Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Figures corrected NBB
Corrected annual account filed for 2024.
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Busy address KBO
55 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
Merlin Holdco from Gent, company number BE0770801194, closed financial year 2025 with a result of € -1.6 million after tax. For that financial year Merlin Holdco recorded revenue of € 1.6 million and equity of € 121.1 million. Compared with financial year 2024, the result moved from € 6.4 million to € -1.6 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 2, 2026.
€ 121.1 million
▼ 9% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.6 million
▼ still € 6.4 million profit in 2024
Profit after tax over the fiscal year.
€ 108,627
▼ 83% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 20 million.
Debts at end 2025
€ 37.2 million
▼ 8% vs 2024
€ 3.2 million is repaid this year. At this pace the long-term loan is gone in ≈ 12 years.
€ 89,703
▼ 19% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 22 days on average.
€ 46,827
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 2,012,500 | € 1,380,000 | € 1,125,999 | € 1,577,578 | ▲ 40% |
| Profit after taxes | € 12,062,924 | € 13,090,311 | € 6,449,009 | € -1,594,480 | ▼ € 8 million |
| Equity | € 112,351,531 | € 125,441,842 | € 132,392,804 | € 121,098,325 | ▼ 9% |
| Total debts | € 48,278,551 | € 43,863,357 | € 40,594,521 | € 37,539,845 | ▼ 8% |
| Cash | € 4,654,314 | € 4,373,279 | € 651,122 | € 108,627 | ▼ 83% |
| Retained profit | € 12,062,924 | € 25,153,235 | € 31,602,244 | € 20,007,765 | ▼ 37% |
| Bank debt | € 47,900,000 | € 43,525,000 | € 40,375,000 | € 37,225,000 | ▼ 8% |
| Balance sheet total | € 160,630,082 | € 169,305,199 | € 172,987,325 | € 158,638,170 | ▼ 8% |
Key figures of Merlin Holdco, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Merlin Holdco?
What happened at Merlin Holdco in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 1.6 million (▼ € 8 million vs 2024). Source: NBB ↗
- Heider Ridha became a director. NBB
- Alinvest SRL BVBA became a director. NBB
- New establishment in Gent. KBO
- Start of the company according to the CBE. KBO
- Jan Vergote became a director. NBB
- Filiep Balcaen became a director. NBB
- Louis Balcaen became a director. NBB
In short
From € 12.1 million profit in 2022 to € 1.6 million loss in 2025.
Best year ever: 2023, with € 13.1 million profit.
Pays suppliers within 22 days on average.
A new publication or filing at Merlin Holdco? 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
Behind Merlin Holdco are Jan Vergote, Alinvest SRL BVBA, Filiep Balcaen, Heider Ridha and Louis Balcaen. It owns 100% of Baobab Collection itself.
Directors
According to the 2025 annual accounts
Jan Vergote
Director
Also active at: RECTICEL INTERNATIONAL SERVICES, PIAGROUP International, CORAL & WALLACE, Atreus Ventures, Recticel US Investments
since 2021
Alinvest SRL BVBA
Director · represented by Alain Lahy
since 2021
Filiep Balcaen
Director
Also active at: Huis te Lande, ARGIBEL, BUILDING, FLANDERS INTERNATIONAL AIRPORT, Marieposa, North Beach, Floorenter, LIEGE BECASSE +23 more
since 2021
since 2023
Louis Balcaen
Director
since 2021
Establishments
Establishment units
Physical locations of this company
Pauline Van Pottelsberghelaan 10
9051 Gent
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 55 companies are registered at this address.
All companies at this address →Huis te Lande same network
€ -185,764 gross margin · 2025
ARGIBEL same network
€ 62,256 gross margin · 2025
BUILDING same network
€ 319,319 gross margin · 2025
Marieposa same network
€ -22,893 gross margin · 2025
North Beach same network
€ -34,684 gross margin · 2025
+50 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0770.801.194
- VAT number
- BE 0770.801.194
- Registered office
- Pauline Van Pottelsberghelaan 10, 9051 Gent
- Names & denominations
- Merlin Holdco
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 6 July 2021
- Peppol
- Active · Active since 9 Mar 2026
- Activities · NACE
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