ACTIVE

MERLIN SOFTWARE

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Financial year 2025 · closed on 31/12/2025
Net result
-171,3 k €
-1020.6% YoY
Gross margin
540,5 k €
+16.1% YoY
Equity
292,5 k €
-36.9% YoY
Workforce
3,9 ETP
-18.8% YoY

What does MERLIN SOFTWARE do?

MERLIN SOFTWARE is a Private limited company incorporated in 2021. Its main activity is: Other software publishing. Its registered office is in Chaudfontaine. It employs on average 3,9 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0779.548.517
Incorporation
30/12/2021
Legal form
Private limited company
Registered office
Rue Joseph Dupont 75
4053 Chaudfontaine · WallonieSee on map
Contributed capital
485 000,00 €
Latest accounts
31/12/2025
Average workforce
3,9 ETP
Activities (NACE)
58290Other software publishing· main58290Other software publishing62010Computer programming activities62100Computer programming, consultancy and related activities70200Management consultancy activities70220Business and other management consultancy activities
Joint committees (1)
  • 20000
Signals
Positive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 4 financial years

2025202420232022
Income statement
Gross margin540,5 k €465,7 k €96 k €4,1 k €
EBITDA272 k €205,2 k €-848,4 €-4,7 k €
Operating result-144,2 k €1,4 €-848,4 €-4,7 k €
Net result-171,3 k €-15,3 k €-1 k €-4,9 k €
Balance sheet
Equity292,5 k €463,8 k €139,1 k €140,1 k €
Total assets1,8 M €1,7 M €665,3 k €155 k €
Cash45,7 k €190,9 k €14,3 k €34,2 k €
Debts1,5 M €1,3 M €526,2 k €14,9 k €
Other
Workforce3,9 ETP4,8 ETP2,4 ETP–
Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 2 ended

Active mandates

NOSHAQ PARTNERS

Director · since 19 février 2026 · 0808.219.836

Represented by Gaëtan Baudelet

Active
Guillaume Massart

Director · since 16 juillet 2025

Active
Sébastien Grutman

Director · since 30 décembre 2021

Active

Ended mandates

NOSHAQ PARTNERS

Director · since 21 mars 2024 · 0808.219.836

Represented by Péters XAVIER

Ended
Clément Hannequart

Director · since 30 décembre 2021

Ended
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Annual accounts

Full financial information

2025202420232022
Type of accountAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202330/12/2021
Closing of the financial year31/12/202531/12/202431/12/202331/12/2022
Length of the financial year12 months12 months12 months13 months
Filing date31/08/202630/09/202529/08/202424/10/2023
General meeting04/06/202605/06/202527/06/202401/06/2023
Currency of the financial yearEUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

5 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202504/06/202631/08/2026FrenchPDF
Abridged model31/12/202405/06/202530/09/2025FrenchPDF
Abridged model31/12/202327/06/202429/08/2024FrenchPDF
Abridged modelCorrection31/12/202201/06/202324/10/2023FrenchPDF
Abridged model31/12/202201/06/202329/08/2023FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 3 active · 2 ended

Active mandates

NOSHAQ PARTNERS

Director · since 19 février 2026 · 0808.219.836

Represented by Gaëtan Baudelet

Active
Guillaume Massart

Director · since 16 juillet 2025

Active
Sébastien Grutman

Director · since 30 décembre 2021

Active

Ended mandates

NOSHAQ PARTNERS

Director · since 21 mars 2024 · 0808.219.836

Represented by Péters XAVIER

Ended
Clément Hannequart

Director · since 30 décembre 2021

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates29/06/2026
    DEMISSIONS, NOMINATIONS - DIVERS
    PDF
  • Mandates13/03/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Registered office18/11/2024
    SIEGE SOCIAL
    PDF
  • Mandates29/03/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Other03/01/2022
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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

Timeline

  1. 2025
    Annual accounts 2025-171,3 k €↓
  2. 2024
    Annual accounts 2024-15,3 k €↓
  3. 2023
    Annual accounts 2023-1 k €↑
  4. 2022
    Annual accounts 2022-4,9 k €
  5. 30/12/2021
    IncorporationPrivate limited company