NORMAL SITUATION

MDS

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Financial year 2025 · closed on 31/12/2025

Net result

-860 €

+20.8% YoY

Gross margin

-264,1 €

-438.2% YoY

Equity

2,5 k €

-25.9% YoY

Company — Normal situation.

What does MDS do?

MDS is a company registered in Belgium.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0464.233.684

Legal form

Private limited company

Contributed capital

12 385,46 €

Latest accounts

31/12/2025

Joint committees (2)

Signals

Solid equityGood liquidity

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 21 financial years

	2025		2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-264,1 €	-438%	78,1 €	-98.1%	4,1 k €	+141%	-10,1 k €	-537%	2,3 k €	-39.9%	3,9 k €	-83.5%	23,3 k €	+592%	3,4 k €	+604%	-667,8 €	+90.5%	-7 k €	+9.3%	-7,8 k €	-113%	61,3 k €	-60.3%	154,4 k €	+32.9%	116,1 k €	+15.1%	100,9 k €	+72.2%	58,6 k €	+58.8%	36,9 k €	+4.3%	35,3 k €	+113%	16,6 k €	-46.6%	31 k €	+28.6%	24,1 k €
EBITDA	-663,8 €	-347%	-148,6 €	-105%	3,1 k €	+127%	-11,5 k €	-865%	-1,2 k €	-143%	2,7 k €	-86.3%	20 k €	+608%	2,8 k €	+306%	-1,4 k €	+82.3%	-7,7 k €	+8.5%	-8,5 k €	-44.5%	-5,9 k €	-123%	25,7 k €	-14.9%	30,3 k €	+2.2%	29,6 k €	+71.4%	17,3 k €	+58.6%	10,9 k €	-28.9%	15,3 k €	+13.1%	13,5 k €	+22.9%	11 k €	-31.7%	16,1 k €
Operating result	-663,8 €	-54.0%	-431 €	-117%	2,5 k €	+121%	-12 k €	-313%	-2,9 k €	-374%	1,1 k €	-94.3%	18,5 k €	+554%	2,8 k €	+266%	-1,7 k €	+78.8%	-8,1 k €	+41.8%	-13,9 k €	-5.1%	-13,2 k €	-319%	6 k €	-13.9%	7 k €	-49.4%	13,9 k €	+61.7%	8,6 k €	-19.3%	10,6 k €	-16.2%	12,7 k €	+236%	3,8 k €	+332%	-1,6 k €	-147%	3,5 k €
Net result	-860 €	+20.8%	-1,1 k €	-210%	983,9 €	+107%	-15,1 k €	-325%	-3,5 k €	-1102%	354,2 €	-98.0%	17,3 k €	+925%	1,7 k €	+161%	-2,8 k €	+68.2%	-8,7 k €	+37.8%	-14 k €	+7.2%	-15,1 k €	-1348%	1,2 k €	+24.3%	973,2 €	-92.2%	12,5 k €	+250%	3,6 k €	-42.0%	6,1 k €	-30.0%	8,8 k €	+224%	2,7 k €	+263%	-1,7 k €	-163%	2,6 k €
Balance sheet
Equity	2,5 k €	-25.9%	3,3 k €	-22.1%	4,3 k €	+30.0%	3,3 k €	-82.2%	18,3 k €	-16.2%	21,9 k €	+1.6%	21,5 k €	+407%	4,2 k €	+65.8%	2,6 k €	-51.9%	5,3 k €	-62.0%	14 k €	-62.1%	37 k €	-29.0%	52,1 k €	+1.4%	51,4 k €	+1.9%	50,4 k €	+32.9%	37,9 k €	+10.4%	34,4 k €	+21.7%	28,2 k €	+45.1%	19,5 k €	+16.2%	16,7 k €	-9.0%	18,4 k €
Total assets	5,9 k €	-15.7%	7 k €	-14.4%	8,2 k €	-54.7%	18 k €	-17.2%	21,8 k €	-28.5%	30,5 k €	+34.5%	22,6 k €	+58.8%	14,3 k €	-0.8%	14,4 k €	+2.2%	14,1 k €	-24.3%	18,6 k €	-68.3%	58,7 k €	-63.6%	161,3 k €	+9.3%	147,6 k €	+24.0%	119,1 k €	+74.1%	68,4 k €	+70.6%	40,1 k €	+23.6%	32,4 k €	+12.6%	28,8 k €	-40.8%	48,7 k €	-25.6%	65,4 k €
Cash	1,4 k €	+172%	518,9 €	+1262%	38,1 €	-99.6%	9 k €	+73.2%	5,2 k €	-24.8%	6,9 k €	+196%	2,3 k €	+2379%	94,1 €	+32.8%	70,8 €	-92.6%	958,1 €	+81.3%	528,4 €	-97.2%	19,2 k €	+2567%	718,2 €	-85.8%	5,1 k €	+1264%	371,6 €	-96.1%	9,5 k €		–		–		7 €	-99.6%	1,8 k €	-50.5%	3,7 k €
Debts	3,4 k €	-6.4%	3,7 k €	-6.0%	3,9 k €	-73.5%	14,7 k €	+330%	3,4 k €	-60.0%	8,6 k €	+684%	1,1 k €	-89.1%	10 k €	-15.3%	11,8 k €	+35.2%	8,7 k €	+91.9%	4,6 k €	-79.0%	21,7 k €	-80.2%	109,2 k €	+13.8%	95,9 k €	+39.7%	68,6 k €	+125%	30,5 k €	+432%	5,7 k €	+36.0%	4,2 k €	-54.9%	9,3 k €	-70.7%	31,9 k €	-32.0%	47 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		1,9 ETP	-48.6%	3,7 ETP	+60.9%	2,3 ETP	+27.8%	1,8 ETP	+80.0%	1,0 ETP		–		–		–		–		–

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 5 ended

Active mandates

Joris Meul

Director · since 15 septembre 1998

Active

Ended mandates

Anja De Smedt

Director

Ended

danny meerschaert

Manager · until 31 décembre 2007

Ended

danny meerschaert

Manager

Ended

Joris Meul

Director

Ended

Annual accounts

Full financial information

	2025	2025	2024	2023	2022	2021
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	18/12/2025	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021
Closing of the financial year	31/12/2025	17/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021
Length of the financial year	1 months	12 months	12 months	12 months	12 months	12 months
Filing date	13/03/2026	05/03/2026	23/06/2025	24/06/2024	28/06/2023	25/07/2022
General meeting	15/02/2026	–	20/06/2025	20/06/2024	20/06/2023	30/06/2022
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

28 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	15/02/2026	13/03/2026	Dutch	PDF
Abridged model	17/12/2025	—	05/03/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	23/06/2025	Dutch	PDF
Abridged model	31/12/2023	20/06/2024	24/06/2024	Dutch	PDF
Abridged model	31/12/2022	20/06/2023	28/06/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	25/07/2022	Dutch	PDF
Abridged model	31/12/2020	31/03/2021	02/04/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	13/07/2020	Dutch	PDF
Abridged model	31/12/2018	15/06/2019	12/07/2019	Dutch	PDF
Abridged model	31/12/2017	16/06/2018	12/07/2018	Dutch	PDF
Micro model	31/12/2016	17/06/2017	17/07/2017	Dutch	PDF
Abridged model	31/12/2015	18/06/2016	15/07/2016	Dutch	PDF
Abridged model	31/12/2014	30/06/2015	07/07/2015	Dutch	PDF
Abridged model	31/12/2013	30/06/2014	30/07/2014	Dutch	PDF
Abridged model	31/12/2012	20/08/2013	29/08/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	31/07/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	27/07/2011	Dutch	PDF
Abridged model	31/12/2009	19/06/2010	28/09/2010	Dutch	PDF
Abridged model	31/12/2008	20/06/2009	11/10/2009	Dutch	PDF
Abridged model	31/12/2007	21/06/2008	30/08/2008	Dutch	PDF
Abridged model	31/12/2006	16/06/2007	22/08/2007	Dutch	PDF
Abridged model	31/12/2005	17/06/2006	30/08/2006	Dutch	PDF
Abridged model	31/12/2004	18/06/2005	23/09/2005	Dutch	PDF
Abridged model	31/12/2003	19/06/2004	22/02/2005	Dutch	PDF

View all 28 filings

Estimate

Indicative valuation

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 · 1 active · 5 ended

Active mandates

Joris Meul

Director · since 15 septembre 1998

Active

Ended mandates

Anja De Smedt

Director

Ended

danny meerschaert

Manager · until 31 décembre 2007

Ended

danny meerschaert

Manager

Ended

Joris Meul

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other30/03/2026
Blijkens de notulen van 28/02/2026, werden volgende beslissingen genomen met
PDF
Dissolution03/03/2026
Ontbinding-in vereffeningstelling - Aanstelling vereffenaar — bevoegdheden
PDF
Other24/04/2024
Uit het verslag van de Enige Aandeelhouder d.d. 07/03/2024 blijkt
PDF
Registered office04/07/2023
MAATSCHAPPELIJKE ZETEL
PDF
Mandates28/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Registered office18/11/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates22/04/2021
WIJZIGING RECHTSVORM - BENAMING - ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/03/2008
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

2025
Annual accounts 2025-860 €↑
2025
Annual accounts 2025-1,1 k €↓
2024
Annual accounts 2024983,9 €↑
2023
Annual accounts 2023-15,1 k €↓
2022
Annual accounts 2022-3,5 k €↓
2021
Annual accounts 2021354,2 €↓
2020
Annual accounts 202017,3 k €↑
2019
Annual accounts 20191,7 k €↑
2018
Annual accounts 2018-2,8 k €↑
2017
Annual accounts 2017-8,7 k €↑
2016
Annual accounts 2016-14 k €↑
2015
Annual accounts 2015-15,1 k €↓
2014
Annual accounts 20141,2 k €↑
2013
Annual accounts 2013973,2 €↓
2012
Annual accounts 201212,5 k €↑
2011
Annual accounts 20113,6 k €↓
2010
Annual accounts 20106,1 k €↓
2009
Annual accounts 20098,8 k €↑
2008
Annual accounts 20082,7 k €↑
2007
Annual accounts 2007-1,7 k €↓
2006
Annual accounts 20062,6 k €

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

MDS

Overview

What does MDS do?

Trend over 21 financial years

Board of directors

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