Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 2 of the last 2 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 17 % of short-term debt in 2025; threshold 65 %.
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Not on Peppol Peppol
Not registered in the Peppol network, mandatory for VAT-liable companies since 1 January 2026.
Financials
Financial year 2025
ISTAR MEDICAL from Wavre, company number BE0828058712, closed financial year 2025 with a result of € -21 million after tax. For that financial year ISTAR MEDICAL recorded revenue of € 1.8 million and equity of € -23.5 million. Compared with financial year 2024, the result moved from € -26 million to € -21 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 23, 2026.
€ -23.5 million
▼ € 15.1 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -21 million
▲ 19 % less loss than in 2024
Profit after tax over the fiscal year.
€ 3.1 million
▼ 22% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -111.5 million.
People and assets in 2025
21.9
▼ 5.7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 3.6 million
▼ 14% vs 2024
€ 164,300 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.
€ 182,670
▼ 42% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 4.6 million
▼ 38% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 115 days on average.
€ 529,555
▼ 18% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|
| Revenue | € 1,916,934 | € 1,845,702 | ▼ 4% |
| Profit after taxes | € -26,023,021 | € -20,995,948 | ▲ € 5 million |
| Equity | € -8,366,918 | € -23,495,323 | ▼ € 15.1 million |
| Total debts | € 39,125,638 | € 39,112,687 | |
| Cash | € 3,982,022 | € 3,112,204 | ▼ 22% |
| Retained profit | € -90,455,025 | € -111,450,973 | ▼ € 21 million |
| Balance sheet total | € 30,968,134 | € 15,617,364 | ▼ 50% |
| Employees (FTE) | 27.6 | 21.9 | ▼ 5.7 |
Key figures of ISTAR MEDICAL, fiscal years 2024 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 ISTAR MEDICAL?
What happened at ISTAR MEDICAL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Marc Nolet de Brauwere van Steenland stepped down as director. NBB
- MV Lifescience SRL stepped down as director. NBB
- Bruno Holthof stepped down as director. NBB
- Capricorn Partners NV stepped down as director. NBB
- Richard Beckman stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 21 million. Source: NBB ↗
- Richard Beckman became a director. NBB
- Marc Nolet de Brauwere van Steenland became a director. NBB
In short
From € 26 million loss in 2024 to € 21 million loss in 2025.
Pays suppliers within 115 days on average.
A new publication or filing at ISTAR MEDICAL? 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 stake of CAPRICORN HEALTH-TECH FUND, Gimv, FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ, Wallonie Entreprendre, INVESTSUD TECH, SOCIETE D'INVESTISSEMENT ET DE FINANCEMENT DU BRABANT WALLON comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
ISTAR MEDICALThe shares are held by CAPRICORN HEALTH-TECH FUND (16%), Gimv (14.5%), FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ (14%), Wallonie Entreprendre (12.8%), INVESTSUD TECH (2.3%) and SOCIETE D'INVESTISSEMENT ET DE FINANCEMENT DU BRABANT WALLON (0.7%). It owns 100% of iSTAR Medical Inc, 100% of iSTAR Medical GmbH and 100% of iSTAR medical Australia PTY LTD itself.
Directors
According to the 2025 annual accounts
Marc Nolet de Brauwere van Steenland
Director
since 2023 · until 2027
Managing director · represented by Michel Vanbrabant
Also active at: ENDO TOOLS THERAPEUTICS
since 2023 · until 2027
Bruno Holthof
Director
since 2023 · until 2027
Director · represented by Filip Pintelon
since 2023 · until 2027
Richard Beckman
Director
since 2024 · until 2027
Shareholders
Participations
iSTAR Medical Inc
100%
iSTAR Medical GmbH
100%
iSTAR medical Australia PTY LTD
100%
Establishments
Establishment units
Physical locations of this company
Avenue Sabin 6
1300 Wavre
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0828.058.712
- VAT number
- BE 0828.058.712
- Registered office
- Avenue Sabin 6, 1300 Wavre
- Names & denominations
- ISTAR MEDICAL
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 20 July 2010
- Peppol
- Not registered
- Activities · NACE
Vervaardiging van medische en tandheelkundige instrumenten en benodigdheden
Activiteiten van medische beeldvorming en medische laboratoria
Activiteiten van medische laboratoria
Activiteiten van holdings
Holdings