Summary
MINAFIN is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €25.0m and a net result of -€27.1m. Equity is growing by ~13.9% per year across the filed fiscal years. Its solvency ranks better than 15% of 2451 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
28 d early
2024
28 d early
2023
28 d early
2022
111 d early
2021
115 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 62 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 3 July (4 of the last 5 filed years within 83 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, full schema, statutory accounts
In the rankings
#1 company by total assets in Mont-Saint-Guibert#10 company by equity in Mont-Saint-Guibert
Equity
€25.0m▼ 52.0%
2024 · €52.1m
Net result
-€27.1m
2024 · €6.9m
Total assets
€167.2m▲ 55.3%
2024 · €107.7m
Solvency
15.0%▼ 33.5pp
2024 · 48.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€6.0m▲ 63.5%€8.8m▲ 46.5%€10.3m▲ 17.2%€9.3m▼ 9.2%€9.1m▼ 2.7%
Operating result-€2.1m▼ 64.0%-€1.5m▲ 27.4%-€1.7m▼ 10.5%-€1.7m▼ 2.2%-€12.7m▼ 628%
Net result€3.9m▲ 80.2%€2.8m▼ 28.7%€7.5m▲ 166%€6.9m▼ 7.7%-€27.1mbelow the sector's middle half
Equity€37.6m▲ 38.7%€37.8m▲ 0.7%€45.3m▲ 19.6%€52.1m▲ 15.2%€25.0mabove the sector's middle half▼ 52.0%
Total assets€74.7m▲ 29.7%€84.3m▲ 13.0%€99.6m▲ 18.1%€107.7m▲ 8.1%€167.2mabove the sector's middle half▲ 55.3%
Debt€36.9m▲ 21.6%€45.5m▲ 23.3%€54.1m▲ 18.7%€55.5m▲ 2.7%€136.6m▲ 146%
Working capital€12.8m▲ 307%€12.3m▼ 4.4%€4.5m▼ 63.3%€9.9m▲ 121%-€64.4mbelow the sector's middle half
Solvency50.3%▲ 3.3pp44.9%▼ 5.5pp45.4%▲ 0.6pp48.4%▲ 3.0pp15.0%below the sector's middle half▼ 33.5pp
Current ratio2.21▲ 0.951.90▼ 0.301.22▼ 0.691.46▲ 0.240.39within the sector's middle half▼ 1.07
Return on assets (ROA)5.3%▲ 1.5pp3.3%▼ 1.9pp7.5%▲ 4.2pp6.4%▼ 1.1pp-16.2%below the sector's middle half▼ 22.6pp
Staff (FTE)4.1▼ 21.2%4.1=4▼ 2.4%4.8▲ 20.0%5.8within the sector's middle half▲ 20.8%
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €12.7m in 2025 against €1.7m in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €167.0m
Fixed assets
€125.6m ▲ 65.6%
Current assets
€41.5m ▲ 31.3%
Equity and liabilities €167.2m
Equity
€25.0m ▼ 52.0%
Provisions
€5.6m
Debt
€136.6m ▲ 146%
Debt's share of the balance-sheet total rises from 51.6% to 81.7%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-108.5%▼
2024 · 13.2%
Debt ≤ 1 year
€105.9m▲
2024 · €21.6m
Debt > 1 year
€30.0m▼
2024 · €31.0m
Income taxes
€213,329▲
2024 · €1,176
Staff costs
€943,037▲
2024 · €852,985
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €6.5m | €8.8m | €10.3m | €9.3m | €9.1m | ▼ 2.6% |
| Turnover70 | €6.0m | €8.8m | €10.3m | €9.3m | €9.1m | ▼ 2.7% |
| Own construction capitalised72 | €460,364 | €0 | - | - | - | - |
| Other operating income74 | €102,510 | €11,184 | €11,028 | €11,720 | €16,531 | ▲ 41.0% |
| Operating charges60/66A | €8.7m | €10.3m | €12.0m | €11.1m | €21.8m | ▲ 96.6% |
| Services and other goods61 | €6.9m | €8.7m | €10.0m | €8.7m | €8.3m | ▼ 4.5% |
| Remuneration, social security and pensions62 | €635,111 | €712,718 | €738,381 | €852,985 | €943,037 | ▲ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €585,645 | €925,190 | €1.2m | €1.4m | €1.5m | ▲ 9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €7.1m | - |
| Other operating charges640/8 | €6,148 | €5,134 | €5,853 | €7,717 | €9,418 | ▲ 22.0% |
| Non-recurring operating charges66A | €491,913 | €0 | - | €127,061 | €3.9m | ▲ 2,958% |
| Operating profit (loss)9901 | -€2.1m | -€1.5m | -€1.7m | -€1.7m | -€12.7m | ▼ 628% |
| Financial income75/76B | €9.6m | €9.5m | €12.0m | €11.7m | €36.3m | ▲ 212% |
| Recurring financial income75 | €8.2m | €8.9m | €12.0m | €11.7m | €19.7m | ▲ 69.2% |
| Income from financial fixed assets750 | €6.9m | €5.9m | €7.9m | €7.4m | €14.9m | ▲ 103% |
| Income from current assets751 | - | €78,072 | €611,771 | €717,727 | €269,733 | ▼ 62.4% |
| Other financial income752/9 | €1.3m | €3.0m | €3.5m | €3.6m | €4.5m | ▲ 26.7% |
| Non-recurring financial income76B | €1.5m | €600,000 | €0 | - | €16.6m | - |
| Financial charges65/66B | €3.5m | €5.1m | €2.7m | €3.0m | €50.6m | ▲ 1,574% |
| Recurring financial charges65 | €1.4m | €4.2m | €2.7m | €3.0m | €9.2m | ▲ 205% |
| Debt charges650 | €846,470 | €1.0m | €2.1m | €2.8m | €4.3m | ▲ 50.7% |
| Other financial charges652/9 | €588,602 | €3.2m | €580,493 | €189,572 | €4.9m | ▲ 2,505% |
| Non-recurring financial charges66B | €2.1m | €930,740 | €0 | - | €41.3m | - |
| Profit (loss) for the period before taxes9903 | €4.0m | €2.9m | €7.5m | €6.9m | -€26.9m | ▼ 491% |
| Income taxes67/77 | €45,372 | €95,223 | €73,404 | €1,176 | €213,329 | ▲ 18,035% |
| Taxes670/3 | €45,372 | €95,250 | €73,404 | €1,176 | €213,329 | ▲ 18,035% |
| Tax adjustments and reversals of tax provisions77 | - | €26 | €0 | - | - | - |
| Profit (loss) for the period9904 | €3.9m | €2.8m | €7.5m | €6.9m | -€27.1m | ▼ 494% |
| Profit (loss) for the period to be appropriated9905 | €3.9m | €2.8m | €7.5m | €6.9m | -€27.1m | ▼ 494% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €74.7m | €84.3m | €99.6m | €107.7m | €167.2m | ▲ 55.3% |
| Formation expenses20 | €796,250 | €597,542 | €418,178 | €258,146 | €126,878 | ▼ 50.9% |
| Fixed assets21/28 | €50.4m | €57.9m | €74.0m | €75.8m | €125.6m | ▲ 65.6% |
| Intangible fixed assets21 | €10.5m | €10.9m | €9.5m | €8.5m | €7.3m | ▼ 13.8% |
| Tangible fixed assets22/27 | €964 | €510 | €57 | €0 | - | - |
| Plant, machinery and equipment23 | €0 | - | - | - | - | - |
| Furniture and vehicles24 | €964 | €510 | €57 | €0 | - | - |
| Financial fixed assets28 | €39.9m | €47.0m | €64.5m | €67.3m | €118.2m | ▲ 75.7% |
| Affiliated companies280/1 | €39.9m | €47.0m | €64.5m | €67.3m | €118.2m | ▲ 75.7% |
| Participating interests280 | €9.1m | €9.1m | €9.1m | €9.1m | €7.2m | ▼ 20.8% |
| Amounts receivable281 | €30.8m | €37.8m | €55.4m | €58.2m | €111.0m | ▲ 90.8% |
| Other financial fixed assets284/8 | €74 | €74 | €74 | €74 | €74 | = |
| Amounts receivable and cash guarantees285/8 | €74 | €74 | €74 | €74 | €74 | = |
| Current assets29/58 | €23.4m | €25.8m | €25.2m | €31.6m | €41.5m | ▲ 31.3% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €3.2m | €7.2m | €7.2m | €9.1m | €5.9m | ▼ 34.6% |
| Trade receivables40 | €2.4m | €1.9m | €4.6m | €3.2m | €2.4m | ▼ 22.3% |
| Other amounts receivable41 | €759,243 | €5.3m | €2.5m | €5.9m | €3.5m | ▼ 41.1% |
| Current investments50/53 | €10.8m | €10.8m | €10.9m | €16.9m | €10.9m | ▼ 35.5% |
| Own shares50 | €10.8m | €10.8m | €10.9m | €10.9m | €10.9m | = |
| Other investments51/53 | - | - | - | €6.0m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €9.4m | €7.5m | €6.7m | €5.3m | €21.6m | ▲ 306% |
| Deferred charges and accrued income490/1 | €58,264 | €321,510 | €416,768 | €293,958 | €3.0m | ▲ 934% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €74.7m | €84.3m | €99.6m | €107.7m | €167.2m | ▲ 55.3% |
| Equity10/15 | €37.6m | €37.8m | €45.3m | €52.1m | €25.0m | ▼ 52.0% |
| Contributions10/11 | €23.8m | €23.8m | €23.7m | €23.7m | €23.7m | = |
| Reserves13 | €11.4m | €11.4m | €11.4m | €11.5m | €11.5m | = |
| Non-distributable reserves130/1 | €11.4m | €11.4m | €11.4m | €11.5m | €11.5m | = |
| Reserves not available under the articles1311 | €572,898 | €572,898 | €572,898 | €572,898 | €572,898 | = |
| Own shares acquired1312 | €10.8m | €10.8m | €10.9m | €10.9m | €10.9m | = |
| Profit (loss) carried forward14 | €2.4m | €2.7m | €10.1m | €17.0m | -€10.1m | ▼ 160% |
| Provisions and deferred taxes16 | €161,383 | €979,734 | €314,523 | €0 | €5.6m | - |
| Provisions for liabilities and charges160/5 | €161,383 | €979,734 | €314,523 | €0 | €5.6m | - |
| Other liabilities and charges164/5 | €161,383 | €979,734 | €314,523 | €0 | €5.6m | - |
| Amounts payable17/49 | €36.9m | €45.5m | €54.1m | €55.5m | €136.6m | ▲ 146% |
| Amounts payable after more than one year17 | €25.0m | €31.0m | €33.0m | €31.0m | €30.0m | ▼ 3.2% |
| Financial debts170/4 | €25.0m | €31.0m | €33.0m | €31.0m | €30.0m | ▼ 3.2% |
| Credit institutions173 | €25.0m | €31.0m | €33.0m | €31.0m | €30.0m | ▼ 3.2% |
| Amounts payable within one year42/48 | €10.6m | €13.6m | €20.7m | €21.6m | €105.9m | ▲ 389% |
| Current portion of amounts payable after more than one year42 | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Financial debts43 | €0 | - | €857,352 | €0 | - | - |
| Credit institutions430/8 | €0 | - | €857,352 | €0 | - | - |
| Trade debts44 | €2.1m | €3.0m | €3.3m | €2.0m | €3.1m | ▲ 56.6% |
| Suppliers440/4 | €2.1m | €3.0m | €3.3m | €2.0m | €3.1m | ▲ 56.6% |
| Taxes, remuneration and social security45 | €129,099 | €128,908 | €174,065 | €102,790 | €262,940 | ▲ 156% |
| Taxes450/3 | €23,350 | €1,891 | €60,690 | €19,551 | €3,813 | ▼ 80.5% |
| Remuneration and social security454/9 | €105,748 | €127,017 | €113,375 | €83,240 | €259,126 | ▲ 211% |
| Other amounts payable47/48 | €3.3m | €5.5m | €11.3m | €14.5m | €97.5m | ▲ 571% |
| Accrued charges and deferred income492/3 | €1.3m | €955,166 | €368,340 | €2.9m | €698,929 | ▼ 75.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.9m | €2.8m | €7.5m | €6.9m | -€27.1m | ▼ 494% |
| + Depreciation and write-downs630 | €585,645 | €925,190 | €1.2m | €1.4m | €1.5m | ▲ 9.9% |
| Operating cash flow (approximation) | €4.5m | €3.7m | €8.7m | €8.3m | -€25.6m | ▼ 410% |
| Investment in fixed assets (approximation) | - | -€8.4m | -€17.3m | -€3.2m | -€51.3m | ▼ 1,514% |
| Change in cash | - | -€1.8m | -€823,277 | -€1.4m | €16.3m | ▲ 1,259% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
05-08
State Gazette act
Resignation: TETRAKYS CONCEPT MANAGEMENT (daily management delegate)Permanent representative: Rudolph Hidalgo · Appointment: Emmanuelle Picard (daily management delegate) · Power of attorney6 facts ▸
State Gazette act
Resignation: TETRAKYS CONCEPT MANAGEMENT (daily management delegate)
Permanent representative: Rudolph Hidalgo · Appointment: Emmanuelle Picard (daily management delegate) · Power of attorney6 facts ▸
- Board meeting, 01-06-2026
- Director resignation, TETRAKYS CONCEPT MANAGEMENT (daily management delegate)
- Power of attorney, TETRAKYS CONCEPT MANAGEMENT
- Permanent representative, Rudolph Hidalgo (permanent representative)
- Director appointment, Emmanuelle Picard (daily management delegate)
- Power of attorney, Emmanuelle Picard
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
22-07
State Gazette act
Reappointment: FORVIS MAZARS REVISEURS D'ENTREPRISES SRL (commissaire aux comptes)Power of attorney5 facts ▸
State Gazette act
Reappointment: FORVIS MAZARS REVISEURS D'ENTREPRISES SRL (commissaire aux comptes)
Power of attorney5 facts ▸
- General meeting, 26-06-2026
- Auditor reappointment, FORVIS MAZARS REVISEURS D'ENTREPRISES SRL (commissaire aux comptes)
- Power of attorney, Cecylia Klosinska
- Power of attorney, Christophe Wantiez
- Power of attorney, Adrien Lanotte
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€27.1m
Net result drops to -€27.1m, the lowest in the series.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
2024
31-12
Financial
Equity above €50mEq €52.1m ▲15.2%
7 profitable years in a row build equity to €52.1m.
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · unclassified schema
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
2023
31-12
Financial
Highest result since 2018net €7.5m ▲166%
Net result €7.5m, the highest in the series.
10-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
Show earlier events
11-04
NBB filing
Annual accounts filed
fiscal year 2022 · unclassified schema
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
07-04
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema
2019
31-12
Financial
Equity above €25mEq €26.7m ▲17.7%
2 profitable years in a row build equity to €26.7m.
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 2 have been read. The other 13 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 office holder, last change in 2026
Day-to-day management 1
Emmanuelle Picard
CurrentDaily management delegate · since 01-06-2026
Statutory auditor 1
FORVIS MAZARS REVISEURS D'ENTREPRISES SRL
CurrentCommissaire aux comptes · since 22-07-2026 · perm. rep.: Sébastien Schueremans
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
13 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Mont-Saint-Guibert · 1 establishment unit since 2016
Ground area
7.7 ha
Building footprint
290 m²
Volume, LiDAR
978 m³
Parcel 25020B0066/00G000, Wallonia · tallest building 4.0 m, ±1 floor. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Minafin
since 20162.255.244.357
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25020B0066/00G000 | Wallonia | 7.7 ha | 1 · 290 m² | 4.0 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 2 in office
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Emmanuelle Picard |
|
| FORVIS MAZARS REVISEURS D'ENTREPRISES SRL |
|
| TETRAKYS CONCEPT MANAGEMENT |
|
Structure & network
Heads the group
MINAFIN
3 companies
Group, risk and exposure
Owners and holdings
3 owners · 5 holdingsOwners 3
-
31%
-
3.09%
-
2.78%
Holdings 5
-
100%
-
100%
-
100%
-
100%
-
100%
According to the 2025 annual accounts of MINAFIN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Recognitions · licences · registrations
Legal Entity Identifier
549300NBKP2IOE3R5D44
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Identification & contact
Identification
Legal formPrivate limited company
Founded25-04-2005
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0660622953
Also
9925:BE0660622953
Registered
05-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.