MEDSYS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 32 filings
Turnover
≈ €430,000
Estimated: probably between €280,000 and €660,000
Total assets
€403,669▲ 22.2%
2024 · €330,221
Net result
€87,987▲ 107%
2024 · €42,535
Working capital
€239,662▼ 12.9%
2024 · €275,166
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€87,864
▲ 116%
2025
20182025
Net result
€87,987
▲ 107%
2025
highest quarter of the sector
20182025
Equity
€239,662
▼ 12.9%
2025
highest quarter of the sector
20182025
Total assets
€403,669
▲ 22.2%
2025
highest quarter of the sector
20182025
Debt
€164,007
▲ 198%
2025
20182025
Working capital
€239,662
▼ 12.9%
2025
highest quarter of the sector
20182025
Solvency
59.4%
▼ 24.0pp
2025
middle half of the sector
20182025
Current ratio
2.46
▼ 3.54
2025
middle half of the sector
20182025
Return on assets (ROA)
21.8%
▲ 8.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€155,746-€6,651▼ 95.7%-€6,871€43,144€125,118▲ 190%-€53,912€40,588€87,864▲ 116%
Net result€140,290--€154-€9,927below the sector's middle half▼ 6,348%€23,798within the sector's middle half-€48,752below the sector's middle half-€68,894below the sector's middle half▼ 41.3%€42,535above the sector's middle half€87,987above the sector's middle half▲ 107%
Equity€389,611-€389,457=€379,531above the sector's middle half▼ 2.5%€403,328above the sector's middle half▲ 6.3%€301,525above the sector's middle half▼ 25.2%€232,631above the sector's middle half▼ 22.8%€275,166above the sector's middle half▲ 18.3%€239,662above the sector's middle half▼ 12.9%
Total assets€654,555-€528,570▼ 19.2%€498,632above the sector's middle half▼ 5.7%€469,513above the sector's middle half▼ 5.8%€398,821above the sector's middle half▼ 15.1%€261,076within the sector's middle half▼ 34.5%€330,221within the sector's middle half▲ 26.5%€403,669above the sector's middle half▲ 22.2%
Debt€264,944-€139,113▼ 47.5%€119,101▼ 14.4%€66,184▼ 44.4%€97,296▲ 47.0%€28,445▼ 70.8%€55,055▲ 93.6%€164,007▲ 198%
Working capital€444,096-€414,247▼ 6.7%€378,513above the sector's middle half▼ 8.6%€403,328above the sector's middle half▲ 6.6%€301,431above the sector's middle half▼ 25.3%€232,252above the sector's middle half▼ 23.0%€275,166above the sector's middle half▲ 18.5%€239,662above the sector's middle half▼ 12.9%
Solvency59.5%-73.7%▲ 14.2pp76.1%above the sector's middle half▲ 2.4pp85.9%above the sector's middle half▲ 9.8pp75.6%above the sector's middle half▼ 10.3pp89.1%above the sector's middle half▲ 13.5pp83.3%above the sector's middle half▼ 5.8pp59.4%within the sector's middle half▼ 24.0pp
Current ratio3.25-4.70▲ 1.454.18above the sector's middle half▼ 0.527.09above the sector's middle half▲ 2.924.12above the sector's middle half▼ 2.979.17above the sector's middle half▲ 5.046.00above the sector's middle half▼ 3.172.46within the sector's middle half▼ 3.54
Return on assets (ROA)21.4%-0.0%▼ 21.5pp-2.0%below the sector's middle half▼ 2.0pp5.1%within the sector's middle half▲ 7.1pp-12.2%below the sector's middle half▼ 17.3pp-26.4%below the sector's middle half▼ 14.2pp12.9%within the sector's middle half▲ 39.3pp21.8%above the sector's middle half▲ 8.9pp
Staff (FTE)4.5-3.6▼ 20.0%3.3above the sector's middle half▼ 8.3%3▼ 9.1%2.2▼ 26.7%1
above
within
below
The sector band is the middle half of the companies in Other manufacturing (NACE 32). 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 116% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €403,669
Equity
€239,662 ▼ 12.9%
Debt
€164,007 ▲ 198%
Debt's share of the balance-sheet total rises from 16.7% to 40.6%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
1.79▼
2024 · 3.99
Debt to equity
0.68▲
2024 · 0.20
ROE
36.7%▲
2024 · 15.5%
Debt ≤ 1 year
€164,007▲
2024 · €55,055
Income taxes
€272▲
2024 · €241
Staff costs
€81,843▼
2024 · €142,052
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 1 |
| full-time | - | 1 | 1 |
| part-time | 3 | 2 | - |
| in full-time equivalents | 2.3 | 2.6 | 1 |
| Average over the year, in full-time equivalents | 2.8 | 2.2 | 1 |
| On a permanent contract | 3 | 3 | 1 |
| Joined | 0 | 4 | 0 |
| Left | 1 | 4 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,543 | - | - | - |
| Depreciation and write-downs of the year | €668 | €649 | €514 | €379 | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €157,110 | €145,551 | €182,046 | €142,052 | €81,843 | ▼ 42.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,979 | €10,666 | €1,335 | €668 | €649 | €514 | €379 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€92,192 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €13,925 | €143 | €1,917 | €45 | €565 | ▲ 13× |
| Gross operating margin9900 | €406,459 | €231,603 | €176,105 | €214,847 | €179,270 | €130,565 | €183,064 | €170,272 | ▼ 7.0% |
| Operating profit (loss)9901 | €155,746 | €6,651 | -€6,871 | €43,144 | €125,118 | -€53,912 | €40,588 | €87,864 | ▲ 116% |
| Financial income75/76B | - | - | - | €3,012 | €140 | €0 | €4,049 | €1,039 | ▼ 74.3% |
| Recurring financial income75 | €138 | €80 | €420 | €2,924 | €140 | €0 | €90 | €1,039 | ▲ 12× |
| Non-recurring financial income76B | - | - | - | €88 | - | - | €3,959 | - | - |
| Financial charges65/66B | - | - | - | €20,360 | €172,012 | €16,844 | €1,861 | €644 | ▼ 65.4% |
| Recurring financial charges65 | €7,564 | €6,885 | €3,475 | €6,360 | €172,012 | €16,103 | €1,797 | €644 | ▼ 64.2% |
| Non-recurring financial charges66B | - | - | - | €14,000 | - | €741 | €64 | - | - |
| Profit (loss) for the period before taxes9903 | €148,319 | -€154 | -€9,927 | €25,796 | -€46,754 | -€70,756 | €42,776 | €88,259 | ▲ 106% |
| Income taxes67/77 | €8,029 | €0 | - | €1,999 | €1,999 | -€1,862 | €241 | €272 | ▲ 12.6% |
| Profit (loss) for the period9904 | €140,290 | -€154 | -€9,927 | €23,798 | -€48,752 | -€68,894 | €42,535 | €87,987 | ▲ 107% |
| Profit (loss) for the period to be appropriated9905 | €140,290 | -€154 | -€9,927 | €23,798 | -€48,752 | -€68,894 | €42,535 | €87,987 | ▲ 107% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €654,555 | €528,570 | €498,632 | €469,513 | €398,821 | €261,076 | €330,221 | €403,669 | ▲ 22.2% |
| Fixed assets21/28 | €13,019 | €2,353 | €1,017 | - | €893 | €379 | - | - | - |
| Tangible fixed assets22/27 | €12,669 | €2,003 | €668 | €0 | €893 | €379 | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €893 | €379 | - | - | - |
| Financial fixed assets28 | €350 | €350 | €350 | €0 | - | - | - | - | - |
| Current assets29/58 | €641,537 | €526,217 | €497,614 | €469,513 | €397,928 | €260,697 | €330,221 | €403,669 | ▲ 22.2% |
| Stocks and contracts in progress3 | €230,553 | €205,875 | €187,212 | €152,502 | €75,856 | €102,337 | €110,786 | €109,547 | ▼ 1.1% |
| Stocks30/36 | - | - | - | €152,502 | €75,856 | €102,337 | €110,786 | €109,547 | ▼ 1.1% |
| Amounts receivable within one year40/41 | €276,910 | €150,166 | €139,039 | €115,024 | €89,947 | €115,196 | €133,303 | €140,564 | ▲ 5.4% |
| Trade receivables40 | - | - | - | €83,019 | €89,947 | €115,196 | €133,303 | €133,064 | ▼ 0.2% |
| Other amounts receivable41 | - | - | - | €32,005 | - | - | - | €7,500 | - |
| Cash at bank and in hand54/58 | €134,073 | €170,176 | €171,364 | €201,987 | €232,124 | €41,172 | €86,132 | €153,557 | ▲ 78.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,992 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €654,555 | €528,570 | €498,632 | €469,513 | €398,821 | €261,076 | €330,221 | €403,669 | ▲ 22.2% |
| Equity10/15 | €389,611 | €389,457 | €379,531 | €403,328 | €301,525 | €232,631 | €275,166 | €239,662 | ▼ 12.9% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Capital10 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Contributions outside capital11 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Share premium1100/10 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €183,342 | €183,342 | €183,342 | €203,328 | €119,952 | €119,952 | €119,952 | €39,662 | ▼ 66.9% |
| Non-distributable reserves130/1 | - | - | - | €19,675 | €19,675 | €19,675 | €19,675 | €19,675 | = |
| Legal reserve130 | - | - | - | €19,675 | €19,675 | €19,675 | €19,675 | €19,675 | = |
| Distributable reserves133 | - | - | - | €183,653 | €100,277 | €100,277 | €100,277 | €19,987 | ▼ 80.1% |
| Profit (loss) carried forward14 | €6,270 | €6,116 | -€3,811 | - | -€18,428 | -€87,321 | -€44,787 | - | - |
| Amounts payable17/49 | €264,944 | €139,113 | €119,101 | €66,184 | €97,296 | €28,445 | €55,055 | €164,007 | ▲ 198% |
| Amounts payable after more than one year17 | €67,342 | €27,143 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €197,440 | €111,970 | €119,101 | €66,184 | €96,496 | €28,445 | €55,055 | €164,007 | ▲ 198% |
| Trade debts44 | €41,973 | €38,466 | €78,111 | €40,647 | €29,655 | €20,448 | €44,987 | €24,002 | ▼ 46.6% |
| Suppliers440/4 | - | - | - | €40,647 | €29,655 | €20,448 | €44,987 | €24,002 | ▼ 46.6% |
| Taxes, remuneration and social security45 | - | - | - | €25,537 | €16,442 | €7,997 | €10,068 | €16,514 | ▲ 64.0% |
| Taxes450/3 | - | - | - | €9,151 | €14,828 | €1,485 | - | €5,613 | - |
| Remuneration and social security454/9 | - | - | - | €16,386 | €1,613 | €6,512 | €10,068 | €10,901 | ▲ 8.3% |
| Other amounts payable47/48 | - | - | - | - | €50,399 | - | - | €123,491 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €800 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €140,290 | -€154 | -€9,927 | €23,798 | -€48,752 | -€68,894 | €42,535 | €87,987 | ▲ 107% |
| + Depreciation and write-downs630 | €9,979 | €10,666 | €1,335 | €668 | €649 | €514 | €379 | - | - |
| Operating cash flow (approximation) | €150,269 | €10,512 | -€8,591 | €24,465 | -€48,103 | -€68,380 | €42,914 | €87,987 | ▲ 105% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | €0 | - | - | - |
| Change in cash | - | €36,103 | €1,188 | €30,623 | €30,137 | -€190,953 | €44,961 | €67,425 | ▲ 50.0% |
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, 31,368 companies had the same profile as MEDSYS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MEDSYS itself: < 0.1% 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 31,368 companies, not a prediction for MEDSYS. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-05-2026 | 2026-00126457 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00425683 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00386055 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00278741 | |
| 31-12-2021 | micro format | 13-10-2022 | 2022-20459312 | |
| 31-12-2020 | micro format | 24-09-2021 | 2021-68200545 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-64800486 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-26300329 | |
| 31-12-2017 | micro format | 12-06-2018 | 2018-17600293 | |
| 31-12-2016 | micro format | 08-06-2017 | 2017-16100413 |