MERDIN
ActiveSummary
MERDIN has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €114,517 and a net result of €11,994. Equity is growing by ~16.5% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability73▲+2
Solvency55▲+18
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity short (current ratio 0.69 against 4.83 in 2023; short-term debt: 69.8% and cash: 0.7% of total assets), and 69.8% of the assets are financed with debt.
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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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← 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 2024Solvency, return and age of the figures
Solvency
30.2%
Return on assets
3.2%
Age of the figures
21 mo
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
35 d early
2022
26 d early
2021
48 d early
2020
53 d early
2019
49 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 30 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, unclassified schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€11,994▼ 4.2%
2023 · €12,523
Working capital
-€83,133
2023 · €526,652
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€8,347▼ 22.4%€79,628▲ 854%€289,574▲ 264%€16,797▼ 94.2%€16,120▼ 4.0%
Net result-€4,000▼ 121%€68,689€217,130▲ 216%€12,523▼ 94.2%€11,994▼ 4.2%
Equity€42,054▼ 8.7%€110,744▲ 163%€90,000▼ 18.7%€102,523▲ 13.9%€114,517▲ 11.7%
Total assets€1.5m▼ 3.6%€1.4m▼ 10.0%€1.0m▼ 26.8%€868,091▼ 14.5%€378,654▼ 56.4%
Debt€1.5m▼ 3.4%€1.3m▼ 14.8%€925,128▼ 27.5%€765,568▼ 17.2%€264,137▼ 65.5%
Working capital€339,480▲ 1.3%€264,390▼ 22.1%€507,908▲ 92.1%€526,652▲ 3.7%-€83,133
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 4% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €378,654
Fixed assets
€197,650 ▼ 3.1%
Current assets
€181,004 ▼ 72.7%
Equity and liabilities €378,654
Equity
€114,517 ▲ 11.7%
Debt
€264,137 ▼ 65.5%
Debt's share of the balance-sheet total falls from 88.2% to 69.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,341▼
2023 · €23,018
Cash flow
€18,215▼
2023 · €18,744
Current ratio
0.69▼
2023 · 4.83
Quick ratio
0.05▼
2023 · 4.83
Debt to equity
2.31▼
2023 · 7.47
ROE
10.5%▼
2023 · 12.2%
ROA
3.2%▲
2023 · 1.4%
Interest coverage
215.86▼
2023 · 232.46
Debt ≤ 1 year
€264,137▲
2023 · €137,568
Income taxes
€4,023▼
2023 · €4,174
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,891 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,058 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% | 1.6% |
| 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 74% 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 10,891 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,463 | €6,221 | €6,221 | €6,221 | €6,221 | = |
| Other operating charges640/8 | - | €2,708 | €4,863 | €3,971 | €4,148 | ▲ 4.5% |
| Gross operating margin9900 | €18,802 | €88,557 | €300,658 | €26,989 | €26,489 | ▼ 1.8% |
| Operating profit (loss)9901 | €8,347 | €79,628 | €289,574 | €16,797 | €16,120 | ▼ 4.0% |
| Financial income75/76B | - | €27 | €32 | - | - | - |
| Recurring financial income75 | €112 | €27 | €32 | - | - | - |
| Financial charges65/66B | - | €4,006 | €99 | €99 | €104 | ▲ 4.5% |
| Recurring financial charges65 | €12,460 | €4,006 | €99 | €99 | €104 | ▲ 4.5% |
| Profit (loss) for the period before taxes9903 | -€4,000 | €75,649 | €289,507 | €16,698 | €16,017 | ▼ 4.1% |
| Income taxes67/77 | - | €6,960 | €72,378 | €4,174 | €4,023 | ▼ 3.6% |
| Profit (loss) for the period9904 | -€4,000 | €68,689 | €217,130 | €12,523 | €11,994 | ▼ 4.2% |
| Profit (loss) for the period to be appropriated9905 | -€4,000 | €68,689 | €217,130 | €12,523 | €11,994 | ▼ 4.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.4m | €1.0m | €868,091 | €378,654 | ▼ 56.4% |
| Fixed assets21/28 | €222,534 | €216,313 | €210,092 | €203,871 | €197,650 | ▼ 3.1% |
| Tangible fixed assets22/27 | €215,815 | €209,594 | €203,372 | €197,151 | €190,930 | ▼ 3.2% |
| Land and buildings22 | - | €195,908 | €190,492 | €185,076 | €179,660 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | €13,686 | €12,880 | €12,075 | €11,270 | ▼ 6.7% |
| Financial fixed assets28 | €6,720 | €6,720 | €6,720 | €6,720 | €6,720 | = |
| Current assets29/58 | €1.3m | €1.2m | €805,036 | €664,220 | €181,004 | ▼ 72.7% |
| Stocks and contracts in progress3 | €1.3m | €1.1m | - | - | €169,035 | - |
| Stocks30/36 | - | €1.1m | - | - | €169,035 | - |
| Amounts receivable within one year40/41 | €6,898 | €16,545 | €23,663 | €2,830 | €8,974 | ▲ 217% |
| Trade receivables40 | - | €168 | - | - | €992 | - |
| Other amounts receivable41 | - | €16,377 | €23,663 | €2,830 | €7,981 | ▲ 182% |
| Cash at bank and in hand54/58 | €591 | €23,166 | €781,053 | €661,053 | €2,658 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | - | €1,734 | €320 | €337 | €337 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €1.0m | €868,091 | €378,654 | ▼ 56.4% |
| Equity10/15 | €42,054 | €110,744 | €90,000 | €102,523 | €114,517 | ▲ 11.7% |
| Contributions10/11 | - | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Profit (loss) carried forward14 | -€47,946 | €20,744 | - | €12,523 | €24,517 | ▲ 95.8% |
| Amounts payable17/49 | €1.5m | €1.3m | €925,128 | €765,568 | €264,137 | ▼ 65.5% |
| Amounts payable after more than one year17 | €519,960 | €369,960 | €628,000 | €628,000 | - | - |
| Financial debts170/4 | - | €369,960 | €628,000 | €628,000 | - | - |
| Amounts payable within one year42/48 | €977,629 | €905,675 | €297,128 | €137,568 | €264,137 | ▲ 92.0% |
| Financial debts43 | - | €628,000 | - | - | - | - |
| Credit institutions430/8 | - | €628,000 | - | - | - | - |
| Trade debts44 | €7,397 | €181 | €99 | €637 | - | - |
| Suppliers440/4 | - | €181 | €99 | €637 | - | - |
| Taxes, remuneration and social security45 | - | €1,168 | €89,218 | - | - | - |
| Taxes450/3 | - | €1,168 | €89,218 | - | - | - |
| Other amounts payable47/48 | - | €276,326 | €207,811 | €136,931 | €264,137 | ▲ 92.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,000 | €68,689 | €217,130 | €12,523 | €11,994 | ▼ 4.2% |
| + Depreciation and write-downs630 | €6,463 | €6,221 | €6,221 | €6,221 | €6,221 | = |
| Operating cash flow (approximation) | €2,463 | €74,911 | €223,351 | €18,744 | €18,215 | ▼ 2.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €22,574 | €757,887 | -€120,000 | -€658,394 | ▼ 449% |
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
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema · 29 days late
2024
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · unclassified schema
2023
31-12
Financial
Equity above €100,000Eq €102,523 ▲13.9%
3 profitable years in a row build equity to €102,523.
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · unclassified schema
2022
31-12
Financial
Highest result since 2018net €217,130 ▲216%
Operating result €289,574, net result €217,130, both a record.
31-12
Financial
Liquidity doublescurrent ratio 2.71
Current ratio from 1.29 to 2.71; short-term debt falls from €905,675 to €297,128.
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema
2021
31-12
Financial
Back to profitnet €68,689
Net result €68,689 after 3 loss-making years.
31-12
Financial
Equity above €100,000Eq €110,744 ▲163%
Equity rises from €42,054 to €110,744.
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · unclassified schema
2020
12-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Show earlier events
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
06-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
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, Eupen · 1 establishment unit since 2013
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.
Gospertstrasse 1164700 Eupen1 establishment unit
Merdin PGmbH
since 20132.219.557.760
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 5,339 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
Founded31-05-2013
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
68110Buying and selling of own real estate
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
68204Real estate activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0534920554
Also
9925:BE0534920554
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.