ACTIVE

MSF SUPPLY

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Financial year 2025 · closed on 31/12/2025

Net result

109,4 k €

-93.8% YoY

Revenue

74,9 M €

-2.9% YoY

Equity

15,2 M €

+6.3% YoY

Workforce

135,0 ETP

+5.1% YoY

What does MSF SUPPLY do?

MSF SUPPLY is a Non-profit organization incorporated in 1989. Its main activity is: Wholesale of pharmaceutical goods. Its registered office is in Bruxelles. It employs on average 135,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.110.594

Incorporation

17/08/1989

Legal form

Non-profit organization

Registered office

Chaussée de Vilvorde 140
1120 Bruxelles · BruxellesSee on map

Latest accounts

31/12/2025

Average workforce

135,0 ETP

Activities (NACE)

46460Wholesale of pharmaceutical goods· main 46460Wholesale of pharmaceutical goods 46769Wholesale of other intermediate products 46869Wholesale trade, except of motor vehicles and motorcycles 51460Air transport 51562Air transport

Signals

ProfitableSolid equityLow 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 18 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	74,9 M €	-2.9%	77,1 M €	+0.7%	76,6 M €	-10.7%	85,8 M €	+27.4%	67,3 M €	+4.8%	64,2 M €	+13.7%	56,5 M €	-27.4%	77,8 M €	+27.9%	60,8 M €	-9.9%	67,5 M €	+1.2%	66,7 M €	+41.0%	47,3 M €	+23.5%	38,3 M €	-22.8%	49,6 M €	+20.6%	41,1 M €	+43.9%	28,6 M €	-18.0%	34,8 M €	+32.7%	26,3 M €
EBITDA	320,2 k €	-85.7%	2,2 M €	+404%	-736,1 k €	-154%	-290,3 k €	-121%	1,4 M €	-9.2%	1,5 M €	+448%	-429,3 k €	-146%	927,3 k €	+323%	219,4 k €	-82.9%	1,3 M €	+3808%	32,9 k €	-98.2%	1,8 M €	+298%	-906,6 k €	-489%	232,9 k €	-53.2%	497,5 k €	+571%	-105,6 k €	-109%	1,2 M €	+370%	-436,8 k €
Operating result	-97,8 k €	-106%	1,7 M €	+237%	-1,2 M €	-646%	227,5 k €	-80.1%	1,1 M €	+63.0%	700,4 k €	+513%	-169,8 k €	-196%	177,1 k €	+351%	-70,7 k €	-161%	116,5 k €	+197%	-119,8 k €	-108%	1,5 M €	+220%	-1,3 M €	-5575%	23,5 k €	-85.6%	163,6 k €	+158%	-282,8 k €	-127%	1,1 M €	+311%	-505,6 k €
Net result	109,4 k €	-93.8%	1,8 M €	+244%	-1,2 M €	-443%	-224 k €	-121%	1,1 M €	+154%	417,2 k €	+313%	-196 k €	-220%	162,7 k €	+671%	-28,5 k €	-152%	54,7 k €	+199%	-55,1 k €	-104%	1,5 M €	+231%	-1,2 M €	-236%	-343,5 k €	-280%	191 k €	+167%	-286,8 k €	-127%	1,1 M €	+288%	-570,6 k €
Balance sheet
Equity	15,2 M €	+6.3%	14,3 M €	+13.9%	12,6 M €	-8.8%	13,8 M €	-1.6%	14 M €	+3.2%	13,6 M €	+3.2%	13,2 M €	-1.5%	13,4 M €	+1.2%	13,2 M €	-0.2%	13,2 M €	+0.4%	13,2 M €	-0.4%	13,2 M €	+12.9%	11,7 M €	+40.0%	8,4 M €	-3.9%	8,7 M €	+2.2%	8,5 M €	+215%	2,7 M €	+65.4%	1,6 M €
Total assets	32,5 M €	-1.1%	32,9 M €	-1.6%	33,4 M €	-17.6%	40,6 M €	+18.6%	34,2 M €	+7.8%	31,7 M €	+7.4%	29,5 M €	-14.8%	34,6 M €	+35.6%	25,5 M €	+7.3%	23,8 M €	+1.1%	23,5 M €	+13.3%	20,8 M €	+17.3%	17,7 M €	+8.5%	16,3 M €	+11.0%	14,7 M €	-0.5%	14,8 M €	+2.3%	14,5 M €	+28.7%	11,2 M €
Cash	4,2 M €	-22.1%	5,4 M €	+15.9%	4,6 M €	-51.1%	9,4 M €	+113%	4,4 M €	-27.4%	6,1 M €	+279%	1,6 M €	-79.6%	7,9 M €	+145%	3,2 M €	-17.8%	3,9 M €	+123%	1,8 M €	-64.9%	5 M €	+323%	1,2 M €	-50.8%	2,4 M €	-25.3%	3,2 M €	+19.6%	2,7 M €	+199%	903,1 k €	-42.7%	1,6 M €
Debts	17,1 M €	-7.8%	18,5 M €	-9.7%	20,5 M €	-23.3%	26,7 M €	+32.7%	20,1 M €	+11.2%	18,1 M €	+10.9%	16,3 M €	-23.1%	21,2 M €	+75.5%	12,1 M €	+14.5%	10,6 M €	+2.2%	10,3 M €	+37.6%	7,5 M €	+30.4%	5,8 M €	-23.8%	7,6 M €	+28.3%	5,9 M €	-5.0%	6,2 M €	-46.9%	11,7 M €	+22.3%	9,6 M €
Other
Workforce	135,0 ETP	+5.1%	128,4 ETP	+0.5%	127,7 ETP	+6.5%	119,9 ETP	+0.3%	119,6 ETP	+7.3%	111,5 ETP	+4.1%	107,1 ETP	-4.3%	111,9 ETP	-3.2%	115,6 ETP	+13.4%	101,9 ETP	+5.2%	96,9 ETP	+13.2%	85,6 ETP	+8.9%	78,6 ETP	+13.6%	69,2 ETP	+4.1%	66,5 ETP	+9.2%	60,9 ETP	+10.9%	54,9 ETP	+11.6%	49,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 69 ended

Active mandates

Iman Katrin KISSWANI

Director · since 27 juin 2025 · until 25 juin 2027

Active

Amaury GREGOIRE

Director · since 28 juin 2024 · until 25 juin 2027

Active

Benoît DE GRYSE

Director · since 28 juin 2024 · until 25 juin 2027

Active

Godelieve CRETEN

Director · since 28 juin 2024 · until 25 juin 2027

Active

Walter LORENZI

Chairman of the board of directors · since 28 juin 2024 · until 25 juin 2027

Active

Ended mandates

Iman Katrin KISSWANI

Director · since 01 juin 2024 · until 27 juin 2025

Ended

Walter LORENZI

Chairman of the board of directors · since 30 juin 2023 · until 30 juin 2024

Ended

Amaury GREGOIRE

Director · since 25 juin 2021 · until 28 juin 2024

Ended

André COULANGE

Chairman of the board of directors · since 25 juin 2021 · until 28 juin 2024

Ended

At this address

Other companies at this address

Company	CBE no.
VTS LOGISTICS BELGIUM● Active	0764.305.263

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	16/07/2026	07/07/2025	10/07/2024	13/07/2023	22/07/2022	14/07/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	30/06/2022	25/06/2021
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

26 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/06/2026	16/07/2026	French	PDF
Full model	31/12/2024	27/06/2025	07/07/2025	French	PDF
Full model	31/12/2023	28/06/2024	10/07/2024	French	PDF
Full model	31/12/2022	30/06/2023	13/07/2023	French	PDF
Full model	31/12/2021	30/06/2022	22/07/2022	French	PDF
Full model	31/12/2020	25/06/2021	14/07/2021	French	PDF
Full model	31/12/2019	26/06/2020	13/07/2020	French	PDF
Full model	31/12/2018	28/06/2019	15/07/2019	French	PDF
Full model	31/12/2017	29/06/2018	11/07/2018	French	PDF
Full model	31/12/2016	30/06/2017	28/07/2017	French	PDF
Full model	31/12/2015	24/06/2016	27/07/2016	French	PDF
Full modelCorrection	31/12/2014	26/06/2015	31/08/2016	French	PDF
Full model	31/12/2014	26/06/2015	16/07/2015	French	PDF
Full model	31/12/2013	27/06/2014	03/07/2014	French	PDF
Full model	31/12/2012	28/06/2013	04/07/2013	French	PDF
Full model	31/12/2011	29/06/2012	18/07/2012	Dutch	PDF
Full model	31/12/2011	29/06/2012	18/07/2012	French	PDF
Full model	31/12/2010	24/06/2011	20/07/2011	Dutch	PDF
Full model	31/12/2010	24/06/2011	20/07/2011	French	PDF
Full model	31/12/2009	25/06/2010	26/07/2010	French	PDF
Full model	31/12/2009	25/06/2010	26/07/2010	Dutch	PDF
Full model	31/12/2008	26/06/2009	24/07/2009	French	PDF
Full model	31/12/2008	26/06/2009	24/07/2009	Dutch	PDF
Full model	31/12/2007	26/06/2008	26/08/2008	French	PDF

View all 26 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 5 active · 69 ended

Active mandates

Iman Katrin KISSWANI

Director · since 27 juin 2025 · until 25 juin 2027

Active

Amaury GREGOIRE

Director · since 28 juin 2024 · until 25 juin 2027

Active

Benoît DE GRYSE

Director · since 28 juin 2024 · until 25 juin 2027

Active

Godelieve CRETEN

Director · since 28 juin 2024 · until 25 juin 2027

Active

Walter LORENZI

Chairman of the board of directors · since 28 juin 2024 · until 25 juin 2027

Active

Ended mandates

Iman Katrin KISSWANI

Director · since 01 juin 2024 · until 27 juin 2025

Ended

Walter LORENZI

Chairman of the board of directors · since 30 juin 2023 · until 30 juin 2024

Ended

Amaury GREGOIRE

Director · since 25 juin 2021 · until 28 juin 2024

Ended

André COULANGE

Chairman of the board of directors · since 25 juin 2021 · until 28 juin 2024

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates23/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates31/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates03/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates29/12/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates03/11/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates19/03/2021
OBJET - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE
PDF
Mandates31/12/2020
DEMISSIONS, NOMINATIONS
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 2025109,4 k €↓
2024
Annual accounts 20241,8 M €↑
2023
Annual accounts 2023-1,2 M €↓
2022
Annual accounts 2022-224 k €↓
2021
Annual accounts 20211,1 M €↑
2019
Annual accounts 2019417,2 k €↑
2018
Annual accounts 2018-196 k €↓
2017
Annual accounts 2017162,7 k €↑
2016
Annual accounts 2016-28,5 k €↓
2015
Annual accounts 201554,7 k €↑
2014
Annual accounts 2014-55,1 k €↓
2013
Annual accounts 20131,5 M €↑
2012
Annual accounts 2012-1,2 M €↓
2011
Annual accounts 2011-343,5 k €↓
2010
Annual accounts 2010191 k €↑
2009
Annual accounts 2009-286,8 k €↓
2008
Annual accounts 20081,1 M €↑
2007
Annual accounts 2007-570,6 k €
17/08/1989
IncorporationNon-profit organization

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

MSF SUPPLY

Overview

What does MSF SUPPLY 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