Minerva Services
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-05-2026 PDF all 4 filings
Turnover
≈ €1.1m
Estimated: probably between €650,000 and €1.8m
Total assets
€1.4m▲ 73.4%
2024 · €828,632
Net result
€164,226▲ 52.8%
2024 · €107,444
Working capital
-€71,079▼ 281%
2024 · -€18,645
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€224,593
▲ 38.9%
2025
20222025
Net result
€164,226
▲ 52.8%
2025
middle half of the sector
20222025
Equity
€220,759
=
2025
middle half of the sector
20222025
Total assets
€1.4m
▲ 73.4%
2025
middle half of the sector
20222025
Debt
€1.2m
▲ 100%
2025
20222025
Working capital
-€71,079
▼ 281%
2025
lowest quarter of the sector
20222025
Solvency
15.4%
▼ 11.3pp
2025
middle half of the sector
20222025
Current ratio
0.93
▼ 0.01
2025
middle half of the sector
20222025
Return on assets (ROA)
11.4%
▼ 1.5pp
2025
middle half of the sector
20222025
Staff (FTE)
2
▲ 81.8%
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€0.04m-€0.2m▲ 289%€0.2m▲ 3.8%€0.2m▲ 38.9%
Net result€0.03mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 344%€0.1mwithin the sector's middle half▼ 16.8%€0.2mwithin the sector's middle half▲ 52.8%
Equity€0.04mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 157%€0.2mwithin the sector's middle half▲ 94.8%€0.2mwithin the sector's middle half=
Total assets€0.4mwithin the sector's middle half-€0.3mwithin the sector's middle half▼ 16.7%€0.8mwithin the sector's middle half▲ 156%€1.4mwithin the sector's middle half▲ 73.4%
Debt€0.3m-€0.2m▼ 39.0%€0.6m▲ 189%€1.2m▲ 100%
Working capital€0.3mabove the sector's middle half-€0.08mwithin the sector's middle half▼ 70.1%-€0.02mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 281%
Solvency11.4%below the sector's middle half-35.0%within the sector's middle half▲ 23.7pp26.6%within the sector's middle half▼ 8.4pp15.4%within the sector's middle half▼ 11.3pp
Current ratio2.88within the sector's middle half-1.36within the sector's middle half▼ 1.520.94below the sector's middle half▼ 0.420.93within the sector's middle half▼ 0.01
Return on assets (ROA)7.5%within the sector's middle half-40.0%above the sector's middle half▲ 32.5pp13.0%above the sector's middle half▼ 27.0pp11.4%within the sector's middle half▼ 1.5pp
Staff (FTE)1.1below the sector's middle half2within the sector's middle half▲ 81.8%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 39% higher than in 2024 and the highest since 2022. It is the third rise in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€558,624 ▲ 3.6%
Current assets
€878,468 ▲ 203%
Equity and liabilities €1.4m
Equity
€220,759 =
Debt
€1.2m ▲ 100%
Debt's share of the balance-sheet total rises from 73.4% to 84.6%. Debt is higher.
Key figures and ratios
EBITDA
€291,646▲
2024 · €245,386
Cash flow
€231,279▲
2024 · €191,104
Debt to equity
5.51▲
2024 · 2.75
ROE
74.4%▲
2024 · 48.7%
Interest coverage
21.91▲
2024 · 20.70
Debt ≤ 1 year
€949,547▲
2024 · €308,190
Debt > 1 year
€265,358▼
2024 · €297,062
Income taxes
€47,063▲
2024 · €42,426
Staff costs
€159,009▲
2024 · €86,164
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 3 |
| full-time | 1 | 1 | 2 |
| part-time | 0 | 1 | 1 |
| in full-time equivalents | 1 | 1.1 | 2.1 |
| Average over the year, in full-time equivalents | - | 1.1 | 2 |
| On a permanent contract | 1 | 1 | 2 |
| Joined | 1 | 3 | 4 |
| Left | 0 | 2 | 3 |
| Training hours | - | - | 72 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €327,700 | €297,062 |
| Mortgages, amount registered | - | - | €50,000 | €50,000 |
| Mortgage mandates | - | - | €300,000 | €300,000 |
| Carrying value of the mortgaged assets | - | - | €440,026 | €413,810 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €41,616 | €585,087 | €86,591 |
| Depreciation and write-downs of the year | €1,997 | €4,947 | €83,660 | €67,053 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €43,888 | €86,164 | €159,009 | ▲ 84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,997 | €4,947 | €83,660 | €67,053 | ▼ 19.9% |
| Other operating charges640/8 | €50 | €512 | €2,682 | €3,777 | ▲ 40.8% |
| Gross operating margin9900 | €42,103 | €205,149 | €334,232 | €454,431 | ▲ 36.0% |
| Operating profit (loss)9901 | €40,056 | €155,802 | €161,726 | €224,593 | ▲ 38.9% |
| Financial income75/76B | €7 | €0 | €0 | €6 | - |
| Recurring financial income75 | €7 | €0 | €0 | €6 | - |
| Financial charges65/66B | - | €139 | €11,857 | €13,310 | ▲ 12.3% |
| Recurring financial charges65 | - | €139 | €11,857 | €13,310 | ▲ 12.3% |
| Profit (loss) for the period before taxes9903 | €40,064 | €155,663 | €149,869 | €211,289 | ▲ 41.0% |
| Income taxes67/77 | €10,960 | €26,452 | €42,426 | €47,063 | ▲ 10.9% |
| Profit (loss) for the period9904 | €29,104 | €129,211 | €107,444 | €164,226 | ▲ 52.8% |
| Profit (loss) for the period to be appropriated9905 | €29,104 | €129,211 | €107,444 | €164,226 | ▲ 52.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €0.4m | €0.3m | €0.8m | €1.4m | ▲ 73.4% |
| Formation expenses20 | €0.001m | €0 | - | - | - |
| Fixed assets21/28 | - | €0.04m | €0.5m | €0.6m | ▲ 3.6% |
| Tangible fixed assets22/27 | - | €0.04m | €0.5m | €0.6m | ▲ 3.6% |
| Land and buildings22 | - | - | €0.4m | €0.4m | ▼ 6.0% |
| Plant, machinery and equipment23 | - | - | €0.05m | €0.1m | ▲ 92.5% |
| Furniture and vehicles24 | - | €0.04m | €0.05m | €0.04m | ▼ 6.7% |
| Current assets29/58 | €0.4m | €0.3m | €0.3m | €0.9m | ▲ 203% |
| Stocks and contracts in progress3 | €0.04m | €0 | - | - | - |
| Stocks30/36 | €0.04m | €0 | - | - | - |
| Amounts receivable within one year40/41 | €0.3m | €0.1m | €0.3m | €0.5m | ▲ 97.1% |
| Trade receivables40 | €0.3m | €0.1m | €0.3m | €0.5m | ▲ 77.3% |
| Other amounts receivable41 | - | €12 | €12 | €0.05m | ▲ 4,476× |
| Cash at bank and in hand54/58 | €0.005m | €0.1m | €0.02m | €0.3m | ▲ 22× |
| Deferred charges and accrued income490/1 | €0.06m | €0.001m | €0.002m | €0.001m | ▼ 34.2% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €0.4m | €0.3m | €0.8m | €1.4m | ▲ 73.4% |
| Equity10/15 | €0.04m | €0.1m | €0.2m | €0.2m | = |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.1m | €0.2m | €0.2m | = |
| Distributable reserves133 | €0.03m | €0.1m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.3m | €0.2m | €0.6m | €1.2m | ▲ 100% |
| Amounts payable after more than one year17 | - | - | €0.3m | €0.3m | ▼ 10.7% |
| Financial debts170/4 | - | - | €0.3m | €0.3m | ▼ 10.7% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.3m | €0.9m | ▲ 208% |
| Current portion of amounts payable after more than one year42 | - | - | €0.03m | €0.03m | ▲ 3.5% |
| Trade debts44 | €0.1m | €0.04m | €0.2m | €0.1m | ▼ 41.9% |
| Suppliers440/4 | €0.1m | €0.04m | €0.2m | €0.1m | ▼ 41.9% |
| Advances received on contracts in progress46 | - | €0.07m | €0 | €0.5m | - |
| Taxes, remuneration and social security45 | €0.03m | €0.04m | €0.06m | €0.2m | ▲ 223% |
| Taxes450/3 | €0.03m | €0.03m | €0.05m | €0.2m | ▲ 225% |
| Remuneration and social security454/9 | - | €0.01m | €0.01m | €0.03m | ▲ 213% |
| Other amounts payable47/48 | €85 | €0.06m | €0.03m | €0.2m | ▲ 433% |
| Accrued charges and deferred income492/3 | €0.2m | €0 | €0.003m | €0.001m | ▼ 45.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,104 | €129,211 | €107,444 | €164,226 | ▲ 52.8% |
| + Depreciation and write-downs630 | €1,997 | €4,947 | €83,660 | €67,053 | ▼ 19.9% |
| Operating cash flow (approximation) | €31,101 | €134,158 | €191,104 | €231,279 | ▲ 21.0% |
| Investment in fixed assets (approximation) | - | - | -€585,087 | -€86,591 | ▲ 85.2% |
| Change in cash | - | €142,528 | -€132,516 | €325,267 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 7,976 companies had the same profile as Minerva Services has now. Two years later, 94.3% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
94.3%
was still going
1.8%
stopped otherwise
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Minerva Services itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,976 companies, not a prediction for Minerva Services. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.