Merlin Holdco

Active

Private limited companyfounded 2021active for 5 yearsPauline Van Pottelsberghelaan 10, 9051 Gent, Belgium61 active companies are registered at this addressKBO/BCE: BE 0770.801.194

Summary

Merlin Holdco has been active since 2021 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €121.1m and a net result of -€1.6m. Equity is growing by about 4% per year across the filed financial years. Its solvency ranks better than 71% of 3,849 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Risk analysisFollow Report Compare

Merlin HoldcoActiveChecked score 83/100

Risk analysis Report Compare

Activity

Business and other management consultancy

NACE 70200

1 site

Size

€1.6mturnover 2025

Equity: €121.1m
Loss: -€1.6m

Financial health

83 Excellent Checked score 2025

Bankruptcy probabilitywithin 12 months: 0.4%

Structure

Parent: ENTERHOLD S.A.
Holdings: 1

Jan VergoteDirector
Heider RidhaDirector

Auditor: BV PwC Bedrijfsrevisoren2025 accounts 59 days early6 of 11 deeds summarised

Why 83raises riskLiquidity: current ratio 1.17, cash €108,627, halved1 of the last 3 latelowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Size: turnover €1.6m, total assets €158.6mShow the evidence

Checked score

Score 2025

83 / 100

Excellent

Probability in this band: under 0.55%

Financially better than 51% of its sector peers (NACE 70, large)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Strong

Solvency 100=

equity 76.3% of total assets

Liquidity 50=

short-term debt 2.1% · cash 0.1%

Profitability 35-12

return on assets -1.0%

Bankruptcy probability, 12 months

0.4% Very low

0%0.5%1.5%4%10%≥ 25%

About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (205 companies, NACE 70, large)

Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025lowest value 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.6%▲ +0.5 percentage points vs 05-2025 07-2025: 0.6%● unchanged vs 06-2025 08-2025: 0.6%● unchanged vs 07-2025 09-2025: 0.6%● unchanged vs 08-2025 10-2025: 0.6%● unchanged vs 09-2025 11-2025: 0.6%● unchanged vs 10-2025 12-2025: 0.6%● unchanged vs 11-2025 01-2026: 0.6%● unchanged vs 12-2025 02-2026: 0.6%● unchanged vs 01-2026 03-2026: 0.6%● unchanged vs 02-2026 04-2026: 0.6%● unchanged vs 03-2026 05-2026: 0.6%● unchanged vs 04-2026 06-2026: 0.6%● unchanged vs 05-2026highest value 07-2026: 0.4%▼ -0.2 percentage points vs 06-2026 08-2026: 0.4%● unchanged vs 07-2026 09-2026: 0.4%● unchanged vs 08-2026 10-2026: 0.4%● unchanged vs 09-2026

Credit of up to €150,000 on 30-day terms is acceptable

Liquidity tight (current ratio 1.17, compared with 5.58 in 2024, below the usual 1.5; short-term debt: 2.1% and cash: 0.1% of total assets), and 23.7% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, large): better than 74% on solvency, 48% on liquidity, 36% on profitability and 46% on growth.

The bankruptcy probability was computed on 24-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.

lowers riskraises riskneutral

Liquidity: current ratio 1.17, cash €108,627, halved

NBB · annual accounts

Sector: Activities of head offices; management consultancy activities (NACE 70)

KBO

Size: turnover €1.6m, total assets €158.6m

Companies of this size fail less often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

1 of the last 3 late

NBB · filings

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-06-2026, 59 days ahead of the deadline.

NBB · 4 filings

Deviation from the deadline

2025

59 days early

2024

256 days late

2023

69 days early

2022

67 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 4 accounts on average 15 days after the deadline; the sector median (NACE 70) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 May (3 of the last 4 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

24-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

02-06-2026 Annual accounts filedfinancial year 2025 · full…
13-04-2026 Annual accounts filedfinancial year 2024 · full…
31-12-2025 Weakest financial yearnet -€1.6m

Key points

Caution: From profit to loss in 2025after €6.4m in 2024 -€1.6m View
Caution: Among the weakest 5% on net resultsector median €54,924 · 3,848 companies -€1.6m View
Controlled by ENTERHOLD S.A.the company in turn controls 9 companies parent View

By topic

Financials

Financial year: 2025
Turnover: €1.6m
Loss: -€1.6m
Solvency: 76.3%

Turnover▲ 40.1%

Net result

20222025

Go to Financials

Board & ownership

Board: 2 members
Parent: ENTERHOLD S.A.
Auditor: BV PwC Bedrijfsrevisoren

Jan VergoteDirector
Heider RidhaDirector

Go to Board & ownership

Network & group

Subsidiaries, all levels: 9
Direct holdings: 1

9 subsidiaries

Go to Network & group

Timeline

Events: 13
Since: 2023
Next accounts: by 31-07-2027

21-10-2025Capital & shares · Amendment of the…
22-07-2025Reappointment: PwC Bedrijfsrevisoren BV (statutory auditor)
15-01-2025Capital & shares · Amendment of the…

Go to Timeline

Company details

Sites: 1

Legal form: Private limited company
Activity: Business and other management consultancyNACE 70200
Founded: 06-07-2021
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 18

See the provisions in the deeds

Go to Articles of association

Key facts about Merlin Holdco

What is the company number of Merlin Holdco?: 0770.801.194. In Belgium the VAT number is the company number with BE in front: BE 0770.801.194.
Where is Merlin Holdco based?: The registered office is at Pauline Van Pottelsberghelaan 10, 9051 Gent.Company details
What does Merlin Holdco do?: According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
What is the legal form of Merlin Holdco?: Private limited company (BV).
When was Merlin Holdco founded?: On 06-07-2021.
Is Merlin Holdco still active?: Yes, Merlin Holdco is an active enterprise in the KBO register.
What is the turnover of Merlin Holdco?: €1.6m in financial year 2025, according to the filed annual accounts.Financials
Is Merlin Holdco profitable?: In financial year 2025, Merlin Holdco made a loss of €1.6m.
Where can I find the annual accounts of Merlin Holdco?: Merlin Holdco filed 4 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Merlin Holdco due?: By 31-07-2027, for financial year 2026.Timeline