MINERVA
ActiveSummary
MINERVA has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€310) and a net result of €1,814. Equity is shrinking by ~34% per year across the filed fiscal years. Its solvency ranks better than 21% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability54▲+52
Solvency23▲+10
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.74 against 1.44 in 2024; short-term debt: 102.1% and cash: 2.9% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-2.1%
Return on assets
12.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 18606 sector peers (2025).
NBB · sector comparisonPosition among 18606 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
146 d late
2023
8 d late
2022
104 d late
2021
123 d late
2020
61 d late
2019
39 d late
← 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 73 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€310▲ 85.4%
2024 · -€2,124
Total assets
€14,558▼ 19.8%
2024 · €18,146
Net result
€1,814
2024 · -€2,489
Working capital
-€3,897
2024 · €4,395
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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€5,183-€5,248-€13,868▼ 164%-€755▲ 94.6%€2,909
Net result€2,478within the sector's middle half-€5,652below the sector's middle half-€14,505below the sector's middle half▼ 157%-€2,489within the sector's middle half▲ 82.8%€1,814within the sector's middle half
Equity€20,521within the sector's middle half▲ 13.7%€14,869within the sector's middle half▼ 27.5%€364below the sector's middle half▼ 97.5%-€2,124below the sector's middle half-€310below the sector's middle half▲ 85.4%
Total assets€34,015below the sector's middle half▼ 9.3%€24,177below the sector's middle half▼ 28.9%€10,897below the sector's middle half▼ 54.9%€18,146below the sector's middle half▲ 66.5%€14,558below the sector's middle half▼ 19.8%
Debt€13,493▼ 30.7%€9,308▼ 31.0%€10,532▲ 13.2%€20,270▲ 92.5%€14,868▼ 26.7%
Working capital€6,674within the sector's middle half▲ 269%€5,744within the sector's middle half▼ 13.9%-€2,461within the sector's middle half€4,395within the sector's middle half-€3,897within the sector's middle half
Solvency60.3%within the sector's middle half▲ 12.2pp61.5%above the sector's middle half▲ 1.2pp3.3%below the sector's middle half▼ 58.2pp-11.7%below the sector's middle half▼ 15.1pp-2.1%below the sector's middle half▲ 9.6pp
Current ratio1.59within the sector's middle half▲ 0.461.71within the sector's middle half▲ 0.120.73below the sector's middle half▼ 0.981.44within the sector's middle half▲ 0.710.74below the sector's middle half▼ 0.70
Return on assets (ROA)7.3%within the sector's middle half▲ 27.7pp-23.4%below the sector's middle half▼ 30.7pp-133.1%below the sector's middle half▼ 109.7pp-13.7%below the sector's middle half▲ 119.4pp12.5%within the sector's middle half▲ 26.2pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, 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 returns to profit in 2025: €2,909 after a loss of €755 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14,558
Fixed assets
€3,587 ▼ 5.1%
Current assets
€10,971 ▼ 23.6%
Key figures and ratios
EBITDA
€3,103▲
2024 · -€397
Cash flow
€2,008▲
2024 · -€2,131
Interest coverage
2.36▲
2024 · -0.22
Debt ≤ 1 year
€14,868▲
2024 · €9,970
Income taxes
€401▼
2024 · €556
Equity ratios withheld: equity of -€310 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 3,798 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 | €6,206 | €6,206 | €6,206 | €358 | €194 | ▼ 45.9% |
| Other operating charges640/8 | €3,197 | €2,535 | €2,496 | €2,768 | €752 | ▼ 72.8% |
| Gross operating margin9900 | €14,586 | €3,493 | -€5,166 | €2,370 | €3,855 | ▲ 62.6% |
| Operating profit (loss)9901 | €5,183 | -€5,248 | -€13,868 | -€755 | €2,909 | ▲ 485% |
| Financial income75/76B | €248 | €366 | €345 | €645 | €619 | ▼ 4.0% |
| Recurring financial income75 | €248 | €366 | €345 | €645 | €619 | ▼ 4.0% |
| Financial charges65/66B | €473 | €443 | €659 | €1,822 | €1,313 | ▼ 27.9% |
| Recurring financial charges65 | €473 | €443 | €659 | €1,822 | €1,313 | ▼ 27.9% |
| Profit (loss) for the period before taxes9903 | €4,958 | -€5,324 | -€14,182 | -€1,932 | €2,215 | ▲ 215% |
| Income taxes67/77 | €2,480 | €328 | €323 | €556 | €401 | ▼ 27.9% |
| Profit (loss) for the period9904 | €2,478 | -€5,652 | -€14,505 | -€2,489 | €1,814 | ▲ 173% |
| Profit (loss) for the period to be appropriated9905 | €2,478 | -€5,652 | -€14,505 | -€2,489 | €1,814 | ▲ 173% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34,015 | €24,177 | €10,897 | €18,146 | €14,558 | ▼ 19.8% |
| Fixed assets21/28 | €16,030 | €10,345 | €4,139 | €3,781 | €3,587 | ▼ 5.1% |
| Tangible fixed assets22/27 | €13,270 | €7,585 | €1,379 | €1,021 | €827 | ▼ 19.0% |
| Plant, machinery and equipment23 | €227 | €676 | €604 | €521 | €521 | = |
| Furniture and vehicles24 | €13,043 | €6,909 | €775 | €500 | €307 | ▼ 38.7% |
| Financial fixed assets28 | €2,760 | €2,760 | €2,760 | €2,760 | €2,760 | = |
| Current assets29/58 | €17,985 | €13,833 | €6,758 | €14,365 | €10,971 | ▼ 23.6% |
| Amounts receivable within one year40/41 | €4,702 | €5,756 | €4,705 | €13,958 | €10,549 | ▼ 24.4% |
| Trade receivables40 | - | €975 | - | - | - | - |
| Other amounts receivable41 | €4,702 | €4,781 | €4,705 | €13,958 | €10,549 | ▼ 24.4% |
| Cash at bank and in hand54/58 | €13,283 | €6,247 | €1,428 | €407 | €422 | ▲ 3.6% |
| Deferred charges and accrued income490/1 | - | €1,829 | €625 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34,015 | €24,177 | €10,897 | €18,146 | €14,558 | ▼ 19.8% |
| Equity10/15 | €20,521 | €14,869 | €364 | -€2,124 | -€310 | ▲ 85.4% |
| Contributions10/11 | €11,675 | €11,675 | €11,675 | €11,675 | €11,675 | = |
| Reserves13 | €8,846 | €3,194 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | €6,987 | €1,335 | - | - | - | - |
| Profit (loss) carried forward14 | - | - | -€13,170 | -€15,658 | -€13,844 | ▲ 11.6% |
| Amounts payable17/49 | €13,493 | €9,308 | €10,532 | €20,270 | €14,868 | ▼ 26.7% |
| Amounts payable after more than one year17 | €2,183 | - | - | - | - | - |
| Financial debts170/4 | €2,183 | - | - | - | - | - |
| Amounts payable within one year42/48 | €11,310 | €8,089 | €9,219 | €9,970 | €14,868 | ▲ 49.1% |
| Current portion of amounts payable after more than one year42 | €3,818 | €2,183 | - | - | - | - |
| Financial debts43 | - | - | €4,347 | €6,367 | €7,336 | ▲ 15.2% |
| Credit institutions430/8 | - | - | €4,347 | €6,367 | €7,336 | ▲ 15.2% |
| Trade debts44 | €1,579 | - | €1,044 | €498 | €1,656 | ▲ 232% |
| Suppliers440/4 | €1,579 | - | €1,044 | €498 | €1,656 | ▲ 232% |
| Advances received on contracts in progress46 | - | €625 | €625 | - | - | - |
| Taxes, remuneration and social security45 | €5,913 | €5,281 | €3,203 | €3,105 | €5,876 | ▲ 89.2% |
| Taxes450/3 | €5,913 | €5,281 | €3,203 | €3,105 | €1,280 | ▼ 58.8% |
| Remuneration and social security454/9 | - | - | - | - | €4,596 | - |
| Accrued charges and deferred income492/3 | - | €1,219 | €1,313 | €10,300 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,478 | -€5,652 | -€14,505 | -€2,489 | €1,814 | ▲ 173% |
| + Depreciation and write-downs630 | €6,206 | €6,206 | €6,206 | €358 | €194 | ▼ 45.9% |
| Operating cash flow (approximation) | €8,684 | €554 | -€8,299 | -€2,131 | €2,008 | ▲ 194% |
| Investment in fixed assets (approximation) | - | -€521 | €0 | €0 | €0 | - |
| Change in cash | - | -€7,036 | -€4,819 | -€1,021 | €15 | ▲ 101% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Back to profitnet €1,814
Net result €1,814 after 3 loss-making years.
24-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 146 days late
2024
08-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 8 days late
2023
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 104 days late
2022
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 123 days late
2021
31-07
Financial
Back to profitnet €2,478
Net result €2,478 after 2 loss-making years.
30-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
08-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 39 days late
2019
26-03
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 26 days late
2018
15-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 76 days late
2017
24-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Gent · 1 establishment unit since 2002
Ground area
238 m²
Building footprint
100 m²
Volume, LiDAR
650 m³
Parcel 44017A1162/00G000, Flanders · tallest building 8.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Vliegpleinkouter 42, 9030 Gent
since 20022.112.144.613
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44017A1162/00G000 | Flanders | 238 m² | 1 · 100 m² | 8.9 m · 2 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.
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Of 411 companies in sector 47722 we hold annual accounts for 166. 9 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
Founded21-02-1990
Fiscal year end31-12
Activities, NACEBEL 2025
47722Retail trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439921031
Also
9925:BE0439921031
Registered
20-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.