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 29 % of short-term debt in 2024; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 11.8 to 10.6.
Financials
Financial year 2024
A.forall Development from Anderlecht, company number BE0827869165, closed financial year 2024 with a result of € 12.3 million after tax. For that financial year A.forall Development recorded a gross margin of € 5.2 million and equity of € 39.3 million. Compared with financial year 2023, the result moved from € 2.2 million to € 12.3 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 September 9, 2025.
€ 39.3 million
▼ 24% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 12.3 million
▲ € 10.1 million vs 2023
Profit after tax over the fiscal year.
€ 1.1 million
▲ € 833,656 vs 2023
Cash and bank balances on the last day of the fiscal year.
€ 25 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2024
10.6
▼ 0.7 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 1.8 million
▼ 3% vs 2023
€ 172,900 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
None
No bank loans on the last day of the fiscal year.
€ 3.2 million
▼ 9% vs 2023
Supplier invoices still open on the last day of the fiscal year.
€ 393,796
▲ 1% vs 2023
Taxes, VAT and social contributions still to pay.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Gross margin | € 1,541,396 | € 2,421,827 | € 5,278,663 | € 5,249,563 | ▼ 1% |
| Profit after taxes | € 28,280,891 | € -598,679 | € 2,228,483 | € 12,332,753 | ▲ € 10.1 million |
| Equity | € 50,295,871 | € 49,697,192 | € 51,925,675 | € 39,258,427 | ▼ 24% |
| Total debts | € 15,327,240 | € 16,659,718 | € 21,799,727 | € 21,910,926 | ▲ 1% |
| Cash | € 364,094 | € 465,800 | € 272,379 | € 1,106,034 | ▲ € 833,656 |
| Retained profit | € 30,659,251 | € 30,060,572 | € 32,289,055 | € 19,621,808 | ▼ 39% |
| Dividend | € 66,000,000 | € 0 | € 0 | € 25,000,000 | |
| Balance sheet total | € 65,623,111 | € 66,356,910 | € 73,725,402 | € 61,169,353 | ▼ 17% |
| Employees (FTE) | 12.2 | 11.8 | 11.3 | 10.6 | ▼ 0.7 |
Key figures of A.forall Development, 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 A.forall Development?
What happened at A.forall Development in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Steen Vangsgaard stepped down as director. NBB
- New annual accounts for financial year 2024: profit of € 12.3 million (▲ € 10.1 million vs 2023). filed late Source: NBB ↗
- Cellular Consulting stepped down as director. NBB
- LMDC GmbH stepped down as director. NBB
- Themtis BV stepped down as director. NBB
- Steen Vangsgaard became a director. NBB
- HFS BV stepped down as director. NBB
- LMDC GmbH became a director. NBB
In short
From € 28.3 million profit in 2021 to € 12.3 million profit in 2024.
Paid € 420,703 in corporate taxes since 2021.
Best year ever: 2021, with € 28.3 million profit.
On average € 495,200 of value added per employee in 2024.
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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
The stake of A.forall Group comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
A.forall DevelopmentThe shares are held by A.forall Group (100%). It owns 100% of NEOGEN, 100% of Generic Pharma International LTD., 100% of Generic Specialty Pharma LTD., 100% of A.forall Access Ltd. and 100% of Milla Pharmaceuticals Inc. itself.
Directors
According to the 2024 annual accounts
Director · represented by Filip Van de Vliet
Also active at: ECOPHARMASUPPLY DISTRIBUTION, ECO.PHARMA.SUPPLY, FYTEKO, A.forall Group, MEDIGROUP
since 2020 · until 2025
since 2025 · until 2031
Director · represented by Ivo Peeters
Also active at: NEOGEN, ECOPHARMASUPPLY DISTRIBUTION, IMPEXECO, ECO.PHARMA.SUPPLY, MEDIGROUP, PI PHARMA
since 2020 · until 2024
Director · represented by Bruno Cardoso Simoes Febra
since 2022 · until 2025
since 2024 · until 2025
Shareholders
100%
Participations
100%
Generic Pharma International LTD.
100%
Generic Specialty Pharma LTD.
100%
A.forall Access Ltd.
100%
Milla Pharmaceuticals Inc.
100%
Establishments
Establishment units
Physical locations of this company
Marie Curiesquare 50
1070 Anderlecht
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
INFOMANIAK-AS, CH
Domain
Domain
aforallpharma.com
Registered
2023-07-24
Registrar
Infomaniak Network SA
Expires
2026-07-24
Website info
Features
Security
Network
Details
- Company number
- 0827.869.165
- VAT number
- BE 0827.869.165
- Registered office
- Marie Curiesquare 50, 1070 Anderlecht
- Names & denominations
- A.forall Development
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 July 2010
- Peppol
- Active · Active since 6 Jan 2026
- Contact
- aforallpharma.com
- Activities · NACE
Vervaardiging van geneesmiddelen
Activiteiten van holdings
Holdings