ACTIVE

Médecins sans Frontières

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Financial year 2025 · Closed on 31/12/2025

Net result19,9 M €+2 800,9 %over 1 year
Revenue2,5 M €+14,5 %over 1 year
Equity312,6 M €+6,8 %over 1 year
Workforce665,5 ETP-11,5 %over 1 year

Identity

Source · BCE/KBO

Médecins sans Frontières is a Non-profit organization incorporated in 1980. Its main activity is: Technical and vocational secondary education. Its registered office is in Ixelles. It employs on average 665,5 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0421.446.093
Incorporation
25/11/1980
Legal form
Non-profit organization
Registered office
Rue de l'Arbre Bénit 46
1050 Ixelles · BruxellesSee on map
Latest accounts
31/12/2025
Average workforce
665,5 ETP
Joint committees (1)
  • 32903
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 27 filings

Trend over 11 financial years

20252024202320222021
Income statement
Revenue2,5 M €2,2 M €5,2 M €5,8 M €4,2 M €
EBITDA33,3 M €3,3 M €36,8 M €25,2 M €67,8 M €
Operating result29,6 M €-1,1 M €28,7 M €17,2 M €57,8 M €
Net result19,9 M €686,8 k €26,7 M €24,2 M €61,9 M €
Balance sheet
Equity312,6 M €292,6 M €292 M €265,3 M €241,1 M €
Total assets382,7 M €359,9 M €352,4 M €333,6 M €318,5 M €
Cash152,7 M €124,5 M €112 M €119 M €132,8 M €
Debts48,5 M €52,6 M €47,1 M €50 M €45,5 M €
Other
Workforce665,5 ETP752,3 ETP949,1 ETP907,4 ETP1 034,0 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

12 active · 65 ended

Active mandates

KAREN DE SMEDT

Director · since 24 mai 2025 · until 24 mai 2028

Active
Marko Isajlovic

Director · since 24 mai 2025 · until 24 mai 2028

Active
Michel Gantois

Director · since 24 mai 2025 · until 24 mai 2028

Active
Pascale Delchevalerie

Director · since 24 mai 2025 · until 24 mai 2028

Active
Pierre Malchair

Director · since 24 mai 2025 · until 24 mai 2028

Active
Stan Verschaeve

Director · since 24 mai 2025 · until 24 mai 2028

Active
BENOIT DE GRYSE

Director · since 01 juin 2024 · until 01 juin 2027

Active
Evelyn Vancollie

Director · since 01 juin 2024 · until 01 juin 2027

Active
Johanna Coppé

Director · since 01 juin 2024 · until 01 juin 2027

Active
Katrin Kisswani

Chairman of the board of directors · since 01 juin 2024 · until 01 juin 2027

Active
Mia Maes

Director · since 01 juin 2024 · until 01 juin 2027

Active
Mio Maes

Director · since 01 juin 2024 · until 01 juin 2027

Active

Ended mandates

KAREN DE SMEDT

Director · since 01 juin 2024 · until 01 juin 2027

Ended
LILY-ANGE SMITH CALDWELL

Director · since 01 juin 2024 · until 01 juin 2027

Ended
Sébastien Libert

Director · since 01 juin 2024 · until 23 mai 2025

Ended
Walter Lorenzi

Director · since 01 juin 2024 · until 23 mai 2025

Ended

Other companies at this address

Rue de l'Arbre Bénit 46 1050 Ixelles
CompanyCBE no.
Fondation Médecins Sans Frontières● Active
0539.865.475
SPORTERS VOOR ARTSEN ZONDER GRENZEN● Active
0450.721.683

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date16/06/202625/05/202517/06/202426/06/202308/06/202229/06/2021
General meeting29/05/202623/05/202501/06/202402/06/202304/06/202204/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 27 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202529/05/202616/06/2026DutchPDF
Full model31/12/202529/05/202616/06/2026FrenchPDF
Full model31/12/202423/05/202525/05/2025FrenchPDF
Full model31/12/202423/05/202525/05/2025DutchPDF
Full model31/12/202301/06/202417/06/2024FrenchPDF
Full model31/12/202301/06/202417/06/2024DutchPDF
Full model31/12/202202/06/202326/06/2023FrenchPDF
Full model31/12/202202/06/202326/06/2023DutchPDF
Full model31/12/202104/06/202208/06/2022DutchPDF
Full model31/12/202104/06/202208/06/2022FrenchPDF
Full model31/12/202004/06/202129/06/2021FrenchPDF
Full model31/12/202004/06/202129/06/2021DutchPDF
Full model31/12/201905/06/202017/06/2020DutchPDF
Full model31/12/201905/06/202017/06/2020FrenchPDF
Full model31/12/201831/05/201904/06/2019FrenchPDF
Full model31/12/201701/06/201818/06/2018FrenchPDF
Full model31/12/201603/06/201716/06/2017FrenchPDF
Full model31/12/201503/06/201606/06/2016FrenchPDF
Full model31/12/201430/05/201512/06/2015FrenchPDF
Full model31/12/201312/06/201416/06/2014FrenchPDF
Full model31/12/201224/05/201324/06/2013FrenchPDF
Full model31/12/201122/06/201209/07/2012FrenchPDF
Full model31/12/201027/05/201106/06/2011FrenchPDF
Full model31/12/200928/05/201009/06/2010FrenchPDF

View all 27 filings

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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.

Board of directors

Source · NBB, accounts to 31/12/2025

12 active · 65 ended

Active mandates

KAREN DE SMEDT

Director · since 24 mai 2025 · until 24 mai 2028

Active
Marko Isajlovic

Director · since 24 mai 2025 · until 24 mai 2028

Active
Michel Gantois

Director · since 24 mai 2025 · until 24 mai 2028

Active
Pascale Delchevalerie

Director · since 24 mai 2025 · until 24 mai 2028

Active
Pierre Malchair

Director · since 24 mai 2025 · until 24 mai 2028

Active
Stan Verschaeve

Director · since 24 mai 2025 · until 24 mai 2028

Active
BENOIT DE GRYSE

Director · since 01 juin 2024 · until 01 juin 2027

Active
Evelyn Vancollie

Director · since 01 juin 2024 · until 01 juin 2027

Active
Johanna Coppé

Director · since 01 juin 2024 · until 01 juin 2027

Active
Katrin Kisswani

Chairman of the board of directors · since 01 juin 2024 · until 01 juin 2027

Active
Mia Maes

Director · since 01 juin 2024 · until 01 juin 2027

Active
Mio Maes

Director · since 01 juin 2024 · until 01 juin 2027

Active

Ended mandates

KAREN DE SMEDT

Director · since 01 juin 2024 · until 01 juin 2027

Ended
LILY-ANGE SMITH CALDWELL

Director · since 01 juin 2024 · until 01 juin 2027

Ended
Sébastien Libert

Director · since 01 juin 2024 · until 23 mai 2025

Ended
Walter Lorenzi

Director · since 01 juin 2024 · until 23 mai 2025

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates09/07/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates09/07/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Other23/04/2026
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Other23/04/2026
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates27/02/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates15/12/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates15/12/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates14/07/2025
    ONTSLAGEN - BENOEMINGEN
    PDF

Similar companies

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

See the Business plan

Timeline

  1. 2025
    Annual accounts 202519,9 M €↑
  2. 22/10/2025
    nominationTanguy Legein — vaste vertegenwoordiger (commissaris)
  3. 22/10/2025
    nominationTanguy Legein — représentant permanent (commissaire aux comptes)
  4. 19/05/2025
    nominationJehan Bseiso — Directeur général adjoint
  5. 19/05/2025
    nominationDan Grégory Sermand — Adjunct-algemeen directeur (Vervanging van Jehan Bseiso)
  6. 13/02/2025
    nominationYves Didier Wailly — représentant légal de Médecins Sans Frontières en Bosnie-Herzégovine
  7. 01/01/2025
    reconductionKaren de Smedt — Secrétaire
  8. 01/01/2025
    nominationMarko Isajlovic — Administrateur
  9. 01/01/2025
    nominationMichel Gantois — Administrateur
  10. 01/01/2025
    nominationPascale Delchevalerie — Administrateur
  11. 01/01/2025
    nominationPierre Malchair — Administrateur
  12. 01/01/2025
    nominationStan Verschaeve — Administrateur
  13. 01/01/2025
    reconductionKaren De Smedt — Secretaris
  14. 01/01/2025
    nominationMarko Isajlovic — Bestuurder
  15. 01/01/2025
    nominationMichel Gantois — Bestuurder
  16. 01/01/2025
    nominationPascale Delchevalerie — Bestuurder
  17. 01/01/2025
    nominationPierre Malchair — Bestuurder
  18. 01/01/2025
    nominationStan Verschaeve — Bestuurder
  19. 2024
    Annual accounts 2024686,8 k €↓
  20. 11/12/2024
    nominationJoffrey Ankaert — représentant permanent (commissaire aux comptes)
  21. 11/12/2024
    nominationJoffrey Ankaert — vaste vertegenwoordiger (commissaris)
  22. 01/06/2024
    nominationTanguy Legein — représentant permanent (commissaire aux comptes)
  23. 01/06/2024
    nominationTanguy Legein — vaste vertegenwoordiger (commissaris)
  24. 24/01/2024
    nominationTejshri Harivaliabh Shah — Directrice Générale
  25. 2024
    Name changeArtsen Zonder Grenzen
  26. 01/01/2024
    nominationKatrin Kisswani — Présidente
  27. 01/01/2024
    nominationBenoit de Gryse — Vice-Président
  28. 01/01/2024
    nominationEvelyn Vancollie — Administrateur
  29. 01/01/2024
    nominationJohanna Coppé — Administrateur
  30. 01/01/2024
    nominationMio Maes — Administrateur
  31. 01/01/2024
    nominationKatrin Kisswani — President
  32. 01/01/2024
    nominationBenoit de Gryse — Vice-President
  33. 01/01/2024
    nominationEvelyn Vancollie — Bestuurder
  34. 01/01/2024
    nominationJohanna Coppé — Bestuurder
  35. 01/01/2024
    nominationMio Maes — Bestuurder
  36. 2023
    Annual accounts 202326,7 M €↑
  37. 03/06/2023
    nominationFasil Tezera — Président
  38. 03/06/2023
    nominationBenoit De Gryse — Vice-Président
  39. 03/06/2023
    nominationKaren De Smedt — Secrétaire
  40. 03/06/2023
    nominationGodelieve Creten — Trésorière
  41. 03/06/2023
    nominationSébastien Libert — administrateur
  42. 03/06/2023
    nominationWalter Lorenzi — administrateur
  43. 2022
    Annual accounts 202224,2 M €↓
  44. 01/10/2022
    nominationFasil Tezera — Voorzitter
  45. 01/10/2022
    nominationFasil Tezera — Président
  46. 01/09/2022
    nominationJehan Bseiso — Directrice Générale Adjointe
  47. 01/09/2022
    nominationJehan Bseiso — Adjunct Directrice
  48. 2022
    Name changeMSF Belgique ASBL
  49. 2021
    Annual accounts 202161,9 M €↑
  50. 2021
    Name changeMEDECINS SANS FRONTIERES
  51. 2020
    Annual accounts 202011,9 M €↑
  52. 2019
    Annual accounts 2019-34,1 M €↓
  53. 2018
    Annual accounts 2018-7,5 M €↑
  54. 2017
    Annual accounts 2017-60,1 M €↓
  55. 2011
    Annual accounts 2011-11,3 M €↓
  56. 2010
    Annual accounts 201015,9 M €
  57. 2010
    Name changeMédecins sans Frontières - Artsen Zonder Grenzen - Arzte Ohne Grenzen
  58. 25/11/1980
    IncorporationNon-profit organization