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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Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2023 and 2024.
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Tight liquidity NBB
Cash and receivables cover 3 % of short-term debt in 2024; threshold 65 %.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2024.
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Legal situation KBO
Vrijwillige ontbinding – vereffening according to the CBE.
Financials
Financial year 2024
Corden Pharma Brussels from Elsene, company number BE0430891915, closed financial year 2024 with a result of € -11.8 million after tax. For that financial year Corden Pharma Brussels recorded revenue of € 3.3 million and equity of € -38.1 million. Compared with financial year 2023, the result moved from € -30.5 million to € -11.8 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on September 24, 2025.
€ -38.1 million
▼ € 11.8 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -11.8 million
▲ 61 % less loss than in 2023
Profit after tax over the fiscal year.
€ 760,740
▲ € 658,239 vs 2023
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -56.9 million.
People and assets in 2024
51.5
▼ 45.7 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 14.9 million
▲ 47% vs 2023
€ 289,400 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.
Debts at end 2024
€ 31.2 million
▲ 162% vs 2023
Loans from banks and other lenders, long and short.
€ 428,062
▼ 90% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 19 days on average.
€ 1.6 million
▲ 29% vs 2023
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | € 26,085,170 | € 17,911,602 | € 17,176,668 | € 3,282,025 | ▼ 81% |
| Profit after taxes | € 5,972,713 | € 735,406 | € -30,549,557 | € -11,795,570 | ▲ € 18.8 million |
| Equity | € 3,552,148 | € 4,287,554 | € -26,262,003 | € -38,057,573 | ▼ € 11.8 million |
| Total debts | € 12,093,460 | € 16,870,573 | € 24,187,796 | € 35,912,297 | ▲ 48% |
| Cash | € 927,783 | € 1,462,781 | € 102,501 | € 760,740 | ▲ € 658,239 |
| Land & buildings | € 31,888 | € 225,479 | € 209,028 | - | |
| Retained profit | € -15,292,852 | € -14,557,446 | € -45,107,003 | € -56,902,573 | ▼ € 11.8 million |
| Bank debt | € 4,347,150 | € 5,887,574 | € 11,923,724 | € 31,199,355 | ▲ 162% |
| Balance sheet total | € 18,422,471 | € 22,669,641 | € 10,214,668 | € 1,222,796 | ▼ 88% |
| Employees (FTE) | 74.7 | 84.3 | 97.2 | 51.5 | ▼ 45.7 |
Key figures of Corden Pharma Brussels, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to Corden Pharma Brussels?
What happened at Corden Pharma Brussels in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
Corden Pharma Brussels is active according to the CBE. Legal situation: Vrijwillige ontbinding – vereffening.
- New annual accounts for financial year 2024: loss of € 11.8 million. filed late Source: NBB ↗
- Wim HEETHEM became a director. NBB
- Jean-Luc DEWEZ stepped down as director. NBB
- Lee NEWTON stepped down as director. NBB
- Naoki TAKEI stepped down as director. NBB
- Lee NEWTON became a director. NBB
- Naoki TAKEI became a director. NBB
- Jean-Luc DEWEZ became a director. NBB
In short
From € 6 million profit in 2021 to € 11.8 million loss in 2024.
Paid € 389,199 in corporate taxes since 2021.
Best year ever: 2021, with € 6 million profit.
Pays suppliers within 19 days on average.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind Corden Pharma Brussels is Wim HEETHEM. The shares are held by Corden Pharma Belgium Holding S.A. (100%).
Directors
According to the 2024 annual accounts
Wim HEETHEM
Liquidator
since 2025
Jean-Luc DEWEZ
Managing director
Also active at: Coopération Hospitalière de l'Arrondissement de Mons-Borinage Deuxième
since 2021 · until 2025
Lee NEWTON
Director
since 2023 · until 2025
Naoki TAKEI
Director
since 2023 · until 2025
Shareholders
Corden Pharma Belgium Holding S.A.
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Louizalaan 523
1050 Elsene
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0430.891.915
- VAT number
- BE 0430.891.915
- Registered office
- Louizalaan 523, 1050 Elsene
- Names & denominations
- Corden Pharma Brussels
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Vrijwillige ontbinding – vereffening
- Start date
- 9 April 1987
- Peppol
- Not registered
- Activities · NACE
Vervaardiging van andere organische chemische basisproducten
Vervaardiging van overige organische chemische basisproducten
Vervaardiging van farmaceutische grondstoffen