MEDIGROUP
ActiveSummary
MEDIGROUP has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23.7m and a net result of -€201,774. Equity is growing by ~15% per year across the filed fiscal years. Its solvency ranks better than 84% of 5048 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability18▼-40
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,450,000 at 30 days acceptable
Liquidity ample (current ratio 2.51 against 2.77 in 2024; short-term debt: 21.5% and cash: 1.7% of total assets), and 21.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
78.5%
Return on assets
-0.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more 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
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
22 d early
2023
26 d early
2022
8 d late
2021
26 d early
2020
40 d late
2019
17 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 10 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 6 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?A.forall Group · 9 companies
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Financials · fiscal year 2025, full schema
Turnover
€3.3m
EBIT margin
0.0%
Net result
-€201,774
2024 · €3.9m
Working capital
€9.8m▼ 1.9%
2024 · €10.0m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€442,591€40,889▼ 90.8%€332,497▲ 713%€626,572▲ 88.4%-€960,157
Net result€39.3mabove the sector's middle half€879,561above the sector's middle half▼ 97.8%€1.9mabove the sector's middle half▲ 115%€3.9mabove the sector's middle half▲ 103%-€201,774below the sector's middle half
EBIT margin
Equity€41.3mabove the sector's middle half▲ 1,989%€42.1mabove the sector's middle half▲ 2.1%€44.0mabove the sector's middle half▲ 4.5%€23.9mabove the sector's middle half▼ 45.7%€23.7mabove the sector's middle half▼ 0.8%
Total assets€43.8mabove the sector's middle half▲ 24.0%€48.1mabove the sector's middle half▲ 9.7%€48.4mabove the sector's middle half▲ 0.7%€29.6mabove the sector's middle half▼ 39.0%€30.2mabove the sector's middle half▲ 2.1%
Debt€2.6m▼ 92.3%€5.9m▲ 133%€4.4m▼ 26.3%€5.7m▲ 29.2%€6.5m▲ 14.6%
Working capital€28.9mabove the sector's middle half€28.2mabove the sector's middle half▼ 2.4%€30.1mabove the sector's middle half▲ 6.8%€10.0mabove the sector's middle half▼ 66.8%€9.8mabove the sector's middle half▼ 1.9%
Solvency94.2%above the sector's middle half▲ 88.6pp87.6%above the sector's middle half▼ 6.5pp90.9%above the sector's middle half▲ 3.3pp80.8%above the sector's middle half▼ 10.1pp78.5%above the sector's middle half▼ 2.3pp
Current ratio12.29above the sector's middle half▲ 11.615.74above the sector's middle half▼ 6.557.87above the sector's middle half▲ 2.132.77within the sector's middle half▼ 5.102.51within the sector's middle half▼ 0.25
Return on assets (ROA)89.7%above the sector's middle half▲ 90.4pp1.8%within the sector's middle half▼ 87.8pp3.9%within the sector's middle half▲ 2.1pp13.0%above the sector's middle half▲ 9.1pp-0.7%below the sector's middle half▼ 13.7pp
Staff (FTE)15.4above the sector's middle half▲ 14.9%13.9above the sector's middle half▼ 9.7%12.2above the sector's middle half▼ 12.2%13.5above the sector's middle half▲ 10.7%14.1within the sector's middle half▲ 4.4%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €960,157 after €626,572 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30.2m
Fixed assets
€13.9m ▼ 0.1%
Current assets
€16.3m ▲ 4.0%
Equity and liabilities €30.2m
Equity
€23.7m ▼ 0.8%
Debt
€6.5m ▲ 14.6%
Debt's share of the balance-sheet total rises from 19.2% to 21.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€944,413▼
2024 · €670,815
Cash flow
-€186,030▼
2024 · €3.9m
Debt to equity
0.27▲
2024 · 0.24
ROE
-0.9%▼
2024 · 16.1%
Interest coverage
-2.75▼
2024 · 2.71
Debt ≤ 1 year
€6.5m▲
2024 · €5.7m
Income taxes
€13,000▼
2024 · €361,885
Staff costs
€1.6m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,687 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 94% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
0.6%
went bankrupt
5.4%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,338 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% | 1.9% |
| 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 2,687 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 | - | €90 | €0 | - | - | - |
| Remuneration, social security and pensions62 | €1.7m | €1.6m | €1.1m | €1.3m | €1.6m | ▲ 24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,763 | €41,599 | €43,475 | €44,243 | €15,744 | ▼ 64.4% |
| Other operating charges640/8 | €2,871 | €53 | €1,869 | €965 | €12,384 | ▲ 1,183% |
| Non-recurring operating charges66A | €1,162 | - | - | - | €9,243 | - |
| Gross operating margin9900 | €2.2m | €1.6m | €1.5m | €2.0m | €720,134 | ▼ 63.8% |
| Operating profit (loss)9901 | €442,591 | €40,889 | €332,497 | €626,572 | -€960,157 | ▼ 253% |
| Financial income75/76B | €39.9m | €953,454 | €2.2m | €3.8m | €1.1m | ▼ 70.9% |
| Recurring financial income75 | €39.9m | €953,454 | €2.2m | €3.8m | €1.1m | ▼ 70.9% |
| Financial charges65/66B | €1.1m | €134,075 | €405,587 | €247,768 | €343,307 | ▲ 38.6% |
| Recurring financial charges65 | €1.1m | €134,075 | €405,587 | €247,768 | €343,307 | ▲ 38.6% |
| Profit (loss) for the period before taxes9903 | €39.3m | €860,268 | €2.1m | €4.2m | -€188,774 | ▼ 104% |
| Income taxes67/77 | €18,415 | -€19,293 | €213,587 | €361,885 | €13,000 | ▼ 96.4% |
| Profit (loss) for the period9904 | €39.3m | €879,561 | €1.9m | €3.9m | -€201,774 | ▼ 105% |
| Profit (loss) for the period to be appropriated9905 | €39.3m | €879,561 | €1.9m | €3.9m | -€201,774 | ▼ 105% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €43.8m | €48.1m | €48.4m | €29.6m | €30.2m | ▲ 2.1% |
| Fixed assets21/28 | €12.4m | €14.0m | €13.9m | €13.9m | €13.9m | ▼ 0.1% |
| Intangible fixed assets21 | €68,017 | €50,473 | €41,773 | €20,121 | €13,876 | ▼ 31.0% |
| Tangible fixed assets22/27 | €87,609 | €65,170 | €42,645 | €20,054 | €15,462 | ▼ 22.9% |
| Plant, machinery and equipment23 | €56,954 | €38,340 | €19,640 | €887 | €124 | ▼ 86.0% |
| Furniture and vehicles24 | €2,174 | €1,904 | €1,634 | €1,363 | - | - |
| Other tangible fixed assets26 | €28,481 | €24,926 | €21,371 | €17,804 | €15,338 | ▼ 13.9% |
| Financial fixed assets28 | €12.2m | €13.8m | €13.8m | €13.8m | €13.8m | = |
| Current assets29/58 | €31.4m | €34.1m | €34.5m | €15.7m | €16.3m | ▲ 4.0% |
| Amounts receivable within one year40/41 | €31.4m | €34.0m | €34.4m | €15.6m | €15.7m | ▲ 0.9% |
| Trade receivables40 | €722,850 | €994,877 | €1.1m | €1.3m | €1.7m | ▲ 35.7% |
| Other amounts receivable41 | €30.6m | €33.0m | €33.3m | €14.3m | €14.0m | ▼ 2.2% |
| Cash at bank and in hand54/58 | €64,114 | €112,122 | €96,044 | €71,199 | €502,317 | ▲ 606% |
| Deferred charges and accrued income490/1 | €0 | €31,620 | €35,360 | €50,279 | €106,518 | ▲ 112% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €43.8m | €48.1m | €48.4m | €29.6m | €30.2m | ▲ 2.1% |
| Equity10/15 | €41.3m | €42.1m | €44.0m | €23.9m | €23.7m | ▼ 0.8% |
| Contributions10/11 | €9.1m | €9.1m | €9.1m | €9.1m | €9.1m | = |
| Capital10 | €9.1m | €9.1m | €9.1m | €9.1m | €9.1m | = |
| Issued capital100 | €9.1m | €9.1m | €9.1m | €9.1m | €9.1m | = |
| Outside capital11 | €351 | €351 | €351 | €351 | €351 | = |
| Share premium1100/10 | €351 | €351 | €351 | €351 | €351 | = |
| Reserves13 | €906,816 | €906,816 | €906,816 | €906,816 | €906,816 | = |
| Non-distributable reserves130/1 | €906,816 | €906,816 | €906,816 | €906,816 | €906,816 | = |
| Legal reserve130 | €906,816 | €906,816 | €906,816 | €906,816 | €906,816 | = |
| Profit (loss) carried forward14 | €31.3m | €32.2m | €34.1m | €13.9m | €13.7m | ▼ 1.4% |
| Amounts payable17/49 | €2.6m | €5.9m | €4.4m | €5.7m | €6.5m | ▲ 14.6% |
| Amounts payable within one year42/48 | €2.6m | €5.9m | €4.4m | €5.7m | €6.5m | ▲ 14.6% |
| Trade debts44 | €449,239 | €489,640 | €481,688 | €336,729 | €392,479 | ▲ 16.6% |
| Suppliers440/4 | €449,239 | €489,640 | €481,688 | €336,729 | €392,479 | ▲ 16.6% |
| Taxes, remuneration and social security45 | €342,455 | €388,268 | €261,503 | €620,340 | €495,746 | ▼ 20.1% |
| Taxes450/3 | €26,063 | €30,334 | €19,943 | €402,533 | €245,250 | ▼ 39.1% |
| Remuneration and social security454/9 | €316,392 | €357,934 | €241,560 | €217,808 | €250,496 | ▲ 15.0% |
| Other amounts payable47/48 | €1.8m | €5.1m | €3.6m | €4.7m | €5.6m | ▲ 19.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39.3m | €879,561 | €1.9m | €3.9m | -€201,774 | ▼ 105% |
| + Depreciation and write-downs630 | €37,763 | €41,599 | €43,475 | €44,243 | €15,744 | ▼ 64.4% |
| Operating cash flow (approximation) | €39.3m | €921,160 | €1.9m | €3.9m | -€186,030 | ▼ 105% |
| Investment in fixed assets (approximation) | - | -€1.6m | -€12,250 | €0 | -€4,907 | - |
| Change in cash | - | €48,007 | -€16,078 | -€24,845 | €431,118 | ▲ 1,835% |
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
03-09
State Gazette act
Resignation: Deloitte Bedrijfsrevisoren (statutory auditor)Appointment: EY Bedrijfsrevisoren BV (statutory auditor)3 facts ▸
State Gazette act
Resignation: Deloitte Bedrijfsrevisoren (statutory auditor)
Appointment: EY Bedrijfsrevisoren BV (statutory auditor)3 facts ▸
- General meeting, 24-06-2026
- Auditor resignation, Deloitte Bedrijfsrevisoren
- Auditor appointment, EY Bedrijfsrevisoren BV
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
08-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 8 days late
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €39.3m
Net result €39.3m after one loss-making year.
31-12
Financial
Liquidity times 18current ratio 12.29
Current ratio from 0.69 to 12.29; short-term debt falls from €33.4m to €2.6m.
31-12
Financial
Equity above €25mEq €41.3m ▲1,989%
Equity rises from €2.0m to €41.3m.
09-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 40 days late
2020
31-12
Financial
Weakest financial yearnet -€276,775
Net result drops to -€276,775, the lowest in the series; recovery starts the following year.
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
31-12
Financial
Equity above €2mEq €2.2m
2 profitable years in a row build equity to €2.2m.
09-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
20-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 50 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 19 acts read
About the unread acts
Of the 19 Belgian State Gazette acts we know for this company, 1 has been read. The other 18 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
EY Bedrijfsrevisoren BV
CurrentAuditor · since 03-09-2026 · perm. rep.: Wouter Robyns
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 2010
Ground area
5,534 m²
Building footprint
1,445 m²
Volume, LiDAR
24,182 m³
Parcel 21307F0088/00F000, Brussels · tallest building 21.7 m, ±6 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
MEDIGROUP
since 20102.266.669.571
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21307F0088/00F000 | Brussels | 5,534 m² | 1 · 1,445 m² | 21.7 m · 6 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, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| EY Bedrijfsrevisoren BV |
|
Structure & network
Part of the group
A.forall Group
9 companies
Group, risk and exposure
Owners and holdings
1 owner · 5 holdings · 6 subsidiaries in the treeChain of control
- A.forall Group
- MEDIGROUP
Highest known parent: A.forall Group. The sources do not say who stands above it.
Owners 1
- A.forall Groupparent100%
Holdings 5
-
100%
-
100%
-
100%
-
100%
-
100%
All subsidiaries, including indirect ones 6
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- Beta Active PI Pharma LtdIE 100%
ECO.PHARMA.SUPPLY 100%1 subsidiary
- ECO.PHARMA.SUPPLY B.V.NL 100%
- ECOPHARMASUPPLY DISTRIBUTION 100%
- IMPEXECO 100%
- PI PHARMA 100%
According to the 2025 annual accounts of MEDIGROUP and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Identification & contact
Identification
Legal formPublic limited company
Founded18-06-2010
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
70200Business and other management consultancy
70100Activities of head offices
E-invoicing
Reachable via Peppol
Peppol ID
0208:0826773857
Also
9925:BE0826773857
Registered
29-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.