Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 53 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Menerga from Aarschot, company number BE0463715131, closed financial year 2025 with a result of € -270,940 after tax. For that financial year Menerga recorded a gross margin of € 1.4 million and equity of € 645,594. Compared with financial year 2024, the result moved from € -454,392 to € -270,940. The company made a loss. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on November 7, 2025.
€ 645,594
▲ € 729,060 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -270,940
▲ 40 % less loss than in 2024
Profit after tax over the fiscal year.
€ 164,562
▲ 12% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -434,971.
People and assets in 2025
15.7
▲ 1.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.4 million
▲ 8% vs 2024
€ 87,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 179,772
▼ 19% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 159,960
▼ 21% vs 2024
€ 32,004 is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 251,085
▼ 18% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 266,978
▲ 25% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 927,125 | € 1,385,112 | € 1,096,613 | € 1,448,828 | ▲ 32% |
| Profit after taxes | € -279,243 | € 134,219 | € -454,392 | € -270,940 | ▲ € 183,452 |
| Equity | € 236,707 | € 370,927 | € -83,466 | € 645,594 | ▲ € 729,060 |
| Total debts | € 2,346,647 | € 2,389,399 | € 2,883,203 | € 2,218,042 | ▼ 23% |
| Cash | € 211,214 | € 198,591 | € 147,230 | € 164,562 | ▲ 12% |
| Land & buildings | € 1,190,357 | € 1,160,969 | € 1,103,629 | € 1,051,147 | ▼ 5% |
| Retained profit | € 156,142 | € 290,361 | € -164,031 | € -434,971 | ▼ € 270,940 |
| Bank debt | € 317,436 | € 257,231 | € 203,699 | € 159,960 | ▼ 21% |
| Balance sheet total | € 2,662,186 | € 2,793,575 | € 2,835,243 | € 2,907,998 | ▲ 3% |
| Employees (FTE) | 12.9 | 13.6 | 14.4 | 15.7 | ▲ 1.3 |
Key figures of Menerga, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 November 2026.
What happened to Menerga?
What happened at Menerga in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Niall Horgan stepped down as director. NBB
- EMX BV stepped down as director. NBB
- Kurt Helmut Maurer stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 270,940. Source: NBB ↗
- Niall Horgan became a director. NBB
- Kurt Helmut Maurer became a director. NBB
- EMX BV became a director. NBB
- New establishment in Aarschot. KBO
In short
From € 279,243 loss in 2022 to € 270,940 loss in 2025.
Paid € 1,652 in corporate taxes since 2022.
Best year ever: 2023, with € 134,219 profit.
On average € 92,300 of value added per employee in 2025.
A new publication or filing at Menerga? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Directors
According to the 2025 annual accounts
Niall Horgan
Director
since 2022 · until 2027
Managing director · represented by Johan Verplaetsen
since 2021 · until 2027
Kurt Helmut Maurer
Director
since 2022 · until 2027
Establishments
Establishment units
Physical locations of this company
Nieuwlandlaan 133
3200 Aarschot
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Self-hosted
Hosting
MICROSOFT-CORP-MSN-AS-BLOCK - Microsoft Corporation, US
Website info
Features
Security
Details
- Company number
- 0463.715.131
- VAT number
- BE 0463.715.131
- Registered office
- Nieuwlandlaan 133, 3200 Aarschot
- Names & denominations
- Menerga
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 6 July 1998
- Peppol
- Active · Active since 24 Nov 2023
- Contact
- menerga.be
- Activities · NACE
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