Equity
€2.9m ▼ 5.5%
MERGER paid out €600,000 in dividends. That is 140% of the 2025 profit.
MERGER
Lifetime
20 annual accounts with figures on one time axis, 38 filings since 1988peak €3.8m (2019)
€2.0m▼ 15.0%
peak €1.5m (2020)
€429,402▼ 42.1%
peak €3.1m (2016)
€2.9m▼ 5.5%
€775,748▼ 45.8%
peak 28.7 FTE (2021)
20.6 FTE▼ 3.7%
Board7 names since 2016
2 directorsLR & CO and 1 other
Owners2 names in the annual accounts
Documentsfilings and deeds
18-06-202643 days before the deadline
2025abbreviated format
Gross margin from €2.3m to €2.0mResult from €742,006 to €429,402Dividend €600,000Debts from €1.4m to €775,748Investments €483,725Cash from €1.9m to €753,595
Key points
from the 2025 annual accountsResult
€429,402 ▼ 42.1%
The result fell in 2025 from €742,006 to €429,402.
Investments
€592,125 2.4 × depreciation
Green is investment, beige is depreciation. Machinery stands 29.2% higher than in 2024.
Staff
20.6 FTE from 28.7 in 2021
Between 2021 and 2025, 28% of the full-time equivalents disappeared.
Filings
38 annual accounts since 1988
The last five annual accounts were filed 12 to 53 days before the end of the period.
Board
2 joined · 1 left
Board changed. Latest change 30-06-2026 · 3 in office.
Checked score
96
Excellent
Financially stronger than 70% of small companies in specialised construction (NACE 43)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 2,647 companies (NACE 43, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%lowest value
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025lowest value
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: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026highest value
08-2026: < 0.1%● unchanged vs 07-2026highest value
09-2026: < 0.1%● unchanged vs 08-2026highest value
10-2026: < 0.1%● unchanged vs 09-2026highest value
11-2026: < 0.1%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
lowers risk
Liquidity: current ratio 4.39, cash €753,595, halved
Founded in 1987
Equity €2.9m (79.0% of total assets)
Size: 20.6 FTE, total assets €3.7m
Calculation
The band follows from the bankruptcy probability. 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 43, small). It does better than 95% of them on solvency, 87% on liquidity, 79% on profitability and 21% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 20,137 companies had the same profile as MERGER has now. Each dot stands for 51 companies, two years later.
95.1%
were still trading
4.7%
stopped another way
0.2%
went bankrupt
That fits the bankruptcy probability of MERGER itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,448 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 20,137 companies, not a prediction for MERGER. 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.
Credit verdict
Credit of up to €280,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.39 (2.75 in 2024), above the usual 1.5. Short-term debt is 15.8% and cash 20.4% of total assets. 21% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 18-06-2026, 43 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
43 days early
2024
17 days early
2023
12 days early
2022
53 days early
2021
46 days early
2020
72 days early
2019
29 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 39 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · 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 18 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- LR & CO 50%equity €5.3m (2025) · 2025 annual accounts of LR & CO
- Mokko 50%score 96equity €1.2m (2025) · 2025 annual accounts of Mokko
- Z31 50%equity €1.9m (2024) · 30-06-2024 annual accounts of Z31
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0432750157
Permanent representatives: LEËN Hendrik, BERVOETS Raf and LEËN Robin
General meeting of 28-03-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MERGER Tongeren-Borgloon | €3.7m | €2.0m | 79.0% | 20.6 |
| EVERTS Maaseik | €2.4m | €2.2m | 45.9% | 20.5 |
| DIABETON Houthalen-Helchteren | €2.5m | €1.9m | 66.9% | 17.5 |
| Stevens Services Diepenbeek | €2.4m | €1.6m | 44.0% | 17.3 |
| EXPLOTECH Manhay | €4.2m | €1.5m | 46.4% | 23 |
| Resitec Ranst | €2.9m | €1.7m | 49.8% | 17.6 |
| STARFLAM De Panne | €2.9m | €1.5m | 23.0% | 18.5 |
These companies have the same main activity as MERGER: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €2.4m and €4.2m, founded between 1979 and 1989.
Official details
Source: KBO- Status
- Active since 02-12-1987Normal situation
- Activity
- Other specialised construction activitiesNACE 43990and 3 others
- Joint committees
- 124Construction
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.032.345.7803700 Tongeren-Borgloon, since 29-12-1987
- Financial year end
- 31 December
- Peppol
- Reachable since 18-08-2025
Annual accounts 2025
- ≈ €5.6mestimated
- €3.7m▼ 18.3%
- Employeeson 31-12-2025
- 21=
- Filing
- Filed on 18-06-2026, 43 days before the end of the filing period
Insights on MERGER
MERGER files the abbreviated format. That format states no turnover. The gross margin rose from €894,606 in 2006 to €2.0m in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MERGER
- What is the company number of MERGER?
- The company number of MERGER is 0432.750.157. The VAT number is the same number with BE in front: BE 0432.750.157.
- Where is MERGER based?
- The registered office is at Gasthuisbosdreef 16, 3700 Tongeren-Borgloon.Company details
- What does MERGER do?
- According to the KBO register, the main activity is other specialised construction activities (NACE 43990).
- What is the legal form of MERGER?
- MERGER is a private limited company (BV).
- When was MERGER founded?
- MERGER was founded on 02-12-1987.
- Is MERGER still active?
- Yes, MERGER is an active enterprise in the KBO register.
- How many employees does MERGER have?
- MERGER had an average of 20.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does MERGER fall under?
- In its 2025 annual accounts, MERGER states joint committees 124 (Construction) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of MERGER?
- The turnover in financial year 2025 is ≈ €5.6m. This figure is estimated from the gross margin of €2.0m and 67 comparable companies (NACE 43). It probably lies between €4.3m and €7.4m.
- Is MERGER profitable?
- In financial year 2025, MERGER made a profit of €429,402.
- Where can I find the annual accounts of MERGER?
- MERGER filed 38 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MERGER due?
- MERGER must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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