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Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Busy address KBO
82 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
MSD BELGIUM from Watermaal-Bosvoorde, company number BE0406820770, closed financial year 2025 with a result of € 13.6 million after tax. For that financial year MSD BELGIUM recorded revenue of € 506.5 million and equity of € 42.4 million. Compared with financial year 2024, the result moved from € 15.4 million to € 13.6 million. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 29, 2026.
€ 42.4 million
▲ 9% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 13.6 million
▼ 12% vs 2024
Profit after tax over the fiscal year.
€ 0
Cash and bank balances on the last day of the fiscal year.
€ 10 million paid out
74 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
171.5
▲ 12 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 25.1 million
€ 146,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 31.8 million
▼ 22% vs 2024
Loans from banks and other lenders, long and short.
€ 68.1 million
▼ 5% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 90 days on average.
€ 7.9 million
▼ 43% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 516,006,896 | € 567,477,852 | € 531,031,148 | € 506,476,043 | ▼ 5% |
| Profit after taxes | € 13,397,644 | € 15,501,877 | € 15,437,260 | € 13,559,209 | ▼ 12% |
| Equity | € 37,880,029 | € 53,381,906 | € 38,819,166 | € 42,378,375 | ▲ 9% |
| Total debts | € 92,650,994 | € 102,752,260 | € 126,529,330 | € 107,918,788 | ▼ 15% |
| Cash | € 842 | € 3,746 | € 0 | € 0 | |
| Retained profit | € 26,944,051 | € 42,445,928 | € 27,883,188 | € 31,442,397 | ▲ 13% |
| Dividend | € 30,000,000 | € 0 | € 30,000,000 | € 10,000,000 | ▼ 67% |
| Bank debt | € 23,340,651 | € 0 | € 40,872,947 | € 31,785,682 | ▼ 22% |
| Balance sheet total | € 130,531,023 | € 156,134,166 | € 165,348,496 | € 150,297,163 | ▼ 9% |
| Employees (FTE) | 150 | 151 | 159.5 | 171.5 | ▲ 12 |
Key figures of MSD BELGIUM, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to MSD BELGIUM?
What happened at MSD BELGIUM in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 13.6 million (▼ 12% vs 2024). Source: NBB ↗
- Ciar Harbord became a director. NBB
- Katrien De Vos became a director. NBB
- Joris Swennen became a director. NBB
- New establishment in Watermaal-Bosvoorde. KBO
- Start of the company according to the CBE. KBO
In short
From € 13.4 million profit in 2022 to € 13.6 million profit in 2025.
Paid € 20.6 million in corporate taxes since 2022.
Best year ever: 2023, with € 15.5 million profit.
Paid out € 70 million in dividends to the owners in total.
Management
Behind MSD BELGIUM are Ciar Harbord, Joris Swennen and Katrien De Vos. Ciar Harbord is also behind MSD Animal Health.
Directors
According to the 2025 annual accounts
since 2024
Joris Swennen
Director
since 2021
Katrien De Vos
Director
since 2023
Establishments
Establishment units
Physical locations of this company
Vorstlaan 25
1170 Watermaal-Bosvoorde
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 82 companies are registered at this address.
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What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
AUTOMATTIC - Automattic, Inc, US
DNS
AWS Route 53
Website info
Features
Security
Details
- Company number
- 0406.820.770
- VAT number
- BE 0406.820.770
- Registered office
- Vorstlaan 25, 1170 Watermaal-Bosvoorde
- Names & denominations
- MSD BELGIUM
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 23 October 1969
- Peppol
- Active · Active since 31 Oct 2025
- Contact
- msd-belgium.be
- Activities · NACE
Groothandel in farmaceutische en medische artikelen
Groothandel in farmaceutische producten
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