Ranking · Wallonia · NACE 72
Scientific research and development: the largest companies in Wallonia
As of 12 Nov 2026, 396 companies in Scientific research and development (NACE 72) in Wallonia publish total assets in recent accounts (financial years 2023 to 2026). The top 10 account for €831.3m, out of €1.62bn for all of them; median total assets are 499,387 €. MDxHealth leads with €159.3m (financial year 2025).
Top 50 · Scientific research and development · Wallonia
Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | MDxHealth 4040 Herstal | €159.3m | €4.16m | €134.0m | — | 2025 |
| 2 | TotalEnergies OneTech Belgium 7181 Seneffe | €116.7m | €96.0m | €79.8m | 297.7 | 2025 |
| 3 | Ncardia Holding 1435 Mont-Saint-Guibert | €108.4m | — | €98.8m | — | 2025 |
| 4 | Novadip Biosciences 1435 Mont-Saint-Guibert | €85.3m | — | €50.0m | 39.3 | 2025 |
| 5 | Natagora 5000 Namur | €76.2m | €2.23m | €44.4m | 140.7 | 2025 |
| 6 | STERIGENICS BELGIUM (Petit Rechain) 4800 Verviers | €69.1m | €44.1m | €64.9m | 93.8 | 2025 |
| 7 | Estetra 4000 Liège | €66.6m | €21.0m | −€2.04m | 40.3 | 2025 |
| 8 | Baxter R and D Europe 7860 Lessines | €52.7m | €58.8m | €30.5m | 178.3 | 2025 |
| 9 | Eyed Pharma 4000 Liège | €50.6m | €10.5m | €17.4m | 29.0 | 2025 |
| 10 | iTeos Belgium 6040 Charleroi | €46.3m | — | −€5.06m | 77.5 | 2025 |
| 11 | Belgian Volition 5032 Gembloux | €42.6m | — | €10.4m | 34.1 | 2025 |
| 12 | CER-Groupe 6900 Marche-en-Famenne | €33.8m | €22.4m | €22.6m | 150.6 | 2025 |
| 13 | Materia Nova 7000 Mons | €31.5m | €2.58m | €5.80m | 75.4 | 2025 |
| 14 | Tools4Patient 1435 Mont-Saint-Guibert | €23.1m | — | €19.5m | 16.2 | 2025 |
| 15 | CellCarta Biosciences 6041 Charleroi | €22.4m | — | €1.05m | 62.9 | 2023 |
| 16 | Diagenode 4102 Seraing | €21.1m | €11.9m | €8.70m | 100.5 | 2025 |
| 17 | KiOmed Pharma 4041 Herstal | €19.7m | — | €9.02m | 30.2 | 2025 |
| 18 | Centre de Recherche en Aeronautique 6041 Charleroi | €17.2m | €3.17m | €6.13m | 72.1 | 2025 |
| 19 | ViiV Healthcare 1300 Wavre | €17.0m | €63.3m | €6.53m | 21.8 | 2025 |
| 20 | OSIVAX Belgique 4031 Liège | €17.0m | — | €13.3m | 8.7 | 2025 |
| 21 | The Akkermansia Company 1435 Mont-Saint-Guibert | €16.9m | — | −€3.44m | 3.0 | 2025 |
| 22 | EsoBiotec 1435 Mont-Saint-Guibert | €16.5m | — | €12.4m | 9.4 | 2025 |
| 23 | Cryoport Belgium 4530 Villers-le-Bouillet | €16.2m | — | €12.5m | 25.3 | 2025 |
| 24 | Aboleris Holdco 6041 Charleroi | €14.8m | — | €14.3m | — | 2025 |
| 25 | Intressa Vascular 5032 Gembloux | €14.3m | 0 € | €11.8m | 19.3 | 2025 |
| 26 | Nanocyl 5060 Sambreville | €13.2m | — | €1.89m | 46.7 | 2026 |
| 27 | Battlekart Europe 7711 Mouscron | €11.7m | €18.1m | €7.14m | 30.2 | 2025 |
| 28 | EXO Biologics 4000 Liège | €11.7m | 0 € | €2.93m | 5.6 | 2025 |
| 29 | ERC Belgium 5032 Gembloux | €11.6m | €1.54m | €2.54m | 1.0 | 2025 |
| 30 | Aquilon Pharmaceuticals 4102 Seraing | €11.1m | — | €4.25m | 8.7 | 2025 |
| 31 | ConvEyXo 6041 Charleroi | €10.3m | — | €1.39m | 3.1 | 2025 |
| 32 | Centre de Recherches de l'Industrie Belge de la Ceramique 7000 Mons | €9.66m | €1.45m | €7.48m | 27.4 | 2025 |
| 33 | ImmunXperts 6041 Charleroi | €9.58m | — | −€1.60m | 26.7 | 2024 |
| 34 | TotalEnergies Petrochemicals Development Feluy 7181 Seneffe | €8.86m | — | €8.75m | — | 2025 |
| 35 | Bioxodes 6041 Charleroi | €7.68m | — | −€1.66m | 7.7 | 2025 |
| 36 | Pôle Meca Tech 5020 Namur | €7.42m | — | €1.69m | 10.2 | 2025 |
| 37 | H2WIN 1400 Nivelles | €7.36m | — | €6.19m | 4.6 | 2025 |
| 38 | Multitel 7000 Mons | €7.30m | €2.76m | €3.61m | 85.6 | 2025 |
| 39 | Amyl Therapeutics 4000 Liège | €7.02m | — | €3.55m | 6.8 | 2025 |
| 40 | Abscint 4000 Liège | €6.85m | — | €5.56m | 2.7 | 2025 |
| 41 | Parexel Belgium 1300 Wavre | €6.82m | €13.1m | €4.35m | 63.1 | 2025 |
| 42 | Surfaces & Advanced Material Coatings 4000 Liège | €6.61m | 682,086 € | €6.47m | — | 2025 |
| 43 | Bio-Sourcing 4000 Liège | €6.59m | — | 894,791 € | 17.3 | 2025 |
| 44 | Centre d'Excellence en Technologies de l'Information et de la Communication 6041 Charleroi | €6.29m | 729,485 € | €2.39m | 55.2 | 2025 |
| 45 | Academic Medical Interdisciplinary Research Foundation - Recherche Academique Medicale Interdisciplinaire Foundation 1380 Lasne | €5.87m | — | €5.87m | — | 2025 |
| 46 | BioKuris 4040 Herstal | €5.85m | 700,235 € | €1.05m | 1.0 | 2025 |
| 47 | BiocSol 1435 Mont-Saint-Guibert | €5.75m | — | €4.35m | 3.1 | 2025 |
| 48 | Syngulon 4102 Seraing | €5.66m | — | €2.52m | 9.0 | 2023 |
| 49 | Dendrogenix 4000 Liège | €5.28m | — | €3.29m | 8.0 | 2025 |
| 50 | Epicuris 4432 Ans | €5.27m | 164,183 € | €2.94m | 12.6 | 2025 |
Ranking based on each company's own annual accounts (statutory, not consolidated): a subsidiary and its parent appear separately, and the ranking differs from lists based on consolidated group accounts.
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
Scientific research and development across Belgium → All sectors · Wallonia →
Other sectors · Wallonia
- 01 Crop and animal production, hunting and related service activities2,551
- 02 Forestry and logging541
- 03 Fishing and aquaculture31
- 08 Other mining and quarrying121
- 09 Mining support service activities17
- 10 Manufacture of food products1,476
- 11 Manufacture of beverages275
- 13 Manufacture of textiles155
- 14 Manufacture of wearing apparel101
- 15 Manufacture of leather and related products of other materials18
- 16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials442
- 17 Manufacture of paper and paper products57
- 18 Printing and reproduction of recorded media531
- 20 Manufacture of chemicals and chemical products240
- 21 Manufacture of basic pharmaceutical products and pharmaceutical preparations178
- 22 Manufacture of rubber and plastic products196
- 23 Manufacture of other non-metallic mineral products441
- 24 Manufacture of basic metals140
- 25 Manufacture of fabricated metal products, except machinery and equipment1,528
- 26 Manufacture of computer, electronic and optical products210
- 27 Manufacture of electrical equipment185
- 28 Manufacture of machinery and equipment n.e.c.379
- 29 Manufacture of motor vehicles, trailers and semi-trailers114
- 30 Manufacture of other transport equipment56
- 31 Manufacture of furniture279
- 32 Other manufacturing409
- 33 Repair, maintenance and installation of machinery and equipment653
- 35 Electricity, gas, steam and air conditioning supply275
- 36 Water collection, treatment and supply19
- 37 Sewerage67
- 38 Waste collection, recovery and disposal activities297
- 39 Remediation activities and other waste management service activities29
- 41 Construction of residential and non-residential buildings4,194
- 42 Civil engineering476
- 43 Specialised construction activities12,036
- 46 Wholesale trade8,103
- 47 Retail trade12,956
- 49 Land transport and transport via pipelines1,820
- 50 Water transport41
- 51 Air transport53
- 52 Warehousing, storage and support activities for transportation567
- 53 Postal and courier activities126
- 55 Accommodation1,322
- 56 Food and beverage service activities6,704
- 58 Publishing activities410
- 59 Motion picture, video and television programme production, sound recording and music publishing activities596
- 60 Programming, broadcasting, news agency and other content distribution activities69
- 61 Telecommunication130
- 62 Computer programming, consultancy and related activities5,398
- 63 Computing infrastructure, data processing, hosting and other information service activities468
- 64 Financial service activities, except insurance and pension funding3,809
- 65 Insurance, reinsurance and pension funding, except compulsory social security111
- 66 Activities auxiliary to financial services and insurance activities2,333
- 68 Real estate activities12,716
- 69 Legal and accounting activities5,344
- 70 Activities of head offices and management consultancy12,304
- 71 Architectural and engineering activities; technical testing and analysis3,982
- 73 Activities of advertising, market research and public relations2,472
- 74 Other professional, scientific and technical activities1,210
- 75 Veterinary activities727
- 77 Rental and leasing activities793
- 78 Employment activities299
- 79 Travel agency, tour operator and other reservation service and related activities262
- 80 Investigation and security activities133
- 81 Services to buildings and landscape activities1,907
- 82 Office administrative, office support and other business support activities2,357
- 84 Public administration and defence; compulsory social security39
- 85 Education1,498
- 86 Human health activities14,910
- 87 Residential care activities736
- 88 Social work activities without accommodation561
- 90 Arts creation and performing arts activities659
- 91 Libraries, archives, museums and other cultural activities85
- 92 Gambling and betting activities46
- 93 Sports activities and amusement and recreation activities1,303
- 94 Activities of membership organisations326
- 95 Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles1,291
- 96 Personal service activities1,967
Municipalities with the most companies in the sector · Wallonia
- 4000 Liège (Glain, Rocourt)39
- 6041 Charleroi (Gosselies)33
- 1410 Waterloo16
- 1300 Wavre (Limal)11
- 1348 Ottignies-Louvain-la-Neuve (Louvain-La-Neuve)9
- 4020 Liège (Bressoux, Jupille-Sur-Meuse, Wandre)9
- 5032 Gembloux (Bossière, Bothey, Corroy-Le-Château, …)9
- 1435 Mont-Saint-Guibert (Corbais, Hévillers)8
- 1380 Lasne (Couture-Saint-Germain, Lasne-Chapelle-Saint-Lambert, Maransart, …)7
- 4102 Seraing (Ougrée)6
- 7000 Mons6
- 1370 Jodoigne (Dongelberg, Jauchelette, Jodoigne-Souveraine, …)5
Frequently asked questions
Which is the largest company in Scientific research and development in Wallonia?
By total assets, it is MDxHealth (€159.3m, financial year 2025).
How many companies in Scientific research and development in Wallonia are ranked?
396 out of 409 active companies in the sector with their registered office in the area: those whose latest accounts are less than 3 years old.
Why does this ranking differ from other lists?
It uses each company's annual accounts as filed with the National Bank, not consolidated group accounts. A holding, a subsidiary or a purchasing entity can therefore appear separately. Only companies whose latest accounts are less than 3 years old are ranked.
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Active companies (legal entities) that have filed at least one set of annual accounts, based on the Crossroads Bank for Enterprises and the National Bank of Belgium. The sector is the main activity in the register; the municipality is that of the registered office. Data updated on 12 Nov 2026.