ACTIVE

BIOCARTIS

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

-22,9 M €

+25.5% YoY

Revenue

48,2 M €

+4.5% YoY

Equity

37,2 M €

-27.1% YoY

Workforce

205,6 ETP

-9.7% YoY

What does BIOCARTIS do?

BIOCARTIS is a Public limited company incorporated in 2010. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Mechelen. It employs on average 205,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0827.475.227

Incorporation

02/07/2010

Legal form

Public limited company

Registered office

Generaal De Wittelaan 11B
2800 Mechelen · FlandreSee on map

Contributed capital

90 365 118,00 €

Latest accounts

31/12/2025

Average workforce

205,6 ETP

Activities (NACE)

72101Research and experimental development on natural sciences and engineering· main 72110Research and experimental development on biotechnology 86901Other human health activities 86910Other human health activities 72109Research and experimental development on natural sciences and engineering 72190Other research and experimental development on natural sciences and engineering

Signals

Solid equityGood liquidityHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 13 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Revenue	48,2 M €	+4.5%	46,2 M €	-10.8%	51,7 M €	+2.8%	50,3 M €	+17.1%	43 M €	+50.8%	28,5 M €	+38.7%	20,5 M €	+74.8%	11,7 M €	-8.0%	12,8 M €	-32.2%	18,8 M €	-26.6%	25,7 M €	-27.0%	35,1 M €	+143%	14,5 M €
EBITDA	-17,5 M €	+22.6%	-22,6 M €	+29.6%	-32,1 M €	+19.2%	-39,7 M €	+28.7%	-55,6 M €	-48.9%	-37,4 M €	-10.5%	-33,8 M €	+22.5%	-43,6 M €	-34.5%	-32,4 M €	-195%	-11 M €	-236%	-3,3 M €	-342%	1,4 M €	+3265%	40,2 k €
Operating result	-22 M €	+24.9%	-29,3 M €	+46.1%	-54,3 M €	+4.8%	-57 M €	+21.6%	-72,8 M €	-40.4%	-51,8 M €	-5.4%	-49,2 M €	+16.8%	-59,1 M €	-23.9%	-47,7 M €	-134%	-20,4 M €	-214%	-6,5 M €	-711%	-801,4 k €	-864%	-83,2 k €
Net result	-22,9 M €	+25.5%	-30,8 M €	+47.0%	-58 M €	-2.2%	-56,8 M €	+22.0%	-72,8 M €	-35.1%	-53,9 M €	-5.2%	-51,2 M €	+15.0%	-60,3 M €	-24.7%	-48,3 M €	-135%	-20,6 M €	-197%	-6,9 M €	-495%	-1,2 M €	-304%	-287,5 k €
Balance sheet
Equity	37,2 M €	-27.1%	51 M €	+510%	-12,5 M €	-127%	45,8 M €	+896%	-5,8 M €	+94.9%	-112,1 M €	-92.5%	-58,2 M €	-721%	-7,1 M €	-114%	52,5 M €	-48.0%	101 M €	+687%	12,8 M €	+4281%	-306,9 k €	-155%	560,9 k €
Total assets	61,8 M €	-12.0%	70,2 M €	-26.7%	95,7 M €	-0.2%	95,9 M €	-30.2%	137,3 M €	-1.4%	139,2 M €	-7.4%	150,4 M €	+4.4%	144,1 M €	-2.1%	147,2 M €	-0.3%	147,6 M €	+264%	40,5 M €	-44.6%	73,2 M €	+215%	23,2 M €
Cash	6,1 M €	-25.2%	8,1 M €	-70.1%	27 M €	+108%	13 M €	-66.7%	39 M €	+236%	11,6 M €	-43.3%	20,5 M €	+41.4%	14,5 M €	-35.7%	22,5 M €	+134%	9,6 M €	-53.7%	20,8 M €	+68.4%	12,4 M €	+512%	2 M €
Debts	23,5 M €	+29.0%	18,2 M €	-82.7%	105,4 M €	+117%	48,6 M €	-65.3%	140,1 M €	-43.2%	246,8 M €	+20.9%	204 M €	+37.9%	148 M €	+66.1%	89,1 M €	+143%	36,6 M €	+41.6%	25,8 M €	-64.0%	71,9 M €	+230%	21,8 M €
Other
Workforce	205,6 ETP	-9.7%	227,8 ETP	-18.2%	278,5 ETP	-10.9%	312,5 ETP	+1.2%	308,7 ETP	+33.3%	231,6 ETP	+7.3%	215,8 ETP	+11.1%	194,3 ETP	+11.8%	173,8 ETP	+29.3%	134,4 ETP	+31.4%	102,3 ETP	+39.9%	73,1 ETP	+408%	14,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 36 ended

Active mandates

Randy Polonsky

Director · since 02 novembre 2024 · until 10 mai 2030

Active

Roger Moody

Director · since 24 avril 2023 · until 12 mai 2028

Active

Ended mandates

George Cardoza

Director · since 02 septembre 2023 · until 01 novembre 2024

Ended

George Cardoza

Director · since 02 septembre 2023 · until 11 mai 2029

Ended

South Bay Ventures

Director · since 01 avril 2022 · until 24 avril 2023 · 0680.796.577

Represented by Herman Verrelst

Ended

South Bay Ventures

Director · since 01 avril 2022 · until 12 mai 2023 · 0680.796.577

Represented by Herman Verrelst

Ended

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	08/06/2026	15/05/2025	09/07/2024	22/05/2023	17/05/2022	14/06/2021
General meeting	08/05/2026	09/05/2025	28/06/2024	12/05/2023	13/05/2022	14/05/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

15 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/05/2026	08/06/2026	Dutch	PDF
Full model	31/12/2024	09/05/2025	15/05/2025	Dutch	PDF
Full model	31/12/2023	28/06/2024	09/07/2024	Dutch	PDF
Full model	31/12/2022	12/05/2023	22/05/2023	Dutch	PDF
Full model	31/12/2021	13/05/2022	17/05/2022	Dutch	PDF
Full model	31/12/2020	14/05/2021	14/06/2021	Dutch	PDF
Full model	31/12/2019	08/05/2020	15/05/2020	Dutch	PDF
Full model	31/12/2018	14/06/2019	27/06/2019	Dutch	PDF
Full model	31/12/2017	08/06/2018	11/06/2018	Dutch	PDF
Full model	31/12/2016	09/06/2017	27/06/2017	Dutch	PDF
Full model	31/12/2015	10/06/2016	18/07/2016	Dutch	PDF
Full model	31/12/2014	30/06/2015	07/07/2015	Dutch	PDF
Full model	31/12/2013	13/06/2014	14/07/2014	Dutch	PDF
Full model	31/12/2012	10/05/2013	14/06/2013	Dutch	PDF
Abridged model	31/12/2011	11/05/2012	13/07/2012	Dutch	PDF

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 36 ended

Active mandates

Randy Polonsky

Director · since 02 novembre 2024 · until 10 mai 2030

Active

Roger Moody

Director · since 24 avril 2023 · until 12 mai 2028

Active

Ended mandates

George Cardoza

Director · since 02 septembre 2023 · until 01 novembre 2024

Ended

George Cardoza

Director · since 02 septembre 2023 · until 11 mai 2029

Ended

South Bay Ventures

Director · since 01 avril 2022 · until 24 avril 2023 · 0680.796.577

Represented by Herman Verrelst

Ended

South Bay Ventures

Director · since 01 avril 2022 · until 12 mai 2023 · 0680.796.577

Represented by Herman Verrelst

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares22/09/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Capital / shares27/06/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates13/12/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other26/09/2024
DIVERSEN
PDF
Capital / shares23/08/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
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 2025-22,9 M €↑
08/10/2025
reconductionDeloitte Bedrijfsrevisoren BV — commissaris
01/10/2025
nominationRandy Brian Polonsky — bijzonder gevolmachtigde (belasting- en tax aangelegenheden)
16/09/2025
augmentation_capital
01/07/2025
nominationStijn Dewinter — bijzonder gevolmachtigde (Facilities)
24/06/2025
augmentation_capital
14/06/2025
nominationStefanie Van den Bosch — bijzonder gevolmachtigde (Corporate Affairs)
14/06/2025
nominationChristophe Carrein — bijzonder gevolmachtigde (Quality Affairs & Regulatory Affairs)
2024
Annual accounts 2024-30,8 M €↑
02/11/2024
nominationRandy Brian Polonsky — bestuurder
14/08/2024
augmentation_capital
29/02/2024
augmentation_capital
29/02/2024
reduction_capital
2023
Annual accounts 2023-58 M €↓
02/09/2023
nominationGeorge Anthony Cardoza — bestuurder
07/08/2023
nominationGeorge Anthony Cardoza — CFO en Head of Service Delivery
15/05/2023
reduction_capital
24/04/2023
nominationRoger Moody — bestuurder
2022
Annual accounts 2022-56,8 M €↑
20/05/2022
nominationSusan (Sue) Werner — bijzondere bevoegdheden inzake Regulatory Affairs
16/05/2022
augmentation_capital
16/05/2022
reduction_capital
13/05/2022
reconductionNico Houthaeve — commissaris (vaste vertegenwoordiger van Deloitte Bedrijfsrevisoren BV)
2021
Annual accounts 2021-72,8 M €↓
2018
Annual accounts 2018-53,9 M €↓
2017
Annual accounts 2017-51,2 M €↑
2016
Annual accounts 2016-60,3 M €↓
2015
Annual accounts 2015-48,3 M €↓
2014
Annual accounts 2014-20,6 M €↓
2013
Annual accounts 2013-6,9 M €↓
2012
Annual accounts 2012-1,2 M €↓
2011
Annual accounts 2011-287,5 k €
02/07/2010
IncorporationPublic limited company

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

BIOCARTIS

Overview

What does BIOCARTIS do?

Trend over 13 financial years

Indicative valuation

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