ACTIVE

MERGER

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Financial year 2025 · closed on 31/12/2025

Net result

429,4 k €

-42.1% YoY

Gross margin

2 M €

-15.0% YoY

Equity

2,9 M €

-5.5% YoY

Workforce

20,6 ETP

-3.7% YoY

What does MERGER do?

MERGER is a Private limited company incorporated in 1987. Its registered office is in Tongeren-Borgloon. It employs on average 20,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.750.157

Incorporation

02/12/1987

Legal form

Private limited company

Registered office

Gasthuisbosdreef 16 box 1
3700 Tongeren-Borgloon · FlandreSee on map

Contributed capital

354 750,00 €

Latest accounts

31/12/2025

Average workforce

20,6 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2018		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	2 M €	-15.0%	2,3 M €	+0.5%	2,3 M €	-30.2%	3,3 M €	+30.8%	2,5 M €	+48.8%	1,7 M €	+0.7%	1,7 M €	+59.6%	1,1 M €	-9.6%	1,2 M €	+11.9%	1 M €	-0.8%	1,1 M €	+28.7%	822,1 k €	+97.3%	416,7 k €	-63.5%	1,1 M €	+5.5%	1,1 M €	-9.0%	1,2 M €	+33.0%	894,6 k €
EBITDA	823,1 k €	-32.3%	1,2 M €	+63.5%	743,7 k €	-61.0%	1,9 M €	+68.3%	1,1 M €	+10.5%	1 M €	+2.9%	996 k €	+115%	463,5 k €	-12.7%	530,6 k €	-4.7%	556,6 k €	-13.1%	640,2 k €	+26.0%	508,2 k €	+290%	130,2 k €	-84.7%	848,6 k €	+32.5%	640,3 k €	-13.0%	736,4 k €	+61.0%	457,4 k €
Operating result	581,1 k €	-42.3%	1 M €	+79.3%	561,3 k €	-67.5%	1,7 M €	+79.7%	962,1 k €	+15.0%	836,4 k €	+22.4%	683,1 k €	+149%	274 k €	-30.3%	393,5 k €	-1.8%	400,6 k €	-23.2%	521,8 k €	+31.9%	395,7 k €	+627%	54,5 k €	-92.9%	771,8 k €	+38.6%	557,1 k €	-17.5%	675,5 k €	+70.6%	396,1 k €
Net result	429,4 k €	-42.1%	742 k €	+109%	354,5 k €	-74.2%	1,4 M €	+104%	672,2 k €	+85.9%	361,6 k €	-6.0%	384,7 k €	+111%	182,3 k €	-50.6%	369,3 k €	-6.2%	393,8 k €	-11.2%	443,4 k €	+43.3%	309,5 k €	+533%	48,9 k €	-91.6%	579,4 k €	+40.3%	413,1 k €	-2.1%	422,1 k €	+76.1%	239,7 k €
Balance sheet
Equity	2,9 M €	-5.5%	3,1 M €	+4.8%	3 M €	-1.5%	3 M €	+27.5%	2,4 M €	+58.9%	1,5 M €	-52.6%	3,1 M €	+14.1%	2,7 M €	+7.1%	2,6 M €	+16.9%	2,2 M €	-24.4%	2,9 M €	+18.1%	2,4 M €	+14.5%	2,1 M €	+2.3%	2,1 M €	+38.4%	1,5 M €	+37.6%	1,1 M €	+25.4%	875,2 k €
Total assets	3,7 M €	-18.3%	4,5 M €	+8.8%	4,2 M €	-10.8%	4,7 M €	+30.4%	3,6 M €	+20.1%	3 M €	-33.8%	4,5 M €	+1.1%	4,4 M €	+16.1%	3,8 M €	-10.7%	4,3 M €	+17.0%	3,7 M €	+11.7%	3,3 M €	+25.2%	2,6 M €	+4.1%	2,5 M €	-2.0%	2,6 M €	+16.7%	2,2 M €	+9.6%	2 M €
Cash	753,6 k €	-60.1%	1,9 M €	+0.0%	1,9 M €	+7.4%	1,8 M €	+77.8%	988,1 k €	+196%	333,5 k €	-10.5%	372,8 k €	+157%	144,9 k €	-50.7%	293,8 k €	+96.4%	149,6 k €	-62.7%	401,5 k €	-4.1%	418,7 k €	-14.6%	490,5 k €	-27.5%	676,8 k €	+53.6%	440,6 k €	-9.0%	484,2 k €	+30.8%	370,1 k €
Debts	770,8 k €	-45.3%	1,4 M €	+17.3%	1,2 M €	-27.8%	1,7 M €	+36.9%	1,2 M €	-18.8%	1,5 M €	+21.0%	1,2 M €	-20.5%	1,6 M €	+34.6%	1,2 M €	-45.0%	2,1 M €	+171%	776,1 k €	-5.0%	817,3 k €	+82.3%	448,2 k €	+4.1%	430,6 k €	-59.4%	1,1 M €	-1.3%	1,1 M €	-5.3%	1,1 M €
Other
Workforce	20,6 ETP	-3.7%	21,4 ETP	-18.3%	26,2 ETP	-5.1%	27,6 ETP	-3.8%	28,7 ETP	+108%	13,8 ETP	-4.8%	14,5 ETP	+23.9%	11,7 ETP	-5.6%	12,4 ETP	+17.0%	10,6 ETP	+7.1%	9,9 ETP	+10.0%	9,0 ETP	-1.1%	9,1 ETP	0.0%	9,1 ETP	-22.9%	11,8 ETP	-13.2%	13,6 ETP	-19.0%	16,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 18 ended

Active mandates

Mokko

Director · since 01 janvier 2022 · 0778.500.026

Represented by Robin Leën

Active

LR & CO

Director · since 01 octobre 2016 · 0536.638.741

Represented by Hendrik LEËN

Active

Ended mandates

Mokko

Director · since 01 janvier 2022 · 0778.500.026

Represented by Robin LEËN

Ended

Ingrid Rochus

Director · since 10 juin 2020

Ended

Z31

Director · since 31 août 2018 · 0644.988.731

Represented by Raf Bervoets

Ended

Z31

Manager · since 31 août 2018 · 0644.988.731

Represented by Raf Bervoets

Ended

At this address

Other companies at this address

Company	CBE no.
Mokko● Active	0778.500.026

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/06/2026	14/07/2025	19/07/2024	08/06/2023	15/06/2022	20/05/2021
General meeting	16/06/2026	30/05/2025	31/05/2024	26/05/2023	27/05/2022	10/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	16/06/2026	18/06/2026	Dutch	PDF
Abridged model	31/12/2024	30/05/2025	14/07/2025	Dutch	PDF
Abridged model	31/12/2023	31/05/2024	19/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/05/2023	08/06/2023	Dutch	PDF
Abridged model	31/12/2021	27/05/2022	15/06/2022	Dutch	PDF
Abridged model	31/12/2020	10/05/2021	20/05/2021	Dutch	PDF
Abridged model	31/12/2019	10/06/2020	02/07/2020	Dutch	PDF
Abridged model	30/09/2018	08/03/2019	11/03/2019	Dutch	PDF
Abridged model	30/09/2017	09/03/2018	29/03/2018	Dutch	PDF
Abridged model	30/09/2016	10/03/2017	29/03/2017	Dutch	PDF
Abridged model	30/09/2015	11/03/2016	31/03/2016	Dutch	PDF
Abridged model	30/09/2014	13/03/2015	31/03/2015	Dutch	PDF
Abridged model	30/09/2013	28/02/2014	03/03/2014	Dutch	PDF
Abridged model	30/09/2012	08/03/2013	30/04/2013	Dutch	PDF
Abridged model	30/09/2011	09/03/2012	22/03/2012	Dutch	PDF
Abridged model	30/09/2010	11/03/2011	29/04/2011	Dutch	PDF
Abridged model	30/09/2009	12/03/2010	27/04/2010	Dutch	PDF
Abridged model	30/09/2008	13/03/2009	30/04/2009	Dutch	PDF
Abridged model	30/09/2007	31/03/2008	30/04/2008	Dutch	PDF
Abridged model	30/09/2006	30/03/2007	27/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 18 ended

Active mandates

Mokko

Director · since 01 janvier 2022 · 0778.500.026

Represented by Robin Leën

Active

LR & CO

Director · since 01 octobre 2016 · 0536.638.741

Represented by Hendrik LEËN

Active

Ended mandates

Mokko

Director · since 01 janvier 2022 · 0778.500.026

Represented by Robin LEËN

Ended

Ingrid Rochus

Director · since 10 juin 2020

Ended

Z31

Director · since 31 août 2018 · 0644.988.731

Represented by Raf Bervoets

Ended

Z31

Manager · since 31 août 2018 · 0644.988.731

Represented by Raf Bervoets

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/07/2026
DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/03/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/04/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/01/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/07/2020
ONTSLAGEN - BENOEMINGEN - WIJZIGING RECHTSVORM
PDF
Restructuring26/04/2019
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring26/04/2019
BENAMING - KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring27/02/2019
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025429,4 k €↓
2024
Annual accounts 2024742 k €↑
2023
Annual accounts 2023354,5 k €↓
2022
Annual accounts 20221,4 M €↑
2021
Annual accounts 2021672,2 k €↑
2020
Name changeMERGER
2018
Annual accounts 2018361,6 k €↓
2016
Annual accounts 2016384,7 k €↑
2015
Annual accounts 2015182,3 k €↓
2014
Annual accounts 2014369,3 k €↓
2013
Annual accounts 2013393,8 k €↓
2012
Annual accounts 2012443,4 k €↑
2011
Annual accounts 2011309,5 k €↑
2010
Annual accounts 201048,9 k €↓
2009
Annual accounts 2009579,4 k €↑
2008
Annual accounts 2008413,1 k €↓
2007
Annual accounts 2007422,1 k €↑
2006
Annual accounts 2006239,7 k €
2006
Name changeVALEDRO
02/12/1987
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

MERGER

Overview

What does MERGER do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline