Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 949.1 to 665.5.
Financials
Financial year 2025
Médecins sans Frontières from Elsene, company number BE0421446093, closed financial year 2025 with a result of € 19.9 million after tax. For that financial year Médecins sans Frontières recorded revenue of € 2.5 million and equity of € 312.6 million. Compared with financial year 2024, the result moved from € 686,801 to € 19.9 million. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 16, 2026.
€ 312.6 million
▲ 7% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 19.9 million
▲ € 19.2 million vs 2024
Profit after tax over the fiscal year.
€ 152.7 million
▲ 23% vs 2024
Cash and bank balances on the last day of the fiscal year.
People and assets in 2025
665.5
▼ 86.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 66.9 million
▼ 3% vs 2024
€ 100,500 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.
€ 62,111
▲ 5% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.6 million
▼ 22% vs 2024
€ 466,668 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 24.9 million
▼ 11% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 20 days on average.
€ 19.4 million
▲ 8% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 5,822,692 | € 5,241,568 | € 2,178,337 | € 2,493,749 | ▲ 14% |
| Profit after taxes | € 24,214,441 | € 26,675,449 | € 686,801 | € 19,923,393 | ▲ € 19.2 million |
| Equity | € 265,281,385 | € 291,956,833 | € 292,643,635 | € 312,567,027 | ▲ 7% |
| Total debts | € 51,362,427 | € 48,699,145 | € 55,099,843 | € 49,788,342 | ▼ 10% |
| Cash | € 118,991,474 | € 111,977,490 | € 124,496,036 | € 152,708,650 | ▲ 23% |
| Land & buildings | € 18,791,316 | € 18,043,787 | € 17,296,258 | € 16,548,729 | ▼ 4% |
| Retained profit | € 205,281,385 | € 231,956,833 | € 232,643,635 | € 252,567,027 | ▲ 9% |
| Bank debt | € 3,033,322 | € 2,566,654 | € 2,099,986 | € 1,633,318 | ▼ 22% |
| Balance sheet total | € 333,604,205 | € 352,405,267 | € 359,933,767 | € 382,656,431 | ▲ 6% |
| Employees (FTE) | 907.4 | 949.1 | 752.3 | 665.5 | ▼ 86.8 |
Key figures of Médecins sans Frontières, 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 Médecins sans Frontières?
What happened at Médecins sans Frontières in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Pascale Delchevalerie stepped down as director. NBB
- Michel Gantois stepped down as director. NBB
- KAREN DE SMEDT stepped down as director. NBB
- Stan Verschaeve stepped down as director. NBB
- Marko Isajlovic stepped down as director. NBB
- Pierre Malchair stepped down as director. NBB
- Johanna Coppé stepped down as director. NBB
- Evelyn Vancollie stepped down as director. NBB
In short
From € 24.2 million profit in 2022 to € 19.9 million profit in 2025.
Paid € 305,259 in corporate taxes since 2022.
Best year ever: 2023, with € 26.7 million profit.
Pays suppliers within 20 days on average.
A new publication or filing at Médecins sans Frontières? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 100% of FONDATION MEDECINS SANS FRONTIERES FUP itself.
Directors
According to the 2025 annual accounts
since 2025 · until 2028
Johanna Coppé
Director
since 2024 · until 2027
since 2024 · until 2027
since 2025 · until 2028
since 2025 · until 2028
since 2024 · until 2027
since 2025 · until 2028
BENOIT DE GRYSE
Director
since 2024 · until 2027
since 2024 · until 2027
since 2025 · until 2028
since 2025 · until 2028
Establishments
Establishment units
Physical locations of this company
Gewijde-Boomstraat 46
1050 Elsene
Anna Bochdreef SN
1000 Brussel
Active since 24 May 2013
Koolmijnenkaai 62
1080 Sint-Jans-Molenbeek
Active since 1 October 2019
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →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
COMBELL-AS, BE
Website info
Features
Security
Details
- Company number
- 0421.446.093
- VAT number
- BE 0421.446.093
- Registered office
- Gewijde-Boomstraat 46, 1050 Elsene
- Names & denominations
- Médecins sans Frontières · M.S.F. · Artsen Zonder Grenzen
- Enterprise type
- Rechtspersoon
- Legal form
- Non-profit association
- Legal situation
- Normale toestand
- Start date
- 25 November 1980
- Peppol
- Active · Active since 2 Dec 2025
- Contact
- msf-azg.be
- Activities · NACE
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