M.E.R.E.L.
ActiveM.E.R.E.L. has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €32k and a net result of €-7k. Equity is growing by ~12.2% per year across the filed fiscal years. Its solvency ranks better than 36% of 18039 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
56
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability46▼-23
Solvency43▼-1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity tight (current ratio 1.26 against 1.47 in 2024; short-term debt: 21.5% and cash: 7.7% of total assets), and 82.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.5%
Return on assets
-3.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
6 d early
2022
7 d early
2021
27 d early
2020
25 d early
2019
5 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€32k▼ 17.4%
2024 · €39k
2018: €15k
2019: €17k
2020: €17k
2021: €29k
2022: €35k
2023: €38k
2024: €39k
2018 → 2025
Total assets
€183k▼ 8.4%
2024 · €199k
2018: €88k
2019: €244k
2020: €259k
2021: €278k
2022: €258k
2023: €259k
2024: €199k
2018 → 2025
Net result
€-7k
2024 · €243
2018: €6k
2019: €2k
2020: €506
2021: €11k
2022: €6k
2023: €3k
2024: €243
2018 → 2025
Working capital
€10k▼ 40.8%
2024 · €17k
2018: €43k
2019: €495
2020: €844
2021: €-1k
2022: €3k
2023: €-700
2024: €17k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€29k-€35k▲ 20.9%€38k▲ 9.9%€39k▲ 0.6%€32k▼ 17.4%
Operating result€18k-€14k▼ 22.2%€7k▼ 53.1%€11k▲ 62.4%€-781
Net result€11k-€6k▼ 47.2%€3k▼ 42.9%€243▼ 93.0%€-7k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €781 after €11k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €183k
Fixed assets
€133k▼ 8.6%
Current assets
€49k▼ 7.9%
Equity and liabilities €183k
Equity
€32k▼ 17.4%
Debt
€151k▼ 6.3%
The debt ratio rises from 80.6% to 82.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12k▼
2024 · €31k
Cash flow
€6k▼
2024 · €20k
Solvency
17.5%▼
2024 · 19.4%
Current ratio
1.26▼
2024 · 1.47
Quick ratio
0.60▼
2024 · 0.76
Debt / equity
4.71▲
2024 · 4.15
ROE
-21.0%▼
2024 · 0.6%
ROA
-3.7%▼
2024 · 0.1%
Interest coverage
3.84▼
2024 · 6.57
Debt
€151k▼
2024 · €161k
Debt ≤ 1 year
€39k▲
2024 · €37k
Debt > 1 year
€111k▼
2024 · €124k
Income taxes
€3k▼
2024 · €6k
Staff costs
€405
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€199k€183k▼
Fixed assets21/28€146k€133k▼
Tangible fixed assets22/27€145k€132k▼
Land and buildings22€139k€129k▼
Plant, machinery and equipment23€5k€3k▼
Furniture and vehicles24€1k€0▼
Financial fixed assets28€1k€1k=
Current assets29/58€54k€49k▼
Stocks and contracts in progress3€26k€26k=
Stocks30/36€26k€26k=
Amounts receivable within one year40/41€17k€9k▼
Trade receivables40€9k€4k▼
Other amounts receivable41€8k€6k▼
Cash at bank and in hand54/58€11k€14k▲
Equity and liabilities
Total equity and liabilities10/49€199k€183k▼
Equity10/15€39k€32k▼
Contributions10/11€6k€6k=
Reserves13€32k€26k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€31k€24k▼
Amounts payable17/49€161k€151k▼
Amounts payable after more than one year17€124k€111k▼
Financial debts170/4€124k€111k▼
Amounts payable within one year42/48€37k€39k▲
Current portion of amounts payable after more than one year42€14k€13k▼
Financial debts43€1k€588▼
Credit institutions430/8€1k€588▼
Trade debts44€4k€4k▲
Suppliers440/4€4k€4k▲
Taxes, remuneration and social security45€7k€1k▼
Taxes450/3€7k€1k▼
Other amounts payable47/48€10k€20k▲
Income statement
Code20242025
Non-recurring operating income76A€1k€0▼
Remuneration, social security and pensions62-€405
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€20k€13k▼
Other operating charges640/8€2k€2k▼
Non-recurring operating charges66A€10k€0▼
Gross operating margin9900€42k€14k▼
Operating profit (loss)9901€11k€-781▼
Financial income75/76B€102€126▲
Recurring financial income75€102€126▲
Financial charges65/66B€5k€3k▼
Recurring financial charges65€5k€3k▼
Profit (loss) for the period before taxes9903€6k€-4k▼
Income taxes67/77€6k€3k▼
Profit (loss) for the period9904€243€-7k▼
Profit (loss) for the period to be appropriated9905€243€-7k▼
Appropriation of the result
Profit (loss) to be appropriated9906€243€-7k▼
Transfer from equity791/2-€7k
Transfer to equity691/2€243€0▼
To other reserves6921€243€0▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet €-7k ▼2869%
Net result drops to €-7k, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €11k ▲2167%
Operating result €18k, net result €11k, both a record.
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
05-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 5 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Heist-op-den-Berg · 1 establishment unit since 2011
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Stationsstraat 32220 Heist-op-den-BergGround area
123 m²
Building footprint
102 m²
Volume, LiDAR
584 m³
Parcel 12322I0462/00L003, Flanders · tallest building 9.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
M.E.R.E.L.
since 20112.198.834.503
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12322I0462/00L003 | Flanders | 123 m² | 1 · 102 m² | 9.5 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
ONDERNEMING ISABELLE HOSTE
BE 0454.469.249
Wevelgem · Eq €32k
GLOREA
BE 0426.222.750
Elsene · Eq €32k
ADIS BEAUTY
BE 0559.850.346
Mons · Eq €32k
SLDR CONCEPT
BE 0798.648.708
Sint-Lambrechts-Woluwe · Eq €32k
FABOZ
BE 0793.800.488
Temse · Eq €32k
Of 2,072 companies in sector 47750 we hold annual accounts for 518. 400 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded11-04-2011
Fiscal year end31-12
Activities, NACEBEL
47750Retail sale of cosmetics and toilet articles
43990Other specialised construction activities
43999Specialised construction activities
96022Beauty treatment
96040Personal service activities
96220Beauty care and other beauty treatments
96230Day spas, saunas and steam baths
Sources
Crossroads Bank for EnterprisesNational Bank · 14 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.