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 1.5 to 0.
-
Busy address KBO
28 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
MDxHealth from Herstal, company number BE0479292440, closed financial year 2025 with a result of € -4.1 million after tax. For that financial year MDxHealth recorded revenue of € 4.2 million and equity of € 134 million. Compared with financial year 2024, the result moved from € 7 million to € -4.1 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 6, 2026.
€ 134 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -4.1 million
▼ still € 7 million profit in 2024
Profit after tax over the fiscal year.
€ 20.3 million
▼ 53% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -200.6 million.
People and assets in 2025
0
▼ 1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 19,775
▼ 94% vs 2024
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
None
No bank loans on the last day of the fiscal year.
€ 683,166
▼ 44% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 60 days on average.
€ 365
▼ € 229,029 vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 2,940,652 | € 3,169,568 | € 3,910,547 | € 4,157,415 | ▲ 6% |
| Profit after taxes | € -47,822,442 | € -28,370,081 | € 7,031,447 | € -4,140,627 | ▼ € 11.2 million |
| Equity | € 74,894,128 | € 87,287,636 | € 134,261,822 | € 133,987,404 | |
| Total debts | € 49,789,944 | € 47,157,849 | € 40,060,927 | € 25,293,806 | ▼ 37% |
| Cash | € 11,835,882 | € 18,851,952 | € 42,763,230 | € 20,304,519 | ▼ 53% |
| Retained profit | € -175,125,669 | € -203,495,750 | € -196,464,302 | € -200,604,930 | ▼ € 4.1 million |
| Bank debt | € 33,219,503 | € 32,989,989 | € 0 | € 0 | |
| Balance sheet total | € 124,684,072 | € 134,445,484 | € 174,690,446 | € 159,281,209 | ▼ 9% |
| Employees (FTE) | 2.6 | 1.5 | 1 | 0 | ▼ 1 |
Key figures of MDxHealth, 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 MDxHealth?
What happened at MDxHealth in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Hilde Windels BV stepped down as director. NBB
- Donnie M. Jr. Hardison stepped down as director. NBB
- Michaël Brian Holder stepped down as director. NBB
- Eric Bednarski stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 4.1 million (▼ € 11.2 million vs 2024). Source: NBB ↗
- Sanford Siegel stepped down as director. NBB
- Michael K. McGarrity stepped down as director. NBB
- Ahok BV stepped down as director. NBB
In short
From € 47.8 million loss in 2022 to € 4.1 million loss in 2025.
Paid € 368,838 in corporate taxes since 2022.
Best year ever: 2024, with € 7 million profit.
Pays suppliers within 60 days on average.
A new publication or filing at MDxHealth? 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
The shares are held by Bleichroeder LP (14.5%), Genomic Health Inc (11.6%), AWM Investment Company Inc (9.5%), MVM Partners LLP (9.2%) and Laurence W. Lytton (6.2%). It owns 100% of MDx Health Inc and 100% of MDx Health BV itself.
Directors
According to the 2025 annual accounts
since 2020 · until 2025
Sanford Siegel
Director
since 2024 · until 2026
Director · represented by Hilde Windels
Also active at: Gimv, Celyad Oncology, Healis Holding
since 2020 · until 2027
Michael K. McGarrity
Managing director
since 2019 · until 2026
Director · represented by Koen Hoffman
Also active at: Greenyard, SnowWorld International, Revive Fund Management, FAGRON, ALYCHLO
since 2021 · until 2026
Donnie M. Jr. Hardison
Director
since 2021 · until 2027
Michaël Brian Holder
Director
since 2025 · until 2027
Eric Bednarski
Director
since 2020 · until 2027
Shareholders
Bleichroeder LP
14.5%
Genomic Health Inc
11.6%
AWM Investment Company Inc
9.5%
9.2%
Laurence W. Lytton
6.2%
Participations
MDx Health Inc
100%
MDx Health BV
100%
Establishments
Establishment units
Physical locations of this company
Rue d'Abhooz 31
4040 Herstal
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 28 companies are registered at this address.
All companies at this address →Danly Europ S.A.
€ 3.7 million gross margin · 2025
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€ 243,262 gross margin · 2025
R&R Consulting Belgium
€ -2,340 gross margin · 2024
EQUIP'
€ 34.9 million revenue · 2025
CAP PURCHASING SOLUTIONS
€ 479,248 gross margin · 2025
+23 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
- 0479.292.440
- VAT number
- BE 0479.292.440
- Registered office
- Rue d'Abhooz 31, 4040 Herstal
- Names & denominations
- MDxHealth · MDxH
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 January 2003
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Speur- en ontwikkelingswerk op biotechnologisch gebied
Medische laboratoria
Vervaardiging van overige farmaceutische producten
Activiteiten van medische beeldvorming en medische laboratoria
Vervaardiging van overige farmaceutische preparaten
Activiteiten van medische laboratoria