MERLIN SOFTWARE
The computed 12-month bankruptcy probability of MERLIN SOFTWARE is 1.2% (low). The 2024 annual accounts show equity of €464k and a net result of €-15k. Equity is growing by ~115.5% per year across the filed fiscal years. Its solvency ranks better than 35% of 288 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
| Equity | €464k |
| Net result | €-15k |
| Staff (FTE) | 4.8 |
| Better than sector | 35% |
Fragile profile, watch profitability in particular.
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
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The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 26.6% | 47.8% | |
| Net result | €-15k | €5k | |
| Equity | €464k | €38k | |
| Gross operating margin | €466k | €24k | |
| Staff costs | €260k | €65k |
| Fiscal year | 2024 |
|---|---|
| Revenue | - |
| EBITDA | €205k |
| Net profit | €-15k |
| Cash flow | €190k |
| Staff costs | €260k |
| Income taxes | €175 |
| Dividends | - |
| Total assets | €1.75M |
| Equity | €464k |
| Debt | €1.28M |
| of which ≤ 1y | €342k |
| of which > 1y | €936k |
| Working capital | €-64k |
| Employees (FTE) | 4.8 |
| 2024 | |
|---|---|
| Current ratio | 0.81 |
| Quick ratio | 0.81 |
| Working capital ratio | -3.6% |
| Solvency | 26.6% |
| Debt / equity | 2.77 |
| Long-term debt ratio | 2.02 |
| Interest coverage | 13.44 |
| Gross margin | - |
| Net margin | - |
| ROA | -0.9% |
| ROE | -3.3% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €1.75M |
| Fixed assets | 21/28 | €1.47M |
| Intangible fixed assets | 21 | €1.47M |
| Financial fixed assets | 28 | €2k |
| Current assets | 29/58 | €279k |
| Amounts receivable within one year | 40/41 | €88k |
| Cash & bank | 54/58 | €191k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.75M |
| Equity | 10/15 | €464k |
| Contributions / capital | 10/11 | €485k |
| Accumulated profits (losses) | 14 | €-21k |
| Amounts payable | 17/49 | €1.28M |
| Amounts payable after one year | 17 | €936k |
| Amounts payable within one year | 42/48 | €342k |
| Trade debts payable within one year | 44 | €212k |
| Income statement | ||
| Gross operating margin | 9900 | €466k |
| Operating result | 9901 | €1 |
| Financial income | 75 | €149 |
| Financial charges | 65 | €15k |
| Result before taxes | 9903 | €-15k |
| Income taxes | 67/77 | €175 |
| Net result for the period | 9904 | €-15k |
| Result to be appropriated | 9905 | €-15k |
| NACE primary | 58290 |
| Legal form | Private limited company(610) |
| Incorporation | 30-12-2021 |
| Status | Active |
| Postal code | 4053 |
Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62030A0116/00N000 | Wallonia | 1,848 m² | 1 · 799 m² | 6.6 m · 1 fl. |
A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.
13-03-2026 Permanent representative changed: Bertrand JOIRET succeeds Xavier PETERS
Technical details
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"effective_date": "2026-02-19",
"evidence_quote": "Par un courrier du 24 f\u00E9vrier 2026 adress\u00E9 au Conseil d\u0027administration de la S.R.L. MERLIN SOFTWARE, S.R.L. NOSHAQ PARTNERS a inform\u00E9 la soci\u00E9t\u00E9 du remplacement de son repr\u00E9sentant permanent, Monsieur Xavier PETERS, par Monsieur Bertrand JOIRET, avec effet au 19 f\u00E9vrier 2026.",
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}
],
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"office_city": "LIEGE",
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},
"act_meta": {
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"pub_date": "2026-03-13",
"filing_date": "2026-03-04",
"act_kind_objet": "Objet de l\u0027acte:"
},
"decisions": [
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"subject_company": {
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"org_rep_person_name": "St\u00E9phanie CRAHAY",
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"co_filed_documents": [],
"corrected_publication_numac": null
}18-11-2024 Registered office moved from Villers-le-Bouillet to Chaudfontaine
- Rue le Marais 14, 30 Villers-le-Bouillet → rue Joseph Dupont 75, 4053 Chaudfontaine
Technical details
{
"events": [
{
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"seat_type": "statutaire",
"new_address": {
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"region": null,
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"country": "BE",
"postcode": "4053",
"box_number": null,
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"street": "Rue le Marais",
"country": "BE",
"postcode": "30",
"box_number": "45",
"street_number": "14"
},
"effective_date": "2024-04-03",
"evidence_quote": "L\u0027organe de gestion d\u00E9cide de transf\u00E9rer le si\u00E8ge \u00E0 l\u0027adresse suivante: rue Joseph Dupont 75, 4053 Chaudfontaine. Ce changement prend effet au 03 avril 2024"
}
],
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"subject_company": {
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"name_full": "MERLIN SOFTWARE",
"legal_form": "SRL"
}
}29-03-2024 Capital increase of €340,000 to €485,000
- €145.000 → €485.000
Technical details
{
"events": [
{
"kind": "capital_increase",
"amount": 340000.0,
"currency": "EUR",
"after_eur": 485000.0,
"delta_eur": 340000.0,
"before_eur": 145000.0,
"amount_type": "kapitaal_effectief",
"effective_date": "2024-03-21",
"evidence_quote": "L\u2019assembl\u00E9e d\u00E9cide d\u2019autoriser l\u2019augmentation des capitaux propres \u00E0 concurrence d\u2019un montant total de trois cent quarante mille euros (340.000,00 \u20AC) pour le porter de cent quarante-cinq mille euros (145.000,00 \u20AC) \u00E0 quatre cent quatre-vingt-cinq mille euros (485.000,00 \u20AC) par divers apports suppl\u00E9mentaires en num\u00E9raire",
"contribution_type": "cash"
}
],
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"subject_company": {
"kbo": "0779.548.517",
"name_full": "MERLIN SOFTWARE",
"legal_form": "SRL"
}
}03-01-2022 Incorporation of a new SRL
Technical details
{
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"seat": "4530 Villers-le-Bouillet, Rue le Marais 14",
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"founders": [
{
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"kind": "natural_person",
"person": {
"dob": "1980-01-15",
"name": "GRUTMAN S\u00E9bastien Victor Nelly Bernard",
"niss": null,
"address": "4800 Verviers, Rue de la Moinerie, 45"
},
"share_class": "Ordinary",
"partner_role": null,
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"contribution_type": "cash",
"amount_paid_in_eur": 5000,
"holder_person_name": "GRUTMAN S\u00E9bastien Victor Nelly Bernard",
"is_subscriber_only": false,
"n_shares_subscribed": 4250,
"amount_subscribed_eur": 5000,
"is_anonymous_silent_partner": false
},
{
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"person": {
"dob": "1985-04-11",
"name": "GOSSE Nathalie Stephane Jacqueline",
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},
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"holder_person_name": "GOSSE Nathalie Stephane Jacqueline",
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{
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"kind": "natural_person",
"person": {
"dob": "1986-11-19",
"name": "BOUTANTIN Herv\u00E9 Jean Joseph",
"niss": null,
"address": "4052 Chaudfontaine (Beaufays), Rue de la Dr\u00E8ve, 4/C"
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{
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"person": {
"dob": "1986-11-06",
"name": "HANNEQUART Cl\u00E9ment Arthur Martin Bertrand",
"niss": null,
"address": "4000 Li\u00E8ge, Quai de Rome, 56"
},
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"contribution_type": "cash",
"amount_paid_in_eur": 5000,
"holder_person_name": "HANNEQUART Cl\u00E9ment Arthur Martin Bertrand",
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"n_shares_subscribed": 4250,
"amount_subscribed_eur": 5000,
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},
{
"org": null,
"kind": "natural_person",
"person": {
"dob": "1970-06-10",
"name": "HERNALSTEEN Christian",
"niss": null,
"address": "1380 Lasne, Avenue Vend\u00F4me, 13"
},
"share_class": "Ordinary",
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"contribution_type": "cash",
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}
],
"capital_eur": 145000,
"subject_company": {
"kbo": "0779.548.517",
"name_full": "MERLIN SOFTWARE",
"legal_form": "SRL"
},
"initial_directors": [],
"incorporation_date": "2021-12-29",
"post_incorporation_mandates": []
}Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.
| Legal nameFR | MERLIN SOFTWARE |