MERGAERT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-05-2026 PDF all 37 filings
Equity
€1.2m▲ 1.5%
2024 · €1.2m
Total assets
€1.2m▲ 1.4%
2024 · €1.2m
Net result
€17,869▼ 8.5%
2024 · €19,533
Working capital
€1.2m▲ 1.4%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,020
▲ 36.8%
2025
20182025
Net result
€17,869
▼ 8.5%
2025
20182025
Equity
€1.2m
▲ 1.5%
2025
20182025
Total assets
€1.2m
▲ 1.4%
2025
20182025
Debt
€3,198
▼ 24.1%
2025
20182025
Working capital
€1.2m
▲ 1.4%
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.07m-€0.1m▲ 28.0%€0.1m▲ 12.1%€0.1m▼ 8.6%€0.4m▲ 311%-€0.008m-€0.01m▼ 25.6%-€0.006m▲ 36.8%
Net result€0.05m-€0.07m▲ 43.4%€0.08m▲ 10.3%€0.08m▼ 2.0%€0.3m▲ 272%€0.01m▼ 95.7%€0.02m▲ 63.1%€0.02m▼ 8.5%
Equity€0.7m-€0.7m▲ 10.7%€0.8m▲ 10.6%€0.9m▲ 9.4%€1.2m▲ 32.0%€1.2m▲ 1.0%€1.2m▲ 1.7%€1.2m▲ 1.5%
Total assets€0.8m-€0.8m▲ 8.5%€0.8m▲ 1.2%€1.0m▲ 16.3%€1.2m▲ 22.3%€1.2m▼ 0.8%€1.2m▲ 1.6%€1.2m▲ 1.4%
Debt€0.1m-€0.1m▼ 5.5%€0.03m▼ 68.2%€0.09m▲ 192%€0.03m▼ 70.8%€0.005m▼ 81.3%€0.004m▼ 15.0%€0.003m▼ 24.1%
Working capital€0.6m-€0.7m▲ 11.3%€0.8m▲ 11.3%€0.9m▲ 9.5%€1.1m▲ 32.8%€1.1m▲ 1.5%€1.2m▲ 1.6%€1.2m▲ 1.4%
Staff (FTE)0.8-0.2▼ 75.0%
The operating result for 2025 is a loss of €6,020, smaller than the loss of €9,528 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€20,823 =
Current assets
€1.2m ▲ 1.4%
Equity and liabilities €1.2m
Equity
€1.2m ▲ 1.5%
Debt
€3,198 ▼ 24.1%
Debt's share of the balance-sheet total falls from 0.4% to 0.3%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.00
ROE
1.5%▼
2024 · 1.7%
ROA
1.5%▼
2024 · 1.6%
Debt ≤ 1 year
€146▲
2024 · €125
Income taxes
€8,339▼
2024 · €9,152
A ratio outside any meaningful range has been withheld (balance sheet total €1.2m, equity €1.2m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Subsidies and aid
Flemish government
2023 · 1 entry · €63 awarded · €63 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,729 | €1,653 | €596 | €510 | €399 | €226 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,782 | €1,802 | €1,964 | €1,913 | €2,206 | ▲ 15.3% |
| Gross operating margin9900 | €111,770 | €115,483 | €109,332 | €100,103 | €403,861 | -€5,393 | -€7,615 | -€3,814 | ▲ 49.9% |
| Operating profit (loss)9901 | €74,518 | €95,403 | €106,963 | €97,811 | €401,660 | -€7,583 | -€9,528 | -€6,020 | ▲ 36.8% |
| Financial income75/76B | - | - | - | €13,289 | €8,751 | €25,308 | €38,278 | €32,310 | ▼ 15.6% |
| Recurring financial income75 | €20,340 | €13,961 | €13,483 | €13,289 | €8,751 | €25,308 | €38,278 | €32,310 | ▼ 15.6% |
| Financial charges65/66B | - | - | - | €102 | €134 | €62 | €65 | €82 | ▲ 26.2% |
| Recurring financial charges65 | €9 | €11 | €1 | €102 | €134 | €62 | €65 | €82 | ▲ 26.2% |
| Profit (loss) for the period before taxes9903 | €94,849 | €109,353 | €120,445 | €110,998 | €410,277 | €17,663 | €28,685 | €26,208 | ▼ 8.6% |
| Income taxes67/77 | €46,366 | €39,824 | €43,746 | €35,841 | €131,059 | €5,685 | €9,152 | €8,339 | ▼ 8.9% |
| Profit (loss) for the period9904 | €48,483 | €69,529 | €76,699 | €75,157 | €279,218 | €11,978 | €19,533 | €17,869 | ▼ 8.5% |
| Profit (loss) for the period to be appropriated9905 | €48,483 | €69,529 | €76,699 | €75,157 | €279,218 | €11,978 | €19,533 | €17,869 | ▼ 8.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €0.8m | €1.0m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 1.4% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €0 | - | - | - | - |
| Current assets29/58 | €0.7m | €0.8m | €0.8m | €0.9m | €1.2m | €1.1m | €1.2m | €1.2m | ▲ 1.4% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | - | - | - | €0.002m | €0.002m | €0.001m | ▼ 41.7% |
| Other amounts receivable41 | - | - | - | - | - | €0.002m | €0.002m | €0.001m | ▼ 41.7% |
| Current investments50/53 | €0.6m | €0.6m | €0.6m | €0.4m | €0.3m | €1.1m | €1.1m | €1.2m | ▲ 1.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.5m | €0.9m | €0.01m | €0.008m | €0.01m | ▲ 33.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.02m | €0.01m | €0.01m | ▼ 23.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €0.8m | €1.0m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 1.4% |
| Equity10/15 | €0.7m | €0.7m | €0.8m | €0.9m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 1.5% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.6m | €0.7m | €0.7m | €0.8m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 1.6% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.8m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 1.6% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.03m | €0.09m | €0.03m | €0.005m | €0.004m | €0.003m | ▼ 24.1% |
| Amounts payable after more than one year17 | - | - | €0.001m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.03m | €0.09m | €0.03m | €221 | €125 | €146 | ▲ 16.8% |
| Trade debts44 | €0.09m | €0.09m | €0.02m | €0.02m | - | €221 | €125 | €146 | ▲ 16.8% |
| Suppliers440/4 | - | - | - | €0.02m | - | €221 | €125 | €146 | ▲ 16.8% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €80 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.03m | - | - | - | - |
| Taxes450/3 | - | - | - | €0.01m | €0.03m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.04m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €443 | €0.005m | €0.004m | €0.003m | ▼ 25.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,483 | €69,529 | €76,699 | €75,157 | €279,218 | €11,978 | €19,533 | €17,869 | ▼ 8.5% |
| + Depreciation and write-downs630 | €4,729 | €1,653 | €596 | €510 | €399 | €226 | - | - | - |
| Operating cash flow (approximation) | €53,212 | €71,182 | €77,295 | €75,667 | €279,617 | €12,204 | €19,533 | €17,869 | ▼ 8.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €248 | €0 | €0 | €0 | - |
| Change in cash | - | €120,851 | €25,800 | €286,554 | €366,571 | -€891,613 | -€4,592 | €2,693 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as MERGAERT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MERGAERT itself: < 0.1% within 12 months.
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 14,766 companies, not a prediction for MERGAERT. 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.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | micro format | 06-05-2026 | 2026-00104177 | |
| 30-11-2024 | micro format | 06-05-2025 | 2025-00091157 | |
| 30-11-2023 | micro format | 08-05-2024 | 2024-00085033 | |
| 30-11-2022 | micro format | 11-05-2023 | 2023-00085205 | |
| 30-11-2021 | micro format | 09-05-2022 | 2022-20023160 | |
| 30-11-2020 | micro format | 21-05-2021 | 2021-14900337 | |
| 30-11-2019 | micro format | 22-05-2020 | 2020-13000092 | |
| 30-11-2018 | micro format | 06-05-2019 | 2019-12400494 | |
| 30-11-2017 | abbreviated format | 07-05-2018 | 2018-12200172 | |
| 30-11-2016 | abbreviated format | 13-05-2017 | 2017-12200140 |