Warning lights
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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Tight liquidity NBB
Cash and receivables cover 36 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 61.2 to 54.8.
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Figures corrected NBB
Corrected annual account filed for 2024.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
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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 Animal Health from Watermaal-Bosvoorde, company number BE0453699385, closed financial year 2025 with a result of € 1.1 million after tax. For that financial year MSD Animal Health recorded revenue of € 52.7 million and equity of € 3.9 million. Compared with financial year 2024, the result moved from € 1.4 million to € 1.1 million. The company is profitable. The company holds a healthy buffer. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 7, 2026.
€ 3.9 million
▼ 19% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.1 million
▼ 21% vs 2024
Profit after tax over the fiscal year.
€ 123,782
Cash and bank balances on the last day of the fiscal year.
€ 2 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
54.8
▼ 0.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 11 million
▼ 2% vs 2024
€ 200,900 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
€ 14.1 million
▲ 23% vs 2024
Loans from banks and other lenders, long and short.
€ 6.5 million
▲ 11% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 51 days on average.
€ 1.8 million
▲ 12% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 49,468,592 | € 51,645,930 | € 50,846,989 | € 52,686,089 | ▲ 4% |
| Profit after taxes | € 842,050 | € 1,064,658 | € 1,371,201 | € 1,078,456 | ▼ 21% |
| Equity | € 10,370,664 | € 11,435,322 | € 4,806,524 | € 3,884,980 | ▼ 19% |
| Total debts | € 9,389,676 | € 10,246,089 | € 19,232,802 | € 22,680,888 | ▲ 18% |
| Cash | € 1,357 | € 2,835 | - | € 123,782 | |
| Retained profit | € 8,144,264 | € 9,208,922 | € 2,580,124 | € 1,658,580 | ▼ 36% |
| Dividend | € 0 | € 0 | € 8,000,000 | € 2,000,000 | ▼ 75% |
| Bank debt | € 1,677,292 | € 3,090,828 | € 11,485,949 | € 14,143,188 | ▲ 23% |
| Balance sheet total | € 19,760,340 | € 21,681,412 | € 24,039,325 | € 26,565,868 | ▲ 11% |
| Employees (FTE) | 60.1 | 61.2 | 55.6 | 54.8 | ▼ 0.8 |
Key figures of MSD Animal Health, 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 Animal Health?
What happened at MSD Animal Health in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 1.1 million (▼ 21% vs 2024). Source: NBB ↗
- Michel Deinum stepped down as director. NBB
- Ciar Harbord became a director. NBB
- Mairéad McCaul became a director. NBB
- Michel Deinum became a director. NBB
- New establishment in Watermaal-Bosvoorde. KBO
- Start of the company according to the CBE. KBO
In short
From € 842,050 profit in 2022 to € 1.1 million profit in 2025.
Paid € 2.2 million in corporate taxes since 2022.
Best year ever: 2024, with € 1.4 million profit.
Paid out € 10 million in dividends to the owners in total.
A new publication or filing at MSD Animal Health? 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
Behind MSD Animal Health are Ciar Harbord and Mairéad McCaul. The shares are held by Intervet Holding B.V (75%) and Vetrex B.V. (25%).
Directors
According to the 2025 annual accounts
since 2025
Mairéad McCaul
Director
since 2024
Michel Deinum
Director
since 2023 · until 2026
Shareholders
Intervet Holding B.V
75%
Vetrex B.V.
25%
Participations
No participations in other companies reported.
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.
All companies at this address →Unibra
€ 3.7 million revenue · 2025
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€ 51,409 gross margin · 2025
La Garantie Belge
LA MUTUELLE PATRONALE (A.A.M. CONTRE LES RISQUES DECOULANT DE LA LEGISLATION RELATIVE AU SALAIRE GARANTI)
+77 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0453.699.385
- VAT number
- BE 0453.699.385
- Registered office
- Vorstlaan 25, 1170 Watermaal-Bosvoorde
- Names & denominations
- MSD Animal Health
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 27 October 1994
- Peppol
- Active · Active since 31 Oct 2025
- Activities · NACE
Groothandel in farmaceutische en medische artikelen
Groothandel in farmaceutische producten