ACTIVE

MSRAD

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Financial year 2025 · closed on 31/12/2025
Net result
350,3 k €
-4.1% YoY
Gross margin
487,8 k €
-2.7% YoY
Equity
445,8 k €
-58.0% YoY

What does MSRAD do?

MSRAD is a Private limited company incorporated in 2019. Its main activity is: Specialist medical practice activities. Its registered office is in Antwerpen.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0725.804.577
Incorporation
29/04/2019
Legal form
Private limited company
Registered office
Dennenlaan 13
2020 Antwerpen · FlandreSee on map
Contributed capital
18 600,00 €
Latest accounts
31/12/2025
Activities (NACE)
86220Specialist medical practice activities· main86220Specialist medical practice activities96099Other personal service activities n.e.c.96999Other personal service activities
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
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Health score
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✦ Verdict · Analyst summary
Financials

Trend over 7 financial years

2025202420232022202120202019
Income statement
Gross margin487,8 k €501,2 k €401,7 k €366 k €412,7 k €552,3 k €464,2 k €
EBITDA479,8 k €493,1 k €390,5 k €360 k €409,9 k €549,4 k €461,5 k €
Operating result462,5 k €478 k €376,2 k €348,3 k €407,2 k €549,4 k €461,5 k €
Net result350,3 k €365,2 k €273,8 k €264,3 k €309,1 k €376,8 k €301,4 k €
Balance sheet
Equity445,8 k €1,1 M €970,6 k €961,1 k €1 M €696,8 k €320 k €
Total assets473,2 k €1,1 M €977,9 k €974,2 k €1,2 M €994,6 k €486,9 k €
Cash256,6 k €507,7 k €158,3 k €62,5 k €363,8 k €554,5 k €365 k €
Debts27,3 k €30,3 k €7,3 k €13,1 k €151,8 k €297,8 k €166,9 k €
Other
Workforce––0,0 ETP0,0 ETP–––
Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation
Governance

Board of directors

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

Active mandates

Mattias Spaepen

Director · since 29 avril 2019

Active

Ended mandates

Mattias Hendrik Spaepen

Director · since 29 avril 2019

Ended
At this address

Other companies at this address

CompanyCBE no.
Dr Loos Nathalie● Active
0725.808.438
Annual accounts

Full financial information

202520242023202220212020
Type of accountMicro modelMicro modelAbridged modelAbridged modelAbridged modelAbridged 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 date31/08/202619/09/202520/09/202430/08/202330/08/202206/08/2021
General meeting17/06/202618/06/202519/06/202421/06/202315/06/202216/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

7 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Micro model31/12/202517/06/202631/08/2026DutchPDF
Micro model31/12/202418/06/202519/09/2025DutchPDF
Abridged model31/12/202319/06/202420/09/2024DutchPDF
Abridged model31/12/202221/06/202330/08/2023DutchPDF
Abridged model31/12/202115/06/202230/08/2022DutchPDF
Abridged model31/12/202016/06/202106/08/2021DutchPDF
Micro model31/12/201907/09/202030/10/2020DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 1 active · 1 ended

Active mandates

Mattias Spaepen

Director · since 29 avril 2019

Active

Ended mandates

Mattias Hendrik Spaepen

Director · since 29 avril 2019

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates30/01/2024
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
    PDF
  • Registered office14/10/2021
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Other02/05/2019
    RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
    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

Timeline

  1. 2025
    Annual accounts 2025350,3 k €↓
  2. 2024
    Annual accounts 2024365,2 k €↑
  3. 2023
    Annual accounts 2023273,8 k €↑
  4. 2022
    Annual accounts 2022264,3 k €↓
  5. 2021
    Annual accounts 2021309,1 k €↓
  6. 2020
    Annual accounts 2020376,8 k €↑
  7. 2019
    Annual accounts 2019301,4 k €
  8. 29/04/2019
    IncorporationPrivate limited company