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ISTAR MEDICAL

Active
Public limited companyfounded 2010active for 16 yearsAvenue Sabin 6, 1300 Wavre, BelgiumKBO/BCE: BE 0828.058.712
Summary

ISTAR MEDICAL has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€23.5m) and a net result of -€21.0m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 778 sector peers (NACE 86, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).

Overview

Activity
Medical imaging and medical laboratories
NACE 86910Manufacture of medical and dental instruments and supplies NACE 32500
2nd largest company by total assets in Wavre, Health and social work sector1 site
Size
€4.2moperating revenue 2025
Staff
21.9 FTE
Equity
-€23.5m
Loss
-€21.0m
Financial health
52 Fair Checked score 2025
Bankruptcy probabilitywithin 12 months
0.6%
Structure
Largest shareholder
CAPRICORN HEALTH-TECH FUND · 16%
Board
6 members
Holdings
3
  • MV LifesciencesManaging director · permanent representative VANBRABANT Michel
Auditor: PricewaterhouseCoopers Reviseurs d'EntreprisesAccounts 8 days early
Why 52raises riskCapped at 59: negative equityLoss of €21.0m, the second in a row (financial year 2025)Negative equity -€23.5mlowers riskSector: Human health activities (NACE 86)Liquidity: current ratio 0.19, cash €3.1mShow the evidence

Checked score

Score 2025
52 / 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 3% of its sector peers (NACE 86, small)
Negative equity caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Weak
Solvency 0=
equity -150.4% of total assets
Liquidity 25+9
short-term debt 241.6% · cash 19.9%
Profitability 0=
return on assets -134.4%
Bankruptcy probability, 12 months
0.6% Low
0%0.5%1.5%4%10%≥ 25%

About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median < 0.1% (1,071 companies, NACE 86, small)
Last 24 months 11-2024: 0.2% 12-2024: 0.2%● unchanged vs 11-2024 01-2025: 0.2%● unchanged vs 12-2024 02-2025: 0.2%● unchanged vs 01-2025lowest value 03-2025: 0.2%● unchanged vs 02-2025 04-2025: 0.2%● unchanged vs 03-2025 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.3%▲ +0.1 percentage points vs 06-2025 08-2025: 0.3%● unchanged vs 07-2025 09-2025: 0.3%● unchanged vs 08-2025 10-2025: 0.9%▲ +0.6 percentage points vs 09-2025 11-2025: 0.8%▼ -0.1 percentage points vs 10-2025 12-2025: 0.8%● unchanged vs 11-2025 01-2026: 0.8%● unchanged vs 12-2025 02-2026: 0.9%▲ +0.1 percentage points vs 01-2026 03-2026: 1.0%▲ +0.1 percentage points vs 02-2026 04-2026: 1.0%● unchanged vs 03-2026 05-2026: 0.9%▼ -0.1 percentage points vs 04-2026 06-2026: 0.9%● unchanged vs 05-2026 07-2026: 1.0%▲ +0.1 percentage points vs 06-2026highest value 08-2026: 0.6%▼ -0.4 percentage points vs 07-2026 09-2026: 0.6%● unchanged vs 08-2026 10-2026: 0.6%● unchanged vs 09-2026
No credit on open account
Liquidity insufficient (current ratio 0.19, compared with 0.57 in 2024, below 1; short-term debt: 241.6% and cash: 19.9% of total assets), and equity is negative.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 86, small): better than 0% on solvency, 3% on liquidity, 1% on profitability and 7% on growth.

The bankruptcy probability was computed on 17-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
lowers riskraises riskneutral
raises risk · Loss of €21.0m, the second in a row (financial year 2025)
NBB · annual accounts
lowers risk · Sector: Human health activities (NACE 86)
KBO
raises risk · Negative equity -€23.5m
NBB · annual accounts
lowers risk · Liquidity: current ratio 0.19, cash €3.1m
NBB · annual accounts
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025
Equity per financial year
18192022232425
2018 to 2025 · latest year -€23.5m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
8 days early
2024
55 days late
2023
9 days late
2022
36 days late
2021
4 days early
2020
25 days early
2019
9 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 8 days after the deadline; the sector median (NACE 86) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 10 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
17-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Capital & shares · Amendment of…Capital increase · Financial instrument
  3. Resignation: GUYER David (director)Capital increase · Auditor report…

Key points

  • Risk: Negative equityfinancial year 2025: debts exceed assets -€23.5m View
  • Risk: 7 loss-making years in a rowloss financial year 2025 -€21.0m View
  • Caution: Equity fell in 2025from -€8.4m to -€23.5m ▼ 181% View
  • Caution: Among the weakest 5% on solvencysector median 58.5% · 778 companies -150.4% View
  • Directors leftlatest change 20-05-2026 · 6 in office 4 left View
  • Heads a groupcompanies controlled 3 View

By topic

Financials

Financial year
2025
Turnover
€1.8m
Loss
-€21.0m
Solvency
-150.4%
Turnover▼ 3.7%
Net result
20182025
Go to Financials

Board & ownership

Board
6 members
Largest shareholder
CAPRICORN HEALTH-TECH FUND · 16%
Auditor
PricewaterhouseCoopers Reviseurs d'Entreprises
  • MV LifesciencesManaging director
  • Bruno HolthofDirector
  • Rick BeckmanDirector
  • Capricorn Partners NVDirector
  • M. Marty WaxDirector

and 1 other director

Go to Board & ownership

Timeline

Events
56
Since
2010
Next accounts
by 31-07-2027
  1. 09-01-2026Capital & shares · Amendment of the…
  2. 28-11-2025Capital & shares · Amendment of the…
  3. 17-10-2025Resignations: VANPARYS Bram Willem Lodewijk Cornelius, CARNOT…
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Medical imaging and medical laboratoriesNACE 86910
Founded
20-07-2010
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
25
Annual meeting
First Friday of June at 15:00
Purpose
“Le développement de nouvelles technologies médicales et notamment mais non…” (deed in French)
Go to Articles of association

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