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 12 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
GlaxoSmithKline Biologicals from Rixensart, company number BE0440872918, closed financial year 2025 with a result of € 2.4 billion after tax. For that financial year GlaxoSmithKline Biologicals recorded revenue of € 7.4 billion and equity of € 10 billion. Compared with financial year 2024, the result moved from € 2.2 billion to € 2.4 billion. 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 10, 2026.
€ 10 billion
▼ 25% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 2.4 billion
▲ 9% vs 2024
Profit after tax over the fiscal year.
€ 21,733
▼ € 15.3 million vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 5.7 billion paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
8,371
▼ 310.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.3 billion
▼ 2% vs 2024
€ 154,200 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.
€ 100.8 million
▲ 2% vs 2024
Of which on lease € 40.2 million.
Debts at end 2025
€ 40 million
▼ 9% vs 2024
€ 4.1 million is repaid this year. At this pace the long-term loan is gone in ≈ 10 years.
€ 1 billion
▼ 10% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 96 days on average.
€ 367.5 million
▲ 2% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 7,163,905,099 | € 8,863,268,920 | € 7,866,523,638 | € 7,439,791,208 | ▼ 5% |
| Profit after taxes | € 1,942,422,246 | € 3,172,793,945 | € 2,193,145,418 | € 2,396,619,884 | ▲ 9% |
| Equity | € 14,614,369,819 | € 17,680,233,001 | € 13,291,447,658 | € 9,976,136,779 | ▼ 25% |
| Total debts | € 2,014,438,248 | € 1,607,785,658 | € 4,214,761,260 | € 7,238,932,838 | ▲ 72% |
| Cash | € 21,677,675 | € 19,225,226 | € 15,350,308 | € 21,733 | ▼ € 15.3 million |
| Land & buildings | € 1,045,093,389 | € 1,019,403,581 | € 1,066,878,369 | € 1,188,868,093 | ▲ 11% |
| Retained profit | € 6,234,737,198 | € 9,300,600,381 | € 4,911,815,037 | € 1,596,504,159 | ▼ 67% |
| Dividend | € 321,930,762 | € 106,930,762 | € 6,581,930,762 | € 5,711,930,762 | ▼ 13% |
| Bank debt | € 643,072 | € 3,042,877 | € 43,723,628 | € 39,971,390 | ▼ 9% |
| Balance sheet total | € 17,351,156,055 | € 19,996,291,791 | € 18,100,569,182 | € 17,831,957,661 | ▼ 1% |
| Employees (FTE) | 8,544 | 8,701.2 | 8,681.2 | 8,371 | ▼ 310.2 |
Key figures of GlaxoSmithKline Biologicals, 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 GlaxoSmithKline Biologicals?
What happened at GlaxoSmithKline Biologicals in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 2.4 billion (▲ 9% vs 2024). Source: NBB ↗
- Regis SIMARD stepped down as director. NBB
- Aglaé VAN GOETHEM stepped down as director. NBB
- Cristelle NOIRHOMME stepped down as director. NBB
- Benoît ALSTEENS stepped down as director. NBB
- Pascal LEGRAIVE stepped down as director. NBB
- Dominique DESCAMPS stepped down as director. NBB
- Emmanuel FELIX stepped down as director. NBB
In short
From € 1.9 billion profit in 2022 to € 2.4 billion profit in 2025.
Paid € 1.1 billion in corporate taxes since 2022.
Best year ever: 2023, with € 3.2 billion profit.
Paid out € 12.7 billion in dividends to the owners in total.
Management
The shares are held by SETFIRST LIMITED S. Etr. (56.6%) and GLAXOSMITHKLINE LLC S. Etr (20.4%). It owns 100% of GSK INTERNATIONAL LTD, 100% of GLAXOSMITHKLINE BIOLOGICALS S.A.S., 45% of SMITHKLINE BEECHAM INVESTMENTS and 39.6% of GLAXOSMITHKLINE BRAZIL LIMITADA itself.
Directors
According to the 2025 annual accounts
Emmanuel AMORY
Managing director
since 2025 · until 2025
Jamila LOUAHED
Managing director
since 2025 · until 2026
Regis SIMARD
Director
since 2025 · until 2026
Aglaé VAN GOETHEM
Director
since 2025 · until 2026
Cristelle NOIRHOMME
Director
since 2025 · until 2026
Benoît ALSTEENS
Director
since 2025 · until 2026
Pascal LEGRAIVE
Director
since 2025 · until 2026
Dominique DESCAMPS
Director
since 2026 · until 2026
Emmanuel FELIX
Managing director
since 2025 · until 2026
Irène RAPILLY
Director
since 2025 · until 2026
Shareholders
SETFIRST LIMITED S. Etr.
56.6%
GLAXOSMITHKLINE LLC S. Etr
20.4%
Participations
GSK INTERNATIONAL LTD
100%
SMITHKLINE BEECHAM INVESTMENTS
45%
GLAXOSMITHKLINE BRAZIL LIMITADA
39.6%
Establishments
Establishment units
Physical locations of this company
Rue de l'Institut 89
1330 Rixensart
Avenue Fleming 20
1300 Wavre
Active since 1 June 2005
Rue Louis Genonceaux,Isnes 13
5032 Gembloux
Active since 1 June 2005
Avenue Pascal 2-4-6
1300 Wavre
Active since 1 January 2007
Kunstlaan 44
1040 Brussel
Active since 15 October 2015
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0440.872.918
- VAT number
- BE 0440.872.918
- Registered office
- Rue de l'Institut 89, 1330 Rixensart
- Names & denominations
- GlaxoSmithKline Biologicals · GSK Biologicals - SmithKline Beecham Biologicals
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 July 1990
- Peppol
- Active · Active since 6 Jul 2026
- Activities · NACE
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