Médecins sans Frontières
0421.446.093 · rovalta.com · 27/09/2026
ACTIVE
Médecins sans Frontières
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
Overview
Identity
Source · BCE/KBOMédecins 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
Activities (NACE)
Joint committees (1)
- 32903
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
Financials
Source · NBB, 27 filingsTrend over 11 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | 2,5 M € | +14.5% | 2,2 M € | -58.4% | 5,2 M € | -10.0% | 5,8 M € | +37.7% | 4,2 M € |
| EBITDA | 33,3 M € | +919% | 3,3 M € | -91.1% | 36,8 M € | +45.9% | 25,2 M € | -62.8% | 67,8 M € |
| Operating result | 29,6 M € | +2913% | -1,1 M € | -104% | 28,7 M € | +67.5% | 17,2 M € | -70.3% | 57,8 M € |
| Net result | 19,9 M € | +2801% | 686,8 k € | -97.4% | 26,7 M € | +10.2% | 24,2 M € | -60.9% | 61,9 M € |
| Balance sheet | |||||||||
| Equity | 312,6 M € | +6.8% | 292,6 M € | +0.2% | 292 M € | +10.1% | 265,3 M € | +10.0% | 241,1 M € |
| Total assets | 382,7 M € | +6.3% | 359,9 M € | +2.1% | 352,4 M € | +5.6% | 333,6 M € | +4.7% | 318,5 M € |
| Cash | 152,7 M € | +22.7% | 124,5 M € | +11.2% | 112 M € | -5.9% | 119 M € | -10.4% | 132,8 M € |
| Debts | 48,5 M € | -7.9% | 52,6 M € | +11.7% | 47,1 M € | -5.8% | 50 M € | +10.0% | 45,5 M € |
| Other | |||||||||
| Workforce | 665,5 ETP | -11.5% | 752,3 ETP | -20.7% | 949,1 ETP | +4.6% | 907,4 ETP | -12.2% | 1 034,0 ETP |
Valuation
Indicative valuation
As an indication, this company is worth
between 250 M€ and 500 M€
See the valuationBoard of directors
Source · NBB, accounts to 31/12/202512 active · 65 ended
Active mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
KAREN DE SMEDT | Director | 24/05/2025 → 24/05/2028 | 000 |
Marko Isajlovic | Director | 24/05/2025 → 24/05/2028 | 000 |
Michel Gantois | Director | 24/05/2025 → 24/05/2028 | 000 |
Pascale Delchevalerie | Director | 24/05/2025 → 24/05/2028 | 000 |
Pierre Malchair | Director | 24/05/2025 → 24/05/2028 | 000 |
Stan Verschaeve | Director | 24/05/2025 → 24/05/2028 | 000 |
BENOIT DE GRYSE | Director | 01/06/2024 → 01/06/2027 | 000 |
Evelyn Vancollie | Director | 01/06/2024 → 01/06/2027 | 000 |
Johanna Coppé | Director | 01/06/2024 → 01/06/2027 | 000 |
Katrin Kisswani | Chairman of the board of directors | 01/06/2024 → 01/06/2027 | 000 |
Mia Maes | Director | 01/06/2024 → 01/06/2027 | |
Mio Maes | Director | 01/06/2024 → 01/06/2027 | 000 |
Ended mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
KAREN DE SMEDT | Director | 01/06/2024 → 01/06/2027 | 000 |
LILY-ANGE SMITH CALDWELL | Director | 01/06/2024 → 01/06/2027 | 000 |
Sébastien Libert | Director | 01/06/2024 → 23/05/2025 | 000 |
Walter Lorenzi | Director | 01/06/2024 → 23/05/2025 | 00 |
Other companies at this address
Rue de l'Arbre Bénit 46 1050 Ixelles| Company | CBE no. |
|---|---|
| 0539.865.475 | |
| 0450.721.683 |
Financials
Full financial information
Source · NBB| 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 | 16/06/2026 | 25/05/2025 | 17/06/2024 | 26/06/2023 | 08/06/2022 | 29/06/2021 |
| General meeting | 29/05/2026 | 23/05/2025 | 01/06/2024 | 02/06/2023 | 04/06/2022 | 04/06/2021 |
| 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 |
Financial ratios
Source · NBBLooking for more information about this company?
Try for freeAnnual accounts filings
Source · NBB, 27 filings| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 29/05/2026 | 16/06/2026 | Dutch | |
| Full model | 31/12/2025 | 29/05/2026 | 16/06/2026 | French | |
| Full model | 31/12/2024 | 23/05/2025 | 25/05/2025 | French | |
| Full model | 31/12/2024 | 23/05/2025 | 25/05/2025 | Dutch | |
| Full model | 31/12/2023 | 01/06/2024 | 17/06/2024 | French | |
| Full model | 31/12/2023 | 01/06/2024 | 17/06/2024 | Dutch | |
| Full model | 31/12/2022 | 02/06/2023 | 26/06/2023 | French | |
| Full model | 31/12/2022 | 02/06/2023 | 26/06/2023 | Dutch | |
| Full model | 31/12/2021 | 04/06/2022 | 08/06/2022 | Dutch | |
| Full model | 31/12/2021 | 04/06/2022 | 08/06/2022 | French | |
| Full model | 31/12/2020 | 04/06/2021 | 29/06/2021 | French | |
| Full model | 31/12/2020 | 04/06/2021 | 29/06/2021 | Dutch | |
| Full model | 31/12/2019 | 05/06/2020 | 17/06/2020 | Dutch | |
| Full model | 31/12/2019 | 05/06/2020 | 17/06/2020 | French | |
| Full model | 31/12/2018 | 31/05/2019 | 04/06/2019 | French | |
| Full model | 31/12/2017 | 01/06/2018 | 18/06/2018 | French | |
| Full model | 31/12/2016 | 03/06/2017 | 16/06/2017 | French | |
| Full model | 31/12/2015 | 03/06/2016 | 06/06/2016 | French | |
| Full model | 31/12/2014 | 30/05/2015 | 12/06/2015 | French | |
| Full model | 31/12/2013 | 12/06/2014 | 16/06/2014 | French | |
| Full model | 31/12/2012 | 24/05/2013 | 24/06/2013 | French | |
| Full model | 31/12/2011 | 22/06/2012 | 09/07/2012 | French | |
| Full model | 31/12/2010 | 27/05/2011 | 06/06/2011 | French | |
| Full model | 31/12/2009 | 28/05/2010 | 09/06/2010 | French | |
| Full model | 31/12/2008 | 29/05/2009 | 26/06/2009 | French | |
| Full model | 31/12/2007 | 07/06/2008 | 10/10/2008 | French | |
| Full model | 31/12/2006 | 02/06/2007 | 06/06/2007 | French |
Valuation
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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Board of directors
Source · NBB, accounts to 31/12/202512 active · 65 ended
Active mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
KAREN DE SMEDT | Director | 24/05/2025 → 24/05/2028 | 000 |
Marko Isajlovic | Director | 24/05/2025 → 24/05/2028 | 000 |
Michel Gantois | Director | 24/05/2025 → 24/05/2028 | 000 |
Pascale Delchevalerie | Director | 24/05/2025 → 24/05/2028 | 000 |
Pierre Malchair | Director | 24/05/2025 → 24/05/2028 | 000 |
Stan Verschaeve | Director | 24/05/2025 → 24/05/2028 | 000 |
BENOIT DE GRYSE | Director | 01/06/2024 → 01/06/2027 | 000 |
Evelyn Vancollie | Director | 01/06/2024 → 01/06/2027 | 000 |
Johanna Coppé | Director | 01/06/2024 → 01/06/2027 | 000 |
Katrin Kisswani | Chairman of the board of directors | 01/06/2024 → 01/06/2027 | 000 |
Mia Maes | Director | 01/06/2024 → 01/06/2027 | |
Mio Maes | Director | 01/06/2024 → 01/06/2027 | 000 |
Ended mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
KAREN DE SMEDT | Director | 01/06/2024 → 01/06/2027 | 000 |
LILY-ANGE SMITH CALDWELL | Director | 01/06/2024 → 01/06/2027 | 000 |
Sébastien Libert | Director | 01/06/2024 → 23/05/2025 | 000 |
Walter Lorenzi | Director | 01/06/2024 → 23/05/2025 | 00 |
Ownership and network
Looking for more information about this company?
Try for freePublications
Belgian Official Gazette publications
Source · Belgian Official Gazette- Mandates09/07/2026Beëindigingen, Benoemingen
- Dissolution09/07/2026Cessations, Nominations
- Other23/04/2026STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
- Other23/04/2026STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates27/02/2026DEMISSIONS, NOMINATIONS
- Mandates15/12/2025DEMISSIONS, NOMINATIONS
- Mandates15/12/2025ONTSLAGEN - BENOEMINGEN
- Mandates14/07/2025ONTSLAGEN - BENOEMINGEN
Similar companies
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 202519,9 M €↑
- 22/10/2025nominationTanguy Legein · vaste vertegenwoordiger (commissaris)
- 22/10/2025nominationTanguy Legein · représentant permanent (commissaire aux comptes)
- 19/05/2025nominationJehan Bseiso · Directeur général adjoint
- 19/05/2025nominationDan Grégory Sermand · Adjunct-algemeen directeur (Vervanging van Jehan Bseiso)
- 13/02/2025nominationYves Didier Wailly · représentant légal de Médecins Sans Frontières en Bosnie-Herzégovine
- 01/01/2025reconductionKaren de Smedt · Secrétaire
- 01/01/2025nominationMarko Isajlovic · Administrateur
- 01/01/2025nominationMichel Gantois · Administrateur
- 01/01/2025nominationPascale Delchevalerie · Administrateur
- 01/01/2025nominationPierre Malchair · Administrateur
- 01/01/2025nominationStan Verschaeve · Administrateur
- 01/01/2025reconductionKaren De Smedt · Secretaris
- 01/01/2025nominationMarko Isajlovic · Bestuurder
- 01/01/2025nominationMichel Gantois · Bestuurder
- 01/01/2025nominationPascale Delchevalerie · Bestuurder
- 01/01/2025nominationPierre Malchair · Bestuurder
- 01/01/2025nominationStan Verschaeve · Bestuurder
- 2024Annual accounts 2024686,8 k €↓
- 2024Name changeArtsen Zonder Grenzen
- 2024Name changeMSF Belgique ASBL
- 11/12/2024nominationJoffrey Ankaert · représentant permanent (commissaire aux comptes)
- 11/12/2024nominationJoffrey Ankaert · vaste vertegenwoordiger (commissaris)
- 01/06/2024nominationTanguy Legein · représentant permanent (commissaire aux comptes)
- 01/06/2024nominationTanguy Legein · vaste vertegenwoordiger (commissaris)
- 24/01/2024nominationTejshri Harivaliabh Shah · Directrice Générale
- 01/01/2024nominationKatrin Kisswani · Présidente
- 01/01/2024nominationBenoit de Gryse · Vice-Président
- 01/01/2024nominationEvelyn Vancollie · Administrateur
- 01/01/2024nominationJohanna Coppé · Administrateur
- 01/01/2024nominationMio Maes · Administrateur
- 01/01/2024nominationKatrin Kisswani · President
- 01/01/2024nominationBenoit de Gryse · Vice-President
- 01/01/2024nominationEvelyn Vancollie · Bestuurder
- 01/01/2024nominationJohanna Coppé · Bestuurder
- 01/01/2024nominationMio Maes · Bestuurder
- 2023Annual accounts 202326,7 M €↑
- 03/06/2023nominationFasil Tezera · Président
- 03/06/2023nominationBenoit De Gryse · Vice-Président
- 03/06/2023nominationKaren De Smedt · Secrétaire
- 03/06/2023nominationGodelieve Creten · Trésorière
- 03/06/2023nominationSébastien Libert · administrateur
- 03/06/2023nominationWalter Lorenzi · administrateur
- 2022Annual accounts 202224,2 M €↓
- 2022Name changeMSF Belgique ASBL
- 01/10/2022nominationFasil Tezera · Voorzitter
- 01/10/2022nominationFasil Tezera · Président
- 01/09/2022nominationJehan Bseiso · Directrice Générale Adjointe
- 01/09/2022nominationJehan Bseiso · Adjunct Directrice
- 2021Annual accounts 202161,9 M €↑
- 2021Name changeMEDECINS SANS FRONTIERES
- 2020Annual accounts 202011,9 M €↑
- 2019Annual accounts 2019-34,1 M €↓
- 2018Annual accounts 2018-7,5 M €↑
- 2017Annual accounts 2017-60,1 M €↓
- 2011Annual accounts 2011-11,3 M €↓
- 2010Annual accounts 201015,9 M €
- 25/11/1980IncorporationNon-profit organization
Registered offices
Source · NBB annual accounts, CBE| Registered address | Period | Source |
|---|---|---|
| Rue de l'Arbre Bénit 46, 1050 IxellesCurrent | CBE, tracked since 27/09/2026 | CBE |
| ARBRE BENIT 46, 1050 Ixelles | accounts 2024 → 2025 | Accounts 2025 · 2026-00164940 |
| Gewijde-Boomstraat 46, 1050 Ixelles | accounts 2024 | Accounts 2024 · 2025-00106640 |
| ARBRE BENIT 46, 1050 Ixelles | accounts 2021 → 2023 | Accounts 2023 · 2024-00139329 |
Company names
Source · NBB annual accounts, CBE| Name | Period | Source |
|---|---|---|
| Médecins sans FrontièresCurrent | CBE, tracked since 27/09/2026 | CBE |
| MSF Belgique ASBL | accounts 2024 → 2025 | Accounts 2025 · 2026-00164940 |
| Artsen Zonder Grenzen | accounts 2024 | Accounts 2024 · 2025-00106640 |
| MSF Belgique ASBL | accounts 2022 → 2023 | Accounts 2023 · 2024-00139329 |
| MEDECINS SANS FRONTIERES | accounts 2021 | Accounts 2021 · 2022-20062820 |
| Médecins sans Frontières - Artsen Zonder Grenzen - Arzte Ohne Grenzen | accounts 2010 → 2020 | Accounts 2020 · 2021-27200534 |
Annual accounts date a value by the financial year it appears in. The CBE dates a change to the day, but its history has only been kept since 27/09/2026.