ACTIVE

MSD BELGIUM

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Financial year 2025 · closed on 31/12/2025

Net result

13,6 M €

-12.2% YoY

Revenue

506,5 M €

-4.6% YoY

Equity

42,4 M €

+9.2% YoY

Workforce

171,5 ETP

+7.5% YoY

What does MSD BELGIUM do?

MSD BELGIUM is a Private limited company incorporated in 1969. Its main activity is: Wholesale of pharmaceutical goods. Its registered office is in Watermael-Boitsfort. It employs on average 171,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0406.820.770

Incorporation

23/10/1969

Legal form

Private limited company

Registered office

Boulevard du Souverain 25
1170 Watermael-Boitsfort · BruxellesSee on map

Contributed capital

10 935 977,93 €

Latest accounts

31/12/2025

Average workforce

171,5 ETP

Activities (NACE)

46460Wholesale of pharmaceutical goods· main 46460Wholesale of pharmaceutical goods 51460Air transport 20590Manufacture of other chemical products n.e.c.20590Manufacture of other chemical products n.e.c.24660Manufacture of basic metals

Joint committees (2)

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 6 financial years

	2025		2024		2023		2022		2007		2006
Income statement
Revenue	506,5 M €	-4.6%	531 M €	-6.4%	567,5 M €	+10.0%	516 M €	+371%	109,5 M €	+13.5%	96,5 M €
EBITDA	17,9 M €	-4.6%	18,7 M €	-6.4%	20 M €	+9.9%	18,2 M €	+591%	-3,7 M €	-47.6%	-2,5 M €
Operating result	17,7 M €	-4.6%	18,6 M €	-6.4%	19,9 M €	+10.0%	18,1 M €	+567%	-3,9 M €	-50.4%	-2,6 M €
Net result	13,6 M €	-12.2%	15,4 M €	-0.4%	15,5 M €	+15.7%	13,4 M €	+377%	-4,8 M €	-58.8%	-3 M €
Balance sheet
Equity	42,4 M €	+9.2%	38,8 M €	-27.3%	53,4 M €	+40.9%	37,9 M €	+959%	-4,4 M €	-1908%	-219,6 k €
Total assets	150,3 M €	-9.1%	165,3 M €	+5.9%	156,1 M €	+19.6%	130,5 M €	+248%	37,5 M €	+2.2%	36,7 M €
Cash	0 €		0 €	-100%	3,7 k €	+345%	841,6 €	-100.0%	2,7 M €	-6.5%	2,9 M €
Debts	107,9 M €	-14.7%	126,5 M €	+23.1%	102,8 M €	+10.9%	92,7 M €	+145%	37,9 M €	+17.5%	32,2 M €
Other
Workforce	171,5 ETP	+7.5%	159,5 ETP	+5.6%	151,0 ETP	+0.7%	150,0 ETP	+5.3%	142,4 ETP	+10.5%	128,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 13 ended

Active mandates

Ciar Harbord

Director · since 01 décembre 2024

Active

Katrien De Vos

Director · since 02 mai 2023

Active

Joris Swennen

Director · since 01 juin 2021

Active

Ended mandates

Rietja Hart

Director · since 01 juin 2021 · until 01 décembre 2024

Ended

Rietja Hart

Director · since 01 juin 2021

Ended

Brecht Vanneste

Bestuurder · since 01 mars 2019 · until 02 mai 2023

Ended

Brecht Vanneste

Director · since 01 mars 2019 · until 02 mai 2023

Ended

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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	29/06/2026	27/06/2025	27/06/2024	29/06/2023	04/07/2022	01/07/2021
General meeting	24/06/2026	25/06/2025	26/06/2024	28/06/2023	29/06/2022	30/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	24/06/2026	29/06/2026	Dutch	PDF
Full model	31/12/2024	25/06/2025	27/06/2025	Dutch	PDF
Full model	31/12/2023	26/06/2024	27/06/2024	Dutch	PDF
Full model	31/12/2022	28/06/2023	29/06/2023	Dutch	PDF
Full model	31/12/2021	29/06/2022	04/07/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	01/07/2021	Dutch	PDF
Full model	31/12/2019	24/06/2020	08/07/2020	Dutch	PDF
Full model	31/12/2018	26/06/2019	27/06/2019	Dutch	PDF
Full model	31/12/2017	27/06/2018	27/06/2018	Dutch	PDF
Full model	31/12/2016	28/06/2017	30/06/2017	Dutch	PDF
Full model	31/12/2015	29/06/2016	30/06/2016	Dutch	PDF
Full model	31/12/2014	24/06/2015	03/07/2015	Dutch	PDF
Full modelCorrection	31/12/2013	25/06/2014	03/09/2014	Dutch	PDF
Full model	31/12/2013	25/06/2014	09/07/2014	Dutch	PDF
Full model	31/12/2012	26/06/2013	04/07/2013	Dutch	PDF
Full modelCorrection	31/12/2011	27/06/2012	05/06/2013	Dutch	PDF
Full model	31/12/2011	27/06/2012	04/07/2012	Dutch	PDF
Full model	31/12/2010	29/06/2011	11/07/2011	Dutch	PDF
Full model	31/12/2009	30/06/2010	30/06/2010	Dutch	PDF
Full model	31/12/2008	29/07/2009	31/08/2009	Dutch	PDF
Full model	31/12/2007	24/06/2008	22/07/2008	Dutch	PDF
Full model	31/12/2006	10/07/2007	18/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 13 ended

Active mandates

Ciar Harbord

Director · since 01 décembre 2024

Active

Katrien De Vos

Director · since 02 mai 2023

Active

Joris Swennen

Director · since 01 juin 2021

Active

Ended mandates

Rietja Hart

Director · since 01 juin 2021 · until 01 décembre 2024

Ended

Rietja Hart

Director · since 01 juin 2021

Ended

Brecht Vanneste

Bestuurder · since 01 mars 2019 · until 02 mai 2023

Ended

Brecht Vanneste

Director · since 01 mars 2019 · until 02 mai 2023

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/11/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office17/04/2023
MAATSCHAPPELIJKE ZETEL
PDF
Mandates09/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/06/2021
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

2025
Annual accounts 202513,6 M €↓
01/07/2025
nominationArnaud Gain — commissaris
2024
Annual accounts 202415,4 M €↓
01/12/2024
nominationCiar Harbord — bestuurder
26/06/2024
reconductionDidier Delanoye — commissaris
2023
Annual accounts 202315,5 M €↑
02/05/2023
nominationKatrien De Vos — bestuurder
2022
Annual accounts 202213,4 M €↑
2022
Name changeMSD BELGIUM
2007
Annual accounts 2007-4,8 M €↓
2006
Annual accounts 2006-3 M €
2006
Name changeSCHERING-PLOUGH
23/10/1969
IncorporationPrivate 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

MSD BELGIUM

Overview

What does MSD BELGIUM do?

Trend over 6 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