79718,02820,76926,99645,6089,44125,58754,236113,57020,07914,889
-98---------1.1m810,037-669,354158,804--13,011-
119.5m115.6m110.6m106.8m105.4m104.3m48.1m46.5m45.0m20.2m18.3m16.5m18.7m--12.8m
4.8%4.0%3.3%3.0%3.6%3.3%4.8%4.4%2.3%5.9%3.8%4.5%5.6%5.0%6.5%7.6%
89.2%92.2%87.5%85.8%93.6%91.3%94.2%93.0%93.9%94.8%94.4%90.6%96.4%91.9%96.2%95.7%
9.2712.807.967.0815.6911.528.557.067.944.764.242.666.19--4.29
8.3411.817.546.5615.1610.887.756.637.564.413.832.525.66--3.86
0.120.080.140.160.070.100.060.080.060.050.060.100.040.090.040.04
3.5%4.4%3.4%1.3%1.1%1.1%1.6%1.4%0.9%1.9%1.7%2.6%2.6%3.1%3.1%5.0%
3.1%4.0%3.0%1.1%1.0%1.0%1.5%1.3%0.8%1.8%1.6%2.3%2.5%2.8%2.9%4.8%
36.1538.1266.7182.5279.3863.8181.0961.8527.4864.6134.2640.0842.1934.6233.0838.51
58 days44 days39 days50 days44 days60 days78 days77 days60 days50 days59 days60 days59 days62 days66 days68 days
93 days63 days96 days135 days52 days107 days78 days97 days101 days87 days90 days85 days62 days102 days74 days77 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Revenue breakdown

as filed

By geographic market 2020

  • België €39,989,77895.5%
  • Luxemburg €1,900,3954.5%

Total €41,890,174

Source: 2020 accounts, page 22, filing 2021-15400216

All years (2018 to 2020)
By geographic market201820192020
België€33,786,343€36,172,460€39,989,778
Luxemburg€1,837,495€1,928,408€1,900,395
Total€35,623,838€38,100,868€41,890,174

Social balance sheet

Item31-12-202531-12-202431-12-202331-12-202231-12-2021
Employees at the balance-sheet date3943434042
full-time3439363338
part-time54774
in full-time equivalents3842.542.138.941.4
39.942.942.139.738.9
On a permanent contract3943434041
Joined13768
Left53484
Agency workers, average number----0.1
Training hours474950652236768

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€356,107€12,985€38,950€78,138€44,369
Intangible fixed assets€7,088€92,728---
€59,247€40,857€36,086€29,483€24,575

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20252024202320222021
Fee for the audit€20,446€19,668€19,000€19,221€17,845
Other work by the auditor----€1,890

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Public contracts

2 awards · 2025 to 2026
Raamovereenkomst voor de aankoop en levering van Somatostatine analogen: Langwerkende Somatostatine analogen
buyer: VZW Maria MiddelaresMedical equipment and pharmaceuticalsawarded 04-06-2026€972,4022 tendersTED 414749-2026
Lanreotide
buyer: VITAZ vzwMedical equipment and pharmaceuticalsawarded 12-11-2025€926,2311 tenderTED 826632-2025

Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.

Insights on Ipsen

The operating result for 2025 is 24% higher than in 2024 and the highest since 2009. It is the third rise in a row, after the fall in 2022.

Debt's share of the balance-sheet total rises from 7.8% to 10.8%. Equity and debt are higher.

Board & ownership

Board

3 directors, 1 auditor, last change in 2025
Jana Smidlova
Director
since 01-05-2023 term until 30-04-2029
listed in the 2025 annual accounts, filed on 17-07-2026
CATHERINE ABI-HABIB
Director (not named in the articles)
since 01-06-2025 6-year term from 2025
listed in the 2025 annual accounts, filed on 17-07-2026
RAFAEL GIGLIO
Director (not named in the articles)
since 01-09-2025 6-year term from 2025
listed in the 2025 annual accounts, filed on 17-07-2026
KPMG Bedrijfsrevisoren BV
Statutory auditor, permanent representative Brecht Buysschaert
current term since 28-05-2024 term until 25-05-2027
listed in the 2025 annual accounts, filed on 17-07-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Two directors jointly
deed of 20-03-2024

Office holders in the KBO →

Mandates through the years

17 names, the dashed line is today
Show
Jana Smidlova
Director
CATHERINE ABI-HABIB
Director (not named in the articles)
RAFAEL GIGLIO
Director (not named in the articles)
KPMG Bedrijfsrevisoren BV
Statutory auditor
ABLA ABRIAL
Director
AGATHE PALLIÈRE-CALINE
Director
Vincent Stéphane Carrère
Director
Michal Koutný
Director
Jeroen Murk
Director
Sophie Jacq
Director
Visciglio Alexandre
Director
Sandrine Gaillard
Director
Mathieu Savarzeix
Director
Sunjeet Sawhney
Director
Jerome Viallard
Director
Pascal Waucquez
Director
Sunjeet Sawhriey
Director
BoardEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
  • Jana Smidlova
    • Director, from 01-05-2023 to date
  • CATHERINE ABI-HABIB
    • Director (not named in the articles), from 01-06-2025 to date
  • RAFAEL GIGLIO
    • Director (not named in the articles), from 01-09-2025 to date
  • KPMG Bedrijfsrevisoren BV
    • Statutory auditor, from 30-04-2021 to date
  • ABLA ABRIAL
    • Director, appointed by deed of 03-11-2023, until 01-09-2025
  • AGATHE PALLIÈRE-CALINE
    • Director, from before 31-12-2022 to 01-06-2025
  • Vincent Stéphane Carrère
    • Director, appointed by deed of 25-11-2021, until 25-08-2023
  • Michal Koutný
    • Director, appointed by deed of 07-07-2022, until 23-06-2023
  • Jeroen Murk
    • Director, appointed by deed of 12-09-2022, until 13-03-2023
  • Sophie Jacq
    • Director, appointed by deed of 14-01-2021, until 12-09-2022
  • Visciglio Alexandre
    • Director, appointed by deed of 30-01-2020, until 07-07-2022
  • Sandrine Gaillard
    • Director, appointed by deed of 14-01-2021, until 01-11-2021
  • Mathieu Savarzeix
    • Director, from before 09-04-2019 to 30-11-2020
  • Sunjeet Sawhney
    • Director, appointed by deed of 30-01-2020, until 30-11-2020
  • Jerome Viallard
    • Director, until 09-04-2019
    • Director, until 27-12-2019
  • Pascal Waucquez
    • Director, until 09-04-2019
    • Director, until 27-12-2019
  • Sunjeet Sawhriey
    • Director, appointed by deed of 27-12-2019, no longer listed in the 2025 annual accounts

See the board, name and registered office on a given date →

Control

Parent
Ipsen Pharma SAS FR
29,759 voting rights
89.85%
This company
Ipsen
Equity €119.9m
Profit €4.2m in 2025

and 2 other shareholders

Capital

Capital
€78,748,000
Shares
33,120 in the 2025 annual accounts
Contribution per share
€2,378
Equity per share
€3,620 in 2025
Source
deed of 20-03-2024

Owners through the years

as the annual accounts name them
Ipsen Pharma SAS FR
89.85%
89.85%
Ipsen Pharma SA ES
10.14%
10.14%
Ipsen SA FR
consolidates0.01%
0.01%
Owners as a list

Source: shareholder structure in its own accounts, parent in its own accounts

Articles of association

deed of 20-03-2024 (in Dutch)
Board ruleThese rules set how the board is made up, meets and takes decisions.
At least 3 directors
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Fourth Tuesday of May at 15:00

Shareholders

3 owners

Owners 3

Network & group

Parent

Ipsen Pharma SAS
France · 89.85% of the shares

Connections & network

3 current directors
Depth

The network starts from the directors of Ipsen. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Timeline

62 events since 1982

Deadline for the 2026 accounts: 31-07-2027

2026
Registered in the Peppol Directory Reachable for e-invoices through 0208:0422650477
Annual accounts 2025 filed NBBfull format · 14 days before the deadline
2025
Registered office moved from Merelbeke-Melle to BrusselsNew registered office: TRÉURENBERG 2-4 BUS 4, 1000 BRUSSEL · Previous registered office: GULDENSPORENPARK 87, 9820 MERELBEKE-MELLE · Resignations: AGATHE PALLIÈRE-CALINE (director) and ABLA ABRIAL (director) · General meeting of 12-09-20258 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2024 filed PDFfull format · 50 days before the deadline
2024
Highest result from 2009 to 2025 net €5.1m ▲34.3% The net result of €5.1m is the highest of those years.
1 statutory auditor reappointedKPMG Bedrijfsrevisoren BV (statutory auditor) · Permanent representatives: Brecht Buysschaert and Dieter Schelpe · General meeting of 28-05-20244 points ▸
  • General meeting, 28-05-2024
  • Auditor reappointment, KPMG Bedrijfsrevisoren BV (statutory auditor)
  • Permanent representative, Brecht Buysschaert
  • Permanent representative, Dieter Schelpe
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFfull format · 57 days before the deadline
Amendment of the articlesGeneral meeting of 07-03-20243 points ▸
  • General meeting, 07-03-2024
  • Capital, €78,748,000, 33,120 shares
  • Registered office clause, Guldensporenpark 87, 9820 Merelbeke
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

2023
1 director appointed, 1 resignationResignation: Vincent Carrere · Appointment: Abla Abrial · Permanent representative: Dieter Schelpe · General meeting of 18-07-20235 points ▸
  • General meeting, 18-07-2023
  • Director resignation, Vincent Carrere
  • Director discharge, Vincent Carrere
  • Director appointment, Abla Abrial
  • Permanent representative, Dieter Schelpe

Open the deed in the Belgian Official Gazette

1 director appointed, 1 resignationResignation: Michal Koutný · Appointment: Jana Smidlova · Permanent representative: Dieter Schelpe · General meeting of 28-04-20235 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFfull format · 83 days before the deadline
1 director appointed, 1 resignationResignation: Jeroen Murk · Appointment: Agathe Pallière-Caline · Permanent representative: Dieter Schelpe · General meeting of 30-01-20235 points ▸

Open the deed in the Belgian Official Gazette

2022
1 director appointed, 1 resignationResignation: Sophie Jacq · Appointment: Jeroen Murk · Permanent representative: Dieter Schelpe · General meeting of 20-07-20225 points ▸

Open the deed in the Belgian Official Gazette

1 director appointed, 1 resignationResignation: Visciglio Alexandre · Appointment: Koutný Michal · Permanent representative: Dieter Schelpe · General meeting of 29-04-20225 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2021 filed PDFfull format · 74 days before the deadline
2021
1 director appointed, 1 resignationAppointment: Vincent Stéphane Carrère · Resignation: Sandrine Gaillard · Permanent representative: Dieter Schelpe · General meeting of 01-11-20215 points ▸

Open the deed in the Belgian Official Gazette

1 statutory auditor reappointedKPMG Bedrijfsrevisoren BV (statutory auditor) · Permanent representatives: Robert Snijkers and Dieter Schelpe · General meeting of 30-04-20214 points ▸
  • General meeting, 30-04-2021
  • Auditor reappointment, KPMG Bedrijfsrevisoren BV (statutory auditor)
  • Permanent representative, Robert Snijkers
  • Permanent representative, Dieter Schelpe

Open the deed in the Belgian Official Gazette

Annual accounts 2020 filed PDFfull format · 66 days before the deadline
2 directors appointed, 2 resignationsAppointments: Sandrine Gaillard and Sophie Jacq · Resignations: Mathieu Savarzeix and Sunjeet Sawhney · Permanent representative: Dieter Schelpe · General meeting of 30-11-20208 points ▸

Open the deed in the Belgian Official Gazette

2020
Annual accounts 2019 filed PDFfull format · 77 days before the deadline
2 directors appointed, 2 resignations, 1 reappointmentResignations: Pascal Waucquez and Jerome Viallard · Appointments: Sunjeet Sawhney and Alexandre Visciglio · Reappointment: Mathieu Savarzeix · General meeting of 17-12-20199 points ▸

Open the deed in the Belgian Official Gazette

2019
2 directors appointed, 2 resignationsResignations: Pascal Waucquez and Jerome Viallard · Appointments: Sunjeet Sawhriey and Alexandre Visciglio · General meeting of 09-04-20195 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2018 filed PDFfull format · 47 days before the deadline
2018
Annual accounts 2017 filed PDFfull format · 88 days before the deadline
2017
Weakest financial year net €898,771 ▼51.7% The net result drops to €898,771, the lowest from 2009 to 2025. It recovers the following year.
Equity above €100m equity €100.1m ▲0.9% Equity rises from €99.2m to €100.1m.
Annual accounts 2016 filed PDFfull format · 94 days before the deadline
2016
Annual accounts 2015 filed PDFfull format · 103 days before the deadline
2015
Annual accounts 2014 filed PDFfull format · 81 days before the deadline
2014
Annual accounts 2013 filed PDFfull format · 78 days before the deadline
2013
Annual accounts 2012 filed PDFfull format · 71 days before the deadline
2012
Annual accounts 2011 filed PDFfull format · 70 days before the deadline
2011
Annual accounts 2010 filed PDFfull format · 68 days before the deadline
2010
Annual accounts 2009 filed PDFfull format · 65 days before the deadline
2009
Annual accounts 2008 filed PDFfull format · 21 days before the deadline
2008
Annual accounts 2007 filed PDFfull format · 69 days before the deadline
2007
Annual accounts 2006 filed PDFfull format · 4 days before the deadline
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFfull format
2004
Annual accounts 2003 filed PDFfull format
2003
Annual accounts 2002 filed PDFfull format
2002
Annual accounts 2001 filed PDFfull format
2001
Annual accounts 2000 filed PDFfull format
2000
Annual accounts 1999 filed PDFfull format
1999
Annual accounts 1998 filed PDFfull format
1998
Annual accounts 1997 filed PDFfull format
1997
Annual accounts 1996 filed PDFfull format
1996
Annual accounts 1995 filed PDFfull format
1995
Annual accounts 1994 filed PDFfull format
1994
Annual accounts 1993 filed PDFfull format
Annual accounts 1992 filed PDFfull format
1993
Annual accounts 1991 filed PDFfull format
1991
Annual accounts 1990 filed PDFfull format
1990
Annual accounts 1989 filed PDFfull format
1989
Annual accounts 1988 filed PDFfull format
Annual accounts 1987 filed PDFfull format
1987
Annual accounts 1986 filed PDFfull format
1986
Annual accounts 1985 filed PDFfull format
1985
Annual accounts 1984 filed PDFfull format
1984
Annual accounts 1983 filed PDFunclassified schema
1982
First establishment Treurenberg 2-4, Brussels
Incorporation KBO

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

Ipsen was incorporated on 9 April 1982.1 The registered office was moved to Brussels in 2025.2 Turnover grew from €35.6m in 2018 to €71.3m in 2025 and headcount from 29.2 to 39.9 full-time equivalents.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 18-11-2025
  3. 3National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0422.650.477
VAT number
BE 0422.650.477
Peppol ID
0208:0422650477
Other Peppol ID
9925:BE0422650477
LEI code
967600FKQGV7R5KF9470 no longer live in the LEI register
Legal form
Public limited company
Status
Active, normal situation
Founded
09-04-1982
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Fourth Tuesday of May at 15:00
deed of 20-03-2024 (in Dutch)
Peppol
Reachable since 25-09-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
Ipsen in Dutch
Entity type
Legal entity
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 20-03-2024 (in Dutch)

Activities

NACEBEL 2025
VAT activities
46460 Wholesale of pharmaceutical and medical goods main activity
21201 Manufacture of basic pharmaceutical products and pharmaceutical preparations
Social security (RSZ) activities
21201 Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Joint committees annual accounts 2025
JC 200 Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
VAT activities
46460 Wholesale trade main activity
21201 Manufacture of basic pharmaceutical products and pharmaceutical preparations
Social security (RSZ) activities
21201 Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Codes under NACEBEL 2003
51460 main activity
24421
PurposeThe purpose describes the activities the company may carry out under its articles.
“De aankoop,de verkoop,de import,de export,de fabricage,de bereiding,de verpakking en de verdeling van alle farmaceutische en cosmetische…”
8 activities
  1. De aankoop,de verkoop,de import,de export,de fabricage,de bereiding,de verpakking en de verdeling van alle farmaceutische en cosmetische producten en levensmiddelen
  2. Financiering verschaffen aan zowel verbonden als niet verbonden entiteiten door middel van het toestaan,het onderschrijven,het verwerven,het overdragen of op enige andere wijze verhandelen van,leningen,obligaties,kredietopeningen of andere vormen van schuldfinanciering of schuldinstrumenten,of door middel van het onderschrijven,het verwerven,het overdragen of op enige andere wijze verhandelen van aandelen,opties,warrants,of andere effecten of andere vormen van kapitaalfinanciering
  3. Alle financiële transacties en financiële overeenkomsten afsluiten,behoudens de activiteiten die wettelijk voorbehouden zijn aan spaar-en depositobanken en aan vennootschappen voor vermogensbeheer en beleggingsadvies
  4. Liquiditeiten of activa beleggen in effecten,cash of roerende waarden in de meest brede betekenis van het woord
  5. Participaties nemen en investeren in vennootschappen,ondernemingen,bedrijvigheden,samenwerkingsverbanden,joint ventures of andere entiteiten,al dan niet met rechtspersoonlijkheid,al dan niet genoteerd op de beurs
  6. De ontwikkeling van de entiteiten,waarin zij participeert,bevorderen,plannen en coördineren,onder andere door middel van reorganisaties en herstructureringen
  7. Ondersteuning geven en diensten verstrekken aan zowel verbonden als niet verbonden entiteiten op technisch,zakelijk,administratief,juridisch,financieel of enig ander gebied
  8. Het rechtstreeks of onrechtstreeks deelnemen aan het bestuur,de directie,de controle en vereffening van de vennootschappen waarin zij een belang of deelneming heeft en in het algemeen alle verrichtingen die rechtstreeks of onrechtstreeks,geheel of gedeeltelijk verband houden met de activiteiten van een holding
deed of 20-03-2024 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit numberFASFC approval
Treurenberg 2-4 registered office 1000 Brussels 2110001 Manufacture of basic pharmaceutical products and pharmaceutical preparations 30-04-1982 2.020.493.469 Trader
1 former office
  • Guldensporenpark 87, 9820 Merelbeke-Melle until 15-09-2025 · deed of 18-11-2025

Buildings and parcels at the address

Ground area
780 m²
Buildings
783 m²
Volume, LiDAR
15,204 m³
Tallest building
24.9 m
Buildings to scale, each on its own parcel
783 m², 24.9 m 783 m², 24.9 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
21803C1344/00B000780 m² 1 · 783 m² 24.9 m · 7

Recognitions

Food safety, FASFC

1 site
Brusselsunit number 2.020.493.469
1 permission
Trader · since 01-01-2017

Source: FAVV-AFSCA, open data, updated on 26-10-2026

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