ACTIVE

MSD Europe Belgium

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Financial year 2025 · Closed on 31/12/2025

Net result3,3 M €+38,9 %over 1 year
Revenue86,2 M €+7,8 %over 1 year
Equity45,2 M €+0,8 %over 1 year
Workforce157,5 ETP+2,9 %over 1 year

Identity

Source · BCE/KBO

MSD Europe Belgium is a Private limited company incorporated in 2023. Its main activity is: Wholesale of pharmaceutical goods. Its registered office is in Watermael-Boitsfort. It employs on average 157,5 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0802.868.505
Incorporation
19/06/2023
Legal form
Private limited company
Registered office
Boulevard du Souverain 25
1170 Watermael-Boitsfort · BruxellesSee on map
Contributed capital
41 658 422,59 €
Latest accounts
31/12/2025
Average workforce
157,5 ETP
Joint committees (1)
  • 200
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 3 filings

Trend over 3 financial years

202520242023
Income statement
Revenue86,2 M €80 M €37,2 M €
EBITDA6,2 M €4,3 M €2 M €
Operating result5,4 M €3,5 M €1,6 M €
Net result3,3 M €2,4 M €841 k €
Balance sheet
Equity45,2 M €44,9 M €42,5 M €
Total assets58,5 M €60,6 M €60,3 M €
Debts13,3 M €15,7 M €17,8 M €
Other
Workforce157,5 ETP153,1 ETP150,8 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 2 ended

Active mandates

Ciar Harbord

Administrator - manager · since 01 décembre 2024

Active
Katrien De Vos

Administrator - manager · since 24 juillet 2023

Active
Joris Swennen

Administrator - manager · since 19 juin 2023

Active

Ended mandates

Rietja Hart

Administrator - manager · since 19 juin 2023 · until 01 décembre 2024

Ended
Rietja Hart

Administrator - manager · since 19 juin 2023

Ended

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Boulevard du Souverain 25 1170 Watermael-Boitsfort
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Full financial information

Source · NBB
202520242023
Type of accountFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/07/2023
Closing of the financial year31/12/202531/12/202431/12/2023
Length of the financial year12 months12 months6 months
Filing date03/07/202630/06/202525/07/2024
General meeting24/06/202625/06/202526/06/2024
Currency of the financial yearEUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 3 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202524/06/202603/07/2026FrenchPDF
Full model31/12/202425/06/202530/06/2025FrenchPDF
Full model31/12/202326/06/202425/07/2024FrenchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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

3 active · 2 ended

Active mandates

Ciar Harbord

Administrator - manager · since 01 décembre 2024

Active
Katrien De Vos

Administrator - manager · since 24 juillet 2023

Active
Joris Swennen

Administrator - manager · since 19 juin 2023

Active

Ended mandates

Rietja Hart

Administrator - manager · since 19 juin 2023 · until 01 décembre 2024

Ended
Rietja Hart

Administrator - manager · since 19 juin 2023

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates16/10/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates27/12/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates17/04/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates06/11/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Other11/10/2023
    DIVERS
    PDF
  • Mandates30/08/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Restructuring24/08/2023
    RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
    PDF
  • Other21/06/2023
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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 20253,3 M €↑
  2. 01/07/2025
    nominationArnaud Gain — représentant permanent du commissaire
  3. 01/01/2025
    nominationMike Morrissey — mandataire spécial
  4. 2024
    Annual accounts 20242,4 M €↑
  5. 01/12/2024
    nominationCiar Harbord — administrateur
  6. 2023
    Annual accounts 2023841 k €
  7. 13/10/2023
    revocationDavid Eamshaw — Associate Vice President Public Policy Europe and Canada
  8. 13/10/2023
    nominationMartine Laethem — Mandataire Spécial
  9. 13/10/2023
    nominationErik Antonissen — Mandataire Spécial
  10. 13/10/2023
    nominationLaurent Viérin — Mandataire Spécial
  11. 13/10/2023
    nominationDavid Earnshaw — Mandataire Spécial
  12. 13/10/2023
    nominationHani Aoun — Mandataire Spécial
  13. 24/07/2023
    nominationKatrien De Vos — administrateur
  14. 19/06/2023
    IncorporationPrivate limited company