Since you don't say what your 'stages' are, I don't know what I'm supposed to make of the pictures. I must say, though, that I find the idea of having cell addresses as mergefield names, as you seem to have, strange, to say the least.

You would do far better to post a copy of both your mailmerge main document and a representative sub-set of your data source (remove anything sensitive). You do this via the paperclip symbol on the 'Go Advanced' tab at the bottom of this screen.