Equity
€111,969 ▲ 246%
Equity rose in 2025 from €32,392 to €111,969.
FML Holding
Overview
Lifetime
2 annual accounts with figures on one time axispeak €160,268 (2025)
€160,268▲ 184%
peak €79,577 (2025)
€79,577▲ 166%
peak €111,969 (2025)
€111,969▲ 246%
€336,741▲ 350%
Board1 name since 2024
1 directorMERGEAI Fabrice Ghislain
Documentsfilings and deeds
29-08-202629 days late
2025micro format
Gross margin from €56,477 to €160,268Result from €29,892 to €79,577Equity from €32,392 to €111,969Debts from €74,844 to €336,741Investments €369,846
Key points
from the 2025 annual accountsTurnover
≈ €270,000 estimated
The micro format states no turnover.
Debts
€336,741 75% of the balance sheet
Financial debts 77%Suppliers 0%Taxes and wages 14%Other 8%
Of this, €60,611 falls due within a year.
Investments
€429,769 19.5 × depreciation
Green is investment, beige is depreciation.
Starting capital
€2,500
Position in the sector
€160,268
Higher gross margin than 85% of companies in head offices and management consultancy. Sector median €53,339 · 39,334 companies.
2025 accounts filed 29 days after the deadline
Checked score
93
Excellent
Financially stronger than 58% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
09-2025: 0.1%lowest value
10-2025: 0.1%● unchanged vs 09-2025lowest value
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 0.1%▼ -0.1 percentage points vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Founded in 2024
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Size: total assets €448,710
Figures for financial year 2025 (filed on 30-08-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 27% of them on solvency, 50% on liquidity, 60% on profitability and 96% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 7,976 companies had the same profile as FML Holding has now. Each dot stands for 20 companies, two years later.
94.3%
were still trading
1.8%
stopped another way
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FML Holding itself is lower: 0.1% within 12 months. It rests on far more data about FML Holding than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,976 companies, not a prediction for FML Holding. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €10,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record
Liquidity is insufficient, with a current ratio of 0.68 (0.9 in 2024), below 1. Short-term debt is 13.5% and cash 8.6% of total assets. 75% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 29 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
29 days late
2024
27 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 28 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Incorporation
Founding capital of €2,500 · Founder: MERGEAI Fabrice Ghislain · Appointment: MERGEAI Fabrice Ghislain (director) · published on 07-08-2024 · Gazette deed
First establishment
Rue L. Maréchal 188, Oreye
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| FML Holding Oreye | €448,710 | €160,268 | 25.0% | - |
| NELSONTREE Aarschot | €439,243 | €158,138 | 43.7% | - |
| MIKKEL CONSULT Kuurne | €416,388 | €143,411 | 28.2% | - |
| BSW Invest Antwerp | €439,612 | €149,814 | 83.9% | - |
| Heimdall Wevelgem | €489,588 | €183,800 | 30.3% | - |
| ONIS Invest Riemst | €492,374 | €171,871 | 11.4% | - |
| Flying Turtles Genappe | €441,499 | €135,296 | 23.6% | - |
These companies have the same main activity as FML Holding: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €416,000 and €492,000, founded in 2024.
Official details
Source: KBO- Status
- Active since 05-08-2024Normal situation
- Activity
- Business and other management consultancyNACE 70200and 2 others
- Establishment unit
- 2.363.511.0074360 Oreye, since 05-08-2024
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €160,268▲ 184%
- €79,577▲ 166%
- €111,969▲ 246%
- €448,710▲ 318%
- Filing
- Filed on 29-08-2026
Insights on FML Holding
The balance sheet grew most in 2025 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 29-08-2026, 29 days late€160,268
▲ 184%
€110,955
▲ 182%
€79,577
▲ 166%
-€19,681
▼ €14,643
25.0%
▼ 5.3 percentage points
0.68
▼ 0.23
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €270,000. Estimated: probably between €230,000 and €320,000.
Balance sheet
balance sheet total €448,710 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
25.0%
Higher than 26% of 39,368 companies in 2025.
0.68
Higher than 15% of 38,051 companies in 2025.
17.7%
Higher than 55% of 38,523 companies in 2025.
FML Holding
Middle half of the sector
80% of the sector
Micro accounts in head offices and management consultancy (NACE 70)
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
448,710 | 107,236 | |
21/28 |
407,779 | 59,923 | |
22/27 |
407,779 | 59,923 | |
22 |
327,710 | - | |
24 |
80,069 | 59,923 | |
28 |
0 | 0 | |
29/58 |
40,931 | 47,313 | |
54/58 |
38,610 | 46,014 | |
490/1 |
2,321 | 1,298 | |
| Balance sheet: equity and liabilities | |||
10/49 |
448,710 | 107,236 | |
10/15 |
111,969 | 32,392 | |
10/11 |
2,500 | 2,500 | |
14 |
109,469 | 29,892 | |
17/49 |
336,741 | 74,844 | |
17 |
259,381 | - | |
170/4 |
259,381 | - | |
42/48 |
60,611 | 52,351 | |
42 |
11,667 | - | |
44 |
1,219 | 25,661 | |
440/4 |
1,219 | 25,661 | |
45 |
47,725 | 26,690 | |
450/3 |
47,725 | 26,690 | |
492/3 |
16,749 | 22,493 | |
| Income statement | |||
9900 |
160,268 | 56,477 | |
630 |
21,990 | 4,916 | |
640/8 |
27,323 | 12,240 | |
9901 |
110,955 | 39,321 | |
75/76B |
0 | - | |
75 |
0 | - | |
65/66B |
4,166 | 11 | |
65 |
4,166 | 11 | |
9903 |
106,789 | 39,311 | |
67/77 |
27,213 | 9,418 | |
9904 |
79,577 | 29,892 | |
9905 |
79,577 | 29,892 | |
| Appropriation of the result | |||
9906 |
109,469 | 29,892 | |
14P |
29,892 | - | |
| Document | |||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 29 days after the deadline. Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00453176.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| 132,945 | 44,237 | ||
| 101,566 | 34,808 | ||
| 429,769 | 64,839 | ||
| -7,404 | - | ||
| -19,681 | -5,038 | ||
| 25.0% | 30.2% | ||
| 0.68 | 0.90 | ||
| 3.01 | 2.31 | ||
| 71.1% | 92.3% | ||
| 17.7% | 27.9% | ||
| 31.91 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €429,769 | €64,839 |
| Financial fixed assets | - | €0 |
| €21,990 | €4,916 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on FML Holding
The operating result for 2025 is 182% higher than in 2024.
Debt's share of the balance-sheet total rises from 69.8% to 75.0%. Equity and debt are higher.
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
since 05-08-2024
term without a fixed end
listed in the 2025 annual accounts, filed on 29-08-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 07-08-2024
Mandates through the years
1 name, the dashed line is todayMERGEAI Fabrice Ghislain
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- MERGEAI Fabrice Ghislain
- Director (not named in the articles), from 05-08-2024 to date
Control
Capital
- Contribution
- €2,500
- Source
- deed of 07-08-2024
Articles of association
deed of 07-08-2024 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs proportionnellement si plusieurs, cessions entre vifs,transmissions cause de mort”
Founder
At incorporation
deed of 07-08-2024 ↗
- MERGEAI Fabrice Ghislain sole founder · 100% at incorporation
Network & group
No group
FML Holding has no parent and no holdings in its annual accounts. MERGEAI Fabrice Ghislain is the only director.
Earlier ties
| SAPIN via Fabrice MERGEAI, no longer at SAPIN · Director · deed of 29-07-2022 founded in 1986 |
7.9 FTE (2025) |
Connections & network
The network starts from the earlier ties.
This company
Company
Director
Shareholding
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Timeline
Timeline
5 events since 2024Filings
Financial
Establishments
202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · 29 days late
2025
Equity above €100,000 equity €111,969 ▲246% With a profit in every financial year since 2024, equity grows to €111,969.
Annual accounts 2024 filed NBBmicro format · 27 days late
2024
IncorporationFounding capital of €2,500 · Founder: MERGEAI Fabrice Ghislain · Appointment: MERGEAI Fabrice Ghislain (director) · published on 07-08-20246 points ▸
- Founder, MERGEAI Fabrice Ghislain
- Founding capital, €2,500
- 25 shares
- Registered office clause, Rue Louis Maréchal 188B, 4360 Oreye (Bergilers)
- Director appointment, MERGEAI Fabrice Ghislain (director (not named in the articles))
- Permanent representative, MERGEAI Fabrice Ghislain, mentioned twice in the deed
- The deed holds 3 more points.
First establishment Rue L. Maréchal 188, Oreye
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
FML Holding was incorporated on 5 August 2024 as a private limited company by one natural person, with a starting capital of €2,500.12 Since 2024, MERGEAI Fabrice Ghislain has served as director.3 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Company details
Identity
- Enterprise number
- 1012.229.048
- VAT number
- BE 1012.229.048
- Peppol ID
- 0208:1012229048
- Other Peppol ID
- 9925:BE1012229048
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 05-08-2024
- Financial year
- ends on 31 December
- Peppol
- Reachable via PeppolFollow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- FML Holding in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 07-08-2024 (in French)
- Name clauseThe company operates under this name according to its articles.
- FML Holdingdeed of 07-08-2024 (in French)
Activities
NACEBEL 202570200
Business and other management consultancy main activity
Codes under NACEBEL 2008
70220
Business consulting main activity
64200
Holdings
66199
Activities auxiliary to financial services and insurance activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “À l’achat, la vente, la location, la concession du droit d’exploiter, l’exploitation ou la gestion, de toutes entreprises, commerces ou…”deed of 07-08-2024 (in French)
6 activities
- À l’achat, la vente, la location, la concession du droit d’exploiter, l’exploitation ou la gestion, de toutes entreprises, commerces ou fonds de commerce
- À toutes opérations de gestion et d’administration comme holding, de placement, de détention à moyen ou long terme d’actions ou parts de sociétés belges ou étrangères, en vue d’en contrôler ou non les décisions via le droit de vote lié aux actions ou parts, ainsi que toutes opérations en vue de maximiser la valeur et les revenus des sociétés dont les actions ou parts sont détenues
- À la constitution et au développement de sociétés par voie d'apports, prêts ou investissements généralement quelconques
- Au conseil pour les affaires et le management en général, et dans les domaines administratif, financier, commercial, technique, organisationnel ou de la communication en particulier
- À tout conseil de gestion, de consultance et toute autre prestation de services
- À l’exercice de tous mandats d’administrateur, gérant ou liquidateur, et en général, tous mandats et fonctions dans des sociétés, entreprises, associations ou organismes publics
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Rue L. Maréchal 188 registered office 4360 Oreye | 05-08-2024 | 2.363.511.007 |