MD Pharma
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 9 filings
Turnover
≈ €2.1m
Estimated: probably between €1.3m and €3.6m
EBIT margin
Not included in this filing
Net result
€257,132▼ 16.5%
2024 · €307,906
Working capital
€1.7m▲ 93.1%
2024 · €855,629
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€369,709
▲ 1.4%
2025
20182025
Net result
€257,132
▼ 16.5%
2025
middle half of the sector
20182025
Equity
€1.8m
▲ 16.8%
2025
middle half of the sector
20182025
Total assets
€2.7m
▲ 37.9%
2025
middle half of the sector
20182025
Debt
€864,058
▲ 120%
2025
20182025
Working capital
€1.7m
▲ 93.1%
2025
highest quarter of the sector
20182025
Solvency
67.5%
▼ 12.2pp
2025
middle half of the sector
20182025
Current ratio
3.54
▼ 1.80
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.7%
▼ 6.3pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.3m▲ 92.2%€0.4m▲ 18.5%€0.4m▼ 1.3%€0.4m▼ 2.4%€0.4m▼ 0.3%€0.4m▲ 0.4%€0.4m▲ 1.4%
Net result€0.02m--€0.1m-€0.1mbelow the sector's middle half▲ 17.1%-€0.05mbelow the sector's middle half▲ 54.5%€0.2mabove the sector's middle half€0.3mabove the sector's middle half▲ 29.3%€0.3mabove the sector's middle half▲ 0.9%€0.3mwithin the sector's middle half▼ 16.5%
Equity€1.0m-€0.8m▼ 13.3%€0.7mwithin the sector's middle half▼ 12.8%€0.7mwithin the sector's middle half▼ 6.7%€0.9mwithin the sector's middle half▲ 34.5%€1.2mabove the sector's middle half▲ 33.1%€1.5mabove the sector's middle half▲ 25.1%€1.8mwithin the sector's middle half▲ 16.8%
Total assets€6.9m-€7.1m▲ 3.4%€7.4mabove the sector's middle half▲ 4.0%€3.4mabove the sector's middle half▼ 53.9%€2.1mwithin the sector's middle half▼ 37.9%€1.6mwithin the sector's middle half▼ 24.2%€1.9mwithin the sector's middle half▲ 19.8%€2.7mwithin the sector's middle half▲ 37.9%
Debt€5.9m-€6.3m▲ 6.2%€6.7m▲ 6.2%€2.7m▼ 59.1%€1.2m▼ 56.0%€0.4m▼ 68.3%€0.4m▲ 2.9%€0.9m▲ 120%
Working capital€2.5m-€3.4m▲ 33.4%€4.3mabove the sector's middle half▲ 26.6%-€1.8mbelow the sector's middle half-€0.9mbelow the sector's middle half▲ 50.5%€0.02mwithin the sector's middle half€0.9mabove the sector's middle half▲ 50×€1.7mabove the sector's middle half▲ 93.1%
Solvency14.1%-11.8%▼ 2.3pp9.9%below the sector's middle half▼ 1.9pp20.1%within the sector's middle half▲ 10.2pp43.4%within the sector's middle half▲ 23.4pp76.3%above the sector's middle half▲ 32.9pp79.7%above the sector's middle half▲ 3.4pp67.5%within the sector's middle half▼ 12.2pp
Current ratio8.95-15.27▲ 6.3130.83above the sector's middle half▲ 15.560.36below the sector's middle half▼ 30.470.19below the sector's middle half▼ 0.171.09within the sector's middle half▲ 0.905.34above the sector's middle half▲ 4.263.54above the sector's middle half▼ 1.80
Return on assets (ROA)0.3%--1.8%▼ 2.1pp-1.4%below the sector's middle half▲ 0.4pp-1.4%below the sector's middle half=11.1%above the sector's middle half▲ 12.6pp19.0%above the sector's middle half▲ 7.9pp16.0%above the sector's middle half▼ 3.0pp9.7%above the sector's middle half▼ 6.3pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 1% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€352,673 ▼ 59.6%
Current assets
€2.3m ▲ 119%
Equity and liabilities €2.7m
Equity
€1.8m ▲ 16.8%
Debt
€864,058 ▲ 120%
Debt's share of the balance-sheet total rises from 20.3% to 32.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€890,289▲
2024 · €885,118
Cash flow
€777,711▼
2024 · €828,486
Debt to equity
0.48▲
2024 · 0.26
ROE
14.4%▼
2024 · 20.1%
Interest coverage
46.92▼
2024 · 88.13
Debt ≤ 1 year
€650,412▲
2024 · €197,026
Income taxes
€93,602▲
2024 · €46,589
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €38 | - | - | -€4,317 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €421,677 | €533,091 | €525,574 | €525,158 | €520,580 | €521,150 | €520,580 | €520,580 | = |
| Other operating charges640/8 | €330 | - | - | €120 | €200 | €254 | €1,108 | €1,143 | ▲ 3.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €105 | - |
| Gross operating margin9900 | €588,069 | €853,772 | €906,268 | €894,107 | €884,936 | €884,620 | €886,226 | €891,536 | ▲ 0.6% |
| Operating profit (loss)9901 | €166,024 | €319,097 | €377,994 | €373,146 | €364,156 | €363,217 | €364,539 | €369,709 | ▲ 1.4% |
| Financial income75/76B | €291,973 | - | - | €7,320 | - | €0 | - | - | - |
| Recurring financial income75 | €269 | €0 | €46 | €7,320 | - | €0 | - | - | - |
| Non-recurring financial income76B | €291,704 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | €435,878 | - | - | €429,287 | €128,135 | €58,098 | €10,044 | €18,975 | ▲ 88.9% |
| Recurring financial charges65 | €399,223 | €448,288 | €485,280 | €429,287 | €128,135 | €58,098 | €10,044 | €18,975 | ▲ 88.9% |
| Non-recurring financial charges66B | €36,655 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €22,119 | -€129,191 | -€107,239 | -€48,821 | €236,021 | €305,119 | €354,495 | €350,734 | ▼ 1.1% |
| Income taxes67/77 | - | €173 | - | - | - | - | €46,589 | €93,602 | ▲ 101% |
| Profit (loss) for the period9904 | €22,119 | -€129,364 | -€107,239 | -€48,821 | €236,021 | €305,119 | €307,906 | €257,132 | ▼ 16.5% |
| Profit (loss) for the period to be appropriated9905 | €22,119 | -€129,364 | -€107,239 | -€48,821 | €236,021 | €305,119 | €307,906 | €257,132 | ▼ 16.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.9m | €7.1m | €7.4m | €3.4m | €2.1m | €1.6m | €1.9m | €2.7m | ▲ 37.9% |
| Fixed assets21/28 | €4.0m | €3.5m | €3.0m | €2.4m | €1.9m | €1.4m | €0.9m | €0.4m | ▼ 59.6% |
| Intangible fixed assets21 | €4.0m | €3.5m | €3.0m | €2.4m | €1.9m | €1.4m | €0.9m | €0.4m | ▼ 59.6% |
| Tangible fixed assets22/27 | €0.006m | €0.001m | €0.001m | €0.001m | €0.001m | - | - | - | - |
| Plant, machinery and equipment23 | €0.006m | - | - | €0.001m | €0.001m | - | - | - | - |
| Financial fixed assets28 | €250 | €250 | €271 | €271 | €271 | €271 | €271 | €271 | = |
| Current assets29/58 | €2.9m | €3.6m | €4.4m | €1.0m | €0.2m | €0.2m | €1.1m | €2.3m | ▲ 119% |
| Amounts receivable within one year40/41 | €2.6m | €3.4m | €4.2m | €0.001m | €0.002m | €0.06m | €0.9m | €2.1m | ▲ 142% |
| Trade receivables40 | €2.4m | - | - | €0.001m | €0.002m | €0.002m | €0.9m | €2.1m | ▲ 142% |
| Other amounts receivable41 | €0.3m | - | - | €153 | €90 | €0.06m | €90 | €90 | = |
| Cash at bank and in hand54/58 | €0.08m | €0.06m | €0.05m | €0.8m | €0.06m | €0.004m | €0.01m | €0.005m | ▼ 66.7% |
| Deferred charges and accrued income490/1 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.9m | €7.1m | €7.4m | €3.4m | €2.1m | €1.6m | €1.9m | €2.7m | ▲ 37.9% |
| Equity10/15 | €1.0m | €0.8m | €0.7m | €0.7m | €0.9m | €1.2m | €1.5m | €1.8m | ▲ 16.8% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | €1.1m | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | €1.1m | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.3m | -€0.4m | -€0.4m | -€0.2m | €0.1m | €0.4m | €0.7m | ▲ 58.3% |
| Amounts payable17/49 | €5.9m | €6.3m | €6.7m | €2.7m | €1.2m | €0.4m | €0.4m | €0.9m | ▲ 120% |
| Amounts payable after more than one year17 | €5.5m | €5.9m | €6.4m | - | - | - | - | - | - |
| Financial debts170/4 | €5.5m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.1m | €2.7m | €1.1m | €0.2m | €0.2m | €0.7m | ▲ 230% |
| Trade debts44 | €0.1m | €0.09m | €0.09m | €0.04m | €0.01m | €0.01m | €0.01m | €0.003m | ▼ 66.6% |
| Suppliers440/4 | €0.1m | - | - | €0.04m | €0.01m | €0.01m | €0.01m | €0.003m | ▼ 66.6% |
| Advances received on contracts in progress46 | €0.1m | - | - | - | - | - | - | - | - |
| Taxes, remuneration and social security45 | €0.1m | - | - | €0.09m | €0.2m | €0.2m | €0.05m | €0.3m | ▲ 605% |
| Taxes450/3 | €0.1m | - | - | €0.09m | €0.2m | €0.2m | €0.05m | €0.3m | ▲ 605% |
| Remuneration and social security454/9 | €0.004m | - | - | - | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €2.6m | €0.9m | €21 | €0.1m | €0.3m | ▲ 128% |
| Accrued charges and deferred income492/3 | €0.1m | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 9.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,119 | -€129,364 | -€107,239 | -€48,821 | €236,021 | €305,119 | €307,906 | €257,132 | ▼ 16.5% |
| + Depreciation and write-downs630 | €421,677 | €533,091 | €525,574 | €525,158 | €520,580 | €521,150 | €520,580 | €520,580 | = |
| Operating cash flow (approximation) | €443,796 | €403,727 | €418,335 | €476,337 | €756,601 | €826,269 | €828,486 | €777,711 | ▼ 6.1% |
| Investment in fixed assets (approximation) | - | €0 | -€21 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€18,798 | -€13,951 | €779,988 | -€773,273 | -€51,623 | €10,303 | -€9,842 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,782 companies had the same profile as MD Pharma has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of MD Pharma itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,782 companies, not a prediction for MD Pharma. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00377038 | |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00344169 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00289883 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00428277 | |
| 31-12-2021 | abbreviated format | 20-07-2022 | 2022-20218871 | |
| 31-12-2020 | abbreviated format | 04-06-2021 | 2021-17900294 | |
| 31-12-2019 | abbreviated format | 25-08-2020 | 2020-44700186 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59700062 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-52200177 |