MERSAFFEL
ActiveSummary
MERSAFFEL has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.81M and a net result of €374k. Equity is growing by ~16.5% per year across the filed fiscal years. Its solvency ranks better than 73% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+3
Solvency86▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €230k at 30 days acceptable
Liquidity ample (current ratio 2.68 against 5.38 in 2024; short-term debt: 1.6% and cash: 4.2% of total assets), and 39.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
60.9%
Return on assets
8.1%
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 08-06-2026, 53 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
53 d early
2024
77 d early
2023
62 d early
2022
82 d early
2021
31 d early
2020
22 d early
2019
64 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€2.81M▲ 15.3%
2024 · €2.44M
Total assets
€4.61M▼ 6.2%
2024 · €4.92M
Net result
€374k▲ 8.5%
2024 · €344k
Working capital
€121k▼ 56.1%
2024 · €276k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€520k▲ 10.2%€558k▲ 7.3%€588k▲ 5.3%€619k▲ 5.3%€629k▲ 1.6%
Net result€203k▲ 14.8%€274k▲ 34.9%€293k▲ 6.7%€344k▲ 17.7%€374k▲ 8.5%
Equity€1.52M▲ 15.4%€1.80M▲ 18.0%€2.09M▲ 16.3%€2.44M▲ 16.5%€2.81M▲ 15.3%
Total assets€5.63M▼ 1.9%€5.44M▼ 3.4%€5.11M▼ 6.0%€4.92M▼ 3.7%€4.61M▼ 6.2%
Debt€3.74M▼ 7.7%€3.39M▼ 9.5%€2.88M▼ 15.0%€2.34M▼ 18.6%€1.80M▼ 23.0%
Working capital€-62k€-73k▼ 18.3%€193k€276k▲ 43.2%€121k▼ 56.1%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 2% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.61M
Fixed assets
€4.42M ▼ 3.5%
Current assets
€193k ▼ 43.0%
Equity and liabilities €4.61M
Equity
€2.81M ▲ 15.3%
Provisions
€0 ▼ 100%
Debt
€1.80M ▼ 23.0%
Debt's share of the balance-sheet total falls from 47.6% to 39.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€959k▲
2024 · €928k
Cash flow
€704k▲
2024 · €654k
Current ratio
2.68▼
2024 · 5.38
Debt to equity
0.64▼
2024 · 0.96
ROE
13.3%▼
2024 · 14.1%
ROA
8.1%▲
2024 · 7.0%
Interest coverage
7.35▲
2024 · 5.81
Debt ≤ 1 year
€72k▲
2024 · €63k
Debt > 1 year
€1.65M▼
2024 · €2.20M
Income taxes
€125k▲
2024 · €115k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €326k | €310k | €310k | €310k | €330k | ▲ 6.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €0 | - | - | - | - | - |
| Other operating charges640/8 | €36k | €53k | €58k | €60k | €62k | ▲ 3.0% |
| Gross operating margin9900 | €882k | €920k | €955k | €988k | €1.02M | ▲ 3.3% |
| Operating profit (loss)9901 | €520k | €558k | €588k | €619k | €629k | ▲ 1.6% |
| Financial income75/76B | €0 | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - | - |
| Financial charges65/66B | €248k | €192k | €176k | €160k | €130k | ▼ 18.4% |
| Recurring financial charges65 | €248k | €192k | €176k | €160k | €130k | ▼ 18.4% |
| Profit (loss) for the period before taxes9903 | €272k | €366k | €411k | €459k | €498k | ▲ 8.5% |
| Income taxes67/77 | €69k | €91k | €119k | €115k | €125k | ▲ 8.5% |
| Profit (loss) for the period9904 | €203k | €274k | €293k | €344k | €374k | ▲ 8.5% |
| Profit (loss) for the period to be appropriated9905 | €203k | €274k | €293k | €344k | €374k | ▲ 8.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.63M | €5.44M | €5.11M | €4.92M | €4.61M | ▼ 6.2% |
| Fixed assets21/28 | €5.42M | €5.11M | €4.82M | €4.58M | €4.42M | ▼ 3.5% |
| Tangible fixed assets22/27 | €5.42M | €5.11M | €4.82M | €4.58M | €4.42M | ▼ 3.5% |
| Land and buildings22 | €5.42M | €5.11M | €4.80M | €4.49M | €4.35M | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | - | €74k | - |
| Assets under construction and advance payments27 | €0 | - | €17k | €90k | €0 | ▼ 100% |
| Current assets29/58 | €211k | €328k | €294k | €339k | €193k | ▼ 43.0% |
| Amounts receivable within one year40/41 | €137k | €237k | €0 | €97k | €0 | ▼ 100% |
| Trade receivables40 | €137k | €52k | €0 | €97k | €0 | ▼ 100% |
| Other amounts receivable41 | €0 | €185k | €0 | - | - | - |
| Cash at bank and in hand54/58 | €74k | €91k | €294k | €243k | €193k | ▼ 20.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.63M | €5.44M | €5.11M | €4.92M | €4.61M | ▼ 6.2% |
| Equity10/15 | €1.52M | €1.80M | €2.09M | €2.44M | €2.81M | ▲ 15.3% |
| Contributions10/11 | €1.06M | €1.06M | €1.06M | €1.06M | €1.06M | = |
| Capital10 | €1.06M | €1.06M | €1.06M | €1.06M | €1.06M | = |
| Issued capital100 | €1.06M | €1.06M | €1.06M | €1.06M | €1.06M | = |
| Reserves13 | €457 | €457 | €457 | €457 | €457 | = |
| Non-distributable reserves130/1 | €457 | €457 | €457 | €457 | €457 | = |
| Legal reserve130 | €457 | €457 | €457 | €457 | €457 | = |
| Profit (loss) carried forward14 | €462k | €736k | €1.03M | €1.37M | €1.75M | ▲ 27.2% |
| Provisions and deferred taxes16 | €362k | €250k | €140k | €140k | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | €362k | €250k | €140k | €140k | €0 | ▼ 100% |
| Major repairs and maintenance162 | €362k | €250k | €140k | €140k | €0 | ▼ 100% |
| Amounts payable17/49 | €3.74M | €3.39M | €2.88M | €2.34M | €1.80M | ▼ 23.0% |
| Amounts payable after more than one year17 | €3.35M | €2.85M | €2.70M | €2.20M | €1.65M | ▼ 25.0% |
| Financial debts170/4 | €3.35M | €2.85M | €2.70M | €2.20M | €1.65M | ▼ 25.0% |
| Amounts payable within one year42/48 | €273k | €401k | €101k | €63k | €72k | ▲ 14.3% |
| Trade debts44 | €3k | €23k | €21k | €0 | €145 | - |
| Suppliers440/4 | €3k | €23k | €21k | €0 | €145 | - |
| Taxes, remuneration and social security45 | €69k | €258k | €80k | €63k | €72k | ▲ 14.1% |
| Taxes450/3 | €69k | €258k | €80k | €63k | €72k | ▲ 14.1% |
| Other amounts payable47/48 | €200k | €120k | €0 | - | - | - |
| Accrued charges and deferred income492/3 | €119k | €135k | €77k | €80k | €81k | ▲ 2.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €203k | €274k | €293k | €344k | €374k | ▲ 8.5% |
| + Depreciation and write-downs630 | €326k | €310k | €310k | €310k | €330k | ▲ 6.7% |
| Operating cash flow (approximation) | €529k | €584k | €602k | €654k | €704k | ▲ 7.7% |
| Investment in fixed assets (approximation) | - | €0 | €-17k | €-73k | €-171k | ▼ 134% |
| Change in cash | - | €17k | €203k | €-51k | €-50k | ▲ 2.9% |
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
08-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €374k ▲8.5%
Operating result €629k, net result €374k, both a record.
15-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity quadruplescurrent ratio 2.91
Current ratio from 0.82 to 2.91; short-term debt falls from €401k to €101k.
31-12
Financial
Equity above €2MEq €2.09M ▲16.3%
6 profitable years in a row build equity to €2.09M.
10-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
28-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €1MEq €1.14M ▲23.9%
2 profitable years in a row build equity to €1.14M.
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
23-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
18-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Baarle-Hertog · 1 establishment unit since 2007
Ground area
4,005 m²
Parcel 13002C0116/00_000, Flanders. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
MERSAFFEL
since 20072.243.399.568
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13002C0116/00_000 | Flanders | 4,005 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,385. 2,343 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded21-12-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.