MERSA
BankruptcyFinancials · financial year 2025, micro format
2025 annual accounts filed 13 days after the deadline Filed on 13 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00111296.
Annual accounts 2025 filed on 13-05-2026 PDF all 3 filings
Turnover
≈ €350,000
Estimated: probably between €240,000 and €530,000
Total assets
€124,421▼ 2.1%
2024 · €127,089
Net result
€682
2024 · -€6,742
Working capital
€24,055▲ 41.3%
2024 · €17,024
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€1,639
2025
20232025
Net result
€682
2025
middle half of the sector
20232025
Equity
€31,303
▲ 8.5%
2025
middle half of the sector
20232025
Total assets
€124,421
▼ 2.1%
2025
middle half of the sector
20232025
Debt
€93,118
▼ 5.2%
2025
20232025
Working capital
€24,055
▲ 41.3%
2025
middle half of the sector
20232025
Solvency
25.2%
▲ 2.5pp
2025
middle half of the sector
20232025
Current ratio
1.26
▲ 0.09
2025
middle half of the sector
20232025
Return on assets (ROA)
0.5%
▲ 5.9pp
2025
middle half of the sector
20232025
Staff (FTE)
no figure
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€46,120--€7,071€1,639
Net result€34,033above the sector's middle half--€6,742below the sector's middle half€682within the sector's middle half
Equity€34,033within the sector's middle half-€28,841within the sector's middle half▼ 15.3%€31,303within the sector's middle half▲ 8.5%
Total assets€166,023within the sector's middle half-€127,089within the sector's middle half▼ 23.5%€124,421within the sector's middle half▼ 2.1%
Debt€131,989-€98,249▼ 25.6%€93,118▼ 5.2%
Working capital€20,343within the sector's middle half-€17,024within the sector's middle half▼ 16.3%€24,055within the sector's middle half▲ 41.3%
Solvency20.5%within the sector's middle half-22.7%within the sector's middle half▲ 2.2pp25.2%within the sector's middle half▲ 2.5pp
Current ratio1.15within the sector's middle half-1.17within the sector's middle half▲ 0.021.26within the sector's middle half▲ 0.09
Return on assets (ROA)20.5%above the sector's middle half--5.3%below the sector's middle half▼ 25.8pp0.5%within the sector's middle half▲ 5.9pp
Staff (FTE)0.5-0.1▼ 80.0%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €1,639, after a loss of €7,071 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €124,421
Fixed assets
€7,248 ▼ 38.7%
Current assets
€117,174 ▲ 1.6%
Equity and liabilities €124,421
Equity
€31,303 ▲ 8.5%
Debt
€93,118 ▼ 5.2%
Debt's share of the balance-sheet total falls from 77.3% to 74.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6,209▲
2024 · -€2,698
Cash flow
€5,252▲
2024 · -€2,370
Debt to equity
2.97▼
2024 · 3.41
ROE
2.2%▲
2024 · -23.4%
Interest coverage
5.85▲
2024 · -12.36
Debt ≤ 1 year
€93,118▼
2024 · €98,249
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2023 | 30-09-2024 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 0.5 | 0.1 |
| On a permanent contract | 1 | - |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2023 to 2024 annual accounts
Investments
| Item | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|
| Tangible fixed assets | €11,264 | €2,500 | - |
| Financial fixed assets | €4,000 | - | - |
| Depreciation and write-downs of the year | €3,474 | €4,373 | €4,570 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €23,891 | €4,191 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,474 | €4,373 | €4,570 | ▲ 4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €100,000 | - |
| Other operating charges640/8 | €1,475 | €889 | €298 | ▼ 66.5% |
| Gross operating margin9900 | €74,961 | €2,382 | €106,506 | ▲ 45× |
| Operating profit (loss)9901 | €46,120 | -€7,071 | €1,639 | - |
| Financial income75/76B | - | €547 | €105 | ▼ 80.8% |
| Recurring financial income75 | - | €547 | €105 | ▼ 80.8% |
| Financial charges65/66B | €298 | €218 | €1,062 | ▲ 387% |
| Recurring financial charges65 | €298 | €218 | €1,062 | ▲ 387% |
| Profit (loss) for the period before taxes9903 | €45,822 | -€6,742 | €682 | - |
| Income taxes67/77 | €11,789 | - | - | - |
| Profit (loss) for the period9904 | €34,033 | -€6,742 | €682 | - |
| Profit (loss) for the period to be appropriated9905 | €34,033 | -€6,742 | €682 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €166,023 | €127,089 | €124,421 | ▼ 2.1% |
| Fixed assets21/28 | €13,690 | €11,817 | €7,248 | ▼ 38.7% |
| Tangible fixed assets22/27 | €9,690 | €7,817 | €3,248 | ▼ 58.5% |
| Furniture and vehicles24 | €9,690 | €7,817 | €3,248 | ▼ 58.5% |
| Financial fixed assets28 | €4,000 | €4,000 | €4,000 | = |
| Current assets29/58 | €152,333 | €115,272 | €117,174 | ▲ 1.6% |
| Amounts receivable within one year40/41 | €133,963 | €105,090 | €117,066 | ▲ 11.4% |
| Trade receivables40 | €133,955 | €79,387 | €111,385 | ▲ 40.3% |
| Other amounts receivable41 | €8 | €25,703 | €5,681 | ▼ 77.9% |
| Cash at bank and in hand54/58 | €18,370 | €9,635 | €108 | ▼ 98.9% |
| Deferred charges and accrued income490/1 | - | €547 | - | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €166,023 | €127,089 | €124,421 | ▼ 2.1% |
| Equity10/15 | €34,033 | €28,841 | €31,303 | ▲ 8.5% |
| Contributions10/11 | - | €1,550 | €3,330 | ▲ 115% |
| Profit (loss) carried forward14 | €34,033 | €27,291 | €27,973 | ▲ 2.5% |
| Amounts payable17/49 | €131,989 | €98,249 | €93,118 | ▼ 5.2% |
| Amounts payable within one year42/48 | €131,989 | €98,249 | €93,118 | ▼ 5.2% |
| Trade debts44 | €68,350 | €49,057 | €74,440 | ▲ 51.7% |
| Suppliers440/4 | €68,350 | €49,057 | €74,440 | ▲ 51.7% |
| Taxes, remuneration and social security45 | €55,438 | €49,192 | €3,756 | ▼ 92.4% |
| Taxes450/3 | €51,152 | €46,000 | €2,146 | ▼ 95.3% |
| Remuneration and social security454/9 | €4,286 | €3,192 | €1,611 | ▼ 49.5% |
| Other amounts payable47/48 | €8,202 | - | €14,921 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,033 | -€6,742 | €682 | - |
| + Depreciation and write-downs630 | €3,474 | €4,373 | €4,570 | ▲ 4.5% |
| Operating cash flow (approximation) | €37,508 | -€2,370 | €5,252 | - |
| Investment in fixed assets (approximation) | - | -€2,500 | €0 | - |
| Change in cash | - | -€8,734 | -€9,527 | ▼ 9.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.