Merit Select
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 31 filings
Equity
€96,896▼ 19.1%
2024 · €119,759
Total assets
€176,177▼ 9.6%
2024 · €194,964
Net result
-€22,864▲ 28.6%
2024 · -€32,033
Working capital
-€71,453▼ 41.1%
2024 · -€50,651
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€23,453
▲ 23.9%
2025
20182025
Net result
-€22,864
▲ 28.6%
2025
20182025
Equity
€96,896
▼ 19.1%
2025
20182025
Total assets
€176,177
▼ 9.6%
2025
20182025
Debt
€79,281
▲ 5.4%
2025
20182025
Working capital
-€71,453
▼ 41.1%
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-€29,929--€6,425▲ 78.5%-€24,133▼ 276%-€55,000▼ 128%-€68,230▼ 24.1%-€53,814▲ 21.1%-€30,836▲ 42.7%-€23,453▲ 23.9%
Net result-€34,089--€10,035▲ 70.6%-€27,065▼ 170%-€57,786▼ 114%-€70,214▼ 21.5%-€55,525▲ 20.9%-€32,033▲ 42.3%-€22,864▲ 28.6%
Equity€372,418-€362,382▼ 2.7%€335,318▼ 7.5%€277,532▼ 17.2%€207,317▼ 25.3%€151,792▼ 26.8%€119,759▼ 21.1%€96,896▼ 19.1%
Total assets€462,779-€455,886▼ 1.5%€402,052▼ 11.8%€339,642▼ 15.5%€249,331▼ 26.6%€205,663▼ 17.5%€194,964▼ 5.2%€176,177▼ 9.6%
Debt€90,361-€93,504▲ 3.5%€66,734▼ 28.6%€62,110▼ 6.9%€42,014▼ 32.4%€53,871▲ 28.2%€75,205▲ 39.6%€79,281▲ 5.4%
Working capital€128,007-€151,340▲ 18.2%€121,625▼ 19.6%€72,364▼ 40.5%€19,193▼ 73.5%-€26,419-€50,651▼ 91.7%-€71,453▼ 41.1%
Staff (FTE)0.5
The operating result for 2025 is a loss of €23,453, smaller than the loss of €30,836 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 €176,177
Fixed assets
€170,549 ▼ 5.7%
Current assets
€5,628 ▼ 59.9%
Equity and liabilities €176,177
Equity
€96,896 ▼ 19.1%
Debt
€79,281 ▲ 5.4%
Debt's share of the balance-sheet total rises from 38.6% to 45.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€13,058▼
2024 · -€13,036
Cash flow
-€12,468▲
2024 · -€14,233
Current ratio
0.07▼
2024 · 0.22
Debt to equity
0.82▲
2024 · 0.63
ROE
-23.6%▲
2024 · -26.7%
ROA
-13.0%▲
2024 · -16.4%
Interest coverage
-18.80▼
2024 · -11.10
Debt ≤ 1 year
€77,081▲
2024 · €64,671
Debt > 1 year
€0▼
2024 · €8,334
Income taxes
€0▼
2024 · €21
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,106 | - | €7,132 | €0 | - |
| Depreciation and write-downs of the year | €26,431 | €27,043 | €27,031 | €17,800 | €10,395 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €195 | -€140 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,545 | €27,744 | €26,891 | €26,431 | €27,043 | €27,031 | €17,800 | €10,395 | ▼ 41.6% |
| Other operating charges640/8 | - | - | - | €6,281 | €6,111 | €6,205 | €5,706 | €5,886 | ▲ 3.1% |
| Gross operating margin9900 | €14,431 | €40,194 | €9,800 | -€22,093 | -€35,216 | -€20,578 | -€7,330 | -€7,172 | ▲ 2.1% |
| Operating profit (loss)9901 | -€29,929 | -€6,425 | -€24,133 | -€55,000 | -€68,230 | -€53,814 | -€30,836 | -€23,453 | ▲ 23.9% |
| Financial income75/76B | - | - | - | €3 | €152 | €0 | €0 | €1,284 | ▲ 128,414× |
| Recurring financial income75 | €99 | €113 | - | €3 | €152 | €0 | €0 | €1,284 | ▲ 128,414× |
| Financial charges65/66B | - | - | - | €2,639 | €2,051 | €1,592 | €1,175 | €694 | ▼ 40.9% |
| Recurring financial charges65 | €3,739 | €3,476 | €2,815 | €2,639 | €2,051 | €1,592 | €1,175 | €694 | ▼ 40.9% |
| Profit (loss) for the period before taxes9903 | -€33,569 | -€9,787 | -€26,948 | -€57,635 | -€70,129 | -€55,406 | -€32,011 | -€22,864 | ▲ 28.6% |
| Income taxes67/77 | €519 | €248 | €116 | €151 | €85 | €120 | €21 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€34,089 | -€10,035 | -€27,065 | -€57,786 | -€70,214 | -€55,525 | -€32,033 | -€22,864 | ▲ 28.6% |
| Profit (loss) for the period to be appropriated9905 | -€34,089 | -€10,035 | -€27,065 | -€57,786 | -€70,214 | -€55,525 | -€32,033 | -€22,864 | ▲ 28.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €462,779 | €455,886 | €402,052 | €339,642 | €249,331 | €205,663 | €194,964 | €176,177 | ▼ 9.6% |
| Fixed assets21/28 | €314,594 | €289,492 | €264,027 | €245,701 | €218,658 | €198,744 | €180,945 | €170,549 | ▼ 5.7% |
| Tangible fixed assets22/27 | €314,580 | €289,478 | €264,012 | €245,686 | €218,643 | €198,744 | €180,945 | €170,549 | ▼ 5.7% |
| Land and buildings22 | - | - | - | €160,066 | €138,141 | €123,348 | €109,696 | €103,177 | ▼ 5.9% |
| Plant, machinery and equipment23 | - | - | - | €1,398 | €792 | €200 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €2,905 | €2,253 | €1,602 | €1,515 | €1,500 | ▼ 1.0% |
| Other tangible fixed assets26 | - | - | - | €81,317 | €77,456 | €73,595 | €69,734 | €65,872 | ▼ 5.5% |
| Financial fixed assets28 | €15 | €15 | €15 | €15 | €15 | - | - | - | - |
| Current assets29/58 | €148,184 | €166,394 | €138,025 | €93,941 | €30,674 | €6,918 | €14,019 | €5,628 | ▼ 59.9% |
| Amounts receivable within one year40/41 | €985 | €54,024 | €18,501 | €17,509 | €7,003 | €2,921 | €2,397 | €2,797 | ▲ 16.7% |
| Trade receivables40 | - | - | - | €16,068 | €3,190 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €1,441 | €3,813 | €2,921 | €2,397 | €2,797 | ▲ 16.7% |
| Cash at bank and in hand54/58 | €141,204 | €108,944 | €112,561 | €61,972 | €17,775 | €1,423 | €10,636 | €1,811 | ▼ 83.0% |
| Deferred charges and accrued income490/1 | - | - | - | €14,460 | €5,896 | €2,575 | €987 | €1,020 | ▲ 3.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €462,779 | €455,886 | €402,052 | €339,642 | €249,331 | €205,663 | €194,964 | €176,177 | ▼ 9.6% |
| Equity10/15 | €372,418 | €362,382 | €335,318 | €277,532 | €207,317 | €151,792 | €119,759 | €96,896 | ▼ 19.1% |
| Contributions10/11 | €62,000 | €62,000 | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €19,500 | €19,500 | €19,500 | €19,500 | €19,500 | €19,500 | €19,500 | €19,500 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves not available under the articles1311 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €13,300 | €13,300 | €13,300 | €13,300 | €13,300 | = |
| Profit (loss) carried forward14 | €290,917 | €280,882 | €253,817 | €196,031 | €125,817 | €70,292 | €38,259 | €15,395 | ▼ 59.8% |
| Amounts payable17/49 | €90,361 | €93,504 | €66,734 | €62,110 | €42,014 | €53,871 | €75,205 | €79,281 | ▲ 5.4% |
| Amounts payable after more than one year17 | €68,334 | €58,334 | €48,334 | €38,334 | €28,334 | €18,334 | €8,334 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €38,334 | €28,334 | €18,334 | €8,334 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €20,177 | €15,054 | €16,400 | €21,577 | €11,480 | €33,337 | €64,671 | €77,081 | ▲ 19.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €8,334 | ▼ 16.7% |
| Trade debts44 | €414 | €1,579 | €3,302 | €10,444 | €716 | €1,673 | €5,088 | €4,184 | ▼ 17.8% |
| Suppliers440/4 | - | - | - | €10,444 | €716 | €1,673 | €5,088 | €4,184 | ▼ 17.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,133 | €565 | €138 | €22 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €1,133 | €565 | €138 | €22 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | €199 | €21,527 | €49,560 | €64,563 | ▲ 30.3% |
| Accrued charges and deferred income492/3 | - | - | - | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€34,089 | -€10,035 | -€27,065 | -€57,786 | -€70,214 | -€55,525 | -€32,033 | -€22,864 | ▲ 28.6% |
| + Depreciation and write-downs630 | €27,545 | €27,744 | €26,891 | €26,431 | €27,043 | €27,031 | €17,800 | €10,395 | ▼ 41.6% |
| Operating cash flow (approximation) | -€6,544 | €17,708 | -€173 | -€31,355 | -€43,171 | -€28,495 | -€14,233 | -€12,468 | ▲ 12.4% |
| Investment in fixed assets (approximation) | - | -€2,642 | -€1,426 | -€8,106 | €0 | -€7,117 | €0 | €0 | - |
| Change in cash | - | -€32,260 | €3,617 | -€50,590 | -€44,197 | -€16,352 | €9,213 | -€8,825 | - |
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, 5,831 companies had the same profile as Merit Select has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Merit Select itself: 0.4% 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 5,831 companies, not a prediction for Merit Select. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00323109 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00179563 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00320080 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00418014 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20062638 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-23200345 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-57000558 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-37900134 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58500300 | |
| 31-12-2016 | micro format | 22-06-2017 | 2017-20300098 |