MINNELOU
ActiveSummary
MINNELOU has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€49,480) and a net result of €1,785. Equity is shrinking by ~19.9% per year across the filed fiscal years. Its solvency ranks better than 15% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+8
Solvency19=
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 0.02 against 0.01 in 2024; short-term debt: 54.9% and cash: 1.2% of total assets), and equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 14258 sector peers (2025).
NBB · sector comparisonPosition among 14258 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-06-2026, 51 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
51 d early
2024
49 d early
2023
48 d early
2022
48 d early
2021
46 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 48 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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 13 June (5 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
-€49,480▲ 3.5%
2024 · -€51,265
Total assets
€811,358▼ 3.6%
2024 · €841,979
Net result
€1,785
2024 · -€1,431
Working capital
-€435,482▲ 3.3%
2024 · -€450,380
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate 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-€50,579--€7,986▲ 84.2%-€10,746▼ 34.6%€7,067€9,852▲ 39.4%
Net result-€62,844below the sector's middle half--€17,323below the sector's middle half▲ 72.4%-€19,667below the sector's middle half▼ 13.5%-€1,431within the sector's middle half▲ 92.7%€1,785within the sector's middle half
Equity-€12,844below the sector's middle half--€30,167below the sector's middle half▼ 135%-€49,834below the sector's middle half▼ 65.2%-€51,265below the sector's middle half▼ 2.9%-€49,480below the sector's middle half▲ 3.5%
Total assets€847,382within the sector's middle half-€884,224within the sector's middle half▲ 4.3%€863,589within the sector's middle half▼ 2.3%€841,979within the sector's middle half▼ 2.5%€811,358within the sector's middle half▼ 3.6%
Debt€860,226-€914,390▲ 6.3%€913,422▼ 0.1%€893,244▼ 2.2%€860,838▼ 3.6%
Working capital-€341,499below the sector's middle half--€422,762below the sector's middle half▼ 23.8%-€431,330below the sector's middle half▼ 2.0%-€450,380below the sector's middle half▼ 4.4%-€435,482below the sector's middle half▲ 3.3%
Solvency-1.5%below the sector's middle half--3.4%below the sector's middle half▼ 1.9pp-5.8%below the sector's middle half▼ 2.4pp-6.1%below the sector's middle half▼ 0.3pp-6.1%below the sector's middle half=
Current ratio0.02below the sector's middle half-0.01below the sector's middle half▼ 0.010.04below the sector's middle half▲ 0.030.01below the sector's middle half▼ 0.030.02below the sector's middle half▲ 0.02
Return on assets (ROA)-7.4%below the sector's middle half--2.0%within the sector's middle half▲ 5.5pp-2.3%within the sector's middle half▼ 0.3pp-0.2%within the sector's middle half▲ 2.1pp0.2%within the sector's middle half▲ 0.4pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 39% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €811,358
Fixed assets
€801,426 ▼ 4.5%
Current assets
€9,933 ▲ 322%
Key figures and ratios
EBITDA
€48,053▲
2024 · €42,927
Cash flow
€39,985▲
2024 · €34,429
Debt to equity
-17.40▲
2024 · -17.42
Interest coverage
5.96▲
2024 · 5.05
Debt ≤ 1 year
€445,414▼
2024 · €452,733
Debt > 1 year
€415,424▼
2024 · €440,511
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 457 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
0.7%
went bankrupt
2.0%
stopped otherwise
97%
still going
A further 0.2% 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 497,338 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 457 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 | €37,245 | €35,005 | €35,318 | €35,860 | €38,201 | ▲ 6.5% |
| Other operating charges640/8 | €1,110 | €3,026 | €3,314 | €3,451 | €3,558 | ▲ 3.1% |
| Gross operating margin9900 | -€12,224 | €30,045 | €27,886 | €46,378 | €51,611 | ▲ 11.3% |
| Operating profit (loss)9901 | -€50,579 | -€7,986 | -€10,746 | €7,067 | €9,852 | ▲ 39.4% |
| Financial charges65/66B | €12,265 | €9,337 | €8,921 | €8,498 | €8,068 | ▼ 5.1% |
| Recurring financial charges65 | €12,265 | €9,337 | €8,921 | €8,498 | €8,068 | ▼ 5.1% |
| Profit (loss) for the period before taxes9903 | -€62,844 | -€17,323 | -€19,667 | -€1,431 | €1,785 | ▲ 225% |
| Profit (loss) for the period9904 | -€62,844 | -€17,323 | -€19,667 | -€1,431 | €1,785 | ▲ 225% |
| Profit (loss) for the period to be appropriated9905 | -€62,844 | -€17,323 | -€19,667 | -€1,431 | €1,785 | ▲ 225% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €847,382 | €884,224 | €863,589 | €841,979 | €811,358 | ▼ 3.6% |
| Fixed assets21/28 | €841,827 | €881,974 | €846,656 | €839,626 | €801,426 | ▼ 4.5% |
| Tangible fixed assets22/27 | €841,827 | €881,974 | €846,656 | €839,626 | €801,426 | ▼ 4.5% |
| Land and buildings22 | €818,934 | €861,581 | €828,765 | €795,948 | €763,132 | ▼ 4.1% |
| Plant, machinery and equipment23 | €22,893 | €20,392 | €17,891 | €43,678 | €38,294 | ▼ 12.3% |
| Current assets29/58 | €5,554 | €2,250 | €16,933 | €2,353 | €9,933 | ▲ 322% |
| Cash at bank and in hand54/58 | €5,554 | €2,250 | €16,933 | €2,353 | €9,933 | ▲ 322% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €847,382 | €884,224 | €863,589 | €841,979 | €811,358 | ▼ 3.6% |
| Equity10/15 | -€12,844 | -€30,167 | -€49,834 | -€51,265 | -€49,480 | ▲ 3.5% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€62,844 | -€80,167 | -€99,834 | -€101,265 | -€99,480 | ▲ 1.8% |
| Amounts payable17/49 | €860,226 | €914,390 | €913,422 | €893,244 | €860,838 | ▼ 3.6% |
| Amounts payable after more than one year17 | €513,172 | €489,378 | €465,160 | €440,511 | €415,424 | ▼ 5.7% |
| Financial debts170/4 | €513,172 | €489,378 | €465,160 | €440,511 | €415,424 | ▼ 5.7% |
| Amounts payable within one year42/48 | €347,053 | €425,012 | €448,262 | €452,733 | €445,414 | ▼ 1.6% |
| Current portion of amounts payable after more than one year42 | €23,379 | €23,795 | €24,218 | €24,649 | €25,087 | ▲ 1.8% |
| Trade debts44 | - | €15,179 | €13,848 | €14,129 | €13,901 | ▼ 1.6% |
| Suppliers440/4 | - | €15,179 | €13,848 | €14,129 | €13,901 | ▼ 1.6% |
| Taxes, remuneration and social security45 | €1,040 | €1,974 | €1,817 | €3,077 | €3,047 | ▼ 1.0% |
| Taxes450/3 | €1,040 | €1,974 | €1,817 | €3,077 | €3,047 | ▼ 1.0% |
| Other amounts payable47/48 | €322,635 | €384,065 | €408,379 | €410,879 | €403,379 | ▼ 1.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€62,844 | -€17,323 | -€19,667 | -€1,431 | €1,785 | ▲ 225% |
| + Depreciation and write-downs630 | €37,245 | €35,005 | €35,318 | €35,860 | €38,201 | ▲ 6.5% |
| Operating cash flow (approximation) | -€25,599 | €17,682 | €15,651 | €34,429 | €39,985 | ▲ 16.1% |
| Investment in fixed assets (approximation) | - | -€75,151 | €0 | -€28,830 | €0 | ▲ 100% |
| Change in cash | - | -€3,304 | €14,683 | -€14,580 | €7,580 | ▲ 152% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €1,785
Net result €1,785 after 4 loss-making years.
12-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
13-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Dilbeek · 1 establishment unit since 2020
Ground area
900 m²
Building footprint
182 m²
Volume, LiDAR
940 m³
Parcel 23070A0201/00D000, Flanders · tallest building 6.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MINNELOU
since 20202.299.117.061
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23070A0201/00D000 | Flanders | 900 m² | 1 · 182 m² | 6.2 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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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded10-02-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0743482927
Also
9925:BE0743482927
Registered
12-02-2025
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.