Minelec Projects
ActiveSummary
Minelec Projects has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €135,513 and a net result of -€13,671. Equity is shrinking by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 35% of 31958 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-54
Solvency62▼-38
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity tight (current ratio 1.36 against 11.12 in 2024; short-term debt: 63% and cash: 85.5% of total assets), and 63% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
40 d early
2023
8 d early
2022
32 d early
2021
4 d late
2020
33 d early
2019
14 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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 24 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€135,513▼ 64.2%
2024 · €378,784
Total assets
€366,058▼ 10.6%
2024 · €409,438
Net result
-€13,671▼ 324%
2024 · -€3,227
Working capital
€83,357▼ 73.1%
2024 · €310,155
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Operating result-€15,411-€12,763▲ 17.2%-€13,165▼ 3.1%-€11,755▲ 10.7%-€16,496▼ 40.3%
Net result-€15,859below the sector's middle half-€13,249below the sector's middle half▲ 16.5%-€12,428below the sector's middle half▲ 6.2%-€3,227below the sector's middle half▲ 74.0%-€13,671below the sector's middle half▼ 324%
Equity€437,688above the sector's middle half▼ 3.5%€424,439above the sector's middle half▼ 3.0%€412,011above the sector's middle half▼ 2.9%€378,784above the sector's middle half▼ 8.1%€135,513within the sector's middle half▼ 64.2%
Total assets€472,794within the sector's middle half▼ 4.8%€426,402within the sector's middle half▼ 9.8%€413,868within the sector's middle half▼ 2.9%€409,438within the sector's middle half▼ 1.1%€366,058within the sector's middle half▼ 10.6%
Debt€35,106▼ 18.6%€1,963▼ 94.4%€1,857▼ 5.4%€30,654▲ 1,551%€230,545▲ 652%
Working capital€400,354above the sector's middle half▼ 2.8%€392,830above the sector's middle half▼ 1.9%€383,408above the sector's middle half▼ 2.4%€310,155above the sector's middle half▼ 19.1%€83,357within the sector's middle half▼ 73.1%
Solvency92.6%above the sector's middle half▲ 1.3pp99.5%above the sector's middle half▲ 7.0pp99.6%above the sector's middle half=92.5%above the sector's middle half▼ 7.0pp37.0%within the sector's middle half▼ 55.5pp
Current ratio12.40above the sector's middle half▲ 1.5711.12above the sector's middle half1.36within the sector's middle half▼ 9.76
Return on assets (ROA)-3.4%below the sector's middle half▼ 52.0pp-3.1%below the sector's middle half▲ 0.2pp-3.0%below the sector's middle half▲ 0.1pp-0.8%below the sector's middle half▲ 2.2pp-3.7%below the sector's middle half▼ 2.9pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €16,496 in 2025 against €11,755 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 €366,058
Fixed assets
€52,156 ▼ 24.0%
Current assets
€313,903 ▼ 7.9%
Equity and liabilities €366,058
Equity
€135,513 ▼ 64.2%
Debt
€230,545 ▲ 652%
Debt's share of the balance-sheet total rises from 7.5% to 63.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€22▼
2024 · €2,288
Cash flow
€2,802▼
2024 · €10,816
Debt to equity
1.70▲
2024 · 0.08
ROE
-10.1%▼
2024 · -0.9%
Interest coverage
-0.23▼
2024 · 20.13
Debt ≤ 1 year
€230,545▲
2024 · €30,654
Income taxes
€222▼
2024 · €1,139
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.7%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 12,321 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,725 | €5,725 | €5,236 | €14,043 | €16,474 | ▲ 17.3% |
| Other operating charges640/8 | €2,140 | €2,180 | €2,390 | €2,956 | €2,321 | ▼ 21.5% |
| Gross operating margin9900 | -€7,546 | -€4,858 | -€5,540 | €5,244 | €2,298 | ▼ 56.2% |
| Operating profit (loss)9901 | -€15,411 | -€12,763 | -€13,165 | -€11,755 | -€16,496 | ▼ 40.3% |
| Financial income75/76B | - | €5 | €1,246 | €9,781 | €3,141 | ▼ 67.9% |
| Recurring financial income75 | - | €5 | €1,246 | €3,220 | €3,141 | ▼ 2.4% |
| Non-recurring financial income76B | - | - | - | €6,561 | - | - |
| Financial charges65/66B | €113 | €127 | €144 | €114 | €95 | ▼ 16.7% |
| Recurring financial charges65 | €113 | €127 | €144 | €114 | €95 | ▼ 16.7% |
| Profit (loss) for the period before taxes9903 | -€15,525 | -€12,886 | -€12,063 | -€2,088 | -€13,450 | ▼ 544% |
| Income taxes67/77 | €335 | €364 | €365 | €1,139 | €222 | ▼ 80.5% |
| Profit (loss) for the period9904 | -€15,859 | -€13,249 | -€12,428 | -€3,227 | -€13,671 | ▼ 324% |
| Profit (loss) for the period to be appropriated9905 | -€15,859 | -€13,249 | -€12,428 | -€3,227 | -€13,671 | ▼ 324% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €472,794 | €426,402 | €413,868 | €409,438 | €366,058 | ▼ 10.6% |
| Fixed assets21/28 | €37,335 | €31,610 | €28,604 | €68,629 | €52,156 | ▼ 24.0% |
| Tangible fixed assets22/27 | €37,335 | €31,610 | €28,604 | €68,629 | €52,156 | ▼ 24.0% |
| Land and buildings22 | €30,387 | €26,556 | €22,725 | €18,894 | €15,063 | ▼ 20.3% |
| Plant, machinery and equipment23 | €582 | €398 | €214 | €30 | - | - |
| Furniture and vehicles24 | €6,366 | €4,656 | €5,665 | €49,706 | €37,093 | ▼ 25.4% |
| Current assets29/58 | €435,460 | €394,793 | €385,264 | €340,809 | €313,903 | ▼ 7.9% |
| Amounts receivable within one year40/41 | - | - | €7 | €1,621 | €781 | ▼ 51.8% |
| Other amounts receivable41 | - | - | €7 | €1,621 | €781 | ▼ 51.8% |
| Cash at bank and in hand54/58 | €434,629 | €394,179 | €383,672 | €339,188 | €312,799 | ▼ 7.8% |
| Deferred charges and accrued income490/1 | €830 | €614 | €1,584 | - | €323 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €472,794 | €426,402 | €413,868 | €409,438 | €366,058 | ▼ 10.6% |
| Equity10/15 | €437,688 | €424,439 | €412,011 | €378,784 | €135,513 | ▼ 64.2% |
| Contributions10/11 | €20,451 | €20,451 | €20,451 | €20,451 | €20,451 | = |
| Reserves13 | €433,096 | €433,096 | €433,096 | €403,096 | €173,496 | ▼ 57.0% |
| Distributable reserves133 | €433,096 | €433,096 | €433,096 | €403,096 | €173,496 | ▼ 57.0% |
| Profit (loss) carried forward14 | -€15,859 | -€29,108 | -€41,536 | -€44,763 | -€58,435 | ▼ 30.5% |
| Amounts payable17/49 | €35,106 | €1,963 | €1,857 | €30,654 | €230,545 | ▲ 652% |
| Amounts payable within one year42/48 | €35,106 | €1,963 | €1,857 | €30,654 | €230,545 | ▲ 652% |
| Trade debts44 | €251 | €649 | €1,857 | €654 | €945 | ▲ 44.5% |
| Suppliers440/4 | €251 | €649 | €1,857 | €654 | €945 | ▲ 44.5% |
| Taxes, remuneration and social security45 | €34,855 | €1,314 | - | - | - | - |
| Taxes450/3 | €28,223 | €364 | - | - | - | - |
| Remuneration and social security454/9 | €6,632 | €950 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €30,000 | €229,600 | ▲ 665% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,859 | -€13,249 | -€12,428 | -€3,227 | -€13,671 | ▼ 324% |
| + Depreciation and write-downs630 | €5,725 | €5,725 | €5,236 | €14,043 | €16,474 | ▲ 17.3% |
| Operating cash flow (approximation) | -€10,134 | -€7,524 | -€7,192 | €10,816 | €2,802 | ▼ 74.1% |
| Investment in fixed assets (approximation) | - | €0 | -€2,230 | -€54,069 | €0 | ▲ 100% |
| Change in cash | - | -€40,451 | -€10,506 | -€44,484 | -€26,389 | ▲ 40.7% |
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
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
21-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity times 16current ratio 201.13
Current ratio from 12.40 to 201.13; short-term debt falls from €35,106 to €1,963.
04-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 4 days late
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €241,631
Net result €241,631 after 2 loss-making years.
31-12
Financial
Liquidity times 299current ratio 10.84
Current ratio from 0.04 to 10.84; short-term debt falls from €92,897 to €41,851.
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet -€22,315
Net result drops to -€22,315, the lowest in the series; recovery starts the following year.
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Middelkerke · 1 establishment unit since 1993
Ground area
754 m²
Building footprint
172 m²
Volume, LiDAR
341 m³
2 parcels, Flanders · tallest building 6.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Dorpstraat 68, 1785 Merchtem
since 19932.064.650.839
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23012G0306/00G004 | Flanders | 387 m² | 1 · 76 m² | 6.3 m · 2 fl. |
| 35022A0132/00L002 | Flanders | 367 m² | 1 · 96 m² | 0.1 m |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,646 companies in sector 70200 we hold annual accounts for 52,627. 40,904 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-10-1993
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0451327538
Also
9925:BE0451327538
Registered
16-07-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.