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 14 % of short-term debt in 2025; threshold 65 %.
-
Figures corrected NBB
Corrected annual account filed for 2022.
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Busy address KBO
14 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
MERLIN SOFTWARE from Chaudfontaine, company number BE0779548517, closed financial year 2025 with a result of € -171,311 after tax. For that financial year MERLIN SOFTWARE recorded a gross margin of € 540,470 and equity of € 292,486. Compared with financial year 2024, the result moved from € -15,287 to € -171,311. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on August 31, 2026.
€ 292,486
▼ 37% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -171,311
▼ 1021 % more loss than in 2024
Profit after tax over the fiscal year.
€ 45,656
▼ 76% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -192,514.
People and assets in 2025
3.9
▼ 0.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 268,364
▲ 3% vs 2024
€ 68,800 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.
Debts at end 2025
€ 385,000
▲ 48% vs 2024
Loans from banks and other lenders, long and short.
€ 206,859
▼ 2% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 39,181
▲ 280% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 4,123 | € 96,007 | € 465,685 | € 540,470 | ▲ 16% |
| Profit after taxes | € -4,897 | € -1,019 | € -15,287 | € -171,311 | ▼ € 156,024 |
| Equity | € 140,103 | € 139,084 | € 463,797 | € 292,486 | ▼ 37% |
| Total debts | € 14,909 | € 526,210 | € 1,282,670 | € 1,539,193 | ▲ 20% |
| Cash | € 34,215 | € 14,312 | € 190,916 | € 45,656 | ▼ 76% |
| Retained profit | € -4,897 | € -5,916 | € -21,203 | € -192,514 | ▼ € 171,311 |
| Bank debt | € 0 | € 0 | € 260,000 | € 385,000 | ▲ 48% |
| Balance sheet total | € 155,013 | € 665,294 | € 1,746,467 | € 1,831,679 | ▲ 5% |
| Employees (FTE) | - | 2.4 | 4.8 | 3.9 | ▼ 0.9 |
Key figures of MERLIN SOFTWARE, 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 SOFTWARE?
What happened at MERLIN SOFTWARE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 171,311. filed late Source: NBB ↗
- NOSHAQ PARTNERS SRL became a director. NBB
- Guillaume Massart became a director. NBB
- New establishment in Chaudfontaine. KBO
- Sébastien Grutman became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 4,897 loss in 2022 to € 171,311 loss in 2025.
Paid € 380 in corporate taxes since 2022.
On average € 138,600 of value added per employee in 2025.
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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 SOFTWARE are Sébastien Grutman, NOSHAQ PARTNERS SRL and Guillaume Massart. Sébastien Grutman is also behind Embuild Liège, Société coopérative indépendante de Cautionnement collectif, Fédération des Entrepreneurs généraux de la Construction - Federatie van Algemene Bouwaannemers, RENOUV O and LION INVEST. NOSHAQ PARTNERS SRL is also behind CAUTION MUTUELLE DES METIERS ET NEGOCES, Fonderies J. Marichal Ketin et Cie, DARDENNE, SOGECOM and VITAVERDE.BIO.
Directors
According to the 2025 annual accounts
Sébastien Grutman
Director
Also active at: Embuild Liège, Société coopérative indépendante de Cautionnement collectif, Fédération des Entrepreneurs généraux de la Construction - Federatie van Algemene Bouwaannemers, RENOUV O, LION INVEST, LEGIA, BATIS'UP, TOITURES LIEGEOIS +3 more
since 2021
Director · represented by Gaëtan Baudelet
Also active at: CAUTION MUTUELLE DES METIERS ET NEGOCES, Fonderies J. Marichal Ketin et Cie, DARDENNE, SOGECOM, VITAVERDE.BIO, HAEMERS Technologies, SPACEBEL, NOSHAQ VENTURE +169 more
since 2026
Guillaume Massart
Director
since 2025
Establishments
Establishment units
Physical locations of this company
Rue Joseph Dupont 75
4053 Chaudfontaine
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 14 companies are registered at this address.
All companies at this address →TRIMMO
€ 51,124 gross margin · 2025
USOR Invest
€ 57,126 gross margin · 2025
BILLY.TECH
€ 2 million gross margin · 2025
LIVE INVEST
€ 104,469 gross margin · 2025
Comptarama Services
€ 204,356 gross margin · 2025
+9 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
- 0779.548.517
- VAT number
- BE 0779.548.517
- Registered office
- Rue Joseph Dupont 75, 4053 Chaudfontaine
- Names & denominations
- MERLIN SOFTWARE
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 30 December 2021
- Peppol
- Active · Active since 25 Feb 2026
- Activities · NACE
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