Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 35 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
CAPSUGEL BELGIUM from Bornem, company number BE0400767772, closed financial year 2025 with a result of € 291.9 million after tax. For that financial year CAPSUGEL BELGIUM recorded revenue of € 307.8 million and equity of € 369.9 million. Compared with financial year 2024, the result moved from € 62.6 million to € 291.9 million. Profitable, and profit is growing. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 6, 2026.
€ 369.9 million
▼ 41% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 291.9 million
▲ € 229.3 million vs 2024
Profit after tax over the fiscal year.
€ 8.7 million
▼ 16% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 550 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
473.8
▼ 8.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 72.7 million
€ 153,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1.6 million
▲ 15% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 256.9 million
▼ 59% vs 2024
Loans from banks and other lenders, long and short.
€ 30.6 million
▼ 24% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 53 days on average.
€ 10.8 million
▼ 10% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 316,430,513 | € 332,266,159 | € 301,099,450 | € 307,789,525 | ▲ 2% |
| Profit after taxes | € 72,453,220 | € 53,112,212 | € 62,621,886 | € 291,926,210 | ▲ € 229.3 million |
| Equity | € 512,287,215 | € 565,399,427 | € 628,021,313 | € 369,947,523 | ▼ 41% |
| Total debts | € 780,430,369 | € 769,738,742 | € 686,387,794 | € 301,199,231 | ▼ 56% |
| Cash | € 2,159,541 | € 5,097,232 | € 10,339,414 | € 8,729,641 | ▼ 16% |
| Land & buildings | € 5,720,854 | € 4,970,119 | € 4,386,959 | € 6,987,880 | ▲ 59% |
| Retained profit | € 275,365,660 | € 328,477,872 | € 391,099,758 | € 133,025,967 | ▼ 66% |
| Dividend | € 0 | € 0 | € 0 | € 550,000,000 | |
| Bank debt | € 707,246,066 | € 707,043,815 | € 632,063,396 | € 256,906,628 | ▼ 59% |
| Balance sheet total | € 1,295,469,773 | € 1,337,018,298 | € 1,317,910,593 | € 673,889,069 | ▼ 49% |
| Employees (FTE) | 479.7 | 480.3 | 482.4 | 473.8 | ▼ 8.6 |
Key figures of CAPSUGEL BELGIUM, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to CAPSUGEL BELGIUM?
What happened at CAPSUGEL BELGIUM in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Olivier Van Hoorebeke stepped down as director. NBB
- Bart Pelgrims stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 291.9 million (▲ € 229.3 million vs 2024). Source: NBB ↗
- Matthias Wagner stepped down as director. NBB
- Olivier Van Hoorebeke became a director. NBB
- Matthias Wagner became a director. NBB
- Bart Pelgrims became a director. NBB
- New establishment in Bornem. KBO
In short
From € 72.5 million profit in 2022 to € 291.9 million profit in 2025.
Paid € 30.4 million in corporate taxes since 2022.
Best year ever: 2025, with € 291.9 million profit.
Paid out € 550 million in dividends to the owners in total.
Management
The shares are held by Lonza Sales AG (100%) and Lonza AG (0%). It owns 100% of LLC Capsugel, 100% of Capsugel Canada Corp, 100% of Capsugel Indonesia, 100% of Capsugel France Holdings SAS, 100% of Capsugel Holdings Hong Kong Ltd and 100% of Capsugel New Zealand Ltd itself.
Directors
According to the 2025 annual accounts
since 2025 · until 2031
Matthias Wagner
Director
since 2025 · until 2026
Bart Pelgrims
Managing director
since 2025 · until 2031
Shareholders
Lonza Sales AG
100%
Lonza AG
0%
Participations
LLC Capsugel
100%
Capsugel Canada Corp
100%
Capsugel Indonesia
100%
Capsugel France Holdings SAS
100%
Capsugel Holdings Hong Kong Ltd
100%
Capsugel New Zealand Ltd
100%
Capsugel Australia Pty Ltd
100%
Capsugel Brasil Importacao e Distribuicao de Insumos Farmaceuticoo e Alimentos Ltda
100%
Capsugel Pharmaceutical and Healte Turkey
100%
Capsugel Hungary Kft
100%
Capsugel Germany
100%
Capsugel Spain
100%
Lonza KK Japan
100%
100%
Lonza (Thailand) Co. LTD
100%
Capsugel de Mexico S. de R.L. de C.V.
100%
Capsugel Distribucion S. De R.L. De C.V. Mexico
100%
Capsugel Healthcare Peirate Limited
100%
Capsugel Italy Ltd
Establishments
Establishment units
Physical locations of this company
Rijksweg(BOR) 11
2880 Bornem
Rijksweg(BOR) 19
2880 Bornem
Active since 5 September 2022
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0400.767.772
- VAT number
- BE 0400.767.772
- Registered office
- Rijksweg(BOR) 11, 2880 Bornem
- Names & denominations
- CAPSUGEL BELGIUM
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 October 1961
- Peppol
- Active · Active since 20 Nov 2020
- Contact
- 03/8900511
- Activities · NACE
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