ACTIVE

MERCK

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Financial year 2025 · closed on 31/12/2025

Net result

1,1 M €

-2.4% YoY

Revenue

42,6 M €

-25.6% YoY

Equity

21,1 M €

+5.4% YoY

Workforce

57,1 ETP

+2.5% YoY

What does MERCK do?

MERCK is a Public limited company incorporated in 1951. Its registered office is in Hoeilaart. It employs on average 57,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0403.047.965

Incorporation

23/08/1951

Legal form

Public limited company

Registered office

Ildefonse Vandammestraat 5/7B
1560 Hoeilaart · FlandreSee on map

Contributed capital

5 273 800,50 €

Latest accounts

31/12/2025

Average workforce

57,1 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	42,6 M €	-25.6%	57,3 M €	-7.1%	61,7 M €	+1.5%	60,7 M €	+14.9%	52,9 M €	+13.0%	46,8 M €	-4.0%	48,7 M €	+14.3%	42,6 M €	+6.2%	40,1 M €	-7.8%	43,5 M €	-8.6%	47,6 M €	-7.1%	51,2 M €	-8.1%	55,8 M €	-10.3%	62,2 M €	-4.2%	64,9 M €	+0.2%	64,8 M €	+4.2%	62,2 M €	-19.4%	77,1 M €
EBITDA	1,8 M €	+50.9%	1,2 M €	-70.3%	4,1 M €	-12.6%	4,7 M €	+61.7%	2,9 M €	+90.9%	1,5 M €	-60.5%	3,9 M €	+666%	505,9 k €	-34.0%	766,3 k €	-21.6%	977,2 k €	-81.5%	5,3 M €	+1329%	370,6 k €	-90.4%	3,8 M €	+261%	-2,4 M €	-176%	3,2 M €	-4.8%	3,3 M €	-24.8%	4,4 M €	-45.1%	8 M €
Operating result	1,3 M €	+7.2%	1,2 M €	-69.0%	3,9 M €	-15.4%	4,7 M €	+71.4%	2,7 M €	+46.1%	1,9 M €	-45.4%	3,4 M €	+741%	405,3 k €	-25.3%	542,3 k €	-52.5%	1,1 M €	-77.3%	5 M €	+1531%	308,2 k €	-92.1%	3,9 M €	+250%	-2,6 M €	-173%	3,6 M €	+44.8%	2,5 M €	-40.3%	4,1 M €	-44.5%	7,4 M €
Net result	1,1 M €	-2.4%	1,1 M €	-63.4%	3 M €	-8.7%	3,3 M €	+70.3%	2 M €	+55.0%	1,3 M €	-45.2%	2,3 M €	-92.9%	32,5 M €	+2599%	1,2 M €	+34.5%	896,3 k €	-74.7%	3,5 M €	+2079%	-179 k €	-101%	14,6 M €	+556%	-3,2 M €	-171%	4,5 M €	+6.1%	4,2 M €	+306%	1 M €	-70.9%	3,6 M €
Balance sheet
Equity	21,1 M €	+5.4%	20 M €	-25.6%	26,9 M €	+12.8%	23,8 M €	+16.3%	20,5 M €	+10.6%	18,5 M €	+7.3%	17,3 M €	-53.3%	36,9 M €	+21.8%	30,3 M €	+4.1%	29,1 M €	+3.2%	28,2 M €	+14.4%	24,7 M €	-0.7%	24,9 M €	+372%	5,3 M €	-37.8%	8,5 M €	+19.0%	7,1 M €	-11.0%	8 M €	+15.0%	6,9 M €
Total assets	26,6 M €	-22.4%	34,3 M €	+2.3%	33,5 M €	+8.3%	30,9 M €	+11.2%	27,8 M €	+7.0%	26 M €	-45.7%	47,9 M €	-30.7%	69 M €	+32.8%	52 M €	+3.5%	50,2 M €	-6.1%	53,5 M €	+5.9%	50,5 M €	-5.0%	53,1 M €	+7.5%	49,4 M €	-12.8%	56,7 M €	-6.2%	60,4 M €	-1.6%	61,4 M €	+0.2%	61,2 M €
Cash	142,4 €		–		–		–		–		–		–		–		–		–		–		–		–		–		112,6 k €	+143%	46,4 k €	-79.6%	228 k €	-48.1%	439,1 k €
Debts	5,5 M €	-61.3%	14,3 M €	+115%	6,6 M €	-6.6%	7,1 M €	-2.3%	7,3 M €	-1.1%	7,4 M €	-75.8%	30,4 M €	-4.7%	31,9 M €	+48.2%	21,5 M €	+4.0%	20,7 M €	-17.5%	25,1 M €	-2.2%	25,7 M €	-8.7%	28,1 M €	-34.3%	42,7 M €	-7.4%	46,1 M €	-9.6%	51,1 M €	+1.0%	50,5 M €	-2.6%	51,9 M €
Other
Workforce	57,1 ETP	+2.5%	55,7 ETP	-3.1%	57,5 ETP	+4.7%	54,9 ETP	-6.6%	58,8 ETP	-2.8%	60,5 ETP	+5.6%	57,3 ETP	-3.0%	59,1 ETP	+4.2%	56,7 ETP	+14.8%	49,4 ETP	+9.8%	45,0 ETP	+2.0%	44,1 ETP	-6.4%	47,1 ETP	-35.6%	73,1 ETP	-14.4%	85,4 ETP	-9.6%	94,5 ETP	-22.5%	121,9 ETP	-17.3%	147,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 32 ended

Active mandates

Susan King-Barnardo

Managing director · since 01 mai 2026 · until 31 octobre 2026

Active

Spasena Ivanova Yotova

Director · since 01 avril 2025 · until 21 juin 2030

Active

Benoît Elichabe

Managing director · since 01 mai 2021 · until 30 avril 2026

Active

Ended mandates

Benoît ELICHABE

Managing director · since 01 mai 2021 · until 01 mai 2027

Ended

Spasena Ivanova Yotova

Director · since 01 avril 2019 · until 31 mars 2025

Ended

Christos Andriopoulos

Managing director · since 01 décembre 2018 · until 21 juin 2024

Ended

Christos ANDRIOPOULOS

Managing director · since 01 décembre 2018 · until 30 avril 2021

Ended

At this address

Other companies at this address

Company	CBE no.
Merck Chemicals NV/SA● Active	0408.308.434
MERCK LIFE SCIENCE● Active	0425.578.392
Merck Life Science MPS● Active	1028.062.616

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	19/06/2026	27/06/2025	24/06/2024	19/06/2023	11/07/2022	28/07/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	30/06/2022	18/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/06/2026	19/06/2026	Dutch	PDF
Full model	31/12/2024	20/06/2025	27/06/2025	Dutch	PDF
Full model	31/12/2023	21/06/2024	24/06/2024	Dutch	PDF
Full model	31/12/2022	16/06/2023	19/06/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	11/07/2022	Dutch	PDF
Full model	31/12/2020	18/06/2021	28/07/2021	Dutch	PDF
Full model	31/12/2019	19/06/2020	03/07/2020	Dutch	PDF
Full model	31/12/2018	21/06/2019	27/06/2019	Dutch	PDF
Full model	31/12/2017	15/06/2018	19/06/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	05/07/2017	Dutch	PDF
Full model	31/12/2015	17/06/2016	24/06/2016	Dutch	PDF
Full model	31/12/2014	29/06/2015	07/07/2015	Dutch	PDF
Full model	31/12/2013	27/05/2014	30/06/2014	Dutch	PDF
Full model	31/12/2012	29/03/2013	14/06/2013	Dutch	PDF
Full model	31/12/2011	28/03/2012	07/06/2012	Dutch	PDF
Full model	31/12/2010	03/05/2011	20/10/2011	Dutch	PDF
Full model	31/12/2009	29/06/2010	08/07/2010	Dutch	PDF
Full model	31/12/2008	12/03/2009	08/03/2010	Dutch	PDF
Full model	31/12/2007	17/06/2008	29/08/2008	Dutch	PDF
Full model	31/12/2006	08/03/2007	11/03/2008	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 32 ended

Active mandates

Susan King-Barnardo

Managing director · since 01 mai 2026 · until 31 octobre 2026

Active

Spasena Ivanova Yotova

Director · since 01 avril 2025 · until 21 juin 2030

Active

Benoît Elichabe

Managing director · since 01 mai 2021 · until 30 avril 2026

Active

Ended mandates

Benoît ELICHABE

Managing director · since 01 mai 2021 · until 01 mai 2027

Ended

Spasena Ivanova Yotova

Director · since 01 avril 2019 · until 31 mars 2025

Ended

Christos Andriopoulos

Managing director · since 01 décembre 2018 · until 21 juin 2024

Ended

Christos ANDRIOPOULOS

Managing director · since 01 décembre 2018 · until 30 avril 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/08/2026
Herbenoeming van de commissaris
PDF
Mandates03/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other17/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates27/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/10/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/03/2022
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

01/05/2026
nominationSusan King-Barnardo — bestuurder
2025
Annual accounts 20251,1 M €↓
01/04/2025
reconductionSpasena Yotova — bestuurder
2024
Annual accounts 20241,1 M €↓
2023
Annual accounts 20233 M €↓
16/06/2023
nominationDeloitte Bedrijfsrevisoren/Réviseurs d'Entreprises — commissaris
2022
Annual accounts 20223,3 M €↑
01/07/2022
nominationFabienne Monbaliu — bijzondere volmacht
2021
Annual accounts 20212 M €↑
2020
Annual accounts 20201,3 M €↓
2019
Annual accounts 20192,3 M €↓
2018
Annual accounts 201832,5 M €↑
2017
Annual accounts 20171,2 M €↑
2016
Annual accounts 2016896,3 k €↓
2015
Annual accounts 20153,5 M €↑
2014
Annual accounts 2014-179 k €↓
2013
Annual accounts 201314,6 M €↑
2012
Annual accounts 2012-3,2 M €↓
2011
Annual accounts 20114,5 M €↑
2010
Annual accounts 20104,2 M €↑
2009
Annual accounts 20091 M €↓
2008
Annual accounts 20083,6 M €
23/08/1951
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

MERCK

Overview

What does MERCK do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline