Will - Pharma
ActiveSummary
Will - Pharma has been active since 1960 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.66M and a net result of €358k. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 50% of 64 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
70
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability63=
Solvency73=
Growth38=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €320k at 30 days acceptable
Liquidity ample (current ratio 1.79 against 1.73 in 2024; short-term debt: 49.9% and cash: 15.8% of total assets), but 52.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
47.9%
Return on assets
3.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 21
Relative position
BE, all sectors
reference
Sector 21
higher
← fewer bankruptcies
more bankruptcies →
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 €4.66M
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 d early
2024
34 d early
2023
14 d early
2022
6 d early
2021
6 d early
2020
5 d early
2019
40 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€17.80M▲ 9.5%
2024 · €16.25M
2018: €50.85M
2019: €63.46M
2020: €72.24M
2021: €33.71M
2022: €15.86M
2023: €15.72M
2024: €16.25M
2018 → 2025
EBIT margin
3.3%▼ 0.1pp
2024 · 3.4%
2018: 1.0%
2019: -1.7%
2020: 1.5%
2021: 10.7%
2022: 3.4%
2023: 3.7%
2024: 3.4%
2018 → 2025
Net result
€358k▲ 15.4%
2024 · €310k
2018: €281k
2019: €-1.17M
2020: €969k
2021: €3.40M
2022: €266k
2023: €300k
2024: €310k
2018 → 2025
Working capital
€3.82M▲ 16.9%
2024 · €3.27M
2018: €1.78M
2019: €434k
2020: €1.60M
2021: €6.79M
2022: €7.29M
2023: €2.88M
2024: €3.27M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€33.71M-€15.86M▼ 52.9%€15.72M▼ 0.9%€16.25M▲ 3.4%€17.80M▲ 9.5%
Equity€8.43M-€8.70M▲ 3.2%€4.00M▼ 54.1%€4.31M▲ 7.8%€4.66M▲ 8.3%
Operating result€3.61M-€534k▼ 85.2%€583k▲ 9.3%€559k▼ 4.2%€590k▲ 5.6%
Net result€3.40M-€266k▼ 92.2%€300k▲ 12.5%€310k▲ 3.6%€358k▲ 15.4%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 6% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.73M
Fixed assets
€1.05M ▼ 16.0%
Current assets
€8.68M ▲ 11.9%
Equity and liabilities €9.73M
Equity
€4.66M ▲ 8.3%
Provisions
€37k ▼ 28.8%
Debt
€5.03M ▲ 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
€929k▲
2024 · €893k
Cash flow
€698k▲
2024 · €645k
Current ratio
1.79▲
2024 · 1.73
Quick ratio
0.77▲
2024 · 0.57
Debt to equity
1.08▼
2024 · 1.08
ROE
7.7%▲
2024 · 7.2%
ROA
3.7%▲
2024 · 3.4%
Interest coverage
22.39▼
2024 · 22.50
Debt ≤ 1 year
€4.86M▲
2024 · €4.49M
Income taxes
€162k▼
2024 · €166k
Staff costs
€2.81M▲
2024 · €2.57M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 80 lines
Balance sheet
Code20242025
Assets
Total assets20/58€9.01M€9.73M▲
Fixed assets21/28€1.25M€1.05M▼
Intangible fixed assets21€658k€531k▼
Tangible fixed assets22/27€593k€518k▼
Land and buildings22€389k€344k▼
Plant, machinery and equipment23€153k€129k▼
Furniture and vehicles24€35k€32k▼
Other tangible fixed assets26€10k€10k=
Assets under construction and advance payments27€6k€3k▼
Financial fixed assets28€3k€3k=
Other financial fixed assets284/8€3k€3k=
Amounts receivable and cash guarantees285/8€3k€3k=
Current assets29/58€7.75M€8.68M▲
Stocks and contracts in progress3€5.22M€4.95M▼
Stocks30/36€5.22M€4.95M▼
Raw materials and consumables30/31€390k€448k▲
Goods purchased for resale34€4.83M€4.50M▼
Amounts receivable within one year40/41€1.79M€2.04M▲
Trade receivables40€1.45M€1.53M▲
Other amounts receivable41€345k€507k▲
Current investments50/53€3k€3k▼
Other investments51/53€3k€3k▼
Cash at bank and in hand54/58€557k€1.54M▲
Deferred charges and accrued income490/1€182k€147k▼
Equity and liabilities
Total equity and liabilities10/49€9.01M€9.73M▲
Equity10/15€4.31M€4.66M▲
Contributions10/11€3.01M€3.01M=
Capital10€2.97M€2.97M=
Issued capital100€2.97M€2.97M=
Outside capital11€39k€39k=
Share premium1100/10€39k€39k=
Reserves13€480k€435k▼
Non-distributable reserves130/1€318k€318k=
Legal reserve130€297k€297k=
Other1319€21k€21k=
Tax-exempt reserves132€156k€111k▼
Distributable reserves133€5k€5k=
Profit (loss) carried forward14€817k€1.22M▲
Provisions and deferred taxes16€52k€37k▼
Deferred taxes168€52k€37k▼
Amounts payable17/49€4.65M€5.03M▲
Amounts payable within one year42/48€4.49M€4.86M▲
Trade debts44€2.81M€3.00M▲
Suppliers440/4€2.81M€3.00M▲
Taxes, remuneration and social security45€504k€650k▲
Taxes450/3€100k€94k▼
Remuneration and social security454/9€403k€556k▲
Other amounts payable47/48€1.18M€1.21M▲
Accrued charges and deferred income492/3€164k€171k▲
Income statement
Code20242025
Operating income70/76A€16.45M€18.08M▲
Turnover70€16.25M€17.80M▲
Other operating income74€204k€281k▲
Operating charges60/66A€15.90M€17.49M▲
Goods for resale, raw materials and consumables60€6.11M€6.86M▲
Purchases600/8€6.96M€6.96M=
Change in stocks: decrease (increase)609€-854k€-100k▲
Services and other goods61€6.72M€7.06M▲
Remuneration, social security and pensions62€2.57M€2.81M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€335k€339k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€55k€293k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€-30k-
Other operating charges640/8€135k€135k▲
Operating profit (loss)9901€559k€590k▲
Financial income75/76B€883€10k▲
Recurring financial income75€883€10k▲
Other financial income752/9€883€10k▲
Financial charges65/66B€103k€95k▼
Recurring financial charges65€103k€95k▼
Debt charges650€40k€42k▲
Other financial charges652/9€63k€54k▼
Profit (loss) for the period before taxes9903€457k€505k▲
Transfer from deferred taxes780€20k€15k▼
Income taxes67/77€166k€162k▼
Taxes670/3€166k€162k▼
Profit (loss) for the period9904€310k€358k▲
Transfer from tax-exempt reserves789€60k€45k▼
Profit (loss) for the period to be appropriated9905€370k€403k▲
Appropriation of the result
Profit (loss) to be appropriated9906€817k€1.22M▲
Profit (loss) brought forward from the previous period14P€447k€817k▲
Social balance
Average headcount (FTE)908726.727.1▲
The notes to these accounts (55 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €3.40M ▲251%
Operating result €3.61M, net result €3.40M, both a record.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €969k
Net result €969k after one loss-making year.
31-12
Financial
Equity above €5MEq €5.03M ▲23.9%
Equity rises from €4.06M to €5.03M.
09-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 40 days late
2019
31-12
Financial
Weakest financial yearnet €-1.17M ▼518%
Net result drops to €-1.17M, the lowest in the series; recovery starts the following year.
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
24 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Wavre · 2 establishment units since 1971
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue du Manil 801301 WavreGround area
4.1 ha
Building footprint
1.5 ha
Volume, LiDAR
161,387 m³
2 parcels, Wallonia · tallest building 12.6 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
WILL-PHARMA
since 19712.045.555.596
Will-Pharma - Warehouse Europe
since 20122.212.120.632
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25006C0333/00P000 | Wallonia | 2.4 ha | 1 · 1.4 ha | 12.6 m · 4 fl. |
| 25112L0382/00A000 | Wallonia | 1.7 ha | 1 · 296 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteWavre2.212.120.632
Legal Entity Identifier
967600CJ33AIA72YAJ11
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Of 148 companies in sector 21201 we hold annual accounts for 116. 64 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded07-10-1960
Fiscal year end31-12
Activities, NACEBEL 2025
21201Manufacture of basic pharmaceutical products and pharmaceutical preparations
Sources
Crossroads Bank for EnterprisesNational Bank · 48 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.