MINITRACK
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 87 days after the deadline Filed on 26 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00599565.
Annual accounts 2025 filed on 26-10-2026 at the NBB all 5 filings
Turnover
≈ €170,000
Estimated: probably between €100,000 and €300,000
Total assets
€238,457▲ 12.2%
2024 · €212,485
Net result
€16,585▲ 2.1%
2024 · €16,248
Working capital
€96,346▲ 0.3%
2024 · €96,061
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€34,331
▲ 6.5%
2025
20212025
Net result
€16,585
▲ 2.1%
2025
middle half of the sector
20212025
Equity
€87,193
▲ 23.5%
2025
middle half of the sector
20212025
Total assets
€238,457
▲ 12.2%
2025
middle half of the sector
20212025
Debt
€151,265
▲ 6.6%
2025
20212025
Working capital
€96,346
▲ 0.3%
2025
highest quarter of the sector
20212025
Solvency
36.6%
▲ 3.3pp
2025
middle half of the sector
20212025
Current ratio
1.72
▼ 0.17
2025
middle half of the sector
20212025
Return on assets (ROA)
7.0%
▼ 0.7pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,718-€11,473▲ 70.8%-€4,480€32,234€34,331▲ 6.5%
Net result€2,800within the sector's middle half-€6,426within the sector's middle half▲ 130%-€4,867below the sector's middle half€16,248within the sector's middle half€16,585within the sector's middle half▲ 2.1%
Equity€52,800within the sector's middle half-€59,226within the sector's middle half▲ 12.2%€54,359within the sector's middle half▼ 8.2%€70,607within the sector's middle half▲ 29.9%€87,193within the sector's middle half▲ 23.5%
Total assets€194,112within the sector's middle half-€170,214within the sector's middle half▼ 12.3%€175,352within the sector's middle half▲ 3.0%€212,485within the sector's middle half▲ 21.2%€238,457within the sector's middle half▲ 12.2%
Debt€141,312-€110,988▼ 21.5%€120,993▲ 9.0%€141,878▲ 17.3%€151,265▲ 6.6%
Working capital€46,311within the sector's middle half-€43,653within the sector's middle half▼ 5.7%€60,088within the sector's middle half▲ 37.6%€96,061above the sector's middle half▲ 59.9%€96,346above the sector's middle half▲ 0.3%
Solvency27.2%within the sector's middle half-34.8%within the sector's middle half▲ 7.6pp31.0%within the sector's middle half▼ 3.8pp33.2%within the sector's middle half▲ 2.2pp36.6%within the sector's middle half▲ 3.3pp
Current ratio1.37within the sector's middle half-1.39within the sector's middle half▲ 0.031.58within the sector's middle half▲ 0.191.89within the sector's middle half▲ 0.301.72within the sector's middle half▼ 0.17
Return on assets (ROA)1.4%within the sector's middle half-3.8%within the sector's middle half▲ 2.3pp-2.8%below the sector's middle half▼ 6.6pp7.6%within the sector's middle half▲ 10.4pp7.0%within the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 7% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €238,457
Fixed assets
€7,658 ▼ 6.7%
Current assets
€230,800 ▲ 13.0%
Equity and liabilities €238,457
Equity
€87,193 ▲ 23.5%
Debt
€151,265 ▲ 6.6%
Debt's share of the balance-sheet total falls from 66.8% to 63.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€38,689▲
2024 · €36,469
Cash flow
€20,944▲
2024 · €20,483
Quick ratio
1.39▲
2024 · 1.11
Debt to equity
1.73▼
2024 · 2.01
ROE
19.0%▼
2024 · 23.0%
Interest coverage
3.08▼
2024 · 3.42
Debt ≤ 1 year
€134,453▲
2024 · €108,219
Debt > 1 year
€15,058▼
2024 · €31,906
Income taxes
€5,466▲
2024 · €5,366
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | €40,000 | €40,000 | €40,000 | €40,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20,148 | €3,268 | €1,028 | - | €4,264 |
| Intangible fixed assets | €4,327 | - | - | - | - |
| Depreciation and write-downs of the year | €7,687 | €3,924 | €4,161 | €4,235 | €4,358 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3,146 | - | - | €2,027 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,687 | €3,924 | €4,161 | €4,235 | €4,358 | ▲ 2.9% |
| Other operating charges640/8 | €2,610 | €1,867 | €6,981 | €1,751 | €3,109 | ▲ 77.6% |
| Gross operating margin9900 | €17,015 | €17,264 | €6,661 | €38,220 | €41,798 | ▲ 9.4% |
| Operating profit (loss)9901 | €6,718 | €11,473 | -€4,480 | €32,234 | €34,331 | ▲ 6.5% |
| Financial income75/76B | €227 | €107 | €10,136 | €53 | €265 | ▲ 402% |
| Recurring financial income75 | €227 | €107 | €10,136 | €53 | €265 | ▲ 402% |
| Financial charges65/66B | €3,289 | €3,095 | €9,594 | €10,673 | €12,545 | ▲ 17.5% |
| Recurring financial charges65 | €3,289 | €3,095 | €9,594 | €10,673 | €12,545 | ▲ 17.5% |
| Profit (loss) for the period before taxes9903 | €3,657 | €8,484 | -€3,939 | €21,614 | €22,051 | ▲ 2.0% |
| Income taxes67/77 | €857 | €2,058 | €928 | €5,366 | €5,466 | ▲ 1.9% |
| Profit (loss) for the period9904 | €2,800 | €6,426 | -€4,867 | €16,248 | €16,585 | ▲ 2.1% |
| Profit (loss) for the period to be appropriated9905 | €2,800 | €6,426 | -€4,867 | €16,248 | €16,585 | ▲ 2.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €194,112 | €170,214 | €175,352 | €212,485 | €238,457 | ▲ 12.2% |
| Fixed assets21/28 | €21,347 | €15,573 | €12,440 | €8,205 | €7,658 | ▼ 6.7% |
| Intangible fixed assets21 | €3,609 | €2,744 | €1,879 | €1,013 | €148 | ▼ 85.4% |
| Tangible fixed assets22/27 | €17,738 | €12,829 | €10,561 | €7,192 | €7,510 | ▲ 4.4% |
| Land and buildings22 | - | €3,055 | €2,803 | €2,468 | €2,133 | ▼ 13.6% |
| Plant, machinery and equipment23 | €5,274 | €4,070 | €2,866 | €1,661 | €3,655 | ▲ 120% |
| Furniture and vehicles24 | €12,464 | €5,704 | €4,893 | €3,062 | €1,722 | ▼ 43.8% |
| Current assets29/58 | €172,765 | €154,641 | €162,912 | €204,280 | €230,800 | ▲ 13.0% |
| Stocks and contracts in progress3 | €89,531 | €54,373 | €103,631 | €84,052 | €43,604 | ▼ 48.1% |
| Stocks30/36 | €89,531 | €54,373 | €103,631 | €84,052 | €43,604 | ▼ 48.1% |
| Amounts receivable within one year40/41 | €59,168 | €81,159 | €34,551 | €107,650 | €176,523 | ▲ 64.0% |
| Trade receivables40 | €57,594 | €80,446 | €11,898 | €43,408 | €18,570 | ▼ 57.2% |
| Other amounts receivable41 | €1,574 | €712 | €22,653 | €64,242 | €157,953 | ▲ 146% |
| Cash at bank and in hand54/58 | €22,196 | €15,080 | €19,971 | €1,306 | €433 | ▼ 66.8% |
| Deferred charges and accrued income490/1 | €1,870 | €4,029 | €4,759 | €11,272 | €10,240 | ▼ 9.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €194,112 | €170,214 | €175,352 | €212,485 | €238,457 | ▲ 12.2% |
| Equity10/15 | €52,800 | €59,226 | €54,359 | €70,607 | €87,193 | ▲ 23.5% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | €2,800 | €9,226 | €4,359 | €20,607 | €37,193 | ▲ 80.5% |
| Amounts payable17/49 | €141,312 | €110,988 | €120,993 | €141,878 | €151,265 | ▲ 6.6% |
| Amounts payable after more than one year17 | - | - | €18,169 | €31,906 | €15,058 | ▼ 52.8% |
| Financial debts170/4 | - | - | €18,169 | €31,906 | €15,058 | ▼ 52.8% |
| Amounts payable within one year42/48 | €126,454 | €110,988 | €102,824 | €108,219 | €134,453 | ▲ 24.2% |
| Current portion of amounts payable after more than one year42 | €8,678 | - | €16,831 | €15,607 | €18,393 | ▲ 17.9% |
| Financial debts43 | €25,000 | €25,000 | €35,000 | €35,000 | €35,000 | = |
| Credit institutions430/8 | €25,000 | €25,000 | €35,000 | €35,000 | €35,000 | = |
| Trade debts44 | €58,531 | €50,409 | €17,896 | €30,353 | €42,301 | ▲ 39.4% |
| Suppliers440/4 | €58,531 | €50,409 | €17,896 | €30,353 | €42,301 | ▲ 39.4% |
| Advances received on contracts in progress46 | - | €19,739 | - | - | - | - |
| Taxes, remuneration and social security45 | €17,190 | €15,841 | €33,098 | €27,259 | €38,759 | ▲ 42.2% |
| Taxes450/3 | €17,190 | €15,841 | €33,098 | €25,796 | €36,492 | ▲ 41.5% |
| Remuneration and social security454/9 | - | - | - | €1,463 | €2,268 | ▲ 55.0% |
| Other amounts payable47/48 | €17,056 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €14,858 | - | - | €1,753 | €1,753 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,800 | €6,426 | -€4,867 | €16,248 | €16,585 | ▲ 2.1% |
| + Depreciation and write-downs630 | €7,687 | €3,924 | €4,161 | €4,235 | €4,358 | ▲ 2.9% |
| Operating cash flow (approximation) | €10,487 | €10,350 | -€706 | €20,483 | €20,944 | ▲ 2.2% |
| Investment in fixed assets (approximation) | - | €1,851 | -€1,028 | €0 | -€3,811 | - |
| Change in cash | - | -€7,115 | €4,891 | -€18,666 | -€872 | ▲ 95.3% |
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, 26,972 companies had the same profile as MINITRACK has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MINITRACK itself is higher: 5.2% within 12 months. It rests on far more data about MINITRACK than the profile alone.
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 26,972 companies, not a prediction for MINITRACK. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-10-2026 | 2026-00599565 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00539847 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00506030 | |
| 31-12-2022 | micro format | 06-10-2023 | 2023-00481651 | |
| 31-12-2021 | micro format | 22-12-2022 | 2022-20545619 |