ACTIVE

E - MERGE

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Financial year 2025 · closed on 31/12/2025

Net result

-2,6 M €

-475.6% YoY

Gross margin

-2,2 M €

-24.6% YoY

Equity

17 M €

-19.3% YoY

Workforce

0,0 ETP

What does E - MERGE do?

E - MERGE is a Public limited company incorporated in 1998. Its main activity is: Management consultancy activities. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0464.527.555

Incorporation

06/11/1998

Legal form

Public limited company

Registered office

Avenue Van Bever 4
1180 Uccle · BruxellesSee on map

Contributed capital

3 928 948,88 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (1)

Signals

Solid equityLow riskGood liquidity

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-2,2 M €	-24.6%	-1,8 M €	-13.0%	-1,6 M €	+26.2%	-2,1 M €	+14.5%	-2,5 M €	-22.0%	-2 M €	-32.2%	-1,5 M €	-9.0%	-1,4 M €	+23.8%	-1,9 M €	-67.3%	-1,1 M €	+66.0%	-3,3 M €	-165%	-1,2 M €	-4.4%	-1,2 M €	-44.2%	-821 k €	-13.5%	-723,3 k €	+71.5%	-2,5 M €	-347%	-567,9 k €	+4.2%	-593,1 k €	-25.0%	-474,4 k €	-22.2%	-388 k €
EBITDA	-5,2 M €	-192%	-1,8 M €	-13.4%	-1,6 M €	+26.3%	-2,1 M €	+14.4%	-2,5 M €	-17.4%	-2,1 M €	-37.6%	-1,5 M €	-8.9%	-1,4 M €	+23.8%	-1,9 M €	-66.8%	-1,1 M €	+65.9%	-3,3 M €	-165%	-1,2 M €	-4.2%	-1,2 M €	-43.2%	-829,5 k €	-14.4%	-725,1 k €	+71.6%	-2,6 M €	-336%	-584,6 k €	+2.8%	-601,6 k €	-24.3%	-484 k €	-7.3%	-451 k €
Operating result	-5,2 M €	-191%	-1,8 M €	-13.4%	-1,6 M €	+26.3%	-2,2 M €	+14.3%	-2,5 M €	-17.2%	-2,1 M €	-36.9%	-1,6 M €	-8.8%	-1,4 M €	+23.8%	-1,9 M €	-65.6%	-1,1 M €	+65.5%	-3,3 M €	-160%	-1,3 M €	-1.0%	-1,3 M €	-40.7%	-894,8 k €	-15.3%	-776,2 k €	+70.4%	-2,6 M €	-298%	-658,2 k €	+3.0%	-678,4 k €	-20.9%	-561,3 k €	-11.3%	-504,4 k €
Net result	-2,6 M €	-476%	705,1 k €	+253%	-460,8 k €	-106%	7,3 M €	+333%	1,7 M €	+3936%	-44,1 k €	-100%	11,3 M €	+650%	-2,1 M €	-54.3%	-1,3 M €	+18.3%	-1,6 M €	-107%	24,8 M €	+3481%	691,5 k €	-88.4%	6 M €	+2684%	214,1 k €	-87.4%	1,7 M €	-96.3%	46 M €	+17320%	264,2 k €	-67.5%	813,6 k €	-31.4%	1,2 M €	+948%	113,1 k €
Balance sheet
Equity	17 M €	-19.3%	21,1 M €	-4.2%	22 M €	-3.6%	22,9 M €	+15.3%	19,8 M €	+7.2%	18,5 M €	-0.2%	18,5 M €	+16.3%	16 M €	-11.4%	18 M €	-6.9%	19,3 M €	-7.8%	21 M €	+29.4%	16,2 M €	+0.2%	16,2 M €	+10.3%	14,7 M €	+1.5%	14,4 M €	-16.1%	17,2 M €	+311%	4,2 M €	+0.3%	4,2 M €	+1.2%	4,1 M €	+0.2%	4,1 M €
Total assets	17,1 M €	-19.9%	21,4 M €	-3.5%	22,1 M €	-4.3%	23,1 M €	-4.6%	24,3 M €	-0.2%	24,3 M €	-15.2%	28,7 M €	+10.8%	25,9 M €	+8.0%	24 M €	+22.3%	19,6 M €	-6.8%	21 M €	+29.3%	16,3 M €	+0.0%	16,3 M €	+8.0%	15 M €	+3.9%	14,5 M €	-16.0%	17,2 M €	+304%	4,3 M €	+0.0%	4,3 M €	+0.2%	4,3 M €	-3.3%	4,4 M €
Cash	205,2 k €	-77.0%	890,7 k €	+143%	367,2 k €	-75.0%	1,5 M €	-66.1%	4,3 M €	+208%	1,4 M €	-45.3%	2,6 M €	+187%	895,7 k €	+3.3%	867,2 k €	+186%	303,7 k €	-70.6%	1 M €	-61.8%	2,7 M €	-20.3%	3,4 M €	+732%	406,9 k €	-60.7%	1 M €	-43.4%	1,8 M €	+1201%	140,7 k €	-55.4%	315,3 k €	+40.1%	225,1 k €	+64.1%	137,1 k €
Debts	72,1 k €	-71.8%	255,7 k €	+154%	100,5 k €	-62.8%	269,8 k €	-93.9%	4,4 M €	-23.8%	5,8 M €	-42.6%	10,1 M €	+2.0%	9,9 M €	+66.7%	6 M €	+8501%	69,3 k €	+7.0%	64,7 k €	+8.4%	59,7 k €	-26.4%	81,1 k €	-79.2%	389,5 k €	+945%	37,3 k €	+5.3%	35,4 k €	-57.8%	83,9 k €	-13.1%	96,6 k €	-29.3%	136,7 k €	-53.3%	292,5 k €
Other
Workforce	0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 15 ended

Active mandates

Gaspard DRION

Managing director · since 18 mai 2026 · until 15 juin 2032

Active

Noémie DRION

Managing director · since 18 mai 2026 · until 15 juin 2032

Active

Muriel ALHADEFF

Managing director · since 13 septembre 2021 · until 15 juin 2032

Active

Laurent DRION

Managing director · since 30 juin 2021 · until 15 juin 2032

Active

Ended mandates

Muriel Alhadeff

Managing director · since 13 septembre 2021

Ended

Gregory Hedo

Managing director · since 30 juin 2021

Ended

Laurent Drion

Managing director · since 30 juin 2021

Ended

Patrice Decafmeyer

Managing director · since 30 juin 2021

Ended

At this address

Other companies at this address

Company	CBE no.
EBOOKS● Active	0472.313.289
E-MERGE ALS● Active	0646.707.116
E-MERGE CB● Active	0515.978.731
E-MERGE GF1● Active	0847.123.269
E-MERGE SLY● Active	0535.631.822
E-MERGE SPX● Active	0665.666.854
IMMOBILIERE CARACOLE● Active	0848.698.926

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	09/07/2026	26/07/2025	30/08/2024	31/08/2023	07/07/2022	27/07/2021
General meeting	30/06/2026	30/06/2025	10/07/2024	30/06/2023	30/06/2022	30/06/2021
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	30/06/2026	09/07/2026	French	PDF
Abridged model	31/12/2024	30/06/2025	26/07/2025	French	PDF
Abridged model	31/12/2023	10/07/2024	30/08/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	31/08/2023	French	PDF
Abridged model	31/12/2021	30/06/2022	07/07/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	27/07/2021	French	PDF
Abridged model	31/12/2019	08/07/2020	20/07/2020	French	PDF
Abridged model	31/12/2018	19/06/2019	10/07/2019	French	PDF
Abridged model	31/12/2017	08/06/2018	03/07/2018	French	PDF
Micro model	31/12/2016	27/06/2017	24/07/2017	French	PDF
Abridged model	31/12/2015	20/06/2016	15/07/2016	French	PDF
Abridged model	31/12/2014	25/06/2015	22/07/2015	French	PDF
Abridged model	31/12/2013	19/06/2014	01/07/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	16/07/2013	French	PDF
Abridged model	31/12/2011	29/06/2012	27/07/2012	French	PDF
Abridged model	31/12/2010	27/06/2011	20/07/2011	French	PDF
Abridged model	31/12/2009	29/06/2010	16/07/2010	French	PDF
Abridged model	31/12/2008	16/06/2009	30/06/2009	French	PDF
Abridged model	31/12/2007	16/06/2008	10/07/2008	French	PDF
Abridged model	31/12/2006	24/04/2007	23/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 4 active · 15 ended

Active mandates

Gaspard DRION

Managing director · since 18 mai 2026 · until 15 juin 2032

Active

Noémie DRION

Managing director · since 18 mai 2026 · until 15 juin 2032

Active

Muriel ALHADEFF

Managing director · since 13 septembre 2021 · until 15 juin 2032

Active

Laurent DRION

Managing director · since 30 juin 2021 · until 15 juin 2032

Active

Ended mandates

Muriel Alhadeff

Managing director · since 13 septembre 2021

Ended

Gregory Hedo

Managing director · since 30 juin 2021

Ended

Laurent Drion

Managing director · since 30 juin 2021

Ended

Patrice Decafmeyer

Managing director · since 30 juin 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates19/06/2026
DEMISSIONS, NOMINATIONS
PDF
Capital / shares14/03/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates29/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates03/09/2021
DEMISSIONS, NOMINATIONS
PDF
Registered office07/12/2020
SIEGE SOCIAL
PDF
Mandates30/10/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates15/10/2012
DEMISSIONS, NOMINATIONS
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 2025-2,6 M €↓
2024
Annual accounts 2024705,1 k €↑
2023
Annual accounts 2023-460,8 k €↓
2022
Annual accounts 20227,3 M €↑
2021
Annual accounts 20211,7 M €↑
2020
Annual accounts 2020-44,1 k €↓
2019
Annual accounts 201911,3 M €↑
2018
Annual accounts 2018-2,1 M €↓
2017
Annual accounts 2017-1,3 M €↑
2016
Annual accounts 2016-1,6 M €↓
2015
Annual accounts 201524,8 M €↑
2014
Annual accounts 2014691,5 k €↓
2013
Annual accounts 20136 M €↑
2012
Annual accounts 2012214,1 k €↓
2011
Annual accounts 20111,7 M €↓
2010
Annual accounts 201046 M €↑
2009
Annual accounts 2009264,2 k €↓
2008
Annual accounts 2008813,6 k €↓
2007
Annual accounts 20071,2 M €↑
2006
Annual accounts 2006113,1 k €
06/11/1998
IncorporationPublic 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

E - MERGE

Overview

What does E - MERGE do?

Trend over 20 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