MÉRAUD
ActiveSummary
The annual accounts of MÉRAUD for financial year 2025 show a net loss of 53% of the equity at the start of that year. The 2025 annual accounts show equity of €40,233 and a net result of -€45,275. Equity has been shrinking by about 56% per year since 2023. If that trend continues, it turns negative around financial year 2026. Its solvency ranks better than 36% of 250 sector peers (NACE 26, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.8% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 16-06-2023 Normal situation
- Activity
- Manufacture of computer, electronic and optical products NACE 26520and 4 others
- Establishment unit
- 2.346.047.740 9031 Gent, since 16-06-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 28-08-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.8%
- Gross margin
- -€21,774
- ▲ 25.5%
- Loss
- €45,275
- ▼ 10.3%
- Equity
- €40,233
- ▼ 52.9%
- Total assets
- €139,164
- ▼ 34.7%
- €509 of overdue tax debts on 31-12-2025
- 2025 accounts filed 60 days after the deadline
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLast filed accounts filed 60 days late; 2 of the last 3 accounts lateLoss of €45,275, the second in a row (financial year 2025)lowers riskSector: Manufacture of computer, electronic and optical products (NACE 26)Size: total assets €139,164Show the evidence
Checked score
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 26, micro). It does better than 36% of them on solvency, 15% on liquidity, 10% on profitability and 12% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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Signals
The company filed its last 3 accounts on average 60 days after the deadline. In the sector (NACE 26), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00531179.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a loss of €39,653, smaller than the loss of €47,645 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of computer, electronic and optical products (NACE 26). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Overdue debts
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Overdue tax debts | - | - | €509 |
| Overdue social security (RSZ) debts | - | - | €0 |
Source: notes to the 2023 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | - | €0 |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €59,431 | €18,334 | €2,692 |
| Intangible fixed assets | €10,000 | - | - |
| Financial fixed assets | €1,200 | - | - |
| Depreciation and write-downs of the year | €5,041 | €15,089 | €16,092 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as MÉRAUD: manufacture of computer, electronic and optical products (NACE 26520). They are comparable in size and age: total assets between €39,000 and €193,000, founded between 2011 and 2024.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| MÉRAUD Gent | 2023 | €139,164 | €40,233 | -€21,774 | -€45,275 | 2025 |
| Atelier Jalaper Ukkel | 2019 | €192,546 | €7,439 | -€59,533 | -€73,769 | 2025 |
| VELOM Morlanwelz | 2024 | €60,999 | €5,598 | €6,480 | €598 | 2025 |
| SYNED Ukkel | 2021 | €38,979 | €37,423 | -€3,944 | -€5,481 | 2025 |
| SARTON 1748 Trooz | 2015 | €78,406 | €75,032 | -€1,403 | -€6,738 | 2025 |
| CIGA DESIGN EUROPE Oudergem | 2011 | €184,163 | -€19,699 | -€20,914 | -€24,107 | 2025 |
| DVR WATCHES Lasne | 2023 | €136,336 | €66,228 | €39,398 | €10,520 | 2025 |
They were chosen from the 27 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 1,207 companies had the same profile as MÉRAUD has now. Two years later, 4.6% had gone bankrupt and 90.1% were still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MÉRAUD itself is lower: 0.8% within 12 months. It rests on far more data about MÉRAUD than the profile alone.
Test of the method
The method was tested on the 497,446 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 1,207 companies, not a prediction for MÉRAUD. 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,041 | €15,089 | €16,092 | ▲ 6.6% |
| Other operating charges640/8 | €481 | €3,332 | €1,786 | ▼ 46.4% |
| Non-recurring operating charges66A | €8,744 | €0 | - | - |
| Gross operating margin9900 | €208,638 | -€29,224 | -€21,774 | ▲ 25.5% |
| Operating profit (loss)9901 | €194,373 | -€47,645 | -€39,653 | ▲ 16.8% |
| Financial income75/76B | €1,723 | €4,284 | €7 | ▼ 99.8% |
| Recurring financial income75 | €1,723 | €4,284 | €7 | ▼ 99.8% |
| Financial charges65/66B | €34,408 | €7,023 | €5,329 | ▼ 24.1% |
| Recurring financial charges65 | €34,408 | €7,023 | €5,329 | ▼ 24.1% |
| Profit (loss) for the period before taxes9903 | €161,688 | -€50,385 | -€44,975 | ▲ 10.7% |
| Income taxes67/77 | €35,680 | €115 | €300 | ▲ 161% |
| Profit (loss) for the period9904 | €126,008 | -€50,500 | -€45,275 | ▲ 10.3% |
| Profit (loss) for the period to be appropriated9905 | €126,008 | -€50,500 | -€45,275 | ▲ 10.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €263,591 | €213,047 | €139,164 | ▼ 34.7% |
| Fixed assets21/28 | €65,590 | €68,835 | €55,044 | ▼ 20.0% |
| Intangible fixed assets21 | €9,221 | €7,793 | €6,364 | ▼ 18.3% |
| Tangible fixed assets22/27 | €55,169 | €59,842 | €47,480 | ▼ 20.7% |
| Plant, machinery and equipment23 | €1,875 | €1,681 | €4,134 | ▲ 146% |
| Furniture and vehicles24 | €53,295 | €49,228 | €36,173 | ▼ 26.5% |
| Other tangible fixed assets26 | - | €8,933 | €7,173 | ▼ 19.7% |
| Financial fixed assets28 | €1,200 | €1,200 | €1,200 | = |
| Current assets29/58 | €198,001 | €144,213 | €84,120 | ▼ 41.7% |
| Stocks and contracts in progress3 | - | €87,418 | €49,025 | ▼ 43.9% |
| Stocks30/36 | - | €87,418 | €49,025 | ▼ 43.9% |
| Amounts receivable within one year40/41 | €48,231 | €11,836 | €23,312 | ▲ 97.0% |
| Trade receivables40 | €12,629 | €0 | €7,885 | - |
| Other amounts receivable41 | €35,602 | €11,836 | €15,427 | ▲ 30.3% |
| Cash at bank and in hand54/58 | €148,439 | €44,958 | €11,782 | ▼ 73.8% |
| Deferred charges and accrued income490/1 | €1,330 | €0 | €0 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €263,591 | €213,047 | €139,164 | ▼ 34.7% |
| Equity10/15 | €136,008 | €85,508 | €40,233 | ▼ 52.9% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €126,008 | €75,508 | €30,233 | ▼ 60.0% |
| Amounts payable17/49 | €127,583 | €127,539 | €98,931 | ▼ 22.4% |
| Amounts payable after more than one year17 | €25,630 | €18,692 | €4,515 | ▼ 75.8% |
| Financial debts170/4 | €25,630 | €18,692 | €4,515 | ▼ 75.8% |
| Amounts payable within one year42/48 | €101,953 | €108,847 | €94,403 | ▼ 13.3% |
| Current portion of amounts payable after more than one year42 | €6,649 | €6,938 | €15,135 | ▲ 118% |
| Financial debts43 | - | - | €548 | - |
| Credit institutions430/8 | - | - | €548 | - |
| Trade debts44 | €28,235 | €54,155 | €18,529 | ▼ 65.8% |
| Suppliers440/4 | €28,235 | €54,155 | €18,529 | ▼ 65.8% |
| Advances received on contracts in progress46 | - | €4,300 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €67,068 | €37,020 | €3,984 | ▼ 89.2% |
| Taxes450/3 | €67,068 | €37,020 | €3,984 | ▼ 89.2% |
| Remuneration and social security454/9 | - | - | €0 | - |
| Other amounts payable47/48 | - | €6,433 | €56,208 | ▲ 774% |
| Accrued charges and deferred income492/3 | - | - | €13 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €126,008 | -€50,500 | -€45,275 | ▲ 10.3% |
| + Depreciation and write-downs630 | €5,041 | €15,089 | €16,092 | ▲ 6.6% |
| Operating cash flow (approximation) | €131,049 | -€35,410 | -€29,182 | ▲ 17.6% |
| Investment in fixed assets (approximation) | - | -€18,334 | -€2,302 | ▲ 87.4% |
| Change in cash | - | -€103,482 | -€33,175 | ▲ 67.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Owners and capital
Shareholders
- BUSSCHAERT Stijn André Jeanette sole founder · 100% at incorporation
Capital transactions
- 20-06-2023 Incorporation · €10,000 · 100 shares
Articles of association
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 20-06-2023 (in Dutch)
Network & group
MÉRAUD shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of MÉRAUD. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
20-06
Gazette deed
IncorporationStarting capital €10,000 · Appointment: BUSSCHAERT Stijn André Jeanette (director) · Founder9 points ▸
- Incorporation, 13-06-2023
- Founder, BUSSCHAERT Stijn André Jeanette
- Founding capital, €10,000
- Bank account, “BNP Paribas Fortis, deponering stortingen” (deed in Dutch)
- Registered office clause, “9031 Gent,Doornplasstraat 34” (deed in Dutch)
- Board rule, 1
- Director appointment, BUSSCHAERT Stijn André Jeanette (director (not named in the articles))
- Other provision, “voorafgaandelijk schriftelijk, verklaring verbodsbepaling en aanvaarding” (deed in Dutch)
- Pre-incorporation commitments, “takeover, alle verbintenissen,verplichtingen en activiteiten in naam en voor rekening van vennootschap in oprichting” (deed in Dutch)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
18 activities
- Creatie, vervaardiging en herstelling van uurwerken, sierraden, artikelen van leer en allerlei ander textiel;
- Merchandising en productie van uurwerken, sierraden, artikelen van leer en allerlei ander textiel;
- Fotografie, digitale beeldverwerking en grafische vormgeving;
- Handelsbemiddeling en import/export;
- Groothandel en kleinhandel in uurwerken, sierraden, textiel, kleding, schoeisel en artikelen van leer;
- Alle mogelijke advies- en/of dienstenfuncties, consultancy, opleidingen, technische expertise en bijstand, het geven van advies en verstrekken van diensten met betrekking tot de organisatie en het beheer van berdrijven, de vertegenwoordiging en het optreden als commercieel tussenpersoon;
- Het uitvoeren van alle studies en onderzoek; het verrichten van marktonderzoek; promotie; raadgeving; prospectie; marketing; technoconsult; assistentie en dienstverlening op gebied van management, engineering en consultancy, technisch, commercieel, administratief, beheer en advies;
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een onroerend vermogen: alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten, zoals de huurfinanciering van onroerende goederen, het ontwerpen en opvolgen van projecten, en het maken van studies met betrekking tot immobiliën, de aan- en verkoop, huur en verhuur van roerende goederen betreffende de inrichting en uitrusting van onroerende goederen, alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit doel in verband staan en die van aard zijn de opbrengst van de onroerende goederen te bevorderen; alsmede zich borg te stellen voor het goede verloop van verbintenissen, door derde personen aangegaan, die het genot zouden hebben van voormelde roerende en onroerende goederen;
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een roerende vermogen; alle verrichtingen, met betrekking tot roerende goederen en rechten, van welke aard ook zoals de aan-en verkoop, de huur en verhuur, de ruil; in het bijzonder het beheer en de valorisatie van alle verhandelbare waardepapieren, aandelen, obligaties, staatsfondsen;
- Het verwerven en aanhouden van participaties, in eender welke vorm, in alle bestaande of op te richten industriële, commerciële, financiële, landbouw- of immobiliënvennootschappen of –ondernemingen, het stimuleren, de planning en coördinatie van de ontwikkeling van de vennootschappen en ondernemingen, waarin ze een participatie aanhoudt; het deelnemen aan hun beheer, bestuur, vereffening en toezicht alsmede het verlenen van technische, administratieve en financiële bijstand aan deze vennootschappen en ondernemingen.
- Daartoe kan de vennootschap samenwerken met, deelnemen in Belgische of vreemde, bestaande of op te richten vennootschappen en ondernemingen, door inschrijving, inbreng, ruil, koop, afstand, fusie of op welke andere wijze ook, of op gelijk welke wijze rechtstreeks of onrechtstreeks, belangen nemen in andere ondernemingen.
- De vennootschap kan zowel tot waarborg van eigen verbintenissen als tot waarborg van verbintenissen van derden borg stellen, onder meer door haar goederen in hypotheek of in pand te geven, inclusief de eigen handelszaak.
- De vennootschap kan eveneens optreden als bestuurder, volmachtdrager, mandataris of vereffenaar in andere vennootschappen of ondernemingen.
- De vennootschap kan in het algemeen alle commerciële, industriële, financiële, roerende of onroerende handelingen verrichten in rechtstreeks of onrechtstreeks verband met haar maatschappelijk doel of welke van aard zouden zijn de verwezenlijking ervan geheel of ten dele te vergemakkelijken.
- Zij heeft in het algemeen de volle rechtsbekwaamheid om alle handelingen en verrichtingen te voltrekken die een rechtstreeks of onrechtstreeks verband houden met haar voorwerp of welke van die aard zouden zijn dat zij de verwezenlijking van dit voorwerp, rechtstreeks of onrechtstreeks, geheel of ten dele vergemakkelijken.
- Zij kan belangen nemen door associatie, inbreng, fusie, financiële tussenkomst of op gelijk welke andere wijze, in alle vennootschappen, verenigingen of ondernemingen met een identiek, gelijklopend of samenhangend voorwerp met het hare of die van aard kunnen zijn de ontwikkeling van haar onderneming te begunstigen of een bron van afzetten te vormen.
- Zij kan de functies van bestuurder of vereffenaar uitoefenen in andere vennootschappen.
- De vennootschap mag zich borgstellen of zakelijke zekerheden verlenen ten voordele van vennootschappen of particulieren, in de meest ruime zin.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44017C0133/00N000 | Flanders | 877 m² | 1 · 120 m² | 0.1 m |