MERLEX
ActiveSummary
MERLEX has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61,900 and a net result of €75,781. Equity is shrinking by ~23% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 87% of 31958 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+89
Solvency100▲+100
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity ample (current ratio 9.05 against 0.56 in 2024; short-term debt: 11% and cash: 75.5% of total assets), and 11% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
89%
Return on assets
109%
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
17 d early
2023
29 d late
2022
27 d early
2021
31 d late
2020
33 d early
2019
51 d early
← 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 12 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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. Usually files around 16 July (4 of the last 5 filed years within 45 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
€61,900
2024 · -€13,881
Total assets
€69,516▲ 259%
2024 · €19,345
Net result
€75,781
2024 · -€1,140
Working capital
€61,336
2024 · -€14,692
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Operating result-€48,509▼ 225%€5,715-€28,413-€746▲ 97.4%€76,799
Net result€17,577within the sector's middle half-€73,105below the sector's middle half-€28,751below the sector's middle half▲ 60.7%-€1,140below the sector's middle half▲ 96.0%€75,781above the sector's middle half
Equity€89,116below the sector's middle half▲ 24.6%€16,010below the sector's middle half▼ 82.0%-€12,741below the sector's middle half-€13,881below the sector's middle half▼ 8.9%€61,900within the sector's middle half
Total assets€109,056below the sector's middle half▲ 23.9%€32,800below the sector's middle half▼ 69.9%€12,574below the sector's middle half▼ 61.7%€19,345below the sector's middle half▲ 53.9%€69,516below the sector's middle half▲ 259%
Debt€19,940▲ 21.1%€16,790▼ 15.8%€25,314▲ 50.8%€33,226▲ 31.3%€7,615▼ 77.1%
Working capital€87,336within the sector's middle half▲ 33.2%€15,044within the sector's middle half▼ 82.8%-€13,950below the sector's middle half-€14,692below the sector's middle half▼ 5.3%€61,336within the sector's middle half
Solvency81.7%above the sector's middle half▲ 0.4pp48.8%within the sector's middle half▼ 32.9pp-101.3%below the sector's middle half▼ 150.1pp-71.8%below the sector's middle half▲ 29.6pp89.0%above the sector's middle half▲ 160.8pp
Current ratio5.38above the sector's middle half▲ 0.401.90within the sector's middle half▼ 3.480.45below the sector's middle half▼ 1.450.56below the sector's middle half▲ 0.119.05above the sector's middle half▲ 8.50
Return on assets (ROA)16.1%above the sector's middle half▲ 34.2pp-222.9%below the sector's middle half▼ 239.0pp-228.7%below the sector's middle half▼ 5.8pp-5.9%below the sector's middle half▲ 222.8pp109.0%above the sector's middle half▲ 114.9pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €76,799 after a loss of €746 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €69,516
Fixed assets
€564 ▼ 30.5%
Current assets
€68,952 ▲ 272%
Equity and liabilities €69,516
Equity
€61,900
Debt
€7,615
Debt finances 11.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€77,046▲
2024 · -€348
Cash flow
€76,028▲
2024 · -€742
Debt to equity
0.12▲
2024 · -2.39
ROE
122.4%
Interest coverage
87.84▲
2024 · -2.76
Debt ≤ 1 year
€7,615▼
2024 · €33,226
Income taxes
€263▼
2024 · €268
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 34,696 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,635 | €814 | €991 | €399 | €247 | ▼ 38.1% |
| Other operating charges640/8 | €1,048 | €1,038 | €1,435 | €1,180 | €1,217 | ▲ 3.1% |
| Gross operating margin9900 | -€40,826 | €7,567 | -€25,987 | €833 | €78,262 | ▲ 9,300% |
| Operating profit (loss)9901 | -€48,509 | €5,715 | -€28,413 | -€746 | €76,799 | ▲ 10,391% |
| Financial income75/76B | €93,178 | €116 | €0 | - | €123 | - |
| Recurring financial income75 | €93,178 | €116 | €0 | - | €123 | - |
| Financial charges65/66B | €20,323 | €78,695 | €80 | €126 | €877 | ▲ 596% |
| Recurring financial charges65 | €20,323 | €78,695 | €80 | €126 | €877 | ▲ 596% |
| Profit (loss) for the period before taxes9903 | €24,346 | -€72,864 | -€28,493 | -€872 | €76,044 | ▲ 8,817% |
| Income taxes67/77 | €6,769 | €241 | €258 | €268 | €263 | ▼ 1.9% |
| Profit (loss) for the period9904 | €17,577 | -€73,105 | -€28,751 | -€1,140 | €75,781 | ▲ 6,746% |
| Profit (loss) for the period to be appropriated9905 | €17,577 | -€73,105 | -€28,751 | -€1,140 | €75,781 | ▲ 6,746% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €109,056 | €32,800 | €12,574 | €19,345 | €69,516 | ▲ 259% |
| Fixed assets21/28 | €1,780 | €966 | €1,210 | €811 | €564 | ▼ 30.5% |
| Intangible fixed assets21 | - | - | €1,058 | €811 | €564 | ▼ 30.5% |
| Tangible fixed assets22/27 | €1,780 | €966 | €152 | €0 | - | - |
| Furniture and vehicles24 | €1,780 | €966 | €152 | €0 | - | - |
| Current assets29/58 | €107,276 | €31,834 | €11,364 | €18,534 | €68,952 | ▲ 272% |
| Amounts receivable within one year40/41 | €100,015 | €5,858 | €8,765 | €15,706 | €14,708 | ▼ 6.4% |
| Trade receivables40 | €6,091 | €3,985 | €5,249 | €14,157 | €10,903 | ▼ 23.0% |
| Other amounts receivable41 | €93,924 | €1,872 | €3,516 | €1,549 | €3,805 | ▲ 146% |
| Cash at bank and in hand54/58 | €4,677 | €23,985 | €538 | €1,088 | €52,499 | ▲ 4,724% |
| Deferred charges and accrued income490/1 | €2,584 | €1,992 | €2,061 | €1,740 | €1,745 | ▲ 0.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €109,056 | €32,800 | €12,574 | €19,345 | €69,516 | ▲ 259% |
| Equity10/15 | €89,116 | €16,010 | -€12,741 | -€13,881 | €61,900 | ▲ 546% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €82,916 | €61,341 | €61,341 | €61,341 | €61,341 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €81,056 | €59,481 | €61,341 | €61,341 | €61,341 | = |
| Profit (loss) carried forward14 | - | -€51,531 | -€80,281 | -€81,422 | -€5,640 | ▲ 93.1% |
| Amounts payable17/49 | €19,940 | €16,790 | €25,314 | €33,226 | €7,615 | ▼ 77.1% |
| Amounts payable within one year42/48 | €19,940 | €16,790 | €25,314 | €33,226 | €7,615 | ▼ 77.1% |
| Trade debts44 | €1,834 | €1,410 | €6,224 | €2,870 | €1,188 | ▼ 58.6% |
| Suppliers440/4 | €1,834 | €1,410 | €6,224 | €2,870 | €1,188 | ▼ 58.6% |
| Taxes, remuneration and social security45 | €8,901 | €7,096 | €288 | €293 | €6,428 | ▲ 2,094% |
| Taxes450/3 | €8,901 | €7,096 | €288 | €293 | €6,428 | ▲ 2,094% |
| Other amounts payable47/48 | €9,205 | €8,284 | €18,803 | €30,063 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,577 | -€73,105 | -€28,751 | -€1,140 | €75,781 | ▲ 6,746% |
| + Depreciation and write-downs630 | €6,635 | €814 | €991 | €399 | €247 | ▼ 38.1% |
| Operating cash flow (approximation) | €24,212 | -€72,291 | -€27,760 | -€742 | €76,028 | ▲ 10,353% |
| Investment in fixed assets (approximation) | - | €0 | -€1,235 | €0 | €0 | - |
| Change in cash | - | €19,308 | -€23,447 | €551 | €51,410 | ▲ 9,237% |
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
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €75,781
Net result €75,781 after 3 loss-making years.
31-12
Financial
Liquidity times 16current ratio 9.05
Current ratio from 0.56 to 9.05; short-term debt falls from €33,226 to €7,615.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€73,105
Net result drops to -€73,105, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Back to profitnet €17,577
Net result €17,577 after one loss-making year.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
10-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 30 days late
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
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, Gent · 1 establishment unit since 2011
Ground area
1,732 m²
Building footprint
248 m²
Volume, LiDAR
1,344 m³
2 parcels, Flanders · tallest building 16.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MERLEX
since 20112.200.775.689
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44017C1326/00M003 | Flanders | 1,546 m² | 1 · 79 m² | 16.6 m · 2 fl. |
| 44017C1326/00D003 | Flanders | 187 m² | 1 · 168 m² | 8.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
894500ZU55LLVSDG2552
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Of 82,646 companies in sector 70200 we hold annual accounts for 52,627. 39,172 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
Founded24-06-2011
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
46180Agents specialised in the wholesale of other particular products
73300Public relations and communication consultancy
82100Office administrative and support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0837265297
Also
9925:BE0837265297
Registered
15-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.