MINOTAURUS
ActiveSummary
MINOTAURUS has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (-€16.7m) and a net result of -€506,384. Equity is shrinking by ~10.7% per year across the filed fiscal years. Its solvency ranks better than 9% of 489 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability48▲+7
Solvency0=
Growth36▲+4
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.6 against 0.51 in 2023; short-term debt: 18.4% and cash: 7.2% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2024Solvency, return and age of the figures
Solvency
-55.6%
Return on assets
-1.7%
Age of the figures
21 mo
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 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€16.7m
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-08-2025, 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
not confirmed
2024
31 d late
2023
177 d late
2022
543 d late
2021
117 d late
2020
31 d late
2019
130 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 172 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 45% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
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Financials · fiscal year 2024, full schema
In the rankings
#1 company by total assets in Sint-Gillis, Accommodation and food service sector#5 employer in Sint-Gillis, Accommodation and food service sector#10 fastest grower in Sint-Gillis, Accommodation and food service sector
Turnover
€12.3m▲ 19.8%
2023 · €10.3m
EBIT margin
7.0%▲ 7.1pp
2023 · 0.0%
Net result
-€506,384▲ 52.3%
2023 · -€1.1m
Working capital
-€2.2m▲ 15.6%
2023 · -€2.6m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 55, Accommodation, 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
Line20202021202220232024
Turnover€2.7m▼ 75.6%€2.9m▲ 5.9%€7.7m▲ 164%€10.3m▲ 34.1%€12.3m▲ 19.8%
Operating result-€1.9m-€1.9m▼ 4.6%-€184,438▲ 90.5%-€4,337▲ 97.6%€865,220
Net result-€2.8mbelow the sector's middle half-€2.9mbelow the sector's middle half▼ 1.4%-€1.1mbelow the sector's middle half▲ 62.5%-€1.1mbelow the sector's middle half▲ 1.5%-€506,384below the sector's middle half▲ 52.3%
EBIT margin-67.5%▼ 79.4pp-66.7%▲ 0.8pp-2.4%▲ 64.3pp0.0%▲ 2.4pp7.0%▲ 7.1pp
Equity-€11.2mbelow the sector's middle half▼ 33.9%-€14.1mbelow the sector's middle half▼ 25.7%-€15.2mbelow the sector's middle half▼ 7.7%-€16.2mbelow the sector's middle half▼ 7.0%-€16.7mbelow the sector's middle half▼ 3.1%
Total assets€32.7mabove the sector's middle half▼ 6.6%€32.6mabove the sector's middle half▼ 0.4%€31.5mabove the sector's middle half▼ 3.3%€30.4mabove the sector's middle half▼ 3.6%€30.1mabove the sector's middle half▼ 0.9%
Debt€43.9m▲ 1.2%€46.7m▲ 6.2%€46.7m=€46.6m▼ 0.1%€46.8m▲ 0.5%
Working capital-€975,260▲ 55.8%-€1.5m▼ 54.5%-€2.0m▼ 33.4%-€2.6m▼ 30.6%-€2.2m▲ 15.6%
Solvency-34.3%below the sector's middle half▼ 10.4pp-43.2%below the sector's middle half▼ 9.0pp-48.1%below the sector's middle half▼ 4.9pp-53.4%below the sector's middle half▼ 5.3pp-55.6%below the sector's middle half▼ 2.2pp
Staff (FTE)51.5above the sector's middle half▼ 9.2%45.4above the sector's middle half▼ 11.8%46.9above the sector's middle half▲ 3.3%50.9above the sector's middle half▲ 8.5%54.5above the sector's middle half▲ 7.1%
above
within
below
the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €865,220 after a loss of €4,337 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €30.1m
Fixed assets
€26.8m ▼ 3.0%
Current assets
€3.3m ▲ 19.7%
Key figures and ratios
EBITDA
€2.1m▲
2023 · €1.4m
Cash flow
€689,399▲
2023 · €303,152
Current ratio
0.60▲
2023 · 0.51
Quick ratio
0.59▲
2023 · 0.50
Debt to equity
-2.80▲
2023 · -2.87
ROA
-1.7%▲
2023 · -3.5%
Interest coverage
1.50▲
2023 · 1.29
Debt ≤ 1 year
€5.5m▲
2023 · €5.4m
Debt > 1 year
€39.7m▲
2023 · €39.6m
Income taxes
€203▲
2023 · -€64
Staff costs
€3.1m▲
2023 · €3.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 129 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Medium-sized
- 10 to 20 years old
- negative equity
- a small loss
1.6%
went bankrupt
2.3%
stopped otherwise
95%
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 1.1% 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 129 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €3.3m | €8.2m | €10.8m | €12.7m | ▲ 17.0% |
| Turnover70 | €2.7m | €2.9m | €7.7m | €10.3m | €12.3m | ▲ 19.8% |
| Other operating income74 | - | €389,402 | €522,986 | €502,298 | €309,481 | ▼ 38.4% |
| Non-recurring operating income76A | - | €42,967 | €42,967 | €42,967 | €42,967 | = |
| Operating charges60/66A | - | €5.3m | €8.4m | €10.9m | €11.8m | ▲ 9.0% |
| Goods for resale, raw materials and consumables60 | - | €275,179 | €772,917 | €1.0m | €1.1m | ▲ 8.9% |
| Purchases600/8 | - | €277,942 | €796,871 | €1.0m | €1.1m | ▲ 4.3% |
| Change in stocks: decrease (increase)609 | - | -€2,763 | -€23,954 | -€13,643 | €32,550 | ▲ 339% |
| Services and other goods61 | - | €1.8m | €3.5m | €4.9m | €5.7m | ▲ 16.1% |
| Remuneration, social security and pensions62 | - | €1.3m | €2.2m | €3.0m | €3.1m | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.5m | €1.5m | €1.5m | €1.4m | €1.2m | ▼ 12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€162 | -€486 | €4,149 | -€1,012 | ▼ 124% |
| Other operating charges640/8 | - | €311,514 | €435,564 | €571,434 | €668,855 | ▲ 17.0% |
| Operating profit (loss)9901 | -€1.9m | -€1.9m | -€184,438 | -€4,337 | €865,220 | ▲ 20,050% |
| Financial income75/76B | - | €38 | €202 | €21 | €33 | ▲ 59.9% |
| Recurring financial income75 | €26 | €38 | €202 | €21 | €33 | ▲ 59.9% |
| Income from financial fixed assets750 | - | - | - | - | €33 | - |
| Other financial income752/9 | - | €38 | €202 | €21 | - | - |
| Financial charges65/66B | - | €934,481 | €893,309 | €1.1m | €1.4m | ▲ 29.6% |
| Recurring financial charges65 | €979,556 | €934,481 | €893,309 | €1.1m | €1.4m | ▲ 29.6% |
| Debt charges650 | €974,592 | €929,849 | €888,475 | €1.1m | €1.4m | ▲ 30.2% |
| Other financial charges652/9 | - | €4,632 | €4,834 | €4,916 | - | - |
| Profit (loss) for the period before taxes9903 | -€2.8m | -€2.9m | -€1.1m | -€1.1m | -€506,181 | ▲ 52.3% |
| Income taxes67/77 | €600 | €45 | €600 | -€64 | €203 | ▲ 415% |
| Taxes670/3 | - | €292 | €600 | €350 | €203 | ▼ 42.0% |
| Tax adjustments and reversals of tax provisions77 | - | €247 | - | €414 | - | - |
| Profit (loss) for the period9904 | -€2.8m | -€2.9m | -€1.1m | -€1.1m | -€506,384 | ▲ 52.3% |
| Profit (loss) for the period to be appropriated9905 | -€2.8m | -€2.9m | -€1.1m | -€1.1m | -€506,384 | ▲ 52.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €32.7m | €32.6m | €31.5m | €30.4m | €30.1m | ▼ 0.9% |
| Fixed assets21/28 | €31.6m | €30.2m | €28.8m | €27.6m | €26.8m | ▼ 3.0% |
| Tangible fixed assets22/27 | €31.6m | €30.2m | €28.8m | €27.6m | €26.8m | ▼ 3.0% |
| Plant, machinery and equipment23 | - | €101,476 | €120,438 | €138,838 | €259,373 | ▲ 86.8% |
| Furniture and vehicles24 | - | €1.9m | €1.6m | €1.5m | €1.5m | ▲ 2.3% |
| Leasing and similar rights25 | - | €27.8m | €26.7m | €25.6m | €24.6m | ▼ 3.9% |
| Other tangible fixed assets26 | - | €492,725 | €389,211 | €335,659 | €304,277 | ▼ 9.3% |
| Assets under construction and advance payments27 | - | - | - | €26,070 | €69,638 | ▲ 167% |
| Current assets29/58 | €1.1m | €2.3m | €2.7m | €2.8m | €3.3m | ▲ 19.7% |
| Stocks and contracts in progress3 | €23,496 | €26,259 | €50,214 | €63,857 | €31,307 | ▼ 51.0% |
| Stocks30/36 | - | €26,259 | €50,214 | €63,857 | €31,307 | ▼ 51.0% |
| Raw materials and consumables30/31 | - | €26,259 | €50,214 | €63,857 | €31,307 | ▼ 51.0% |
| Amounts receivable within one year40/41 | €477,505 | €282,744 | €917,919 | €1.4m | €1.1m | ▼ 22.6% |
| Trade receivables40 | - | €49,432 | €647,090 | €796,505 | €884,874 | ▲ 11.1% |
| Other amounts receivable41 | - | €233,312 | €270,829 | €594,055 | €190,910 | ▼ 67.9% |
| Cash at bank and in hand54/58 | €595,952 | €2.0m | €1.7m | €1.3m | €2.2m | ▲ 69.0% |
| Deferred charges and accrued income490/1 | - | €17,098 | €18,194 | €34,165 | €38,360 | ▲ 12.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €32.7m | €32.6m | €31.5m | €30.4m | €30.1m | ▼ 0.9% |
| Equity10/15 | -€11.2m | -€14.1m | -€15.2m | -€16.2m | -€16.7m | ▼ 3.1% |
| Contributions10/11 | €3.5m | €3.5m | €3.5m | €3.5m | €3.5m | = |
| Capital10 | - | €3.5m | €3.5m | €3.5m | €3.5m | = |
| Issued capital100 | - | €3.5m | €3.5m | €3.5m | €3.5m | = |
| Profit (loss) carried forward14 | -€14.7m | -€17.6m | -€18.7m | -€19.7m | -€20.2m | ▼ 2.6% |
| Amounts payable17/49 | €43.9m | €46.7m | €46.7m | €46.6m | €46.8m | ▲ 0.5% |
| Amounts payable after more than one year17 | €40.1m | €41.1m | €40.3m | €39.6m | €39.7m | ▲ 0.1% |
| Financial debts170/4 | - | €41.1m | €40.3m | €39.6m | €39.7m | ▲ 0.1% |
| Leasing and similar obligations172 | - | €25.0m | €22.4m | €19.6m | €16.6m | ▼ 15.1% |
| Credit institutions173 | - | - | - | - | €12,126 | - |
| Other loans174 | - | €16.1m | €17.9m | €20.1m | €23.1m | ▲ 15.0% |
| Amounts payable within one year42/48 | €2.1m | €3.8m | €4.7m | €5.4m | €5.5m | ▲ 2.5% |
| Current portion of amounts payable after more than one year42 | - | €2.1m | €2.6m | €2.8m | €2.9m | ▲ 3.6% |
| Trade debts44 | €589,791 | €1.4m | €1.7m | €2.2m | €2.1m | ▼ 4.1% |
| Suppliers440/4 | - | €1.4m | €1.7m | €2.2m | €2.1m | ▼ 4.1% |
| Advances received on contracts in progress46 | - | €101,448 | €64,431 | €90,650 | €139,442 | ▲ 53.8% |
| Taxes, remuneration and social security45 | - | €199,774 | €302,849 | €308,424 | €368,415 | ▲ 19.5% |
| Taxes450/3 | - | €16,428 | €21,497 | €350 | €7,231 | ▲ 1,966% |
| Remuneration and social security454/9 | - | €183,346 | €281,351 | €308,074 | €361,184 | ▲ 17.2% |
| Other amounts payable47/48 | - | €2,108 | €679 | €7,971 | €20,702 | ▲ 160% |
| Accrued charges and deferred income492/3 | - | €1.7m | €1.6m | €1.5m | €1.6m | ▲ 1.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2.8m | -€2.9m | -€1.1m | -€1.1m | -€506,384 | ▲ 52.3% |
| + Depreciation and write-downs630 | €1.5m | €1.5m | €1.5m | €1.4m | €1.2m | ▼ 12.4% |
| Operating cash flow (approximation) | -€1.3m | -€1.3m | €453,193 | €303,152 | €689,399 | ▲ 127% |
| Investment in fixed assets (approximation) | - | -€171,797 | -€70,869 | -€170,840 | -€362,346 | ▼ 112% |
| Change in cash | - | €1.4m | -€287,755 | -€430,719 | €889,629 | ▲ 307% |
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
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 31 days late
24-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 177 days late
24-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 543 days late
2022
25-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 117 days late
2021
31-12
Financial
Weakest financial yearnet -€2.9m
Net result drops to -€2.9m, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
08-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 130 days late
11-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 469 days late
2019
31-12
Financial
Highest result since 2018net €316,806 ▲123%
Operating result €1.3m, net result €316,806, both a record.
22-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 175 days late
2017
30-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 122 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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, Sint-Gillis (bij-Brussel) · 1 establishment unit since 2013
Ground area
4,519 m²
Parcel 21562A0405/00K005, Brussels. Linked by address, not a title deed.
1 establishment unit
PULLMAN BRUSSELS MIDI
since 20132.220.784.316
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21562A0405/00K005 | Brussels | 4,519 m² | - | - |
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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
20%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSint-Gillis2.220.784.316
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Of 2,393 companies in sector 55100 we hold annual accounts for 1,517. 517 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded11-01-2011
Fiscal year end31-12
Activities, NACEBEL 2025
55100Hotels and similar accommodation
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0832663935
Also
9925:BE0832663935
Registered
07-05-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.