Will - Pharma
ActiveSummary
Will - Pharma has been active since 1960 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.7m and a net result of €358,166. Equity has been stable since 2018 (±0.9% per year). Its solvency ranks better than 50% of 94 sector peers (NACE 21, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-10-1960 Normal situation
- Activity
- Manufacture of basic pharmaceutical products and pharmaceutical preparations NACE 21201
- Establishment units
- 2.045.555.596 1301 Wavre, since 27-07-1971
- 2.212.120.632 1300 Wavre, since 01-08-2012
- Financial year end
- 31 December
- Peppol
- Reachable since 31-12-2025
Board and ownership
Board
- MAGILITYManaging director · permanent representative Maurienne Will
- Daniel DELATTEDirector
- Auditor
- ALL ABOUT AUDIT
Shareholders
- DEPHARM100%· score 912025 annual accounts of DEPHARM
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Turnover
- €17.8m
- ▲ 9.5%
- Profit
- €358,166
- ▲ 15.4%
- Equity
- €4.7m
- ▲ 8.3%
- Total assets
- €9.7m
- ▲ 8.0%
- Employees on 31-12-2025
- 29
- ▲ 7.4%
Score breakdownlowers riskFounded in 1960Liquidity: current ratio 1.79, cash €1.5mEquity €4.7m (47.9% of total assets)Legal form: public limited companyShow the evidence
Checked score
Score 2025
94
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 49% of small companies in pharmaceuticals (NACE 21)
Financial strength · tick: 2024
Strong
Solvency
73=
equity 47.9% of total assets
Liquidity
45+12
short-term debt 49.9% · cash 15.8%
Profitability
63=
return on assets 3.7%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 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 03-2025lowest value
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged 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: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026highest value
08-2026: 0.1%▼ -0.1 percentage points vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €430,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.79 (1.73 in 2024), above the usual 1.5. Short-term debt is 49.9% and cash 15.8% of total assets. However, 52.1% of the assets are financed with debt and provisions.
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 21, small). It does better than 39% of them on solvency, 45% on liquidity, 48% on profitability and 65% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €4.7m
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 days early
2024
34 days early
2023
14 days early
2022
6 days early
2021
6 days early
2020
5 days early
2019
40 days late
← 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 7 days before the deadline. In the sector (NACE 21), the median for financial year 2024 was 9 days before the deadline, and 32% 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 18 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 48 filings
Turnover
€17.8m▲ 9.5%
2024 · €16.3m
EBIT margin
3.3%▼ 0.1pp
2024 · 3.4%
Net result
€358,166▲ 15.4%
2024 · €310,424
Working capital
€3.8m▲ 16.9%
2024 · €3.3m
In the rankings
#1 oldest company in Walloon Brabant, Pharmaceuticals sector#7 company by equity in Wavre, Manufacturing sector#8 company by total assets in Walloon Brabant, Pharmaceuticals sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€17.8m
▲ 9.5%
2025
20182025
Operating result
€589,926
▲ 5.6%
2025
20182025
Net result
€358,166
▲ 15.4%
2025
middle half of the sector
20182025
EBIT margin
3.3%
▼ 0.1pp
2025
20182025
Equity
€4.7m
▲ 8.3%
2025
middle half of the sector
20182025
Total assets
€9.7m
▲ 8.0%
2025
middle half of the sector
20182025
Debt
€5.0m
▲ 8.1%
2025
20182025
Working capital
€3.8m
▲ 16.9%
2025
middle half of the sector
20182025
Solvency
47.9%
▲ 0.1pp
2025
middle half of the sector
20182025
Current ratio
1.79
▲ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
3.7%
▲ 0.2pp
2025
middle half of the sector
20182025
Staff (FTE)
27.1
▲ 1.5%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€50.9m-€63.5m▲ 24.8%€72.2m▲ 13.8%€33.7m▼ 53.3%€15.9m▼ 52.9%€15.7m▼ 0.9%€16.3m▲ 3.4%€17.8m▲ 9.5%
Operating result€0.5m--€1.1m€1.1m€3.6m▲ 230%€0.5m▼ 85.2%€0.6m▲ 9.3%€0.6m▼ 4.2%€0.6m▲ 5.6%
Net result€0.3m--€1.2m€1.0mwithin the sector's middle half€3.4mabove the sector's middle half▲ 251%€0.3mwithin the sector's middle half▼ 92.2%€0.3mwithin the sector's middle half▲ 12.5%€0.3mwithin the sector's middle half▲ 3.6%€0.4mwithin the sector's middle half▲ 15.4%
EBIT margin1.0%--1.7%▼ 2.7pp1.5%▲ 3.3pp10.7%▲ 9.2pp3.4%▼ 7.3pp3.7%▲ 0.3pp3.4%▼ 0.3pp3.3%▼ 0.1pp
Equity€5.2m-€4.1m▼ 22.4%€5.0mwithin the sector's middle half▲ 23.9%€8.4mwithin the sector's middle half▲ 67.6%€8.7mwithin the sector's middle half▲ 3.2%€4.0mwithin the sector's middle half▼ 54.1%€4.3mwithin the sector's middle half▲ 7.8%€4.7mwithin the sector's middle half▲ 8.3%
Total assets€16.3m-€17.9m▲ 9.5%€20.1mwithin the sector's middle half▲ 12.4%€16.5mwithin the sector's middle half▼ 17.9%€17.9mwithin the sector's middle half▲ 8.8%€9.5mwithin the sector's middle half▼ 47.2%€9.0mwithin the sector's middle half▼ 4.9%€9.7mwithin the sector's middle half▲ 8.0%
Debt€10.9m-€13.6m▲ 25.0%€14.8m▲ 8.6%€7.9m▼ 46.5%€9.2m▲ 15.5%€5.4m▼ 41.3%€4.7m▼ 13.5%€5.0m▲ 8.1%
Working capital€1.8m-€0.4m▼ 75.6%€1.6mwithin the sector's middle half▲ 269%€6.8mwithin the sector's middle half▲ 324%€7.3mwithin the sector's middle half▲ 7.3%€2.9mwithin the sector's middle half▼ 60.5%€3.3mwithin the sector's middle half▲ 13.4%€3.8mwithin the sector's middle half▲ 16.9%
Solvency32.1%-22.7%▼ 9.3pp25.0%within the sector's middle half▲ 2.3pp51.1%within the sector's middle half▲ 26.1pp48.5%within the sector's middle half▼ 2.7pp42.2%within the sector's middle half▼ 6.3pp47.8%within the sector's middle half▲ 5.6pp47.9%within the sector's middle half▲ 0.1pp
Current ratio1.17-1.03▼ 0.131.11within the sector's middle half▲ 0.081.86within the sector's middle half▲ 0.751.80within the sector's middle half▼ 0.061.55within the sector's middle half▼ 0.251.73within the sector's middle half▲ 0.181.79within the sector's middle half▲ 0.06
Return on assets (ROA)1.7%--6.6%▼ 8.3pp4.8%within the sector's middle half▲ 11.4pp20.6%above the sector's middle half▲ 15.8pp1.5%within the sector's middle half▼ 19.1pp3.2%within the sector's middle half▲ 1.7pp3.4%within the sector's middle half▲ 0.3pp3.7%within the sector's middle half▲ 0.2pp
Staff (FTE)39-37▼ 5.1%38.9within the sector's middle half▲ 5.1%27.9within the sector's middle half▼ 28.3%25.7within the sector's middle half▼ 7.9%24.4within the sector's middle half▼ 5.1%26.7within the sector's middle half▲ 9.4%27.1within the sector's middle half▲ 1.5%
above
within
below
The sector band is the middle half of the companies in Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 6% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.7m
Fixed assets
€1.1m ▼ 16.0%
Current assets
€8.7m ▲ 11.9%
Equity and liabilities €9.7m
Equity
€4.7m ▲ 8.3%
Provisions
€37,111 ▼ 28.8%
Debt
€5.0m ▲ 8.1%
Debt's share of the balance-sheet total rises from 51.6% to 51.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€929,417▲
2024 · €893,486
Cash flow
€697,656▲
2024 · €645,034
Quick ratio
0.77▲
2024 · 0.57
Debt to equity
1.08▼
2024 · 1.08
ROE
7.7%▲
2024 · 7.2%
Interest coverage
22.39▼
2024 · 22.50
Debt ≤ 1 year
€4.9m▲
2024 · €4.5m
Income taxes
€161,860▼
2024 · €166,106
Customer credit
31 days▼
2024 · 33 days
Supplier credit
160 days▼
2024 · 168 days
Staff costs
€2.8m▲
2024 · €2.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 28 | 26 | 25 | 27 | 29 |
| full-time | 25 | 23 | 23 | 22 | 24 |
| part-time | 3 | 3 | 2 | 5 | 5 |
| in full-time equivalents | 27.3 | 25.3 | 24.7 | 26.3 | 28.3 |
| Average over the year, in full-time equivalents | 27.9 | 25.7 | 24.4 | 26.7 | 27.1 |
| On a permanent contract | 27 | 26 | 25 | 27 | 29 |
| Joined | 9 | 5 | 10 | 9 | 8 |
| Left | 20 | 7 | 11 | 7 | 6 |
| Agency workers, average number | 1.5 | 0.3 | 1.6 | 0.4 | 0.3 |
| Training hours | 175 | 161 | 161 | 161 | 161 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | - | €0 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €263,668 | €51,682 | €220,784 | €240,033 | €119,352 |
| Intangible fixed assets | €26,979 | - | - | - | €40,506 |
| Depreciation and write-downs of the year | €340,347 | €342,423 | €321,158 | €334,610 | €339,490 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €12,750 | €15,500 | €16,400 | €16,680 | €18,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
4 awards · 2026
Raamovereenkomst voor het leveren van geneesmiddelen tegen pijn, koorts en osteo-articulaire aandoeningen: Calcium en Vitamine D: kauwtablet
Raamovereenkomst voor het leveren van geneesmiddelen tegen pijn, koorts en osteo-articulaire aandoeningen: Calcium en vitamine D: zakje/bruistablet
Raamovereenkomst voor het leveren van hemostatica: Geoxideerd geregenereerd cellulose
Raamovereenkomst voor het leveren van hemostatica: Gelatine: farmaceutisch of varken
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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €37.3m | €16.1m | €16.0m | €16.5m | €18.1m | ▲ 9.9% |
| Turnover70 | €50.9m | €63.5m | €72.2m | €33.7m | €15.9m | €15.7m | €16.3m | €17.8m | ▲ 9.5% |
| Other operating income74 | - | - | - | €0.5m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 37.8% |
| Non-recurring operating income76A | - | - | - | €3.1m | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €33.7m | €15.5m | €15.4m | €15.9m | €17.5m | ▲ 10.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €24.4m | €6.6m | €5.6m | €6.1m | €6.9m | ▲ 12.3% |
| Purchases600/8 | - | - | - | €25.0m | €6.3m | €6.6m | €7.0m | €7.0m | = |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.6m | €0.3m | -€1.0m | -€0.9m | -€0.1m | ▲ 88.3% |
| Services and other goods61 | - | - | - | €6.1m | €6.0m | €6.9m | €6.7m | €7.1m | ▲ 5.0% |
| Remuneration, social security and pensions62 | - | - | - | €2.6m | €2.5m | €2.5m | €2.6m | €2.8m | ▲ 9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.2m | €0.08m | €0.1m | €0.06m | €0.3m | ▲ 432% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.08m | -€0.02m | €0.03m | -€0.03m | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.09m | €0.06m | €0.1m | €0.1m | ▲ 0.1% |
| Operating profit (loss)9901 | €0.5m | -€1.1m | €1.1m | €3.6m | €0.5m | €0.6m | €0.6m | €0.6m | ▲ 5.6% |
| Financial income75/76B | - | - | - | €0.007m | €0.03m | €0.03m | €0.001m | €0.01m | ▲ 12× |
| Recurring financial income75 | €0.004m | €0.001m | €0.007m | €0.007m | €0.03m | €0.03m | €0.001m | €0.01m | ▲ 12× |
| Other financial income752/9 | - | - | - | €0.007m | €0.03m | €0.03m | €0.001m | €0.01m | ▲ 12× |
| Financial charges65/66B | - | - | - | €0.07m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 7.6% |
| Recurring financial charges65 | €0.06m | €0.07m | €0.07m | €0.07m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 7.6% |
| Debt charges650 | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.04m | €0.04m | ▲ 4.6% |
| Other financial charges652/9 | - | - | - | €0.04m | €0.1m | €0.2m | €0.06m | €0.05m | ▼ 15.2% |
| Profit (loss) for the period before taxes9903 | €0.4m | -€1.2m | €1.0m | €3.5m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 10.6% |
| Transfer from deferred taxes780 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 24.8% |
| Income taxes67/77 | €0.008m | €0.009m | €0.07m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.6% |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.6% |
| Profit (loss) for the period9904 | €0.3m | -€1.2m | €1.0m | €3.4m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 15.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.07m | €0.07m | €0.07m | €0.06m | €0.04m | ▼ 24.8% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€1.2m | €1.0m | €3.5m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 8.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.3m | €17.9m | €20.1m | €16.5m | €17.9m | €9.5m | €9.0m | €9.7m | ▲ 8.0% |
| Fixed assets21/28 | €3.7m | €3.9m | €3.7m | €1.8m | €1.5m | €1.4m | €1.3m | €1.1m | ▼ 16.0% |
| Intangible fixed assets21 | €1.3m | €1.5m | €1.4m | €1.2m | €1.0m | €0.8m | €0.7m | €0.5m | ▼ 19.2% |
| Tangible fixed assets22/27 | €0.6m | €0.5m | €0.5m | €0.6m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 12.6% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 11.5% |
| Plant, machinery and equipment23 | - | - | - | €0.09m | €0.07m | €0.09m | €0.2m | €0.1m | ▼ 15.7% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 9.9% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Assets under construction and advance payments27 | - | - | - | - | €0.02m | €0.02m | €0.006m | €0.003m | ▼ 42.4% |
| Financial fixed assets28 | €1.8m | €1.8m | €1.8m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Affiliated companies280/1 | - | - | - | €0 | - | - | - | - | - |
| Participating interests280 | - | - | - | €0 | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €12.6m | €14.0m | €16.4m | €14.7m | €16.4m | €8.1m | €7.8m | €8.7m | ▲ 11.9% |
| Stocks and contracts in progress3 | €1.9m | €3.3m | €3.8m | €4.1m | €3.6m | €4.5m | €5.2m | €5.0m | ▼ 5.1% |
| Stocks30/36 | - | - | - | €4.1m | €3.6m | €4.5m | €5.2m | €5.0m | ▼ 5.1% |
| Raw materials and consumables30/31 | - | - | - | €0.3m | €0.4m | €0.6m | €0.4m | €0.4m | ▲ 14.8% |
| Finished goods33 | - | - | - | €3.8m | €3.3m | €3.9m | - | - | - |
| Goods purchased for resale34 | - | - | - | - | - | - | €4.8m | €4.5m | ▼ 6.7% |
| Amounts receivable within one year40/41 | €9.1m | €8.1m | €11.0m | €9.9m | €11.0m | €1.9m | €1.8m | €2.0m | ▲ 13.6% |
| Trade receivables40 | - | - | - | €4.5m | €5.7m | €1.2m | €1.4m | €1.5m | ▲ 5.6% |
| Other amounts receivable41 | - | - | - | €5.4m | €5.3m | €0.7m | €0.3m | €0.5m | ▲ 47.0% |
| Current investments50/53 | €0.2m | €0.01m | €0.01m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 1.0% |
| Other investments51/53 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 1.0% |
| Cash at bank and in hand54/58 | €1.4m | €2.5m | €1.6m | €0.6m | €1.7m | €1.6m | €0.6m | €1.5m | ▲ 176% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.08m | €0.08m | €0.2m | €0.1m | ▼ 19.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.3m | €17.9m | €20.1m | €16.5m | €17.9m | €9.5m | €9.0m | €9.7m | ▲ 8.0% |
| Equity10/15 | €5.2m | €4.1m | €5.0m | €8.4m | €8.7m | €4.0m | €4.3m | €4.7m | ▲ 8.3% |
| Contributions10/11 | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Capital10 | - | - | - | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Issued capital100 | - | - | - | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Contributions outside capital11 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Share premium1100/10 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €1.3m | €1.3m | €1.3m | €1.4m | €1.3m | €0.5m | €0.5m | €0.4m | ▼ 9.4% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Other1319 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 28.8% |
| Distributable reserves133 | - | - | - | €0.7m | €0.7m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €0.9m | -€0.2m | €0.7m | €4.1m | €4.4m | €0.4m | €0.8m | €1.2m | ▲ 49.3% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.1m | €0.05m | €0.04m | ▼ 28.8% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.02m | - | €0.03m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.02m | - | €0.03m | - | - | - |
| Deferred taxes168 | - | - | - | €0.1m | €0.09m | €0.07m | €0.05m | €0.04m | ▼ 28.8% |
| Amounts payable17/49 | €10.9m | €13.6m | €14.8m | €7.9m | €9.2m | €5.4m | €4.7m | €5.0m | ▲ 8.1% |
| Amounts payable within one year42/48 | €10.8m | €13.6m | €14.8m | €7.9m | €9.1m | €5.2m | €4.5m | €4.9m | ▲ 8.3% |
| Financial debts43 | - | - | - | €1.2m | €1.1m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €1.2m | €1.1m | - | - | - | - |
| Trade debts44 | €9.6m | €12.6m | €13.6m | €3.8m | €4.7m | €3.6m | €2.8m | €3.0m | ▲ 6.9% |
| Suppliers440/4 | - | - | - | €3.8m | €4.7m | €3.6m | €2.8m | €3.0m | ▲ 6.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.5m | €0.4m | €0.5m | €0.7m | ▲ 29.2% |
| Taxes450/3 | - | - | - | €0.04m | €0.1m | €0.07m | €0.1m | €0.09m | ▼ 5.9% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 37.9% |
| Other amounts payable47/48 | - | - | - | €2.6m | €2.8m | €1.2m | €1.2m | €1.2m | ▲ 2.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.02m | €0.2m | €0.2m | €0.2m | ▲ 4.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | -€1.2m | €1.0m | €3.4m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 15.4% |
| + Depreciation and write-downs630 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 1.5% |
| Operating cash flow (approximation) | €0.5m | -€0.9m | €1.3m | €3.7m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 8.2% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.1m | €1.5m | -€0.05m | -€0.2m | -€0.2m | -€0.1m | ▲ 37.4% |
| Change in cash | - | €1.1m | -€0.9m | -€0.9m | €1.1m | -€0.04m | -€1.1m | €1.0m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as Will - Pharma has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Will - Pharma itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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.
| 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 Will - Pharma. 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.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 06-07-2026 | 2026-00269889 | |
| 31-12-2024 | full format | 27-06-2025 | 2025-00192221 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00254991 | |
| 31-12-2022 | full format | 25-07-2023 | 2023-00267351 | |
| 31-12-2021 | full format | 25-07-2022 | 2022-20217344 | |
| 31-12-2020 | full format | 26-07-2021 | 2021-40300414 | |
| 31-12-2019 | full format | 09-09-2020 | 2020-52400070 | |
| 31-12-2018 | full format | 23-07-2019 | 2019-37400446 | |
| 31-12-2017 | full format | 30-07-2018 | 2018-41400295 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-26800126 |
Board & ownership
Directors
Directors
2 directors, 1 in day-to-day management, last change in 2026
Board 2
MAGILITY
Current
Director · since 01-08-2024 · 6-year term from 2024 · Private limited company · permanent representative: Maurienne Will · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 06-07-2026
Daniel DELATTE
Current
Director · in office according to the act of 21-10-2026 · one-year term from 2026
Day-to-day management 1
MAGILITY
Current
Managing director · appointed in the act of 11-12-2024 · 6-year term from 2024 · Private limited company · permanent representative: Maurienne Will
Permanent representatives 1
Maurienne Will
Current
Permanent representative · appointed in the act of 11-12-2024 · for MAGILITY
Statutory auditor 1
ALL ABOUT AUDIT
Current
Statutory auditor · current term since 14-05-2025 · 3-year term from 2025 · permanent representative: Nadja De Buyser · listed in the 2025 annual accounts, filed on 06-07-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Article 18. Pouvois et fonctionnement de l’organe d’administration. S’il n’y a qu’un seul administrateur, la totalité des pouvoirs…”
deed of 13-01-2023Owners and capital
Shareholders
1 ownerChain of control
- DEPHARM
- Will - Pharma
Owners 1
- DEPHARMparentSourceaccounts DEPHARM 2025Equity €25.3m Profit of €122,905 in 2025 (profit of €71,767 in 2024) Checked score 91100%
Capital transactions
Shareholders according to the deeds
Stated in the act
act of 31-08-2022 ↗
- M.V.V.M. SRL all shares
Capital over time
- 13-01-2023 Capital stated in the deed · €2,970,000 · 2,357 shares
Mandate history
4 people, 3 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Daniel DELATTE |
|
| MAGILITY |
|
| ALL ABOUT AUDIT |
|
| M.V.V.M. |
|
Network & group
Companies at the same address
3 other companiesConnections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
L.F. Will et Cie
Shared corporate director
→
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
21-10
Gazette deed
Reappointment: Delatte Daniel (director)2 points ▸
Gazette deed
Reappointment: Delatte Daniel (director)
2 points ▸
- General meeting, 26-06-2026
- Director reappointment, Delatte Daniel (director)
21-10
Gazette deed
Permanent representative: Geert De MetsenaerePower of attorney8 points ▸
Gazette deed
Permanent representative: Geert De Metsenaere
Power of attorney8 points ▸
- Board meeting, 08-09-2026
- Power of attorney, Success@Work BV
- Permanent representative, Geert De Metsenaere (représenté de manière permanente)
- Power of attorney, Marie Brasseur
- Power of attorney, Hugo Gigounon
- Power of attorney, Nele Verhaert
- Power of attorney, Nathan Przednowek
- Power of attorney, Olivier Cuti
21-10
Gazette deed
Permanent representative: Geert De MetsenaerePower of attorney9 points ▸
Gazette deed
Permanent representative: Geert De Metsenaere
Power of attorney9 points ▸
- Board meeting, 08-09-2026
- Power of attorney, Success@Work BV
- Power of attorney, Cécile Henrot
- Permanent representative, Geert De Metsenaere (représenté de manière permanente)
- Power of attorney, Marie Brasseur
- Power of attorney, Hugo Gigounon
- Power of attorney, Nele Verhaert
- Power of attorney, Nathan Przednowek
- Power of attorney, Olivier Cuti
06-07
full format · 25 days before the deadline
2025
09-10
Gazette deed
Appointment: ALL ABOUT AUDIT (statutory auditor)Permanent representative: Nadja De Buyser3 points ▸
Gazette deed
Appointment: ALL ABOUT AUDIT (statutory auditor)
Permanent representative: Nadja De Buyser3 points ▸
- General meeting, 25-06-2025
- Auditor appointment, ALL ABOUT AUDIT (statutory auditor)
- Permanent representative, Nadja De Buyser
27-06
full format · 34 days before the deadline
2024
11-12
Gazette deed
2 directors appointed, 2 directors resigning, 1 reappointedResignation: M.V.V.M. SRL (director) · Appointment: MAGILITY SRL (director) · Permanent representative: Maurienne Will8 points ▸
Gazette deed
2 directors appointed, 2 directors resigning, 1 reappointed
Resignation: M.V.V.M. SRL (director) · Appointment: MAGILITY SRL (director) · Permanent representative: Maurienne Will8 points ▸
- General meeting, 01-08-2024
- Board meeting, 01-08-2024
- Director resignation, M.V.V.M. SRL (director)
- Director appointment, MAGILITY SRL (director)
- Permanent representative, Maurienne Will
- Director reappointment, Daniel DELATTE (director)
- Director resignation, M.V.V.M. SRL (managing director)
- Director appointment, MAGILITY SRL (managing director)
17-07
full format · 14 days before the deadline
2023
25-07
full format · 6 days before the deadline
09-06
Gazette deed
1 director appointed, 2 reappointedReappointments: M.V.V.M SRL (director) and Delatte Daniel (director) · Appointment: ALL ABOUT AUDIT (statutory auditor) · Permanent representative: Nadja De Buyser5 points ▸
Gazette deed
1 director appointed, 2 reappointed
Reappointments: M.V.V.M SRL (director) and Delatte Daniel (director) · Appointment: ALL ABOUT AUDIT (statutory auditor) · Permanent representative: Nadja De Buyser5 points ▸
- General meeting, 15-07-2022
- Director reappointment, M.V.V.M SRL (director)
- Director reappointment, Delatte Daniel (director)
- Auditor appointment, ALL ABOUT AUDIT (statutory auditor)
- Permanent representative, Nadja De Buyser
13-01
Gazette deed
2 reappointedReappointments: MVVM (director) and Daniel DELATTE (director) · Permanent representative: Maurienne WILL · Amendment of the articles9 points ▸
Gazette deed
2 reappointed
Reappointments: MVVM (director) and Daniel DELATTE (director) · Permanent representative: Maurienne WILL · Amendment of the articles9 points ▸
- General meeting, 13-12-2022
- Amendment of the articles, mentioned 2 times in the deed
- Legal form clause, “conservera la forme légale, société anonyme” (deed in French)
- Capital, €2,970,000
- Director reappointment, MVVM (director)
- Director reappointment, Daniel DELATTE (director)
- Permanent representative, Maurienne WILL
- Registered office clause, “1301 WAVRE,rue du Manil,80” (deed in French)
- Power of attorney, Edouard JACMIN
2022
31-08
Gazette deed
Permanent representative: Maurienne WillShareholding4 points ▸
Gazette deed
Permanent representative: Maurienne Will
Shareholding4 points ▸
- Other provision, “dépôt dans le dossier de société du fait de la réunion et de l’identité de l’actionnaire unique, article 2:8, § 4 du Code des Sociétés et Associations” (deed in French)
- Director in office, M.V.V.M. SRL (director)
- Permanent representative, Maurienne Will
- M.V.V.M. SRL holds all the shares
Show earlier events
25-07
full format · 6 days before the deadline
2021
31-12
Financial
Highest result from 2018 to 2025net €3.4m ▲251%
The operating result of €3.6m and the net result of €3.4m are both a record.
26-07
full format · 5 days before the deadline
2020
31-12
Financial
Back to profitnet €968,824
The net result is €968,824, after one loss-making year.
31-12
Financial
Equity above €5mequity €5.0m ▲23.9%
Equity rises from €4.1m to €5.0m.
09-09
full format · 40 days late
2019
31-12
Financial
Weakest financial yearnet -€1.2m
The net result drops to -€1.2m, the lowest from 2018 to 2025. It recovers the following year.
23-07
full format · 8 days before the deadline
2018
30-07
full format · 1 day before the deadline
2017
30-06
full format · 31 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
Will - Pharma in French
Enterprise number
0402.018.775
LEI code
967600CJ33AIA72YAJ11
live in the LEI register
Legal form
Public limited company
Status
Active, normale toestand
Founded
07-10-1960
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 13-01-2023 (in French)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Sortir l’adresse exacte du siège des statuts, Région Wallonne”
“Région Wallonne”
deed of 13-01-2023 (in French)Registered office and establishments
Registered office
Rue du Manil 80, 1301 Wavre, Belgium
Establishment units
WILL-PHARMA, Rue du Manil 80, 1301 Wavre since 27-07-1971 · unit number 2.045.555.596
Will-Pharma - Warehouse Europe, Boulevard de l'Europe 123-125, 1300 Wavre since 01-08-2012 · unit number 2.212.120.632
Activities
NACEBEL 2025VAT activities
21201
Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Social security (RSZ) activities
21201
Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Codes under NACEBEL 2008
VAT activities
21201
Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Social security (RSZ) activities
21201
Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Codes under NACEBEL 2003
VAT activities
24421
main activity
Social security (RSZ) activities
24421
main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 13-01-2023 (in French)
“Toutes opérations généralement quelconques,industrielles,commerciales,financières,mobilières ou immobilières,concernant directement ou…”
5 activities
- Toutes opérations généralement quelconques,industrielles,commerciales,financières,mobilières ou immobilières,concernant directement ou indirectement la fabrication,l’importation,l’exportation,la représentation,la commission,le courtage,la consignation,le conditionnement,l’achat et la vente de tous produits chimiques,pharmaceutiques et de beauté,ainsi que de leurs sous-produits succédanés ou dérivés et en général de tous produits ou objets se rapportant directement ou indirectement à l’industrie et au commerce de la chimie,de la pharmacie et d’articles de beauté.
- De façon générale,elle peut faire toutes opérations commerciales,industrielles,financières,mobilières ou immobilières,se rapportant directement ou indirectement,en tout ou en partie à son objet social,ou qui seraient de nature à en faciliter ou à développer la réalisation.
- La société pourra acquérir,exploiter et céder des brevets ou licences ayant trait,directement ou indirectement,aux opérations se rapportant à l’objet social.
- Elle peut s’intéresser par voie d’apport,de fusion,de souscription ou de toute autre manière,dans toutes sociétés,entreprises ou associations,dont l’objet serait similaire,analogue,connexe ou simplement utile à la réalisation de tout ou partie de son objet social,ou simplement susceptible d’accroître son activité sociale.
- Elle pourra aussi,en vue du placement de ses capitaux,prendre des participations dans toutes affaires commerciales,industrielles,financières,mobilières ou immobilières.
Invoicing and payment
VAT number
BE 0402.018.775
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Notices of general meetings
Ordinary general meeting
Agenda
Rapport du C.A. Approbation des comptes annuels, Affectation des résultats, Décharge administrateurs, Démis- sions, Nominations statutaires, Divers. (AOPC-1-8-04423/22.04)
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Tuesday of May at 10:00
deed of 13-01-2023 (in French)Recognitions · licences · registrations
Food safety, FASFC
1 siteWavreunit number 2.212.120.632
Sites & property
Location
Buildings and parcels at the addresses
Ground area
4.1 ha
Building footprint
1.5 ha
Building volume
164,086 m³
Tallest building: 13.7 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25006C0333/00P000 | Wallonia | 2.4 ha | 1 · 1.4 ha | 12.6 m · 4 |
| 25112L0382/00A000 | Wallonia | 1.7 ha | 1 · 296 m² | 13.7 m · 3 |