MEDCON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 at the NBB all 25 filings
Equity
€68,817▲ 0.1%
2024 · €68,719
Total assets
€87,717▼ 6.4%
2024 · €93,686
Net result
€98
2024 · -€2,049
Working capital
€68,134▲ 0.7%
2024 · €67,637
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,256
▲ 39.4%
2025
20182025
Net result
€98
2025
20182025
Equity
€68,817
▲ 0.1%
2025
20182025
Total assets
€87,717
▼ 6.4%
2025
20182025
Debt
€18,900
▼ 24.3%
2025
20182025
Working capital
€68,134
▲ 0.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,875-€17,984▼ 33.1%€30,527▲ 69.7%€15,008▼ 50.8%€7,163▼ 52.3%-€2,472-€3,721▼ 50.5%-€2,256▲ 39.4%
Net result€19,307-€12,227▼ 36.7%€22,937▲ 87.6%€11,914▼ 48.1%€6,833▼ 42.6%-€1,358-€2,049▼ 50.8%€98
Equity€44,691-€56,918▲ 27.4%€77,355▲ 35.9%€65,294▼ 15.6%€72,127▲ 10.5%€70,768▼ 1.9%€68,719▼ 2.9%€68,817▲ 0.1%
Total assets€85,997-€96,025▲ 11.7%€112,271▲ 16.9%€116,842▲ 4.1%€106,055▼ 9.2%€92,517▼ 12.8%€93,686▲ 1.3%€87,717▼ 6.4%
Debt€41,306-€39,107▼ 5.3%€34,916▼ 10.7%€51,549▲ 47.6%€33,929▼ 34.2%€21,749▼ 35.9%€24,967▲ 14.8%€18,900▼ 24.3%
Working capital€39,716-€53,403▲ 34.5%€74,415▲ 39.3%€61,767▼ 17.0%€69,472▲ 12.5%€68,316▼ 1.7%€67,637▼ 1.0%€68,134▲ 0.7%
The operating result for 2025 is a loss of €2,256, smaller than the loss of €3,721 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,717
Fixed assets
€1,470 =
Current assets
€86,247 ▼ 6.5%
Equity and liabilities €87,717
Equity
€68,817 ▲ 0.1%
Debt
€18,900 ▼ 24.3%
Debt's share of the balance-sheet total falls from 26.6% to 21.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€2,256▲
2024 · -€3,538
Cash flow
€98▲
2024 · -€1,867
Current ratio
4.76▲
2024 · 3.75
Debt to equity
0.27▼
2024 · 0.36
ROE
0.1%▲
2024 · -3.0%
ROA
0.1%▲
2024 · -2.2%
Interest coverage
-2.25▼
2024 · -2.13
Debt ≤ 1 year
€18,113▼
2024 · €24,579
Income taxes
€396▼
2024 · €718
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €606 | - | - | - | - |
| Depreciation and write-downs of the year | €20 | €202 | €202 | €182 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,430 | €6,181 | €5,470 | €20 | €202 | €202 | €182 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,423 | €857 | €1,135 | €572 | €400 | ▼ 30.2% |
| Gross operating margin9900 | €34,189 | €25,357 | €37,728 | €16,451 | €8,222 | -€1,135 | -€2,966 | -€1,856 | ▲ 37.4% |
| Operating profit (loss)9901 | €26,875 | €17,984 | €30,527 | €15,008 | €7,163 | -€2,472 | -€3,721 | -€2,256 | ▲ 39.4% |
| Financial income75/76B | - | - | - | €4,969 | €5,870 | €3,829 | €4,052 | €3,754 | ▼ 7.4% |
| Recurring financial income75 | €3,005 | €4,427 | €4,884 | €4,969 | €5,870 | €3,829 | €4,052 | €3,754 | ▼ 7.4% |
| Financial charges65/66B | - | - | - | €1,102 | €834 | €708 | €1,663 | €1,005 | ▼ 39.6% |
| Recurring financial charges65 | €2,491 | €1,908 | €1,394 | €1,102 | €834 | €708 | €1,663 | €1,005 | ▼ 39.6% |
| Profit (loss) for the period before taxes9903 | €27,389 | €20,503 | €34,018 | €18,875 | €12,199 | €649 | -€1,331 | €494 | - |
| Income taxes67/77 | €8,082 | €8,276 | €11,081 | €6,961 | €5,366 | €2,007 | €718 | €396 | ▼ 44.8% |
| Profit (loss) for the period9904 | €19,307 | €12,227 | €22,937 | €11,914 | €6,833 | -€1,358 | -€2,049 | €98 | - |
| Profit (loss) for the period to be appropriated9905 | €19,307 | €12,227 | €22,937 | €11,914 | €6,833 | -€1,358 | -€2,049 | €98 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €85,997 | €96,025 | €112,271 | €116,842 | €106,055 | €92,517 | €93,686 | €87,717 | ▼ 6.4% |
| Fixed assets21/28 | €14,591 | €8,410 | €2,940 | €3,527 | €3,324 | €3,122 | €1,470 | €1,470 | = |
| Tangible fixed assets22/27 | €14,591 | €8,410 | €2,940 | €3,527 | €3,324 | €3,122 | €1,470 | €1,470 | = |
| Land and buildings22 | - | - | - | €1,470 | €1,470 | €1,470 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €2,057 | €1,854 | €1,652 | €1,470 | €1,470 | = |
| Current assets29/58 | €71,406 | €87,615 | €109,331 | €113,316 | €102,731 | €89,395 | €92,216 | €86,247 | ▼ 6.5% |
| Amounts receivable within one year40/41 | €68,381 | €81,944 | €98,646 | €101,830 | €93,412 | €55,566 | €78,555 | €68,902 | ▼ 12.3% |
| Trade receivables40 | - | - | - | €6,189 | €6,130 | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | €95,641 | €87,282 | €55,566 | €78,555 | €68,902 | ▼ 12.3% |
| Cash at bank and in hand54/58 | €23 | €123 | €4,500 | €4,904 | €2,777 | €24,115 | €74 | €3 | ▼ 95.7% |
| Deferred charges and accrued income490/1 | - | - | - | €6,582 | €6,541 | €9,713 | €13,587 | €17,342 | ▲ 27.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €85,997 | €96,025 | €112,271 | €116,842 | €106,055 | €92,517 | €93,686 | €87,717 | ▼ 6.4% |
| Equity10/15 | €44,691 | €56,918 | €77,355 | €65,294 | €72,127 | €70,768 | €68,719 | €68,817 | ▲ 0.1% |
| Contributions10/11 | €10,200 | €10,200 | - | €10,200 | €10,200 | €10,200 | €10,200 | €10,200 | = |
| Reserves13 | €34,491 | €46,718 | €67,155 | €55,094 | €61,927 | €61,927 | €61,927 | €61,927 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €53,234 | €60,067 | €60,067 | €60,067 | €60,067 | = |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | -€1,358 | -€3,407 | -€3,310 | ▲ 2.9% |
| Amounts payable17/49 | €41,306 | €39,107 | €34,916 | €51,549 | €33,929 | €21,749 | €24,967 | €18,900 | ▼ 24.3% |
| Amounts payable after more than one year17 | €8,976 | €3,890 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €31,690 | €34,212 | €34,916 | €51,549 | €33,259 | €21,079 | €24,579 | €18,113 | ▼ 26.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Financial debts43 | - | - | - | €1,088 | €0 | €6,570 | €14,657 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €1,088 | €0 | €6,570 | €14,657 | €0 | ▼ 100% |
| Trade debts44 | €2,190 | €4,338 | €1,611 | €4,906 | €6,407 | €5,632 | €5,982 | €8,030 | ▲ 34.2% |
| Suppliers440/4 | - | - | - | €4,906 | €6,407 | €5,632 | €5,982 | €8,030 | ▲ 34.2% |
| Taxes, remuneration and social security45 | - | - | - | €28,772 | €26,852 | €8,877 | €3,940 | €1,083 | ▼ 72.5% |
| Taxes450/3 | - | - | - | €28,772 | €24,003 | €8,877 | €3,940 | €1,083 | ▼ 72.5% |
| Remuneration and social security454/9 | - | - | - | - | €2,848 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €16,783 | €0 | - | - | €9,000 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €670 | €670 | €387 | €787 | ▲ 103% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,307 | €12,227 | €22,937 | €11,914 | €6,833 | -€1,358 | -€2,049 | €98 | - |
| + Depreciation and write-downs630 | €6,430 | €6,181 | €5,470 | €20 | €202 | €202 | €182 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €25,736 | €18,409 | €28,407 | €11,934 | €7,035 | -€1,156 | -€1,867 | €98 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€606 | €0 | €0 | €1,470 | €0 | ▼ 100% |
| Change in cash | - | €100 | €4,377 | €404 | -€2,127 | €21,338 | -€24,042 | -€71 | ▲ 99.7% |
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, 17,041 companies had the same profile as MEDCON has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MEDCON itself: 0.5% 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 17,041 companies, not a prediction for MEDCON. 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.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00162928 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00148468 | |
| 31-12-2023 | micro format | 12-08-2024 | 2024-00341999 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00293570 | |
| 31-12-2021 | micro format | 14-10-2022 | 2022-20461719 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-64000134 | |
| 31-12-2019 | micro format | 30-08-2021 | 2021-64000127 | |
| 31-12-2018 | micro format | 10-10-2019 | 2019-69900240 | |
| 31-12-2017 | micro format | 28-09-2018 | 2018-66900203 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46600322 |