MERCATOR
ActiveSummary
MERCATOR has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.9m and a net result of €911,195. Equity is growing by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 75% of 113 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability35▲+4
Solvency100=
Growth69=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600,000 at 30 days acceptable
Liquidity ample (current ratio 4.14 against 2.05 in 2024; short-term debt: 11.3% and cash: 10.5% of total assets), and 20.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 02
Relative position
BE, all sectors
reference
Forestry and logging (NACE 02)
about 55% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
79.4%
Return on assets
9.1%
Age of the figures
9 mo
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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
35 d early
2023
5 d early
2022
31 d late
2021
29 d late
2020
30 d late
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 19 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#1 company by equity in the province of Liège, Forestry sector#2 company by total assets in the province of Liège, Forestry sector
Turnover
€288,305▼ 0.5%
2020 · €289,616
EBIT margin
8.2%▲ 9.7pp
2020 · -1.4%
Net result
€911,195▲ 3.7%
2024 · €878,552
Working capital
€3.5m▲ 87.3%
2024 · €1.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 02, Forestry and logging, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€288,305▼ 0.5%
Operating result€23,725-€121,874-€236,234▼ 93.8%-€261,571▼ 10.7%-€247,089▲ 5.5%
Net result€628,578▲ 2,151%-€561,765below the sector's middle half-€168,121below the sector's middle half▲ 70.1%€878,552above the sector's middle half€911,195above the sector's middle half▲ 3.7%
EBIT margin8.2%▲ 9.7pp
Equity€5.9m▲ 12.0%€6.6mabove the sector's middle half▲ 11.7%€6.4mabove the sector's middle half▼ 2.6%€7.0mabove the sector's middle half▲ 9.8%€7.9mabove the sector's middle half▲ 13.0%
Total assets€7.4m▲ 3.0%€8.2mabove the sector's middle half▲ 11.4%€8.3mabove the sector's middle half▲ 0.6%€9.1mabove the sector's middle half▲ 10.7%€10.0mabove the sector's middle half▲ 9.5%
Debt€1.5m▼ 21.7%€1.6m▲ 10.1%€1.9m▲ 13.1%€2.1m▲ 13.6%€2.1m▼ 2.2%
Working capital€4.2m▲ 63.9%€3.5m▼ 17.0%€2.7m▼ 21.1%€1.9m▼ 30.7%€3.5m▲ 87.3%
Solvency79.8%▲ 6.4pp80.0%above the sector's middle half▲ 0.2pp77.5%above the sector's middle half▼ 2.5pp76.9%above the sector's middle half▼ 0.6pp79.4%within the sector's middle half▲ 2.5pp
Staff (FTE)0.8▲ 300%1.6within the sector's middle half▲ 100%2within the sector's middle half▲ 25.0%2within the sector's middle half=2within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 02, Forestry and logging, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €247,089 in 2025 against €261,571 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.0m
Fixed assets
€5.3m ▼ 2.0%
Current assets
€4.7m ▲ 26.4%
Equity and liabilities €10.0m
Equity
€7.9m ▲ 13.0%
Debt
€2.1m ▼ 2.2%
Debt's share of the balance-sheet total falls from 23.1% to 20.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€36,243▲
2024 · -€24,186
Cash flow
€1.2m▲
2024 · €1.1m
Current ratio
4.14▲
2024 · 2.05
Quick ratio
4.11▲
2024 · 2.03
Debt to equity
0.26▼
2024 · 0.30
ROE
11.5%▼
2024 · 12.5%
ROA
9.1%▼
2024 · 9.6%
Interest coverage
0.54▲
2024 · -0.20
Debt ≤ 1 year
€1.1m▼
2024 · €1.8m
Debt > 1 year
€929,164▲
2024 · €292,471
Income taxes
€2,188▼
2024 · €2,575
Staff costs
€80,746▼
2024 · €105,697
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,349 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €325,663 | - | - | - | - | - |
| Turnover70 | €288,305 | - | - | - | - | - |
| Other operating income74 | €8,499 | - | - | - | - | - |
| Non-recurring operating income76A | €28,860 | - | - | - | €20,000 | - |
| Operating charges60/66A | €301,939 | - | - | - | - | - |
| Services and other goods61 | €142,088 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €92,234 | €64,541 | €96,077 | €105,697 | €80,746 | ▼ 23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €63,245 | €166,383 | €257,797 | €237,385 | €283,331 | ▲ 19.4% |
| Other operating charges640/8 | €4,372 | €5,126 | €7,122 | €6,644 | €9,243 | ▲ 39.1% |
| Gross operating margin9900 | - | €114,176 | €124,761 | €88,155 | €126,232 | ▲ 43.2% |
| Operating profit (loss)9901 | €23,725 | -€121,874 | -€236,234 | -€261,571 | -€247,089 | ▲ 5.5% |
| Financial income75/76B | €755,939 | €124,843 | €425,398 | €1.3m | €1.2m | ▼ 3.0% |
| Recurring financial income75 | €103,555 | €124,843 | €97,898 | €1.3m | €1.2m | ▼ 3.0% |
| Income from financial fixed assets750 | €87,125 | - | - | - | - | - |
| Other financial income752/9 | €16,430 | - | - | - | - | - |
| Non-recurring financial income76B | €652,384 | - | €327,500 | - | - | - |
| Financial charges65/66B | €138,145 | €562,978 | €354,327 | €122,217 | €67,031 | ▼ 45.2% |
| Recurring financial charges65 | €138,145 | €235,478 | €26,827 | €122,217 | €67,031 | ▼ 45.2% |
| Debt charges650 | €27,560 | - | - | - | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €102,376 | - | - | - | - | - |
| Other financial charges652/9 | €8,210 | - | - | - | - | - |
| Non-recurring financial charges66B | - | €327,500 | €327,500 | - | - | - |
| Profit (loss) for the period before taxes9903 | €641,518 | -€560,009 | -€165,163 | €881,128 | €913,383 | ▲ 3.7% |
| Income taxes67/77 | €12,941 | €1,756 | €2,958 | €2,575 | €2,188 | ▼ 15.1% |
| Taxes670/3 | €12,941 | - | - | - | - | - |
| Profit (loss) for the period9904 | €628,578 | -€561,765 | -€168,121 | €878,552 | €911,195 | ▲ 3.7% |
| Profit (loss) for the period to be appropriated9905 | €628,578 | -€561,765 | -€168,121 | €878,552 | €911,195 | ▲ 3.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.4m | €8.2m | €8.3m | €9.1m | €10.0m | ▲ 9.5% |
| Fixed assets21/28 | €2.7m | €4.2m | €4.7m | €5.5m | €5.3m | ▼ 2.0% |
| Tangible fixed assets22/27 | €1.1m | €2.9m | €3.2m | €3.3m | €3.5m | ▲ 6.9% |
| Land and buildings22 | €1.0m | €2.6m | €2.9m | €3.0m | €3.2m | ▲ 6.4% |
| Plant, machinery and equipment23 | €2,979 | €218,469 | €213,319 | €178,483 | €133,745 | ▼ 25.1% |
| Furniture and vehicles24 | €28,933 | €21,308 | €29,950 | €55,529 | €147,222 | ▲ 165% |
| Leasing and similar rights25 | €29,867 | €67,004 | €51,254 | €35,461 | €19,710 | ▼ 44.4% |
| Assets under construction and advance payments27 | €5,000 | - | - | - | - | - |
| Financial fixed assets28 | €1.6m | €1.3m | €1.5m | €2.2m | €1.8m | ▼ 15.5% |
| Affiliated companies280/1 | €1.6m | - | - | - | - | - |
| Participating interests280 | €1.6m | - | - | - | - | - |
| Current assets29/58 | €4.7m | €4.0m | €3.5m | €3.7m | €4.7m | ▲ 26.4% |
| Amounts receivable after more than one year29 | €1.4m | €1.5m | €1.5m | €1.6m | €1.4m | ▼ 14.2% |
| Other amounts receivable291 | €1.4m | €1.5m | €1.5m | €1.6m | €1.4m | ▼ 14.2% |
| Stocks and contracts in progress3 | - | €19,000 | €31,000 | €25,640 | €26,890 | ▲ 4.9% |
| Stocks30/36 | - | €19,000 | €31,000 | €25,640 | €26,890 | ▲ 4.9% |
| Amounts receivable within one year40/41 | €1.9m | €933,052 | €944,619 | €1.1m | €954,759 | ▼ 9.2% |
| Trade receivables40 | €34,772 | €72,123 | €71,736 | €63,010 | €25,433 | ▼ 59.6% |
| Other amounts receivable41 | €1.9m | €860,929 | €872,883 | €988,359 | €929,325 | ▼ 6.0% |
| Current investments50/53 | €850,678 | €690,265 | €802,949 | €788,160 | €1.2m | ▲ 48.5% |
| Other investments51/53 | €850,678 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €372,533 | €769,771 | €207,090 | €196,282 | €1.1m | ▲ 438% |
| Deferred charges and accrued income490/1 | €68,449 | €68,515 | €10,539 | €27,814 | €82,627 | ▲ 197% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.4m | €8.2m | €8.3m | €9.1m | €10.0m | ▲ 9.5% |
| Equity10/15 | €5.9m | €6.6m | €6.4m | €7.0m | €7.9m | ▲ 13.0% |
| Contributions10/11 | €18,592 | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Reserves13 | €50,670 | €48,811 | €48,811 | €48,811 | €48,811 | = |
| Non-distributable reserves130/1 | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | €1,859 | - | - | - | - | - |
| Tax-exempt reserves132 | €3,811 | €3,811 | €3,811 | €3,811 | €3,811 | = |
| Distributable reserves133 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Profit (loss) carried forward14 | €5.8m | €5.3m | €5.1m | €5.7m | €6.6m | ▲ 16.0% |
| Amounts payable17/49 | €1.5m | €1.6m | €1.9m | €2.1m | €2.1m | ▼ 2.2% |
| Amounts payable after more than one year17 | €983,183 | €1.1m | €1.0m | €292,471 | €929,164 | ▲ 218% |
| Financial debts170/4 | €983,183 | €1.1m | €1.0m | €292,471 | €929,164 | ▲ 218% |
| Leasing and similar obligations172 | €23,143 | - | - | - | - | - |
| Credit institutions173 | €960,039 | - | - | - | - | - |
| Amounts payable within one year42/48 | €501,616 | €516,185 | €815,576 | €1.8m | €1.1m | ▼ 37.4% |
| Current portion of amounts payable after more than one year42 | €74,418 | €86,211 | €88,059 | €774,538 | €174,717 | ▼ 77.4% |
| Financial debts43 | €299,545 | €299,545 | €599,545 | €599,545 | €824,545 | ▲ 37.5% |
| Credit institutions430/8 | €299,545 | €299,545 | €599,545 | €599,545 | €824,545 | ▲ 37.5% |
| Trade debts44 | €18,040 | €41,976 | €37,669 | €101,376 | €41,137 | ▼ 59.4% |
| Suppliers440/4 | €18,040 | €41,976 | €37,669 | €101,376 | €41,137 | ▼ 59.4% |
| Taxes, remuneration and social security45 | €47,698 | €26,538 | €28,388 | €13,142 | €24,814 | ▲ 88.8% |
| Taxes450/3 | €32,445 | €12,220 | €13,672 | €4,217 | €3,866 | ▼ 8.3% |
| Remuneration and social security454/9 | €15,253 | €14,317 | €14,717 | €8,926 | €20,948 | ▲ 135% |
| Other amounts payable47/48 | €61,915 | €61,915 | €61,915 | €312,415 | €61,915 | ▼ 80.2% |
| Accrued charges and deferred income492/3 | €5,954 | €6,576 | €10,055 | €15,789 | €6,914 | ▼ 56.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €628,578 | -€561,765 | -€168,121 | €878,552 | €911,195 | ▲ 3.7% |
| + Depreciation and write-downs630 | €63,245 | €166,383 | €257,797 | €237,385 | €283,331 | ▲ 19.4% |
| Operating cash flow (approximation) | €691,823 | -€395,382 | €89,675 | €1.1m | €1.2m | ▲ 7.0% |
| Investment in fixed assets (approximation) | - | -€1.7m | -€735,897 | -€971,826 | -€173,986 | ▲ 82.1% |
| Change in cash | - | €397,238 | -€562,681 | -€10,809 | €859,332 | ▲ 8,050% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €911,195 ▲3.7%
Net result €911,195, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 4.14
Current ratio from 2.05 to 4.14; short-term debt falls from €1.8m to €1.1m.
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €878,552
Net result €878,552 after 2 loss-making years.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€561,765
Net result drops to -€561,765, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema · 29 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 9.30
Current ratio from 3.95 to 9.30; short-term debt falls from €860,515 to €501,616.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · unclassified schema · 30 days late
2020
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 88 days late
Show earlier events
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 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, Büllingen · 1 establishment unit since 1997
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.
Lanzerath 1084760 Büllingen1 establishment unit
Lanzerath 108, 4760 Büllingen
since 19972.081.920.896
Structure & network
Owners and holdings
1 owner · 10 holdingsOwners 1
-
17.88%
Holdings 10
- AMB HandelsgesellschaftDESourceown accounts 202550%
-
50%
-
50%
-
50%
-
24%
-
20%
-
20%
-
20%
-
11.11%
-
1%
According to the 2025 annual accounts of MERCATOR and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
529900G93VLL9909ST12
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Of 1,555 companies in sector 02200 we hold annual accounts for 448. 135 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-05-1997
Fiscal year end31-12
Activities, NACEBEL 2025
02200Logging
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
70200Business and other management consultancy
73300Public relations and communication consultancy
81300Landscape service activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0460675962
Registered
13-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.