MINITRACK
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 10-10-2025 PDF all 4 filings
Every figure per financial year
The operating result for 2024 is a profit of €32,234, after a loss of €4,480 in 2023. It is the highest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Pledge on the business | €40,000 | €40,000 | €40,000 | €40,000 |
Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €20,148 | €3,268 | €1,028 | - |
| Intangible fixed assets | €4,327 | - | - | - |
| Depreciation and write-downs of the year | €7,687 | €3,924 | €4,161 | €4,235 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3,146 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,687 | €3,924 | €4,161 | €4,235 | ▲ 1.8% |
| Other operating charges640/8 | €2,610 | €1,867 | €6,981 | €1,751 | ▼ 74.9% |
| Gross operating margin9900 | €17,015 | €17,264 | €6,661 | €38,220 | ▲ 474% |
| Operating profit (loss)9901 | €6,718 | €11,473 | -€4,480 | €32,234 | - |
| Financial income75/76B | €227 | €107 | €10,136 | €53 | ▼ 99.5% |
| Recurring financial income75 | €227 | €107 | €10,136 | €53 | ▼ 99.5% |
| Financial charges65/66B | €3,289 | €3,095 | €9,594 | €10,673 | ▲ 11.2% |
| Recurring financial charges65 | €3,289 | €3,095 | €9,594 | €10,673 | ▲ 11.2% |
| Profit (loss) for the period before taxes9903 | €3,657 | €8,484 | -€3,939 | €21,614 | - |
| Income taxes67/77 | €857 | €2,058 | €928 | €5,366 | ▲ 478% |
| Profit (loss) for the period9904 | €2,800 | €6,426 | -€4,867 | €16,248 | - |
| Profit (loss) for the period to be appropriated9905 | €2,800 | €6,426 | -€4,867 | €16,248 | - |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €194,112 | €170,214 | €175,352 | €212,485 | ▲ 21.2% |
| Fixed assets21/28 | €21,347 | €15,573 | €12,440 | €8,205 | ▼ 34.0% |
| Intangible fixed assets21 | €3,609 | €2,744 | €1,879 | €1,013 | ▼ 46.1% |
| Tangible fixed assets22/27 | €17,738 | €12,829 | €10,561 | €7,192 | ▼ 31.9% |
| Land and buildings22 | - | €3,055 | €2,803 | €2,468 | ▼ 12.0% |
| Plant, machinery and equipment23 | €5,274 | €4,070 | €2,866 | €1,661 | ▼ 42.0% |
| Furniture and vehicles24 | €12,464 | €5,704 | €4,893 | €3,062 | ▼ 37.4% |
| Current assets29/58 | €172,765 | €154,641 | €162,912 | €204,280 | ▲ 25.4% |
| Stocks and contracts in progress3 | €89,531 | €54,373 | €103,631 | €84,052 | ▼ 18.9% |
| Stocks30/36 | €89,531 | €54,373 | €103,631 | €84,052 | ▼ 18.9% |
| Amounts receivable within one year40/41 | €59,168 | €81,159 | €34,551 | €107,650 | ▲ 212% |
| Trade receivables40 | €57,594 | €80,446 | €11,898 | €43,408 | ▲ 265% |
| Other amounts receivable41 | €1,574 | €712 | €22,653 | €64,242 | ▲ 184% |
| Cash at bank and in hand54/58 | €22,196 | €15,080 | €19,971 | €1,306 | ▼ 93.5% |
| Deferred charges and accrued income490/1 | €1,870 | €4,029 | €4,759 | €11,272 | ▲ 137% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €194,112 | €170,214 | €175,352 | €212,485 | ▲ 21.2% |
| Equity10/15 | €52,800 | €59,226 | €54,359 | €70,607 | ▲ 29.9% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | €2,800 | €9,226 | €4,359 | €20,607 | ▲ 373% |
| Amounts payable17/49 | €141,312 | €110,988 | €120,993 | €141,878 | ▲ 17.3% |
| Amounts payable after more than one year17 | - | - | €18,169 | €31,906 | ▲ 75.6% |
| Financial debts170/4 | - | - | €18,169 | €31,906 | ▲ 75.6% |
| Amounts payable within one year42/48 | €126,454 | €110,988 | €102,824 | €108,219 | ▲ 5.2% |
| Current portion of amounts payable after more than one year42 | €8,678 | - | €16,831 | €15,607 | ▼ 7.3% |
| Financial debts43 | €25,000 | €25,000 | €35,000 | €35,000 | = |
| Credit institutions430/8 | €25,000 | €25,000 | €35,000 | €35,000 | = |
| Trade debts44 | €58,531 | €50,409 | €17,896 | €30,353 | ▲ 69.6% |
| Suppliers440/4 | €58,531 | €50,409 | €17,896 | €30,353 | ▲ 69.6% |
| Advances received on contracts in progress46 | - | €19,739 | - | - | - |
| Taxes, remuneration and social security45 | €17,190 | €15,841 | €33,098 | €27,259 | ▼ 17.6% |
| Taxes450/3 | €17,190 | €15,841 | €33,098 | €25,796 | ▼ 22.1% |
| Remuneration and social security454/9 | - | - | - | €1,463 | - |
| Other amounts payable47/48 | €17,056 | - | - | - | - |
| Accrued charges and deferred income492/3 | €14,858 | - | - | €1,753 | - |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,800 | €6,426 | -€4,867 | €16,248 | - |
| + Depreciation and write-downs630 | €7,687 | €3,924 | €4,161 | €4,235 | ▲ 1.8% |
| Operating cash flow (approximation) | €10,487 | €10,350 | -€706 | €20,483 | - |
| Investment in fixed assets (approximation) | - | €1,851 | -€1,028 | €0 | - |
| Change in cash | - | -€7,115 | €4,891 | -€18,666 | - |
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
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MINITRACK itself is higher: 6.0% 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.