Minrad
ActiveSummary
Minrad has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €428k and a net result of €93k. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 76% of 16618 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability92▼-8
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity ample (current ratio 5.9 against 7.07 in 2024; short-term debt: 15.1% and cash: 38.6% of total assets), and 15.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
84.9%
Return on assets
18.4%
Age of the figures
9 mo
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
71 d late
2023
65 d late
2022
29 d late
2021
80 d late
2020
61 d late
2019
69 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€428k▼ 12.9%
2024 · €491k
2018: €357k
2019: €405k▲ +13.4% vs 2018
2020: €350k▼ -13.4% vs 2019
2021: €379k▲ +8.1% vs 2020
2022: €344k▼ -9.1% vs 2021
2023: €328k▼ -4.7% vs 2022lowest in 8 years
2024: €491k▲ +49.7% vs 2023highest in 8 years
2025: €428k▼ -12.9% vs 2024
2018 → 2025
Total assets
€505k▼ 11.1%
2024 · €567k
2018: €501k
2019: €511k▲ +2.1% vs 2018
2020: €533k▲ +4.2% vs 2019
2021: €472k▼ -11.4% vs 2020
2022: €479k▲ +1.4% vs 2021
2023: €456k▼ -4.9% vs 2022lowest in 8 years
2024: €567k▲ +24.5% vs 2023highest in 8 years
2025: €505k▼ -11.1% vs 2024
2018 → 2025
Net result
€93k▼ 43.1%
2024 · €163k
2018: €99k
2019: €57k▼ -42.7% vs 2018
2020: €49k▼ -13.9% vs 2019
2021: €28k▼ -41.9% vs 2020
2022: €22k▼ -22.9% vs 2021lowest in 8 years
2023: €49k▲ +122% vs 2022
2024: €163k▲ +235% vs 2023highest in 8 years
2025: €93k▼ -43.1% vs 2024
2018 → 2025
Working capital
€374k▼ 12.5%
2024 · €428k
2018: €257k
2019: €308k▲ +19.8% vs 2018
2020: €239k▼ -22.3% vs 2019lowest in 8 years
2021: €276k▲ +15.6% vs 2020
2022: €264k▼ -4.5% vs 2021
2023: €260k▼ -1.6% vs 2022
2024: €428k▲ +64.8% vs 2023highest in 8 years
2025: €374k▼ -12.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€379k-€344k▼ 9.1%€328k▼ 4.7%€491k▲ 49.7%€428k▼ 12.9%
2021: €379k
2022: €344k▼ -9.1% vs 2021
2023: €328k▼ -4.7% vs 2022lowest in 5 years
2024: €491k▲ +49.7% vs 2023highest in 5 years
2025: €428k▼ -12.9% vs 2024
Operating result€40k-€35k▼ 13.3%€115k▲ 233%€169k▲ 46.5%€116k▼ 31.2%
2021: €40k
2022: €35k▼ -13.3% vs 2021lowest in 5 years
2023: €115k▲ +233% vs 2022
2024: €169k▲ +46.5% vs 2023highest in 5 years
2025: €116k▼ -31.2% vs 2024
Net result€28k-€22k▼ 22.9%€49k▲ 122%€163k▲ 235%€93k▼ 43.1%
2021: €28k
2022: €22k▼ -22.9% vs 2021lowest in 5 years
2023: €49k▲ +122% vs 2022
2024: €163k▲ +235% vs 2023highest in 5 years
2025: €93k▼ -43.1% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 31% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €505k
Fixed assets
€54k ▼ 21.8%
Current assets
€451k ▼ 9.6%
Equity and liabilities €505k
Equity
€428k ▼ 12.9%
Debt
€76k ▲ 0.5%
Debt's share of the balance-sheet total rises from 13.4% to 15.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€131k▼
2024 · €188k
Cash flow
€108k▼
2024 · €182k
Current ratio
5.90▼
2024 · 7.07
Debt to equity
0.18▲
2024 · 0.15
ROE
21.7%▼
2024 · 33.2%
ROA
18.4%▼
2024 · 28.8%
Interest coverage
283.67▲
2024 · -5.63
Debt ≤ 1 year
€76k▲
2024 · €70k
Income taxes
€38k▼
2024 · €54k
Staff costs
€127k▲
2024 · €119k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€567k€505k▼
Fixed assets21/28€69k€54k▼
Intangible fixed assets21€1k-
Tangible fixed assets22/27€67k€54k▼
Land and buildings22€16k€12k▼
Plant, machinery and equipment23€26k€18k▼
Furniture and vehicles24€7k€7k▼
Other tangible fixed assets26€18k€17k▼
Financial fixed assets28€250€250=
Current assets29/58€499k€451k▼
Amounts receivable within one year40/41€146k€19k▼
Trade receivables40€76k€10k▼
Other amounts receivable41€70k€9k▼
Current investments50/53€104k€230k▲
Cash at bank and in hand54/58€242k€195k▼
Deferred charges and accrued income490/1€7k€6k▼
Equity and liabilities
Total equity and liabilities10/49€567k€505k▼
Equity10/15€491k€428k▼
Contributions10/11€12k€12k=
Reserves13€389k€325k▼
Tax-exempt reserves132€19k€19k=
Distributable reserves133€370k€307k▼
Profit (loss) carried forward14€90k€91k=
Amounts payable17/49€76k€76k▲
Amounts payable after more than one year17€4k-
Financial debts170/4€4k-
Amounts payable within one year42/48€70k€76k▲
Current portion of amounts payable after more than one year42€8k€4k▼
Trade debts44-€912
Suppliers440/4-€912
Taxes, remuneration and social security45€63k€49k▼
Taxes450/3€48k€33k▼
Remuneration and social security454/9€15k€15k▲
Other amounts payable47/48€0€22k▲
Accrued charges and deferred income492/3€1k-
Income statement
Code20242025
Remuneration, social security and pensions62€119k€127k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€15k▼
Other operating charges640/8€193€2k▲
Gross operating margin9900€307k€260k▼
Operating profit (loss)9901€169k€116k▼
Financial income75/76B€15k€15k▲
Recurring financial income75€15k€15k▲
Financial charges65/66B€-33k€463▲
Recurring financial charges65€-33k€463▲
Profit (loss) for the period before taxes9903€217k€131k▼
Income taxes67/77€54k€38k▼
Profit (loss) for the period9904€163k€93k▼
Profit (loss) for the period to be appropriated9905€163k€93k▼
Appropriation of the result
Profit (loss) to be appropriated9906€254k€183k▼
Profit (loss) brought forward from the previous period14P€90k€90k=
Transfer from equity791/2€0€156k▲
Transfer to equity691/2€163k€93k▼
To other reserves6921€163k€93k▼
Profit to be distributed694/7€0€156k▲
Return on contributions (dividend)694€0€156k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €143k | €155k | €154k | €119k | €127k | ▲ 6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48k | €48k | €21k | €19k | €15k | ▼ 19.5% |
| Other operating charges640/8 | €0 | - | - | €193 | €2k | ▲ 833% |
| Gross operating margin9900 | €231k | €238k | €290k | €307k | €260k | ▼ 15.3% |
| Operating profit (loss)9901 | €40k | €35k | €115k | €169k | €116k | ▼ 31.2% |
| Financial income75/76B | €629 | €76 | €2k | €15k | €15k | ▲ 2.0% |
| Recurring financial income75 | €629 | €76 | €2k | €15k | €15k | ▲ 2.0% |
| Financial charges65/66B | €1k | €1k | €36k | €-33k | €463 | ▲ 101% |
| Recurring financial charges65 | €1k | €1k | €36k | €-33k | €463 | ▲ 101% |
| Profit (loss) for the period before taxes9903 | €39k | €34k | €82k | €217k | €131k | ▼ 39.6% |
| Income taxes67/77 | €11k | €12k | €33k | €54k | €38k | ▼ 29.0% |
| Profit (loss) for the period9904 | €28k | €22k | €49k | €163k | €93k | ▼ 43.1% |
| Profit (loss) for the period to be appropriated9905 | €28k | €22k | €49k | €163k | €93k | ▼ 43.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €472k | €479k | €456k | €567k | €505k | ▼ 11.1% |
| Fixed assets21/28 | €138k | €102k | €81k | €69k | €54k | ▼ 21.8% |
| Intangible fixed assets21 | €20k | €13k | €6k | €1k | - | - |
| Tangible fixed assets22/27 | €117k | €88k | €75k | €67k | €54k | ▼ 20.2% |
| Land and buildings22 | €16k | €25k | €20k | €16k | €12k | ▼ 26.7% |
| Plant, machinery and equipment23 | €55k | €40k | €32k | €26k | €18k | ▼ 29.9% |
| Furniture and vehicles24 | €29k | €8k | €7k | €7k | €7k | ▼ 3.3% |
| Other tangible fixed assets26 | €18k | €16k | €15k | €18k | €17k | ▼ 7.0% |
| Financial fixed assets28 | €349 | €349 | €349 | €250 | €250 | = |
| Current assets29/58 | €334k | €377k | €374k | €499k | €451k | ▼ 9.6% |
| Amounts receivable after more than one year29 | €0 | - | - | - | - | - |
| Other amounts receivable291 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €45k | €55k | €95k | €146k | €19k | ▼ 86.8% |
| Trade receivables40 | €41k | €48k | €46k | €76k | €10k | ▼ 86.6% |
| Other amounts receivable41 | €4k | €7k | €49k | €70k | €9k | ▼ 87.0% |
| Current investments50/53 | €143k | €155k | €132k | €104k | €230k | ▲ 122% |
| Cash at bank and in hand54/58 | €145k | €165k | €139k | €242k | €195k | ▼ 19.4% |
| Deferred charges and accrued income490/1 | €1k | €2k | €8k | €7k | €6k | ▼ 6.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €472k | €479k | €456k | €567k | €505k | ▼ 11.1% |
| Equity10/15 | €379k | €344k | €328k | €491k | €428k | ▼ 12.9% |
| Contributions10/11 | €12k | €12k | €0 | €12k | €12k | = |
| Reserves13 | €276k | €242k | €238k | €389k | €325k | ▼ 16.3% |
| Non-distributable reserves130/1 | €6k | €6k | €0 | - | - | - |
| Reserves not available under the articles1311 | €6k | €6k | €0 | - | - | - |
| Tax-exempt reserves132 | €19k | €19k | €19k | €19k | €19k | = |
| Distributable reserves133 | €251k | €217k | €219k | €370k | €307k | ▼ 17.1% |
| Profit (loss) carried forward14 | €90k | €90k | €90k | €90k | €91k | = |
| Amounts payable17/49 | €94k | €135k | €127k | €76k | €76k | ▲ 0.5% |
| Amounts payable after more than one year17 | €35k | €19k | €12k | €4k | - | - |
| Financial debts170/4 | €35k | €19k | €12k | €4k | - | - |
| Amounts payable within one year42/48 | €58k | €113k | €114k | €70k | €76k | ▲ 8.3% |
| Current portion of amounts payable after more than one year42 | €24k | €16k | €7k | €8k | €4k | ▼ 41.1% |
| Trade debts44 | - | €13k | €0 | - | €912 | - |
| Suppliers440/4 | - | €13k | €0 | - | €912 | - |
| Taxes, remuneration and social security45 | €19k | €28k | €42k | €63k | €49k | ▼ 22.6% |
| Taxes450/3 | €3k | €9k | €26k | €48k | €33k | ▼ 30.2% |
| Remuneration and social security454/9 | €16k | €19k | €16k | €15k | €15k | ▲ 1.1% |
| Other amounts payable47/48 | €15k | €56k | €65k | €0 | €22k | - |
| Accrued charges and deferred income492/3 | €644 | €2k | €1k | €1k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28k | €22k | €49k | €163k | €93k | ▼ 43.1% |
| + Depreciation and write-downs630 | €48k | €48k | €21k | €19k | €15k | ▼ 19.5% |
| Operating cash flow (approximation) | €76k | €70k | €69k | €182k | €108k | ▼ 40.7% |
| Investment in fixed assets (approximation) | - | €-13k | €0 | €-6k | €0 | ▲ 100% |
| Change in cash | - | €20k | €-26k | €103k | €-47k | ▼ 146% |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 71 days late
2024
31-12
Financial
Highest result since 2018net €163k ▲235%
Operating result €169k, net result €163k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 7.07
Current ratio from 3.27 to 7.07; short-term debt falls from €114k to €70k.
04-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 65 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Weakest financial yearnet €22k ▼22.9%
Net result drops to €22k, the lowest in the series; recovery starts the following year.
19-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 80 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 5.76
Current ratio from 2.52 to 5.76; short-term debt falls from €157k to €58k.
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 69 days late
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Gesves · 1 establishment unit since 2004
Ground area
1,602 m²
Building footprint
248 m²
2 parcels, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue du Condroz 26-28, 5590 Ciney
since 20042.228.856.397
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92092B0230/00D000 | Wallonia | 1,307 m² | 1 · 153 m² | - |
| 91030A0568/00P000 | Wallonia | 295 m² | 1 · 96 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 699 companies in sector 86910 we hold annual accounts for 521. 417 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-02-1997
Fiscal year end31-12
Activities, NACEBEL 2025
86910Medical imaging and medical laboratories
86109Human health activities
Contact
Phone
083 21 28 11Ciney
Scores and ratios are computed by Checked and are not a credit decision.