MDSH
ActiveSummary
MDSH has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €82,373 and a net result of €3,314. Equity is shrinking by ~11.3% per year across the filed fiscal years. Its solvency ranks better than 82% of 527 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▼-27
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity ample (current ratio 9.22 against 15.62 in 2024; short-term debt: 10.7% and cash: 91.9% of total assets), and 10.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Scientific research and development (NACE 72)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
89.3%
Return on assets
3.6%
Age of the figures
9 mo
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 12-05-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 d early
2024
63 d late
2023
128 d early
2022
84 d early
2021
67 d early
2020
73 d early
2019
79 d 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 64 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 12 May (4 of the last 5 filed years within 47 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€82,373▼ 0.6%
2024 · €82,856
Total assets
€92,229▲ 4.2%
2024 · €88,523
Net result
€3,314▼ 95.2%
2024 · €68,596
Working capital
€81,034▼ 2.2%
2024 · €82,831
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€126,812▼ 9.9%€148,188▲ 16.9%€171,058▲ 15.4%€93,860▼ 45.1%€3,743▼ 96.0%
Net result€99,845above the sector's middle half▼ 9.5%€115,609above the sector's middle half▲ 15.8%€132,792above the sector's middle half▲ 14.9%€68,596within the sector's middle half▼ 48.3%€3,314within the sector's middle half▼ 95.2%
Equity€160,260within the sector's middle half=€92,260within the sector's middle half▼ 42.4%€14,260below the sector's middle half▼ 84.5%€82,856within the sector's middle half▲ 481%€82,373within the sector's middle half▼ 0.6%
Total assets€271,023within the sector's middle half▼ 4.9%€227,943within the sector's middle half▼ 15.9%€159,571within the sector's middle half▼ 30.0%€88,523below the sector's middle half▼ 44.5%€92,229below the sector's middle half▲ 4.2%
Debt€110,763▼ 11.2%€135,683▲ 22.5%€145,311▲ 7.1%€5,667▼ 96.1%€9,856▲ 73.9%
Working capital€158,862within the sector's middle half▼ 0.9%€91,500within the sector's middle half▼ 42.4%€14,152within the sector's middle half▼ 84.5%€82,831within the sector's middle half▲ 485%€81,034within the sector's middle half▼ 2.2%
Solvency59.1%within the sector's middle half▲ 2.9pp40.5%within the sector's middle half▼ 18.7pp8.9%below the sector's middle half▼ 31.5pp93.6%above the sector's middle half▲ 84.7pp89.3%above the sector's middle half▼ 4.3pp
Current ratio2.43within the sector's middle half▲ 0.151.67within the sector's middle half▼ 0.761.10below the sector's middle half▼ 0.5815.62above the sector's middle half▲ 14.529.22above the sector's middle half▼ 6.39
Return on assets (ROA)36.8%above the sector's middle half▼ 1.9pp50.7%above the sector's middle half▲ 13.9pp83.2%above the sector's middle half▲ 32.5pp77.5%above the sector's middle half▼ 5.7pp3.6%within the sector's middle half▼ 73.9pp
above
within
below
the middle half (P25 to P75) of NACE 72, Scientific research and development, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 96% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €92,229
Fixed assets
€1,339 ▲ 5,256%
Current assets
€90,890 ▲ 2.7%
Equity and liabilities €92,229
Equity
€82,373 ▼ 0.6%
Debt
€9,856 ▲ 73.9%
Debt's share of the balance-sheet total rises from 6.4% to 10.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,793▼
2024 · €93,956
Cash flow
€3,364▼
2024 · €68,692
Debt to equity
0.12▲
2024 · 0.07
ROE
4.0%▼
2024 · 82.8%
Interest coverage
9.31▼
2024 · 402.57
Debt ≤ 1 year
€9,856▲
2024 · €5,667
Income taxes
€36▼
2024 · €25,060
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.7%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 10,905 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €250 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €542 | €638 | €638 | €96 | €50 | ▼ 48.3% |
| Other operating charges640/8 | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €127,702 | €149,174 | €172,081 | €94,343 | €4,192 | ▼ 95.6% |
| Operating profit (loss)9901 | €126,812 | €148,188 | €171,058 | €93,860 | €3,743 | ▼ 96.0% |
| Financial income75/76B | €0 | €1 | €15 | €29 | €15 | ▼ 50.3% |
| Recurring financial income75 | €0 | €1 | €15 | €29 | €15 | ▼ 50.3% |
| Financial charges65/66B | €149 | €167 | €209 | €233 | €407 | ▲ 74.5% |
| Recurring financial charges65 | €149 | €167 | €209 | €233 | €407 | ▲ 74.5% |
| Profit (loss) for the period before taxes9903 | €126,663 | €148,023 | €170,864 | €93,656 | €3,350 | ▼ 96.4% |
| Income taxes67/77 | €26,818 | €32,414 | €38,072 | €25,060 | €36 | ▼ 99.9% |
| Profit (loss) for the period9904 | €99,845 | €115,609 | €132,792 | €68,596 | €3,314 | ▼ 95.2% |
| Profit (loss) for the period to be appropriated9905 | €99,845 | €115,609 | €132,792 | €68,596 | €3,314 | ▼ 95.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €271,023 | €227,943 | €159,571 | €88,523 | €92,229 | ▲ 4.2% |
| Fixed assets21/28 | €1,398 | €760 | €121 | €25 | €1,339 | ▲ 5,256% |
| Tangible fixed assets22/27 | €1,373 | €735 | €96 | - | €1,314 | - |
| Plant, machinery and equipment23 | €1,373 | €735 | €96 | - | €1,314 | - |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €269,625 | €227,183 | €159,449 | €88,498 | €90,890 | ▲ 2.7% |
| Amounts receivable within one year40/41 | €3,182 | - | €19,211 | €118 | €4,538 | ▲ 3,756% |
| Trade receivables40 | - | - | €19,211 | - | €4,538 | - |
| Other amounts receivable41 | €3,182 | - | - | €118 | - | - |
| Cash at bank and in hand54/58 | €266,443 | €227,183 | €140,234 | €88,381 | €84,776 | ▼ 4.1% |
| Deferred charges and accrued income490/1 | - | - | €5 | - | €1,575 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €271,023 | €227,943 | €159,571 | €88,523 | €92,229 | ▲ 4.2% |
| Equity10/15 | €160,260 | €92,260 | €14,260 | €82,856 | €82,373 | ▼ 0.6% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €147,860 | €79,860 | €1,860 | €63,360 | €69,973 | ▲ 10.4% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €146,000 | €78,000 | €1,860 | €63,360 | €69,973 | ▲ 10.4% |
| Profit (loss) carried forward14 | - | - | - | €7,096 | - | - |
| Amounts payable17/49 | €110,763 | €135,683 | €145,311 | €5,667 | €9,856 | ▲ 73.9% |
| Amounts payable within one year42/48 | €110,763 | €135,683 | €145,298 | €5,667 | €9,856 | ▲ 73.9% |
| Trade debts44 | €934 | €1,922 | €870 | - | €17 | - |
| Suppliers440/4 | €934 | €1,922 | €870 | - | €17 | - |
| Taxes, remuneration and social security45 | €7,213 | €14,957 | €9,695 | €5,051 | €1,633 | ▼ 67.7% |
| Taxes450/3 | €7,213 | €14,957 | €9,695 | €5,051 | €1,633 | ▼ 67.7% |
| Other amounts payable47/48 | €102,616 | €118,803 | €134,733 | €617 | €8,205 | ▲ 1,231% |
| Accrued charges and deferred income492/3 | - | - | €13 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €99,845 | €115,609 | €132,792 | €68,596 | €3,314 | ▼ 95.2% |
| + Depreciation and write-downs630 | €542 | €638 | €638 | €96 | €50 | ▼ 48.3% |
| Operating cash flow (approximation) | €100,387 | €116,247 | €133,430 | €68,692 | €3,364 | ▼ 95.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,364 | - |
| Change in cash | - | -€39,259 | -€86,949 | -€51,853 | -€3,604 | ▲ 93.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-08
State Gazette act
Resignation: Marguerite DESCHAMPS (director)2 facts ▸
State Gazette act
Resignation: Marguerite DESCHAMPS (director)
2 facts ▸
- General meeting, 13-07-2026
- Director resignation, Marguerite DESCHAMPS (director)
12-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €3,314 ▼95.2%
Net result drops to €3,314, the lowest in the series.
02-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 63 days late
2024
31-12
Financial
Liquidity times 14current ratio 15.62
Current ratio from 1.10 to 15.62; short-term debt falls from €145,298 to €5,667.
25-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €132,792 ▲14.9%
Operating result €171,058, net result €132,792, both a record.
08-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
19-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
26-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
16-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
02-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2010
Ground area
353 m²
Building footprint
115 m²
Volume, LiDAR
1,219 m³
Parcel 21446D0030/00D007, Brussels · tallest building 14.2 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Serge Hustin
since 20102.186.790.962
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21446D0030/00D007 | Brussels | 353 m² | 1 · 115 m² | 14.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Marguerite DESCHAMPS |
|
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Of 762 companies in sector 72101 we hold annual accounts for 484. 276 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-03-2010
Fiscal year end31-12
Activities, NACEBEL 2025
72101Research and development on biotechnology
62900Other information technology and computer services
62100Computer programming
62200Computer consultancy and computer facilities management
70200Business and other management consultancy
74999Other professional, scientific and technical activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0823924136
Registered
14-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.