MERLIN SOFTWARE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-10-2026 at the NBB all 4 filings
Turnover
≈ €1.3m
Estimated: probably between €770,000 and €2.2m
EBIT margin
Not included in this filing
Net result
-€171,311▼ 1,021%
2024 · -€15,287
Working capital
-€411,967▼ 548%
2024 · -€63,570
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€144,151
2025
20222025
Net result
-€171,311
▼ 1,021%
2025
lowest quarter of the sector
20222025
Equity
€292,486
▼ 36.9%
2025
middle half of the sector
20222025
Total assets
€1.8m
▲ 4.9%
2025
highest quarter of the sector
20222025
Debt
€1.5m
▲ 20.0%
2025
20222025
Working capital
-€411,967
▼ 548%
2025
lowest quarter of the sector
20222025
Solvency
16.0%
▼ 10.6pp
2025
middle half of the sector
20222025
Current ratio
0.16
▼ 0.65
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-9.4%
▼ 8.5pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
3.9
▼ 18.8%
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€0.1m--€0.001m▲ 99.2%€1-€0.1m
Net result-€0.005mwithin the sector's middle half--€0.001mwithin the sector's middle half▲ 79.2%-€0.02mwithin the sector's middle half▼ 1,400%-€0.2mbelow the sector's middle half▼ 1,021%
Equity€0.1mwithin the sector's middle half-€0.1mwithin the sector's middle half▼ 0.7%€0.5mwithin the sector's middle half▲ 233%€0.3mwithin the sector's middle half▼ 36.9%
Total assets€0.2mbelow the sector's middle half-€0.7mwithin the sector's middle half▲ 329%€1.7mwithin the sector's middle half▲ 163%€1.8mabove the sector's middle half▲ 4.9%
Debt€0.01m-€0.5m▲ 35×€1.3m▲ 144%€1.5m▲ 20.0%
Working capital€0.03mwithin the sector's middle half--€0.3mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 80.5%-€0.4mbelow the sector's middle half▼ 548%
Solvency90.4%above the sector's middle half-20.9%within the sector's middle half▼ 69.5pp26.6%within the sector's middle half▲ 5.7pp16.0%within the sector's middle half▼ 10.6pp
Current ratio3.23within the sector's middle half-0.13below the sector's middle half▼ 3.100.81below the sector's middle half▲ 0.680.16below the sector's middle half▼ 0.65
Return on assets (ROA)-3.2%within the sector's middle half--0.2%within the sector's middle half▲ 3.0pp-0.9%within the sector's middle half▼ 0.7pp-9.4%below the sector's middle half▼ 8.5pp
Staff (FTE)1below the sector's middle half-2.4below the sector's middle half▲ 140%4.8within the sector's middle half▲ 100%3.9within the sector's middle half▼ 18.8%
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €144,151, after a profit of €1 in 2024. It is the lowest result since 2022.
Large changes and their cause
- 2025 Net result -1,021% on 2024. The accounts now follow the abbreviated format, last year the full format.
- 2024 Equity +233%, Total assets +163% on 2023. Capital increase of €340,000 (Official Gazette 29-03-2024). Capital increase of €340,000 (Official Gazette 29-03-2024).
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.8m ▲ 19.4%
Current assets
€79,073 ▼ 71.6%
Equity and liabilities €1.8m
Equity
€292,486 ▼ 36.9%
Debt
€1.5m ▲ 20.0%
Debt's share of the balance-sheet total rises from 73.4% to 84.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€272,026▲
2024 · €205,201
Cash flow
€244,867▲
2024 · €189,912
Debt to equity
5.26▲
2024 · 2.77
ROE
-58.6%▼
2024 · -3.3%
Interest coverage
9.89▼
2024 · 13.44
Debt ≤ 1 year
€491,040▲
2024 · €342,347
Debt > 1 year
€1.0m▲
2024 · €935,693
Income taxes
€205▲
2024 · €175
Staff costs
€268,364▲
2024 · €260,015
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 4 | 6 | 3 |
| full-time | 1 | 4 | 5 | 3 |
| part-time | - | - | 1 | 0 |
| in full-time equivalents | 1 | 4 | 5.8 | 3 |
| Average over the year, in full-time equivalents | 1 | 2.4 | 4.8 | 3.9 |
| On a permanent contract | 1 | 4 | 6 | 3 |
| Joined | 1 | 3 | 5 | 3 |
| Left | 0 | 0 | 3 | 6 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Intangible fixed assets | €106,850 | €508,748 | €1.1m | €701,094 |
| Financial fixed assets | - | - | €2,400 | €0 |
| Depreciation and write-downs of the year | - | - | €205,199 | €416,178 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1,751 | €96,855 | €260,015 | €268,364 | ▲ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €205,199 | €416,178 | ▲ 103% |
| Other operating charges640/8 | - | - | €469 | €80 | ▼ 83.0% |
| Gross operating margin9900 | -€109,995 | €96,007 | €465,685 | €540,470 | ▲ 16.1% |
| Operating profit (loss)9901 | -€111,746 | -€848 | €1 | -€144,151 | - |
| Financial income75/76B | €106,850 | - | €149 | €547 | ▲ 266% |
| Recurring financial income75 | €106,850 | - | €149 | €547 | ▲ 266% |
| Financial charges65/66B | - | €171 | €15,263 | €27,501 | ▲ 80.2% |
| Recurring financial charges65 | - | €171 | €15,263 | €27,501 | ▲ 80.2% |
| Profit (loss) for the period before taxes9903 | -€4,897 | -€1,019 | -€15,112 | -€171,106 | ▼ 1,032% |
| Income taxes67/77 | - | - | €175 | €205 | ▲ 17.0% |
| Profit (loss) for the period9904 | -€4,897 | -€1,019 | -€15,287 | -€171,311 | ▼ 1,021% |
| Profit (loss) for the period to be appropriated9905 | -€4,897 | -€1,019 | -€15,287 | -€171,311 | ▼ 1,021% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.2m | €0.7m | €1.7m | €1.8m | ▲ 4.9% |
| Fixed assets21/28 | €0.1m | €0.6m | €1.5m | €1.8m | ▲ 19.4% |
| Intangible fixed assets21 | €0.1m | €0.6m | €1.5m | €1.8m | ▲ 19.4% |
| Financial fixed assets28 | - | - | €0.002m | €0.002m | = |
| Current assets29/58 | €0.05m | €0.05m | €0.3m | €0.08m | ▼ 71.6% |
| Amounts receivable within one year40/41 | €0.01m | €0.04m | €0.09m | €0.02m | ▼ 75.6% |
| Trade receivables40 | €0.01m | €0.03m | €0.06m | €0.02m | ▼ 72.4% |
| Other amounts receivable41 | €0.004m | €0.001m | €0.02m | €0.003m | ▼ 84.8% |
| Cash at bank and in hand54/58 | €0.03m | €0.01m | €0.2m | €0.05m | ▼ 76.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.2m | €0.7m | €1.7m | €1.8m | ▲ 4.9% |
| Equity10/15 | €0.1m | €0.1m | €0.5m | €0.3m | ▼ 36.9% |
| Contributions10/11 | €0.1m | €0.1m | €0.5m | €0.5m | = |
| Capital10 | €0.1m | - | - | - | - |
| Issued capital100 | €0.1m | - | - | - | - |
| Profit (loss) carried forward14 | -€0.005m | -€0.006m | -€0.02m | -€0.2m | ▼ 808% |
| Amounts payable17/49 | €0.01m | €0.5m | €1.3m | €1.5m | ▲ 20.0% |
| Amounts payable after more than one year17 | - | €0.2m | €0.9m | €1.0m | ▲ 11.8% |
| Financial debts170/4 | - | - | €0.3m | €0.3m | = |
| Other amounts payable178/9 | - | €0.2m | €0.7m | €0.8m | ▲ 16.3% |
| Amounts payable within one year42/48 | €0.01m | €0.4m | €0.3m | €0.5m | ▲ 43.4% |
| Financial debts43 | - | - | - | €0.1m | - |
| Credit institutions430/8 | - | - | - | €0.1m | - |
| Trade debts44 | €0.01m | €0.2m | €0.2m | €0.2m | ▼ 2.4% |
| Suppliers440/4 | €0.01m | €0.2m | €0.2m | €0.2m | ▼ 2.4% |
| Advances received on contracts in progress46 | - | €0.06m | €0 | - | - |
| Taxes, remuneration and social security45 | €148 | €0.001m | €0.01m | €0.04m | ▲ 280% |
| Taxes450/3 | €148 | - | €175 | €0.004m | ▲ 21× |
| Remuneration and social security454/9 | - | €0.001m | €0.01m | €0.04m | ▲ 251% |
| Other amounts payable47/48 | - | €0.1m | €0.1m | €0.1m | = |
| Accrued charges and deferred income492/3 | - | - | €0.005m | €0.002m | ▼ 56.0% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.005m | -€0.001m | -€0.02m | -€0.2m | ▼ 1,021% |
| + Depreciation and write-downs630 | - | - | €0.2m | €0.4m | ▲ 103% |
| Operating cash flow (approximation) | -€0.005m | -€0.001m | €0.2m | €0.2m | ▲ 28.9% |
| Investment in fixed assets (approximation) | - | -€0.5m | -€1.1m | -€0.7m | ▲ 33.7% |
| Change in cash | - | -€0.02m | €0.2m | -€0.1m | - |
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, 1,271 companies had the same profile as MERLIN SOFTWARE has now. Two years later, 93.5% were still going and 4.1% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a small loss
93.5%
was still going
2.0%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MERLIN SOFTWARE itself: 2.1% 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 1,271 companies, not a prediction for MERLIN SOFTWARE. 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.